Precision Biosciences

Precision Biosciences specializes in gene editing to develop novel therapeutics for oncology and genetic diseases. It uses its wholly-owned genome editing platform “ARCUS” based on natural homing endonucleases—naturally-occurring DNA-cutting enzymes—that enable highly precise editing.

The company develops in vivo (gene editing done inside the body) therapeutics for genetic diseases (potentially one-time treatments) and ex vivo (gene editing done in a specialized laboratory and returned to the body) therapeutics for allogeneic Chimeric Antigen Receptors T (CAR-T) immunotherapies. As of March 2024, Precision has seven drug programs under its in vivo gene editing pipeline, with two of those (also the company’s wholly-owned programs) in the investigational new drug (IND)-enabling stage. Precision’s other candidates are in research stages, while its candidate being developed in partnership with iECURE, was approved for clinical testing.

Precision operates MCAT, an in-house current good manufacturing practices (GMP)-graded manufacturing facility that enables scalable manufacturing of its products. It also operates a fully-owned subsidiary in the UK named Precision BioSciences UK Ltd.

Key customers and partnerships

The company has three programs in collaboration with big pharma company Eli Lilly & Company. These leverage the ARCUS platform to identify drug targets for Eli Lilly. The latter was responsible for the clinical development and commercialization of the candidates afterward. The agreement was closed in January 2021, but Precision was eligible for up to USD 420 million in milestone payments. Precision also signed a similar development and licensing partnership with iECURE to develop therapies for four genetic diseases using Precision’s PCSK9-directed ARCUS nuclease.

In August 2023, Precision BioSciences also secured a strategic transaction with Imugene Limited for global rights to Azercabtagene Zapreleucel (azer-cel), Precision’s lead allogeneic cancer-related CAR T candidate. Included in the agreement is the option to develop up to three other cancer research programs in the future. As a part of the agreement, Precision will receive upfront cash and equity valued at USD 21 million. Additionally, Precision was eligible for an USD 8 million near-term payment in cash and equity upon successful completion of the phase 1b dosing in the CAR T, along with USD 198 million in additional milestone payments and double-digit royalties on net sales. For each additional research program selected by Imugene, Precision was eligible for up to USD 145 million in milestone payments and tiered royalties on net sales.

The company’s other partnerships include a program purchase agreement with Servier (April 2021) and a clinical trial collaboration with SpringWorks Therapeutics (September 2020).

Funding and financials

In June 2022, the company raised USD 50 million through a common stock offering. The proceeds were raised via Precision BioSciences selling 35,971,224 of its shares at a stock price of USD 1.39 per share. The company earmarked these funds to fund ongoing and planned research and development, and for working capital and general corporate purposes. For 2022, the company recorded revenue of USD 25.1 million earned through licensing and collaborations.