Precision BioSciences Narrows Loss on Warrant Gain

The Tip Desk · November 3, 2026 · 3 min read

The gene-editing company reported a $7.6 million net loss, or $(0.28) a share, and $108.0 million of cash as it dosed its first Duchenne patient.

Precision BioSciences, Inc. (DTIL), a clinical-stage gene editing company using its ARCUS platform, reported a net loss of $7.6 million, or $(0.28) a share, for the quarter ended September 30, 2026, compared with a loss of $21.8 million, or $(1.84) a share, a year earlier. The company said the narrower loss was driven primarily by a $12.7 million non-cash gain on the change in fair value of the warrant liability and does not affect operations or cash runway.

Total other income was $12.8 million, versus a total other expense of $1.1 million a year earlier. Precision said the $13.9 million swing was primarily due to non-cash fair-value adjustments, including the warrant-liability gain, as changes in the stock price reduced the liability. Those GAAP adjustments, the company said, have no impact on operating cash runway.

Revenue was zero, as expected, compared with $13 thousand a year earlier, when the company recognized revenue from the Novartis Agreement. Research and development expenses were $12.7 million, down from $13.4 million a year earlier. Precision attributed the $0.7 million decrease mainly to completion of pre-IND research for PBGENE-HBV and PBGENE-DMD, partially offset by higher ELIMINATE-B clinical costs from rapid advancement and cohort expansion. General and administrative expenses were $7.7 million. Operating loss was $20.4 million. Weighted-average shares outstanding were 27.43 million basic and diluted.

Cash, cash equivalents, and restricted cash were $108.0 million as of September 30, 2026, down from $112.4 million as of June 30. The company said it expects existing cash, continued fiscal and operating discipline, and availability of its at-the-market facility to fund a cash runway through 2028, and that it is sufficiently capitalized to achieve key PBGENE-HBV and PBGENE-DMD clinical data milestones through that horizon.

Clinically, the quarter’s defining move was the first dose of PBGENE-DMD. In August 2026, Precision dosed the first patient in the Phase 1/2 FUNCTION-DMD study at Arkansas Children’s Hospital, after the prior quarter had described multiple DMD sites as actively recruiting. Washington University School of Medicine in St. Louis was also recruiting. The study is enrolling ambulatory Duchenne muscular dystrophy patients ages 2 to 7 with mutations between exons 45 and 55, a range the company said represents up to 60% of boys living with DMD. Initial safety data are targeted for year-end 2026, with efficacy data at distinct timepoints expected in the first and second halves of 2027.

PBGENE-HBV continued to advance in ELIMINATE-B. During the third quarter, Precision enrolled additional patients and expanded the 0.4 mg/kg and 0.65 mg/kg cohorts to support selection of the optimal dosing schedule for Phase 2 expansion, following second-quarter data based on 38 doses across 16 patients in five cohorts. Additional biopsies and blood biomarker data are being collected to further validate cccDNA-elimination findings from late-breaking EASL data presented in May 2026. On October 8, the company said the PBGENE-HBV abstract had been selected for a late-breaking oral presentation at AASLD’s Liver Meeting 2026 on November 8, with the abstract scheduled for release November 5. Chief Executive Officer Michael Amoroso said the company remains on track to deliver data updates from both programs by year-end.

Partnered programs also progressed. iECURE presented updated ECUR-506 data at SSIEM in August, with Phase 1/2 dosing completed across all cohorts; updated low-dose cohort data showed a 57% reduction in the annualized rate of hyperammonemic events and a 74% reduction in annualized hyperammonemic crises. TG Therapeutics presented azer-cel Phase 1 results in progressive multiple sclerosis in October, and Imugene reported additional azer-cel responses in diffuse large B-cell lymphoma after FDA written guidance on a registrational pathway.

The company said it expects runway through 2028 and through key clinical inflection points for both wholly owned programs.