Revenue volatility remains high, with a 146.73% year-over-year growth spike in 2026Q1 driven by non-recurring milestones rather than a stable, scalable commercial cost structure.
Precigen, Inc. (PGEN) annual income statement — 15-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 |
|---|
| Sales/Revenue | 85.72M | 9.68M | 3.92M | 6.22M | 26.91M | 14.27M | 31.99M | 31.99M | 160.57M | 230.98M | 190.93M | 173.6M | 71.93M | 23.76M | 13.93M | 8.01M |
| Revenue Growth % | 1875.05% | 146.73% | -36.95% | -76.87% | 88.61% | -55.4% | 0% | -80.08% | -30.48% | 20.98% | 9.98% | 141.35% | 202.74% | 70.63% | 73.78% | - |
| Cost of Goods Sold | 8.95M | 6.1M | 4.27M | 6.12M | 6.34M | 53.68M | 44.8M | 5.37M | 63.29M | 62.79M | 61.64M | 63.93M | 19.26M | 48.16M | 64.03M | 0 |
| COGS % of Revenue | - | 62.95% | 108.71% | 98.3% | 23.56% | 376.24% | 140.04% | 16.8% | 39.41% | 27.18% | 32.28% | 36.82% | 26.78% | 202.71% | 459.85% | - |
| Gross Profit | 76.77M | 3.59M | -342K | 106K | 20.57M | -39.41M | -12.81M | 26.62M | 97.29M | 168.19M | 129.29M | 109.68M | 52.67M | -24.41M | -50.11M | 8.01M |
| Gross Margin % | 89.56% | 37.05% | -8.71% | 1.7% | 76.44% | -276.24% | -40.04% | 83.2% | 60.59% | 72.82% | 67.72% | 63.18% | 73.22% | -102.71% | -359.85% | 100% |
| Gross Profit Growth % | - | 1149.12% | -422.64% | -99.48% | 152.19% | -207.66% | -148.13% | -72.64% | -42.16% | 30.09% | 17.88% | 108.23% | 315.82% | 51.3% | -725.35% | - |
| Operating Expenses | 116.27M | 110.19M | 134.69M | 99.86M | 96.3M | 52.54M | 73.51M | 112.94M | 542.39M | 289.31M | 254.45M | 256.54M | 122.63M | 81.78M | 89.08M | 90.44M |
| OpEx % of Revenue | - | 1137.84% | 3431.52% | 1604.24% | 357.86% | 368.24% | 229.77% | 353.01% | 337.78% | 125.25% | 133.27% | 147.77% | 170.49% | 344.2% | 639.73% | 1128.67% |
| Selling, General & Admin | 84.93M | 70.13M | 41.29M | 40.41M | 48.01M | 0 | 0 | 72.69M | 137.81M | 146.1M | 142.32M | 109.06M | 63.65M | 33.62M | 24.9M | 18.3M |
| SG&A % of Revenue | - | 724.16% | 1052.05% | 649.24% | 178.4% | - | - | 227.23% | 85.82% | 63.25% | 74.54% | 62.82% | 88.49% | 141.49% | 178.79% | 228.38% |
| Research & Development | 31.33M | 40.06M | 53.07M | 48.61M | 47.17M | 47.93M | 39.43M | 39.43M | 404.59M | 143.21M | 112.14M | 147.48M | 58.98M | 48.16M | 64.19M | 70.23M |
| R&D % of Revenue | - | 413.67% | 1352.1% | 780.95% | 175.29% | 335.97% | 123.24% | 123.24% | 251.96% | 62% | 58.73% | 84.95% | 82% | 202.71% | 460.93% | 876.43% |
| Other Operating Expenses | 0 | 0 | 40.32M | 10.84M | 1.12M | 4.6M | 34.08M | 814K | 630K | 1.01M | 1.7M | 1.31M | -168K | -162K | -101K | -1K |
| Operating Income | -39.5M | -106.6M | -135.03M | -99.76M | -75.73M | -91.95M | -86.32M | -86.32M | -505.61M | -137.89M | -125.17M | -146.86M | -69.96M | -58.02M | -75.16M | -82.43M |
| Operating Margin % | -46.08% | -1100.78% | -3440.23% | -1602.54% | -281.42% | -644.48% | -269.81% | -269.81% | -314.88% | -59.7% | -65.56% | -84.6% | -97.26% | -244.2% | -539.73% | -1028.67% |
| Operating Income Growth % | - | 21.05% | -35.36% | -31.74% | 17.64% | -6.52% | 0% | 82.93% | -266.68% | -10.17% | 14.77% | -109.92% | -20.58% | 22.8% | 8.82% | - |
| EBITDA | -36.08M | -103.4M | -130.5M | -93.09M | -64.96M | -78.19M | -68.8M | -68.8M | -481.5M | -106.75M | -100.59M | -129.12M | -59.55M | -50.82M | -67.17M | -78.09M |
| EBITDA Margin % | -42.09% | -1067.75% | -3324.92% | -1495.42% | -241.41% | -548.03% | -215.06% | -215.06% | -299.86% | -46.21% | -52.69% | -74.38% | -82.78% | -213.88% | -482.39% | -974.53% |
| EBITDA Growth % | 64.47% | 20.77% | -40.19% | -43.3% | 16.92% | -13.64% | 0% | 85.71% | -351.08% | -6.11% | 22.09% | -116.84% | -17.18% | 24.35% | 13.98% | - |
| D&A (Non-Cash Add-back) | 3.04M | 3.2M | 4.53M | 6.67M | 10.77M | 13.76M | 17.52M | 17.52M | 24.11M | 31.14M | 24.57M | 17.74M | 10.41M | 7.21M | 7.98M | 4.34M |
| EBIT | -147.98M | -246.77M | -128.02M | -95.89M | -73.19M | -91.41M | -85.5M | -86.31M | -387.44M | -129.09M | -193.29M | -85.73M | -85.05M | -40.77M | -81.82M | -85.1M |
| Net Interest Income | -7.08M | -652K | 1.41M | 2.77M | -6.64M | -18.58M | -15.95M | -17.2M | 10.54M | 18.85M | 9.33M | 640K | 140K | 25K | -52K | -183K |
| Interest Income | 2.65M | 3.21M | 1.42M | 3.24M | 133K | 171K | 2.45M | 1.01M | 19.08M | 19.48M | 10.19M | 1.88M | 806K | 166K | 5K | 0 |
| Interest Expense | 9.73M | 3.87M | 6K | 468K | 6.77M | 18.75M | 18.4M | 18.21M | 8.53M | 611K | 861K | 1.24M | 666K | 141K | 57K | 183K |
| Other Income/Expense | -118.21M | -144.04M | 7M | 3.4M | -4.24M | -19.02M | -18.21M | -18.21M | -26.25M | 17.8M | -68.98M | 59.89M | -15.76M | 17.11M | -6.72M | -2.85M |
| Pretax Income | -157.71M | -250.64M | -128.03M | -96.36M | -79.97M | -110.97M | -104.52M | -104.52M | -536.23M | -129.7M | -194.15M | -86.98M | -85.72M | -40.91M | -81.87M | -85.28M |
| Pretax Margin % | -183.98% | -2588.18% | -3261.86% | -1547.98% | -297.17% | -777.79% | -326.72% | -326.72% | -333.95% | -56.15% | -101.69% | -50.1% | -119.17% | -172.17% | -587.96% | -1064.27% |
| Income Tax | 0 | 3K | -1.79M | -458K | -189K | -160K | -82K | -82K | -21.53M | -2.88M | -3.88M | 1.02M | -103K | 0 | -318K | 182K |
| Effective Tax Rate % | 0% | -0% | 1.4% | 0.48% | 0.24% | 0.14% | 0.08% | 0.08% | 4.01% | 2.22% | 2% | -1.17% | 0.12% | 0% | 0.39% | -0.21% |
| Net Income | -157.71M | -250.64M | -126.23M | -95.9M | 28.32M | -92.17M | -170.52M | -170.52M | -509.34M | -117.02M | -186.61M | -84.49M | -81.82M | -38.98M | -81.87M | -85.28M |
| Net Margin % | -183.98% | -2588.21% | -3216.18% | -1540.63% | 105.23% | -646.01% | -533.01% | -533.01% | -317.2% | -50.66% | -97.74% | -48.67% | -113.75% | -164.06% | -587.96% | -1064.27% |
| Net Income Growth % | -26.67% | -98.55% | -31.63% | -438.68% | 130.72% | 45.95% | 0% | 66.52% | -335.26% | 37.29% | -120.86% | -3.26% | -109.91% | 52.39% | 3.99% | - |
| Net Income (Continuing) | -157.71M | -250.64M | -126.23M | -95.9M | -79.78M | -110.81M | -104.44M | -104.44M | -380.49M | -126.82M | -190.27M | -87.99M | -85.62M | -40.91M | -81.87M | -85.28M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 108.09M | 18.64M | -66.08M | -66.08M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 15.87M | 12.91M | 9.01M | 10.81M | 24.53M | 14.62M | 0 | 0 |
| EPS (Diluted) | -0.38 | -1.41 | -0.47 | -0.39 | -0.40 | -0.47 | -1.02 | -1.35 | -3.93 | -0.98 | -1.58 | -0.76 | -0.83 | -0.95 | -14.80 | -15.05 |
| EPS Growth % | -169.14% | -200% | -20.51% | 2.5% | 14.89% | 53.92% | 24.44% | 65.65% | -301.02% | 37.97% | -107.89% | 8.43% | 12.63% | 93.58% | 1.66% | - |
| EPS (Basic) | - | -1.41 | -0.47 | -0.39 | -0.33 | -0.47 | -1.02 | -1.35 | -3.93 | -0.98 | -1.58 | -0.76 | -0.83 | -0.95 | -14.80 | -15.05 |
| Diluted Shares Outstanding | 413.69M | 304.71M | 267.73M | 244.54M | 200.36M | 197.76M | 167.07M | 154.14M | 129.52M | 120M | 117.98M | 111.07M | 99.17M | 40.95M | 5.53M | 5.66M |
| Basic Shares Outstanding | 356.89M | 304.71M | 267.73M | 244.54M | 200.36M | 197.76M | 167.07M | 154.14M | 129.52M | 120M | 117.98M | 111.07M | 99.17M | 40.95M | 5.53M | 5.66M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying PGEN stock.
For fiscal year 2025, Precigen, Inc. (PGEN) reported total revenue of $9.7M. This represents a 20.9% increase compared to $8.0M in 2011.
Precigen, Inc. (PGEN) reported a net loss of $250.6M for the fiscal year ending 2025.
Precigen, Inc. (PGEN) reported an operating income of $-106.6M, resulting in an operating profit margin of -1100.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Precigen, Inc. (PGEN) generated $3.6M in gross profit for the year, representing a gross profit margin of 37.1%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
High cash burn dependency
Metrics are mathematically derived from official filings.
Lumpy Revenue Masks Underlying Volatility
As reported in recent financial statements, Precigen achieved a notable revenue spike to $23.3M in 2026Q1, yet this 146.73% year-over-year growth appears driven by non-recurring milestone payments rather than a sustainable, repeatable commercial trajectory for its proprietary gene therapy platforms.
The revenue profile remains highly sensitive to the timing of collaboration agreements, which complicates the assessment of long-term growth durability. Investors should monitor whether future periods can maintain this momentum without relying on one-time licensing events that obscure the core operational performance.
Gross Margin Volatility Reflects Inefficiency
Based on the provided income statement data, Precigen’s gross margin has fluctuated wildly from a negative 109% in 2023Q4 to a positive 87.6% in 2026Q1, suggesting that the company lacks a stable, scalable manufacturing cost structure for its clinical-stage assets.
The extreme variance in gross margins indicates that the company is likely absorbing significant overhead costs associated with its specialized laboratory infrastructure. This instability suggests that the current business model has yet to achieve the economies of scale necessary to support consistent profitability.
R&D Intensity Constrains Operating Flexibility
According to historical income statement filings, Precigen maintains a heavy R&D expenditure profile, with quarterly costs frequently exceeding $10M, which continues to outpace revenue generation and necessitates a high degree of reliance on external capital markets to sustain operations.
The persistent R&D burden reflects the company's commitment to advancing its UltraCAR-T and AdenoVerse platforms simultaneously. While this investment is essential for clinical progress, it creates a structural deficit that may require further dilution if commercial milestones are not reached in the near term.
Sustainability of Capital Structure Risks
Based on the reported figures, the company’s operating losses, which reached $6.0M even in its strongest revenue quarter, highlight a fundamental disconnect between current cash burn and the long-term capital requirements needed to reach a self-sustaining commercial phase for its gene therapy pipeline.
Short-sellers may focus on the persistent negative operating margins as evidence that the platform's complexity is too costly to monetize effectively. The reliance on milestone-based revenue creates a precarious financial position where any delay in clinical development could lead to a rapid depletion of liquidity.