Company: PGEN
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001356090-25-000034
Chunk: 38

Company: PRECIGEN, INC.
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 1
Chunk 38
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CC") with Agilis Biotherapeutics, Inc. (Agilis), a then privately held synthetic biology-based company focused on rare genetic diseases, which was subsequently acquired by PTC Therapeutics, Inc. ("PTC") in August 2018. Upon execution of the ECC, the Company received a technology access fee of $2,500 as upfront consideration. Additionally, the Company historically received reimbursement payments for research and development services provided pursuant to the agreement during the ECC. Although services under the agreement had paused in 2016, the Company withheld recognizing a portion of the upfront payment as the ECC was perpetual and Agilis had the right and ability to resume the program at any time. In September 2025, the Company and PTC mutually agreed to terminate the ECC agreement and accordingly, the Company recognized the remaining balance of deferred revenue associated with the agreement as collaboration and licensing revenue totaling $1,818.

18

There was no other collaboration and licensing revenue recognized during both the three and nine months ended September 30, 2025 and 2024.Deferred RevenueDeferred revenue historically consisted primarily of upfront and milestone consideration received for the Company's historical collaboration and licensing agreements. Revenue is recognized as services are performed. The arrangements classified as long-term are not active while the respective counterparties evaluate the status of the project and its desired future development activities since the Company cannot reasonably estimate the amount of services, if any, to be performed over the next year.Deferred revenue consisted of the following:September 30,2025December 31,2024Collaboration and licensing agreements- Long-term liability$— $1,818 Prepaid product and service revenues - Long-term liability95 116 Prepaid product and service revenues - Short-term liability480 589 Total$575 $2,523 

4. Investments

The Company's investments are classified as available-for-sale. The following table summarizes the amortized cost, gross unrealized gains and losses, and fair value of available-for-sale investments as of September 30, 2025:AmortizedCostGrossUnrealizedGainsGrossUnrealizedLossesAggregateFair ValueU.S. government debt securities$105,963 $34 $(11)$105,986 Certificates of deposit2,773 1 — 2,774 Corporate bonds561 — — 561 Total$109,297 $35 $(11)$109,321 The estimated fair value of available-for-sale