Company: PGEN
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001356090-25-000034
Chunk: 43

Company: PRECIGEN, INC.
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 1
Chunk 43
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5, the FDA approved Papzimeos (zopapogene imadenovec-drba), marking the first immunotherapy approved for the treatment of RRP, and commenced capitalization of inventory from this date.Prior to August 14, 2025, regulatory approval and subsequent commercialization of Papzimeos and thus the possibility of future economic benefits from Papzimeos sales were not considered probable and inventory-related costs were expensed as incurred; as such, the inventory recognized on the balance sheet does not include any pre-launch inventory. The components of inventory are as follows (consisting of costs incurred subsequent to the FDA approval of Papzimeos):September 30,2025December 31,2024Raw Materials$4 $— Work in process3,008 — Finished Goods47 — Total inventory$3,059 $— 

7. Property, Plant and Equipment, Net

Property, plant and equipment consist of the following:September 30,2025December 31,2024Land and land improvements$164 $164 Buildings and building improvements2,629 2,629 Furniture and fixtures603 364 Equipment19,275 16,774 Leasehold improvements11,903 4,478 Breeding stock79 88 Computer hardware and software2,903 3,186 Construction and other assets in progress263 9,019 37,819 36,702 Less: Accumulated depreciation and amortization(23,006)(22,871)Property, plant and equipment, net$14,813 $13,831 During the three months ended September 30, 2025, in connection with the FDA approval, approximately $10,253 was reclassified from construction in progress to machinery and equipment, and leasehold improvements related to the Company's commercial manufacturing suite.Depreciation expense was $485 and $356 for the three months ended September 30, 2025 and 2024, respectively, and $1,107 and $1,124 for the nine months ended September 30, 2025 and 2024, respectively.

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8. Goodwill and Intangible Assets, Net

The changes in the carrying amount of goodwill for the nine months ended September 30, 2025 were as follows:Balance at December 31, 2024$19,139 Impairment recorded in the second quarter of 2025(3,907