olivLaw · US equity research
Precision BioSciences, Inc. DTIL
Biological Products, (No Diagnostic Substances) · SIC 2836 · Vertical: Biological Products, (No Diagnostic Substances) (SIC 2836)
Precision BioSciences is a clinical stage gene editing company developing in vivo therapies on its proprietary ARCUS platform. Attention is focused on clinical data showing direct elimination of cccDNA in chronic hepatitis B patients and on the FUNCTION-DMD study, with initial data expected by year-end 2026. The net loss of $45.7 million in 2025 and cash of $112.4 million at June 30, 2026 show how central funding is to the company.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Precision BioSciences, Inc. (DTIL) stock was 8.12 USD (+16.50% on the day), with market capitalisation 226.8 m USD, beta 0.73, 52-week range 3.57–9.28 USD. Latest reported quarter (Q3 2026): revenue of 0 USD (−100.0% YoY), net income of -7.6 m USD, diluted EPS -0.28 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 67.6
- strong (55–70)
- Bollinger (20, 2)
- 5.61 – 7.77
- above the upper band · %B 1.16 · band width 32.4%
- SMA 50 / 200
- 6.83 / 6.59
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.21 / 0.06
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +28.7% | −2.0% | +30.7 pp | — |
| 3 months | +8.7% | −2.2% | +10.9 pp | — |
| 6 months | +8.0% | +4.3% | +3.7 pp | — |
| Year to date | +95.2% | +10.6% | +84.6 pp | — |
| 1 year | +21.4% | +10.5% | +10.9 pp | +5.3% |
| 3 years | −36.5% | +73.7% | −110.1 pp | −6.6% |
| 5 years | −97.2% | +61.7% | −158.9 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 638.0 k | 29.0 k | 18.0 k | 13.0 k | 34.2 m | 10.8 m | 0 | 0 |
| Research & development | 15.9 m | 13.6 m | 12.8 m | 13.4 m | 14.5 m | 13.1 m | 12.4 m | 12.7 m |
| Operating income | -24.8 m | -22.1 m | -21.9 m | -20.7 m | 12.5 m | -9.1 m | -19.2 m | -20.4 m |
| Depreciation & amortisation | 454.0 k | 395.0 k | 378.0 k ≈ | 350.0 k ≈ | 345.0 k | 299.0 k | 253.0 k ≈ | 222.0 k ≈ |
| Interest expense | 392.0 k | 354.0 k | 358.0 k | 362.0 k | 348.0 k | 311.0 k | 300.0 k | 307.0 k |
| Net income | -17.7 m | -20.6 m | -23.5 m | -21.8 m | 20.1 m | -18.4 m | -32.7 m | -7.6 m |
| Diluted EPS | -2.29 ≈ | -2.21 | -2.13 | -1.84 | 1.06 ≈ | -0.75 | -1.26 | -0.28 |
| Operating cash flow | -18.7 m | -19.1 m | -20.3 m ≈ | -15.3 m ≈ | -11.3 m | -11.9 m | -13.4 m ≈ | -15.1 m ≈ |
| Capex | 97.0 k | 64.0 k | 2.0 k ≈ | 0 ≈ | 19.0 k | 18.0 k | 0 ≈ | 0 ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 10.9 m | 1.1 bn | 24.3 m | 115.5 m | 25.1 m | 48.7 m | 68.7 m | 34.3 m |
| Revenue YoY | unavailable | +9,731.8% | −97.7% | +375.7% | −78.3% | +94.1% | +41.0% | −50.1% |
| Net income | -46.0 m | -92.9 m | -109.0 m | -30.6 m | -111.6 m | -61.3 m | 7.2 m | -45.7 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | −738.0% |
| Diluted EPS | unavailable | unavailable | unavailable | -0.52 | -38.10 | -15.96 | 1.04 | -3.56 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | −442.3% |
| net % | -423.0% | -8.7% | -448.9% | -26.5% | -444.8% | -125.8% | 10.4% | -133.4% |
| Free cash flow | -66.0 m | -95.7 m | -92.4 m | -15.9 m | -49.1 m | -86.1 m | -58.7 m | -65.9 m |
Reported results vs expectations
Loading…
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 110.8 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 92.2 m USD
- Total assets
- 154.4 m USD
- Debt / equity
- unavailable
- Current ratio
- 13.32x
- ROE
- -61.5%
- ROA
- -31.4%
- FCF margin
- -192.4%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 24.3 m | 115.5 m | 25.1 m | 48.7 m | 68.7 m | 34.3 m | SEC (XBRL)· 12 Mar 2026verified |
| Research & development | 98.1 m | 115.2 m | 46.1 m | 53.4 m | 59.6 m | 54.2 m | SEC (XBRL)· 12 Mar 2026verified |
| Operating income | -109.8 m | -39.4 m | -62.3 m | -43.7 m | -26.2 m | -52.1 m | SEC (XBRL)· 12 Mar 2026verified |
| Depreciation & amortisation | 8.8 m | 9.0 m | 7.8 m | 6.8 m | 3.4 m | 1.5 m | SEC (XBRL)· 12 Mar 2026verified |
| EBITDA | -101.1 m ≈ | -30.4 m ≈ | -54.5 m ≈ | -36.9 m ≈ | -22.8 m ≈ | -50.7 m ≈ | SEC (XBRL)· 12 Mar 2026derived |
| Interest expense | — | 132.0 k | 1.1 m | 2.2 m | 1.8 m | 1.4 m | SEC (XBRL)· 12 Mar 2026verified |
| Pre-tax income | — | — | — | — | 7.2 m | -45.7 m | SEC (XBRL)· 12 Mar 2026verified |
| Income tax | 23.0 k | — | — | — | 0 | 0 | SEC (XBRL)· 12 Mar 2026verified |
| Net income | -109.0 m | -30.6 m | -111.6 m | -61.3 m | 7.2 m | -45.7 m | SEC (XBRL)· 12 Mar 2026verified |
| Diluted EPS | — | -0.52 | -38.10 | -15.96 | 1.04 | -3.56 | SEC (XBRL)· 12 Mar 2026verified |
| Weighted average diluted shares | — | 58.7 m | 2.9 m | 3.8 m | 6.9 m | 12.8 m | SEC (XBRL)· 12 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 89.8 m | 143.7 m | 189.6 m | 116.7 m | 85.9 m | 110.8 m | SEC (XBRL)· 12 Mar 2026verified |
| Receivables | 10.0 m | 488.0 k | 720.0 k | 901.0 k | 229.0 k | 0 | SEC (XBRL)· 12 Mar 2026verified |
| Current assets | 105.6 m | 161.8 m | 199.1 m | 136.4 m | 95.0 m | 118.7 m | SEC (XBRL)· 12 Mar 2026verified |
| Property, plant & equipment, net | 35.1 m | 25.2 m | 11.8 m | 6.3 m | 3.1 m | 1.4 m | SEC (XBRL)· 12 Mar 2026verified |
| Intangibles (excl. goodwill) | 1.4 m | 2.0 m | 731.0 k | 400.0 k | 622.0 k | 1.2 m | SEC (XBRL)· 12 Mar 2026verified |
| Total assets | 150.2 m | 211.5 m | 238.2 m | 159.8 m | 136.4 m | 154.4 m | SEC (XBRL)· 12 Mar 2026verified |
| Accounts payable | 792.0 k | 1.1 m | 653.0 k | 3.0 m | 1.3 m | 296.0 k | SEC (XBRL)· 12 Mar 2026verified |
| Long-term debt | — | 2.5 m | 22.2 m | — | — | — | SEC (XBRL)· 09 Mar 2023verified |
| Current liabilities | 42.8 m | 36.0 m | 59.7 m | 50.0 m | 15.0 m | 8.9 m | SEC (XBRL)· 12 Mar 2026verified |
| Total liabilities | 105.7 m | 120.3 m | 177.7 m | 140.9 m | 80.0 m | 62.2 m | SEC (XBRL)· 12 Mar 2026verified |
| Equity | 44.4 m † | 91.2 m † | 60.4 m † | 18.9 m † | 56.4 m † | 92.2 m † | SEC (XBRL)· 12 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -87.4 m | -10.9 m | -45.8 m | -84.1 m | -58.4 m | -65.8 m | SEC (XBRL)· 12 Mar 2026verified |
| Capex | 5.0 m | 5.1 m | 3.3 m | 2.0 m | 250.0 k | 85.0 k | SEC (XBRL)· 12 Mar 2026verified |
| Free cash flow | -92.4 m ≈ | -15.9 m ≈ | -49.1 m ≈ | -86.1 m ≈ | -58.7 m ≈ | -65.9 m ≈ | SEC (XBRL)· 12 Mar 2026derived |
| Investing cash flow | -5.0 m | -5.8 m | -3.3 m | 5.8 m | -215.0 k | -634.0 k | SEC (XBRL)· 12 Mar 2026verified |
| Financing cash flow | 1.3 m | 70.5 m | 95.0 m | 5.4 m | 50.5 m | 95.2 m | SEC (XBRL)· 12 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 33.3% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 226.8 m USD
Key indicators
Coverage and freshness
Score by group
33% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -85.6% | 59 (vs peers) | 19% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 10.9% | 91 (on a fixed band) | 25% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -28.6x | 0 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 10.5x | 100 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -22.8% | 0 (on a fixed band) | 25% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partial91/100 · 1/2 factors with a value
- Quality· partial59/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
PRECISION BIOSCIENCES INC (DTIL). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 34.3 m USD in 2025; YoY growth -50.1%; net margin -85.6%; ROE -112.7%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 10.9%
- Current ratio: 10.5x
What contradicts it
- Interest coverage: -28.6x
- FCF yield: -22.8%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Biological Products, (No Diagnostic Substances) (SIC 2836) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AMGNAmgen Inc. | 249.4 bn | 28.7 | 91.5% | 23.0% | +10.0% | +34% / +71% |
| GILDGilead Sciences, Inc. | 207.7 bn | — | -22.3% | -12.5% | +2.4% | +33% / +119% |
| MRNAModerna, Inc. | 91.2 bn | — | -39.0% | -141.4% | −39.9% | +779% / +194% |
| RVMDRevolution Medicines, Inc. | 41.6 bn | — | -79.1% | — | unavailable | +150% / +733% |
| BIIBBiogen Inc. | 36.8 bn | 106.4 | 1.9% | 3.4% | +2.2% | +37% / +6% |
| EXELExelixis, Inc. | 17.6 bn | 21.6 | 44.3% | 35.5% | +7.0% | +64% / +232% |
| NBIXNeurocrine Biosciences, Inc. | 16.8 bn | 24.6 | 20.4% | 19.0% | +21.4% | +9% / +42% |
| HALOHalozyme Therapeutics, Inc. | 14.8 bn | 38.4 | 173.7% | 24.9% | +37.6% | +83% / +238% |
| KYMRKymera Therapeutics, Inc. | 11.6 bn | — | -27.3% | -341.8% | −16.7% | +101% / +556% |
| BEAMBeam Therapeutics Inc. | 2.9 bn | — | -11.3% | -73.9% | +120.0% | +10% / −1% |
| BCRXBiocryst Pharmaceuticals, Inc. | 2.1 bn | — | — | -40.9% | +94.1% | +15% / +40% |
| MAZEMaze Therapeutics, Inc. | 1.9 bn | — | -37.3% | -5,343.6% | unavailable | −12% / unavailable |
| ALVOAlvotech | 1.5 bn | 46.7 | — | 4.8% | +19.7% | −8% / −51% |
| CGEMCullinan Therapeutics, Inc. | 803.8 m | — | -50.3% | — | −100.0% | +10% / +53% |
| CADLCandel Therapeutics, Inc. | 692.5 m | — | -81.8% | — | 0.0% | +90% / +907% |
| FDMT4D Molecular Therapeutics, Inc. | 611.3 m | — | -43.3% | -194.7% | +230,194.6% | +5% / −3% |
| ATYRaTYR PHARMA INC | 606.2 m | — | -98.4% | -32,003.7% | −19.1% | +691% / +375% |
| ALLOAllogene Therapeutics, Inc. | 411.1 m | — | -42.4% | -3,566.7% | −100.0% | −18% / −49% |
| AUTLAutolus Therapeutics plc | 367.3 m | — | -133.0% | -238.7% | +644.9% | −2% / −68% |
| FENCFennec Pharmaceuticals Inc. | 362.9 m | — | -18.6% | -5.5% | −6.1% | +26% / +20% |
| AGENAgenus Inc | 313.8 m | 2.6 | — | 69.3% | +10.4% | +53% / −55% |
| OCGNOcugen, Inc. | 296.6 m | — | — | -1,786.3% | +8.8% | −29% / +126% |
| ALECAlector, Inc. | 254.6 m | — | -385.1% | -850.1% | −79.1% | +71% / −58% |
| DTILPrecision Biosciences Inc | 226.8 m | — | -112.7% | -85.6% | −50.1% | +21% / −36% |
| PLXProtalix BioTherapeutics, Inc. | 216.7 m | 11.7 | 31.2% | 23.5% | −1.2% | +51% / +78% |
1- and 3-year price returns: for DTIL from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 06 Aug 2026; since then the company filed 8-K (03 Nov 2026 · results), 10-Q (03 Nov 2026).
In brief
Precision BioSciences is a clinical stage gene editing company developing in vivo therapies on its proprietary ARCUS platform. Attention is focused on clinical data showing direct elimination of cccDNA in chronic hepatitis B patients and on the FUNCTION-DMD study, with initial data expected by year-end 2026. The net loss of $45.7 million in 2025 and cash of $112.4 million at June 30, 2026 show how central funding is to the company.
SWOT
Strengths
- The ARCUS platform has a unique single-component design and small size that can facilitate in vivo delivery 1.
- The PBGENE-HBV program has early clinical data suggesting direct elimination of cccDNA, a novelty in the field 2.
- The portfolio includes programs with favorable FDA status, such as Fast-Track designation and rare pediatric disease status for PBGENE-DMD 1.
Weaknesses
Opportunities
- If hepatitis B clinical data are confirmed, the company could open a large market with unmet medical needs 2.
- If the DMD program shows improved muscle function, it could be evaluated in younger patients 2.
- Milestone and royalty payments from partnered programs could bring revenue without the company bearing commercialization costs 1.
Threats
- Competing genome editing technologies are numerous and well funded, which could reduce interest in ARCUS 1.
- Failure or delay of clinical studies could affect funding and the commercial timeline 1.
- Infusion reactions linked to lipid nanoparticle delivery could limit dosing or continuation of treatment 2.
Risks
- Continuing losses and no profitabilityhigh
The company does not expect to be profitable in the foreseeable future, and accumulated losses are significant 1.
- Need for additional fundinghigh
If funding cannot be obtained in time or on acceptable terms, programs could be delayed or reduced 1.
- Shareholder dilutionmedium
Share issuances and outstanding warrants could reduce the participation of existing shareholders 1.
- Clinical and safety risksmedium
Infusion reactions observed with LNP delivery could affect dosing and progress of the ELIMINATE-B study 2.
- Dependence on partnerslow
Payments and rights tied to partnered programs depend on partner decisions, which can include termination of agreements 1.
Investment thesis
What would need to be true (bull case)
- The 2026 data on direct cccDNA elimination in hepatitis B patients could support the value of PBGENE-HBV if results are confirmed 2.
- PBGENE-DMD holds favorable regulatory designations and FUNCTION-DMD is actively recruiting, which could bring important data at year-end 2026 3.
- If partnered programs reach important milestones, the associated payments could ease financial pressure on the company 2.
What would break the thesis
What to watch
- PBGENE-HBV clinical update and FUNCTION-DMD initial datayear-end 2026
- Further ELIMINATE-B updates on dosing schedule for the expansion phaseend of 2026
- Development of cash runway and ATM facility usenext quarterly report
- OTC-HOPE data from partner iECUREfirst half of 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 06 Aug 2026; since then the company filed 8-K (03 Nov 2026 · results), 10-Q (03 Nov 2026).
The business
Precision BioSciences is a clinical stage gene editing company that uses its proprietary ARCUS platform to develop in vivo therapies for genetic and infectious diseases. The platform is differentiated by its specific cut, small size and single-component design with no guide RNA, as described in the annual report 1. The company has not commercialized any product and has never generated product sales revenue, relying on license and collaboration agreements 1.
The business model rests on advancing its wholly owned programs and licensing the technology to partners who provide upfront, milestone and royalty payments. Three programs are central: PBGENE-HBV and PBGENE-DMD, both wholly owned, and the partnered iECURE-OTC program 1. In 2026 the company paused PBGENE-3243 to focus resources on the two lead programs 2.
In 2025 the Novartis collaboration was terminated by notice, effective January 30, 2026, and rights reverted to the company 1. Licenses were also granted to companies including Caribou, TG Therapeutics and Imugene 1. The net loss of $45.7 million in 2025 and accumulated deficit of $528.2 million show that development remains costly 1.
Segments
PBGENE-HBV (chronic hepatitis B)
The lead wholly owned program is investigating elimination of cccDNA, the source of viral replication, in the Phase 1/2a ELIMINATE-B study. May 2026 data showed a 1-log reduction in cccDNA-derived transcripts in one patient and durable loss of pgRNA in all patients with detectable pgRNA at baseline 2. Next clinical updates are targeted for year-end 2026 3.
PBGENE-DMD (Duchenne muscular dystrophy)
The program aims to improve function for approximately 60% of DMD patients by excising exons 45-55 of the dystrophin gene using two ARCUS nucleases delivered in a single AAV 1. The Phase 1/2 FUNCTION-DMD study has two active sites and is actively recruiting, with initial safety data expected at year-end 2026 3.
Market context
The addressed market includes chronic liver disease caused by hepatitis B, where current treatments rarely produce a functional cure, and Duchenne muscular dystrophy, for which no approved therapies with curative intent exist 1. The gene editing market is still early, with no approved products from the company, so commercial value depends on future clinical results 1.
The targeted approval rationale, based on sustained loss of viral DNA, is described by the company as an approvable endpoint for the FDA, which could speed the path to approval if confirmed 1. Any commercial timeline remains uncertain and depends on future study results 1.
Trends
- Growing interest in curative hepatitis B therapiestailwind
The company argues that eliminating cccDNA could lead to a real cure, unlike current treatments that suppress surface antigen; if clinical data hold, investor and patient interest could grow 2.
- Demand for therapies for rare pediatric diseasestailwind
Rare Pediatric Disease designation and Fast-Track status for PBGENE-DMD could facilitate faster review and a possible priority review voucher, which could support the program 1.
- Funding pressure and shareholder dilutionheadwind
The company issued shares in November 2025 at $6.14 per share and uses an ATM facility, and the absence of product revenue means financing could remain challenging if data are delayed 1.
- Portfolio consolidation and cost controlmixed
Lower general and administrative expenses and the pause of PBGENE-3243 show a focus on key programs, which could extend the funding runway if cost discipline is maintained 2.
- Dependence on partners and licensesmixed
The termination of the Novartis agreement shows partnerships can be interrupted, but also that rights revert to the company, giving flexibility in future negotiations 1.
Competitive position
The annual report names several competing genome editing technologies, including ZFNs, TALENs, CRISPR-Cas9 and CRISPR-Cas12 based editors, base editors and prime editors 1. The company differentiates ARCUS through its cut, which drives more defined outcomes, and its small size, which allows an insertion template in the same AAV 1.
In hepatitis B, the company compares itself with current therapies that suppress surface antigen but rarely produce a functional cure 1. Direct rivals in in vivo editing are not explicitly named in the supplied sources, so the assessment of competitive position is partial 1.
- Caribou Biosciences
CRISPR cell therapy company that holds a non-exclusive license to one of Precision's foundational cell therapy patent families for CRISPR-based human therapies 1.
- Novartis
Former partner on ARCUS for hemoglobinopathies that terminated the collaboration, effective January 30, 2026 1.
- TG TherapeuticsTGTX
Licensee of azer-cel, evaluated in a Phase 1 study in progressive multiple sclerosis 2.
- Imugene
Partner developing azer-cel in diffuse large B-cell lymphoma and holding rights for oncology applications 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report03 Nov 2026Results of operations · Financial statements and exhibits
- Quarterly report03 Nov 2026
- Current report24 Aug 2026Regulation FD disclosure · Other events · Financial statements and exhibits
- Quarterly report06 Aug 2026
- Current report06 Aug 2026Results of operations · Financial statements and exhibits
- Current report27 Jul 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Current report01 Jul 2026Regulation FD disclosure · Other events · Financial statements and exhibits
- Current report16 Jun 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Current report27 May 2026Regulation FD disclosure · Other events · Financial statements and exhibits
- Current report26 May 2026Departure or appointment of officers · Amendments to articles or bylaws · Shareholder vote · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Precision BioSciences, Inc. · 12 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Precision BioSciences, Inc. · 06 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Precision BioSciences, Inc. · 06 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.