DURHAM – Precision BioSciences Inc. (DTIL) on Tuesday reported a loss of $26 million in its third quarter, but its CEO stressed positive news in patent victories and research progress.
The Durham-based company said it had a loss of 50 cents per share. Still, the results topped Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for a loss of 68 cents per share.
The genome editing company posted revenue of $7.4 million in the period.
Precision BioSciences shares have declined 48% since the beginning of the year. The stock has decreased 15% in the last 12 months.
Yet in his remarks CEO Matt Kane stressed matters outside dollars-and-cents. He talked abou the firm’s proprietary ARCUS genome editing platform in particular.
“Our achievements from this past quarter reflect increasing momentum with the ARCUS genome editing platform to develop a novel pipeline of allogeneic CAR T and in vivo gene correction therapeutic candidates,” Kane said.
“For our clinical portfolio, we expanded our existing partnership with Servier by adding four new targets, including two solid tumor and two hematologic programs, and entered a new clinical collaboration with SpringWorks Therapeutics for our multiple myeloma study. The PTAB issued judgements in our favor in both of the patent interferences involving our patented single-step CAR knock-in/T cell receptor (TCR) knock-out approach, which underscores the novelty of this precise editing process for allogeneic CAR T cell therapies as part of the emerging landscape in oncology.”
