Company: PGEN
Filing Date: 2025-08-12
Form Type: 10-Q
Source: 0001356090-25-000024
Chunk: 56

Company: PRECIGEN, INC.
Filing Date: 2025-08-12
Form: 10-Q
Item: Part I, Item 1
Chunk 56
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29,942 (7,976)(26.6)%Selling, general and administrative28,492 20,457 8,035 39.3 %Impairment of goodwill3,907 1,630 2,277 139.7 %Impairment of other noncurrent assets— 32,915 (32,915)(100.0)%Total operating expenses56,557 87,033 (30,476)(35.0)%Operating loss(54,360)(85,251)30,891 (36.2)%Total other income (expense), net(26,432)1,003 (27,435)>(200)%Loss before income taxes(80,792)(84,248)3,456 (4.1)%Income tax (expense) benefit(3)1,718 (1,721)(100.2)%Net loss$(80,795)$(82,530)$1,735 (2.1)%

Product and service revenues 

Product and service revenues increased by $0.4 million, or 22%, compared to the six months ended June 30, 2024. This increase was primarily related to increased volume of products sold and services rendered at Exemplar.

Cost of product and services

Cost of product and service increased primarily as a result of higher revenues at Exemplar.

Research and development expenses

Research and development expenses decreased by $8.0 million, or (27)%, compared to the six months ended June 30, 2024. The decrease was primarily due to a $5.6 million decrease in costs associated with ActoBio, including depreciation, amortization, personnel and other research and development costs after the Company closed ActoBio operations in late 2024. Additionally, there was a decrease of $1.5 million at contract research organizations and a $1 million reduction in personnel expenses due to the Company's asset prioritization announced in the third quarter of 2024.

Selling, general and administrative expenses

SG&A expenses increased by $8.0 million, or 39%, compared to the six months ended June 30, 2024. This increase was primarily associated with PRGN-2012 commercial readiness. This increase was partially offset by a reduction in costs associated with ActoBio, legal fees, insurance rates and license and patent fees compared to the prior year period.

Impairment of Goodwill and other noncurrent assets