# Precigen (PGEN.US)

Canonical: https://gigainvestors.com/s/PGEN

Analysis as of: 2026-10-16T07:31:09.953Z. Financial observations: FY2013–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $7.20 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 5 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 5

- Years with a net loss: 9

- Operating margin variation: 1.24×

Chart: Operating margin; fiscal year observations.

- FY2016: -0.66×

- FY2017: -0.60×

- FY2018: -3.15×

- FY2019: -2.70×

- FY2020: -2.70×

- FY2021: -6.44×

- FY2022: -2.81×

- FY2023: -16.03×

- FY2024: -34.40×

- FY2025: -11.01×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 47.1pp below the typical margin (limit 4pp)

- ROIC, median of available years: -71.2%

- ROIC, second-lowest year: -242.4%

- Typical minus recent gross margin: 47.1 pp

- Typical gross margin (annual median): 48.8%

- Recent gross margin (lower of latest and 3-year median): 1.7%

- Years with nonpositive capital: 1

- Capital spending / revenue: 23.5%

- ROIC including acquisitions, ten-year median: -69.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: -56.6%

- FY2017: -29.6%

- FY2018: -154.4%

- FY2019: -38.9%

- FY2020: -71.8%

- FY2021: -48.0%

- FY2022: -70.5%

- FY2023: -218.1%

- FY2024: -242.4%

- FY2025: -1378.1%

### economics: fail

- owner earnings cash conversion below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: -$522M

- Net income, five-year total: -$537M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -6.7 pp

- Working capital / revenue, change between three-year averages: -38.7 pp

- Working capital / revenue, final three-year average: -14.2%

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: -$86M

- FY2022: $34M

- FY2023: -$91M

- FY2024: -$130M

- FY2025: -$249M

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: -56.6% vs -242.4%

- Per-share earnings: -0.98 to -0.47 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- five-year and ten-year diluted share growth both above threshold

- acquired goodwill and intangibles (proxy) exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 10.9%

- Ordinary dilution, 5-year annual growth: 13.4%

- Market cap gain: -$1.4B

- Cumulative retained earnings: -$1.6B

- Diluted shares, 10-year annual growth: 10.9%

- Diluted shares, 5-year annual growth: 13.4%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: $0.50

- Per-share value, starting three-year median: -$0.98

- Per-share value, ending three-year median: -$0.47

- Buybacks concentrated in cheaper years (correlation): -1.00

- Average buyback yield: 0.1%

- Buyback history: 3 years

- Debt-funded buybacks: Yes

- Acquisition spending: $3.0M

- Cumulative net income, 10 years: -$1.7B

- ROIC, first three-year median: -56.6%

- ROIC, last three-year median: -242.4%

Chart: Earnings per share; fiscal year observations.

- FY2016: -$1.58

- FY2017: -$0.98

- FY2018: -$3.93

- FY2019: -$1.11

- FY2020: -$1.02

- FY2021: -$0.47

- FY2022: $0.14

- FY2023: -$0.39

- FY2024: -$0.47

- FY2025: -$0.80

### accounting: pass

- latest-year receivables to sales index (DSRI) exceeds 1.465

- Sloan accruals: -104.0%

- Receivables to sales index (DSRI): 1.52×

- Restructuring years, last five: 2

- Earnings backed by cash: Yes

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.88×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -13.8%

- FY2017: -1.5%

- FY2018: -53.8%

- FY2019: -20.5%

- FY2020: -29.7%

- FY2021: -10.1%

- FY2022: 43.2%

- FY2023: -19.2%

- FY2024: -40.0%

- FY2025: -104.0%

## Holders

- [Samantha McLemore](https://gigainvestors.com/PTNT): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Up 537% since Oct 2023 · "PGEN Stock Surges 144% in August on FDA Nod for Rare Lung Disease Drug" (finance.yahoo.com, Aug 2025) · sales +146.7%

Story as of 2026-10-16T09:59:23.732Z; price observation 2026-10-15.

- 2025-08-25: PGEN Stock Surges 144% in August on FDA Nod for Rare Lung Disease Drug ([finance.yahoo.com](https://finance.yahoo.com/news/pgen-stock-surges-144-august-150400116.html))

### Sales · FY2024–2025

sales +146.7%; source https://www.sec.gov/Archives/edgar/data/1356090/000135609026000009/pgen-20251231.htm; observed 2026-03-25.

- FY2016: $191M 

- FY2017: $231M 

- FY2018: $161M 

- FY2019: $32M 

- FY2020: $32M 

- FY2021: $14M 

- FY2022: $27M 

- FY2023: $6.2M 

- FY2024: $3.9M 

- FY2025: $9.7M 

### Gross margin · FY2025

gross margin 37.1%; source https://www.sec.gov/Archives/edgar/data/1356090/000135609026000009/pgen-20251231.htm; observed 2026-03-25.

- FY2016: 67.7% 

- FY2017: 72.8% 

- FY2018: 60.6% 

- FY2019: 83.2% 

- FY2022: 76.4% 

- FY2023: 1.7% 

- FY2025: 37.1% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in biotechnology; annual sales are USD 9.7 million.

- Source: https://www.sec.gov/Archives/edgar/data/1356090/000135609026000009/pgen-20251231.htm (filed 2026-03-25); FY2025: revenue 9684000; grossProfit 3588000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); PGEN.US: Precigen, Inc.,a discovery and clinical-stage biopharmaceutical company, develops gene and cell therapies using precision technology to target diseases in areas of immuno-oncology, autoimmune disorders, and infectious diseases. The company offers therapeutic platforms consisting of AdenoVerse platform, which utilizes a library of proprietary adenovectors for gene delivery of therapeutic effectors, immunomodulators, and vaccine antigen; and UltraCAR-T to provide chimeric antigen receptor T cell therapies for cancer patients. It also develops programs based on the UltraCAR-T platform, including PRGN-3005 in Phase 1/1b clinical trial to treat advanced ovarian, fallopian tube, or primary peritoneal cancer; PRGN-3006 in Phase 1b trial for patients with relapsed or refractory acute myeloid leukemia and high-risk myelodysplastic syndromes; and PRGN-3007 in Phase 1/1b trial for the treatment of advanced receptor tyrosine kinase-like orphan receptor 1-positive, hematologic, and solid tumors. In addition, the company is developing programs based on the AdenoVerse immunotherapy platform comprising PRGN-2009 in Phase 2 trial for patients with HPV+ solid tumors; and PRGN-2012 in Phase ½ trial to treat recurrent respiratory papillomatosis. Further, it provides UltraPorator, a proprietary electroporation device. The company was formerly known as Intrexon Corporation and changed its name to Precigen, Inc. in February 2020. Precigen, Inc. was founded in 1998 and is headquartered in Germantown, Maryland.

### Why customers stay

It lost 71.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-25); FY2023: grossProfit / revenue = 1.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-25); FY2024: grossProfit / revenue = -8.7%.

- Source: https://www.sec.gov/Archives/edgar/data/1356090/000135609026000009/pgen-20251231.htm (filed 2026-03-25); FY2025: grossProfit / revenue = 37.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-25); 10-year return on capital observations [[2016,-0.5662614462178088],[2017,-0.29562745433278786],[2018,-1.5443069345210478],[2019,-0.3892081846979253],[2020,-0.7179761415921749],[2021,-0.48040025131444064],[2022,-0.7054163620498549],[2023,-2.181377878653676],[2024,-2.423558105191412],[2025,-13.780723285877926]]; median -0.7116962518210149. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 2 of 10 years; bought back USD 2.2 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-25); FY2022: growth capex 0; upkeep 4924000; owner earnings 34158000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-25); Dividend observations: [[2016,41980000],[2017,7729000],[2018,0],[2019,0],[2020,0],[2021,0],[2022,0],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1356090/000135609026000009/pgen-20251231.htm (filed 2026-03-25); FY2025: cash repurchases 2196000 USD.

### Are managers owners

Insiders own 12.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); PGEN.US SharesStats.PercentInsiders = 12.637 percentage points; cache date 2026-10-16.

### What the price says

The price is 232.5 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-25); Closing price 7.195 USD; reporting-to-trading FX 1; FY2025 annual sales per share 0.03094121864347601; price multiple 232.53770586431227. FY2025 cash earnings/share -0.7969760115645776. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $25.87 per share

- 2016-11: $28.92 per share

- 2016-12: $24.08 per share

- 2017-01: $21.16 per share

- 2017-02: $22.26 per share

- 2017-03: $19.82 per share

- 2017-04: $20.84 per share

- 2017-05: $21.32 per share

- 2017-06: $24.09 per share

- 2017-07: $21.59 per share

- 2017-08: $19.73 per share

- 2017-09: $19.01 per share

- 2017-10: $16.35 per share

- 2017-11: $13.64 per share

- 2017-12: $11.52 per share

- 2018-01: $13.00 per share

- 2018-02: $13.02 per share

- 2018-03: $15.33 per share

- 2018-04: $18.18 per share

- 2018-05: $16.58 per share

- 2018-06: $13.94 per share

- 2018-07: $14.66 per share

- 2018-08: $15.38 per share

- 2018-09: $17.22 per share

- 2018-10: $11.56 per share

- 2018-11: $9.80 per share

- 2018-12: $6.54 per share

- 2019-01: $7.66 per share

- 2019-02: $7.97 per share

- 2019-03: $5.26 per share

- 2019-04: $4.33 per share

- 2019-05: $4.84 per share

- 2019-06: $7.66 per share

- 2019-07: $7.99 per share

- 2019-08: $5.84 per share

- 2019-09: $5.72 per share

- 2019-10: $5.08 per share

- 2019-11: $5.57 per share

- 2019-12: $5.48 per share

- 2020-01: $4.65 per share

- 2020-02: $3.79 per share

- 2020-03: $3.40 per share

- 2020-04: $3.60 per share

- 2020-05: $2.20 per share

- 2020-06: $4.99 per share

- 2020-07: $4.21 per share

- 2020-08: $6.05 per share

- 2020-09: $3.50 per share

- 2020-10: $4.29 per share

- 2020-11: $7.92 per share

- 2020-12: $10.20 per share

- 2021-01: $8.50 per share

- 2021-02: $8.44 per share

- 2021-03: $6.89 per share

- 2021-04: $7.74 per share

- 2021-05: $6.60 per share

- 2021-06: $6.52 per share

- 2021-07: $5.49 per share

- 2021-08: $6.05 per share

- 2021-09: $4.99 per share

- 2021-10: $4.83 per share

- 2021-11: $3.94 per share

- 2021-12: $3.71 per share

- 2022-01: $2.58 per share

- 2022-02: $2.25 per share

- 2022-03: $2.11 per share

- 2022-04: $1.33 per share

- 2022-05: $1.34 per share

- 2022-06: $1.34 per share

- 2022-07: $1.57 per share

- 2022-08: $2.21 per share

- 2022-09: $2.12 per share

- 2022-10: $1.62 per share

- 2022-11: $1.82 per share

- 2022-12: $1.52 per share

- 2023-01: $1.62 per share

- 2023-02: $1.26 per share

- 2023-03: $1.06 per share

- 2023-04: $1.21 per share

- 2023-05: $1.19 per share

- 2023-06: $1.15 per share

- 2023-07: $1.39 per share

- 2023-08: $1.75 per share

- 2023-09: $1.42 per share

- 2023-10: $1.13 per share

- 2023-11: $1.12 per share

- 2023-12: $1.34 per share

- 2024-01: $1.38 per share

- 2024-02: $1.54 per share

- 2024-03: $1.45 per share

- 2024-04: $1.32 per share

- 2024-05: $1.40 per share

- 2024-06: $1.58 per share

- 2024-07: $1.52 per share

- 2024-08: $1.10 per share

- 2024-09: $0.95 per share

- 2024-10: $0.79 per share

- 2024-11: $0.93 per share

- 2024-12: $1.12 per share

- 2025-01: $1.35 per share

- 2025-02: $1.73 per share

- 2025-03: $1.49 per share

- 2025-04: $1.56 per share

- 2025-05: $1.32 per share

- 2025-06: $1.42 per share

- 2025-07: $1.71 per share

- 2025-08: $4.51 per share

- 2025-09: $3.29 per share

- 2025-10: $4.14 per share

- 2025-11: $3.83 per share

- 2025-12: $4.18 per share

- 2026-01: $4.49 per share

- 2026-02: $3.79 per share

- 2026-03: $3.87 per share

- 2026-04: $4.16 per share

- 2026-05: $4.34 per share

- 2026-06: $5.70 per share

- 2026-07: $6.27 per share

- 2026-08: $6.93 per share

- 2026-09: $8.56 per share

- 2026-10: $7.20 per share

## Annual estimated value (USD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1356090/000135609026000009/pgen-20251231.htm); period 2025-12-31, filed 2026-03-25.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.