Precigen (PGEN) Quarterly Loss Swings Challenge Bullish Growth Narrative After FY 2025 Results

Precigen (PGEN) has just closed out FY 2025 with fourth quarter revenue of US$4.6 million, a basic EPS loss of US$0.07, and net income loss of US$23.5 million. Over the past year, the company has seen revenue move from US$1.2 million in Q4 2024 to US$4.6 million in Q4 2025. Trailing twelve month basic EPS sits at a loss of US$1.37 and net income loss over the same period totals US$429.6 million, which keeps the spotlight firmly on how quickly margins can improve from here.

See our full analysis for Precigen.

With the headline numbers on the table, the next step is to set these results against the most widely held narratives about Precigen to see which stories line up with the data and which ones start to look stretched.

See what the community is saying about Precigen

Quarterly losses swing sharply with Q3 spike

• Across FY 2025, Precigen’s quarterly net income loss ranged from US$23.5 million in Q4 to US$325.3 million in Q3, with Q1 and Q2 losses of US$54.2 million and US$26.6 million respectively. The trailing twelve month loss of US$429.6 million is therefore heavily influenced by that Q3 figure.
• Critics in the bearish narrative highlight the risk that heavy spending could stay out of sync with actual revenue trends. The Q3 loss of US$325.3 million on US$2.9 million of revenue, compared with Q4’s US$23.5 million loss on US$4.6 million of revenue, gives a concrete example of how swings in expenses can dominate the earnings picture even when sales are growing quarter to quarter.
  • This pattern also ties back to the multi year record of rising losses, with trailing twelve month net income at a loss of US$429.6 million and basic EPS at a loss of US$1.37.
  • For a beginner investor, it illustrates why bears focus less on a single Q4 print and more on whether the cost base behind those large losses is truly moderating or simply pausing between heavier spend periods.

On these numbers, skeptics argue the road to breakeven could be uneven, and they point to the detailed cautionary view in the 🐻 Precigen Bear Case.

Revenue ramp meets bullish growth story

• Revenue moved from US$1.2 million in Q4 2024 to US$4.6 million in Q4 2025, and the trailing twelve month total reached US$9.7 million by Q4 2025. This sits alongside forecasts in the data that point to revenue growth of about 39.6% per year.
• Supporters of the bullish narrative lean heavily on PAPZIMEOS and future indications. The step up from below US$1.4 million revenue in each of the first two quarters of FY 2025 to US$2.9 million in Q3 and US$4.6 million in Q4, together with forecasts calling for earnings to grow about 68.4% per year, is used to argue that early traction in treating an underserved adult RRP population could be the first part of a longer ramp rather than a one off.
  • That view also connects to the idea that expanding indications, such as planned pediatric RRP trials and geographic expansion, could add to future revenue pools if the current US$9.7 million trailing twelve month base is just the starting point.
  • At the same time, the company remains unprofitable over the trailing twelve months, so even bullish investors tend to frame the story around how quickly that growing revenue can absorb fixed commercial and manufacturing costs.

For readers who want to see how that optimistic case is built out in more depth, the full bullish storyline is laid out in the 🐂 Precigen Bull Case.

Big valuation gap and dilution risk

• The data show a P/B of 66x versus about 2.5x for the US biotechs industry and 7.1x for peers, while a DCF fair value of roughly US$38.66 sits far above the current share price of US$3.90. This indicates a large gap between traditional multiples and that DCF estimate, alongside recent shareholder dilution and share price volatility.
• Consensus oriented investors often point to this tension between high multiples and modelled upside. The combination of a very high P/B, a share price that the DCF fair value suggests is trading at a very large discount, and data that show shareholders were diluted in the past year, is a reminder to weigh both the potential reward from growth forecasts and the risk that further funding could be needed if losses like the US$429.6 million trailing twelve month figure continue.
  • Forecasts in the dataset assume earnings could reach US$118.4 million by around 2028 and that the company might trade on a future P/E of 38.3x, yet the trailing twelve month picture still reflects sizable losses.
  • For a beginner investor, this makes it especially important to compare personal expectations around revenue growth and future financing with the implied upside to the DCF fair value of US$38.66 and the single analyst price target of US$9.50.

Next Steps

To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for Precigen on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.

These results stir up plenty of debate, so it is worth checking the underlying numbers yourself and deciding how comfortable you are with the current trade off between risk and potential reward. To help frame that view, take a closer look at the 2 key rewards and 2 important warning signs

Explore Alternatives

Precigen combines a trailing twelve month net income loss of US$429.6 million, sharp quarterly loss swings, a P/B of 66x, and recent shareholder dilution, which creates a demanding risk profile.

If that mix of steep losses, volatile expenses, and dilution feels uncomfortable, you may wish to act now and focus on stronger business quality with the solid balance sheet and fundamentals stocks screener (39 results).

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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