Company: PGEN
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001356090-25-000019
Chunk: 92

Company: PRECIGEN, INC.
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 8
Chunk 92
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 in interest income resulting from increased investments balances. 

Liquidity and capital resources

Sources of liquidity

We have incurred losses from continuing operations since our inception, and as of March 31, 2025, we had an accumulated deficit of $2.1 billion. From our inception through March 31, 2025, we have funded our operations principally with proceeds received from private and public equity and debt offerings, cash received from our collaborators, and through product and service sales made directly to customers. As of March 31, 2025, we had cash and cash equivalents of $6.1 million and investments of $74.9 million.  Cash in excess of immediate requirements is typically invested primarily in money market funds, certificate of deposits and U.S. government debt securities in order to maintain liquidity and preserve capital.

In August 2024, we closed a public offering of 39,878,939 shares of our common stock, resulting in net proceeds to us of $30.9 million, after deducting underwriting discounts, fees, and an estimate of other offering expenses. 

In December 2024, we issued 79,000 shares of 8.00% Series A Convertible Perpetual Preferred Stock with an initial liquidation preference and stated value of $1,000 per share, together with warrants to purchase 52,666,669 shares of common stock for net proceeds of approximately $78,463, after deducting offering expenses, which expenses had not been paid as of March 31, 2025. 

31

Cash flows

The following table sets forth the significant sources and uses of cash for the periods set forth below:

 Three Months Ended  March 31, 20252024 (In thousands)Net cash (used in) provided by:Operating activities$(16,325)$(14,090)Investing activities(6,457)24,045 Financing activities(679)— Effect of exchange rate changes on cash, cash equivalents, and restricted cash2 (60)Net (decrease) increase in cash, cash equivalents, and restricted cash$(23,459)$9,895 

Cash flows from operating activities:

During the three months ended March 31, 2025, our net loss was $54.2 million, which includes the following significant noncash expenses and benefits totaling $35.6 million: (i) $32.5 million of unrealized appreciation in the fair value of warrant liabilities, (ii)