Company: PGEN
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001356090-25-000019
Chunk: 78

Company: PRECIGEN, INC.
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 8
Chunk 78
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)Balances at December 31, 20244,004,057 $1.16 0.55Granted646,551 1.74 Vested(2,188,297)(1.21)Forfeited(35,000)(1.13)Balances at March 31, 20252,427,311 1.27 0.57As of the award date, the underlying performance milestone relating to the Company's submission of a BLA to the FDA was considered probable of achievement and stock-based compensation expense was recognized during the year ended December 31, 2024 related to this milestone. As of the award grant date, the underlying performance milestone related to the approval of the BLA by the FDA was determined to be not probable of achievement, as such approval is outside of the Company's control. 

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Therefore, no stock-based compensation expense was recognized for the three months ended March 31, 2025 and during 2024 related to this milestone.Precigen uses treasury shares (to the extent available) and authorized and unissued shares to satisfy share award exercises.

12. Operating Leases

The Company leases certain facilities and equipment under operating leases. Leases with a lease term of twelve months or less are considered short-term leases and are not recorded on the balance sheet, and expense for these leases is recognized over the term of the lease. All other leases have remaining terms of one to six years, some of which may include options to extend the lease and some of which may include options to terminate the lease within one year. The Company uses judgment to determine whether it is reasonably possible to extend the lease beyond the initial term or terminate before the initial term ends and the length of the possible extension or early termination. The leases are renewable at the option of the Company and do not contain residual value guarantees, covenants, or other restrictions. The components of lease costs were as follows:Three Months Ended  March 31,20252024Operating lease costs$416 $609 Short-term lease costs10 13 Variable lease costs90 92 Lease costs$516 $714 As of March 31, 2025, maturities of lease liabilities, excluding short-term and variable leases, for continuing operations were as follows:2025$1,125 20261,572 20271,358 20281,263 20291,295 2030553 Thereafter— Total$7,166