0001628280-26-030124 | 10-Q | XBRL Viewer | Precision Biosciences INC

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DEBT	3 Months Ended
DEBT	Mar. 31, 2026
Debt Disclosure [Abstract]
DEBT	DEBT Loan and Security Agreement On July 31, 2024, the Company entered into an amended and restated loan and security agreement (the “2024 Loan and Security Agreement”) with Banc of California pursuant to which Banc of California provided the Company with a term loan with a principal amount of $22.5 million (the “2024 Term Loan”). The 2024 Term Loan bears interest at an annual rate equal to the greater of (i) 1.50% below the Prime Rate (as defined in the 2024 Loan and Security Agreement) then in effect or (ii) 4.50%. As of March 31, 2026, the stated interest rate on the 2024 Term Loan was 5.25% and the effective interest rate was 5.62%. Additionally, as of March 31, 2026, $22.5 million in borrowings were outstanding under the 2024 Term Loan and the unamortized debt discount balance was less than $0.1 million. Refer to Note 12, Debt, to the Company’s audited financial statements included in the Company’s Annual Report for the fiscal year ended December 31, 2025, for more information related to the 2024 Loan and Security Agreement.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

FAIR VALUE MEASUREMENTS

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

The following represents assets and liabilities measured at fair value on a recurring basis by the Company (in thousands):


March 31, 2026	Fair Value		Level 1		Level 2		Level 3
Assets:
Money market funds	$	15,423	$	15,423	$	—	$	—
Investment in iECURE	744		—		—		744
Imugene Marketable Securities	1,814		1,814		—		—
	$	17,981	$	17,237	$	—	$	744

Liabilities:
Final payment fee	$	211	$	—	$	211	$	—
Warrant liability	22,802		—		—		22,802
	$	23,013	$	—	$	211	$	22,802


December 31, 2025	Fair Value		Level 1		Level 2		Level 3
Assets:
Money market funds	$	15,286	$	15,286	$	—	$	—
Investment in iECURE	744		—		—		744
Imugene Marketable Securities	4,762		4,762		—		—
	$	20,792	$	20,048	$	—	$	744

Liabilities:
Final payment fee	$	208	$	—	$	208	$	—
Warrant Liability	15,695		—		—		15,695
	$	15,903	$	—	$	208	$	15,695

The following represents a reconciliation of assets measured and carried at fair value on a recurring basis with the use of significant unobservable inputs (Level 3) for the three months ended March 31, 2026 (in thousands). The warrant reconciliation is disclosed in Note 11, Warrants:


	Investment in iECURE
Balance December 31, 2025	$	744
(Loss) gain from changes in fair value included in earnings	—
Balance March 31, 2026	$	744

The carrying amounts of the Company’s accounts receivable, accounts payable, and accrued expenses and other current liabilities, approximate their respective fair values due to their short-term nature. The Company uses a three-tier fair value hierarchy to classify and disclose all assets and liabilities measured at fair value on a recurring basis and to minimize the use of unobservable inputs when determining their fair value. The three tiers are defined as follows:

Level 1—Observable inputs based on unadjusted quoted prices in active markets for identical assets or liabilities

Level 2—Inputs, other than quoted prices in active markets, which are observable either directly or indirectly

Level 3—Unobservable inputs for which there is little or no market data, which require the Company to develop its own assumptions.

During the three months ended March 31, 2026, Elo Life Systems, Inc. (“Elo”) is no longer classified as an equity method investment. Any subsequent changes to the investment’s fair value will be reported within Note 2, Fair Value Measurements, as applicable. There is no change in the carrying value of the investment for the three months ended March 31, 2026.

INCOME TAXES	3 Months Ended
INCOME TAXES	Mar. 31, 2026
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company estimates an annual effective tax rate of 0% for the year ending December 31, 2026 as the Company incurred losses for financial statement and tax purposes for the three months ended March 31, 2026. The Company is forecasting additional net losses for financial statement and tax purposes for the remainder of the year ending December 31, 2026. Therefore, no federal or state income taxes are expected, and none have been recorded at this time. Income taxes have been accounted for using the liability method in accordance with ASC 740, Income Taxes. Due to the Company's history of losses since inception, there is not enough evidence at this time to support that the Company will generate future income of a sufficient amount and nature to utilize the benefits of its net deferred tax assets. Accordingly, the deferred tax assets have been reduced by a full valuation allowance, since the Company does not currently believe that realization of its deferred tax assets is more likely than not. As of March 31, 2026, the Company had no unrecognized tax benefits that would reduce the Company’s effective tax rate if recognized.

- Definition

The entire disclosure for income tax.

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+ Details

SEGMENT REPORTING (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Summary of Significant Research and Development and General and Administrative Expense to CODM

The table below summarizes the significant research and development and general and administrative expense categories regularly provided to the CODM for the three months ended March 31, 2026 and March 31, 2025. Due to the pause in development of the PBGENE-3243 program to prioritize the Company’s two lead programs, PBGENE-HBV and PBGENE-DMD, expenses for PBGENE-3243 have been recast for the periods presented below. The amounts previously reported under “PBGENE-3243 external development costs” are now reported within the “Platform development and early-stage research expense” line items:


	Three months ended March 31,
(in thousands)	2026		2025
Revenue	$	10,838	$	29
Operating expenses
Research and development
Direct research and development expenses by product candidate:
PBGENE-HBV external development costs	1,835		1,601
PBGENE-DMD external development costs	3,998		2,438
Platform development and early-stage research expenses:
Employee-related costs (including share-based compensation)	4,506		5,300
Laboratory supplies and services	373		538
CMOs and outsourced research and development	53		2,109
Facility-related costs, laboratory equipment, and maintenance	746		728
Depreciation and amortization	276		340
Licensing fees and other research and development costs	1,323		534
Total research and development expenses	$	13,110	$	13,588
General and administrative expense
Employee-related costs (including share-based compensation)	3,828		5,460
Consulting and professional services	1,436		1,536
Other operating expenses and all other costs	1,539		1,557
Total general and administrative expenses	$	6,803	$	8,553
Total operating expenses	$	19,913	$	22,141
Operating loss	(9,075)		(22,112)
Total other (expense) income	(9,366)		1,547
Net loss	$	(18,441)	$	(20,565)

COMMITMENTS AND CONTINGENCIES - Additional Information (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Contract liabilities	$ 10,000	$ 10,000
Escrow account cash balance	$ 3,800

SEGMENT REPORTING - Summary of Significant Research and Development and General and Administrative Expense to CODM (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting Information [Line Items]
Revenue	$ 10,838	$ 29
Platform development and early-stage research expenses:
Depreciation and amortization	299	395
Total research and development expenses	13,110	13,588
General and administrative expense
Total general and administrative expenses	6,803	8,553
Total operating expenses	19,913	22,141
Operating loss	(9,075)	(22,112)
Total other (expense) income	(9,366)	1,547
Net loss	(18,441)	(20,565)
Operating Segment
Segment Reporting Information [Line Items]
Revenue	10,838	29
Platform development and early-stage research expenses:
Employee-related costs (including share-based compensation)	4,506	5,300
Laboratory supplies and services	373	538
CMOs and outsourced research and development	53	2,109
Facility-related costs, laboratory equipment, and maintenance	746	728
Depreciation and amortization	276	340
Licensing fees and other research and development costs	1,323	534
Total research and development expenses	13,110	13,588
General and administrative expense
Employee-related costs (including share-based compensation)	3,828	5,460
Consulting and professional services	1,436	1,536
Other operating expenses and all other costs	1,539	1,557
Total general and administrative expenses	6,803	8,553
Total operating expenses	19,913	22,141
Operating loss	(9,075)	(22,112)
Total other (expense) income	(9,366)	1,547
Net loss	(18,441)	(20,565)
PBGENE-HBV external development costs \| Operating Segment
Direct research and development expenses by product candidate:
External development costs (credits)	1,835	1,601
PBGENE-DMD external development costs \| Operating Segment
Direct research and development expenses by product candidate:
External development costs (credits)	$ 3,998	$ 2,438

SHARE-BASED COMPENSATION - Additional Information (Details) - USD ($) $ in Thousands		3 Months Ended
	Mar. 12, 2019	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025	Jun. 04, 2024
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options outstanding (in shares)		147,981		168,993
Share based compensation expense		$ 1,549	$ 2,822
Unrecognized compensation cost		$ 5,400
Weighted-average period for recognition of compensation cost		1 year 4 months 24 days
ESPP
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share based compensation expense		$ 100	$ 100
2015 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options outstanding (in shares)		15,784
Remaining shares available to be granted (in shares)		0
2019 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options outstanding (in shares)		35,626
Number of shares available for issuance (in shares)	158,333	1,825,822
Allowed annual percentage increase in shares authorized as percentage of outstanding shares of common stock (as a percent)	4.00%
Number of shares available to be issued (in shares)		529,232
2019 Plan \| Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
RSU outstanding (in shares)		992,911
Amended Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of additional shares available for issuance (in shares)					630,000
2019 ESPP
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Remaining shares available to be granted (in shares)		20,900
Purchase of common stock through payroll deductions expressed in percentage of fair market value (as a percent)	85.00%
Total number of shares issued under 2019 ESPP (in shares)		130,143
Inducement Award Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options outstanding (in shares)		96,571
Number of shares available for issuance (in shares)		983,509
Maximum shares allowed to be issued under ESPP (in shares)		1,100,000
Inducement Award Plan \| Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
RSU outstanding (in shares)		8,021

INCOME TAXES (Details) - USD ($)	12 Months Ended
INCOME TAXES (Details) - USD ($)	Dec. 31, 2026	Mar. 31, 2026
Income Tax Disclosure [Line Items]
Unrecognized tax benefits		$ 0
Forecast
Income Tax Disclosure [Line Items]
Effective income tax rate	0.00%

SHARE-BASED COMPENSATION - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based compensation expense	$ 1,549	$ 2,822
Research and development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based compensation expense	382	503
General and administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based compensation expense	$ 1,167	$ 2,319

SHARE-BASED COMPENSATION - Schedule of Employee and Nonemployee Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based compensation expense	$ 1,549	$ 2,822
Employee
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based compensation expense	1,414	2,639
Nonemployee
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based compensation expense	$ 135	$ 183

COMMITMENTS AND CONTINGENCIES

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

Litigation

The Company is subject to various legal matters and claims in the ordinary course of business. Although the results of legal proceedings and claims cannot be predicted with certainty, in the opinion of management, there are currently no such known matters that will have a material effect on the financial condition, results of operations or cash flows of the Company.

Servier Program Purchase Agreement

On April 9, 2021, the Company entered into a program purchase agreement (the “Program Purchase Agreement”) with Les Laboratoires Servier and Institut de Recherches Internationales Servier (collectively, “Servier”), pursuant to which the Company reacquired all of its global development and commercialization rights previously granted to Servier pursuant to the Development and Commercial License Agreement by and between Servier and the Company, dated February 24, 2016, as amended (the “Servier Agreement”), and mutually terminated the Servier Agreement.

The Program Purchase Agreement requires the Company to make certain payments to Servier based on the achievement of regulatory and commercial milestones for each product. Management assessed the likelihood of each of the regulatory and commercial milestones included in the Program Purchase Agreement in accordance with ASC 450, Contingencies. If the assessment of a contingency indicates that it is probable that the milestone will be achieved and the amount of the liability can be estimated, then the estimated liability would be accrued in the Company’s condensed financial statements.

Accordingly, contingent liabilities of $10.0 million related to the Program Purchase Agreement are accrued and included in contract liabilities in the condensed balance sheets as of March 31, 2026 and December 31, 2025.

Leases

The Company has an operating lease for real estate in North Carolina and does not have any finance leases.

The elements of lease expense were as follows:


	For the Three Months Ended March 31,
(in thousands)	2026			2025
Lease Cost
Operating lease cost	$	482		$	482
Short-term lease cost	198			195
Variable lease cost	104			97
Sublease income	(110)			—
Total Lease Cost	$	674		$	774

Other Information
Operating cash flows used for operating leases	499			484

Operating Leases
Weighted-average remaining lease term (in years)	3.3			4.3

Operating Leases
Weighted-average discount rate	9.2		%	9.2		%

Future minimum lease payments under non-cancelable operating leases with terms of greater than one year as of March 31, 2026, were as follows:


(in thousands)	Amount
2026 (remainder of year)	$	1,520
2027	2,078
2028	2,140
2029	1,269
Total lease payments	$	7,007
Less: imputed interest	960
Total operating lease liabilities	$	6,047

Supply Agreements

The Company enters into contracts in the normal course of business with contract manufacturing organizations (“CMOs”) for the manufacture of clinical trial materials and contract research organizations (“CROs”) for clinical trial services. These agreements provide for termination at the request of either party with less than one-year’s notice and are, therefore, cancellable contracts. If canceled, these agreements are not anticipated to have a material effect on the financial condition, results of operations, or cash flows of the Company.

Compensatory Arrangements of Certain Officers

On August 26, 2025, the Company entered into amended and restated employment agreements to help retain each of its executive officers: Michael Amoroso, the Company’s President and Chief Executive Officer; Alex Kelly, the Company’s Chief Financial Officer; Dario Scimeca, the Company’s General Counsel and Secretary; and Jeff Smith, the Company’s Chief Research Officer. The employment agreements are substantively similar to their prior employment agreements, except that they reflect such executive’s current annual base salary and target bonus amounts; provide for the payment of existing cash severance in a lump sum; include provisions regarding termination without cause in connection with a “change in control” or a “restructuring event” (each as defined in the respective employment agreements); and provide for a payment to cover potential additional expenses. The amended employment agreements also include a requirement to fund

the cash severance and expenses in an escrow account. As a result, the Company entered into escrow arrangements with JPMorgan Chase Bank, N.A. and the executives with respect to the funded amounts. Interest earned from the escrow account accrues to the Company and any unused funds return to the Company. As of March 31, 2026, the escrow account cash balance was $3.8 million.

COMMITMENTS AND CONTINGENCIES - Schedule of Future Lease Payments under Non-Cancelable Leases (Details) $ in Thousands	Mar. 31, 2026 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2026 (remainder of year)	$ 1,520
2027	2,078
2028	2,140
2029	1,269
Total lease payments	7,007
Less: imputed interest	960
Total operating lease liabilities	$ 6,047

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net loss	$ (18,441)	$ (20,565)
Basic weighted-average common shares (in shares)	24,634,443	9,292,066
Dilutive impact of share-based awards (in shares)	0	0
Diluted weighted-average common shares (in shares)	24,634,443	9,292,066
Basic net loss per share:
Basic net loss per share (in USD per shares)	$ (0.75)	$ (2.21)
Diluted net loss per share:
Diluted net loss per share (in USD per shares)	$ (0.75)	$ (2.21)
Restricted Stock Units
Diluted net loss per share:
Antidilutive common share equivalents (in shares)	429
Employee Stock
Diluted net loss per share:
Antidilutive common share equivalents (in shares)	1,261
Warrant
Diluted net loss per share:
Antidilutive common share equivalents (in shares)	525,000

WARRANTS - Summary of Warrant Liability (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($)
Fair Value Warrant Liability
Beginning balance	$ 15,695
Issuance of warrants	0
Change in fair value of warrant liability	7,107
Ending balance	$ 22,802

DEBT (Details) - Revolving Credit Facility - 2024 Term Loan - Line of Credit - USD ($)	Jul. 31, 2024	Mar. 31, 2026
Debt Instrument [Line Items]
Principal amount	$ 22,500,000
Basis point added to the prime rate (as percent)	1.50%
Interest rate during period (as a percent)	4.50%	5.25%
Effective interest rate (as a percent)		5.62%
Borrowings		$ 22,500,000
Unamortized revolving line debt discount balance		$ 100,000

EARNINGS PER SHARE (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Net (Loss) Income Per Share Attributable to Common Stockholders

The computations of basic and diluted net loss per share attributable to common stockholders are as follows:


	Three months ended March 31,
	2026		2025
Net loss (in thousands)	$	(18,441)	$	(20,565)

Basic weighted-average common shares	24,634,443		9,292,066
Dilutive impact of share-based awards	—		—
Diluted weighted-average common shares (1)	24,634,443		9,292,066

Basic net loss per share:
Basic net loss per share	(0.75)		(2.21)

Diluted net loss per share:
Diluted net loss per share	(0.75)		(2.21)

(1)For the three months ended March 31, 2026 and the three months ended March 31, 2025 all outstanding total common stock equivalents were excluded from the diluted calculation as their inclusion would have been anti-dilutive. For the three months ended March 31, 2026, the Company excluded the following potential common shares, based on amounts outstanding at period end, from the computation of diluted net loss per share because including them would have had an anti-dilutive effect under the treasury stock method; 429 unvested RSUs, 1,261 unsettled ESPP contributions, and 525,000 pre-funded warrants.

SHARE-BASED COMPENSATION - Summary of Activity of RSUs (Details)	3 Months Ended
	Mar. 31, 2026 $ / shares shares
RSU Awards
Unvested, beginning balance (in shares) \| shares	1,623,933
Granted (in shares) \| shares	0
Forfeited (in shares) \| shares	(5,171)
Vested (in shares) \| shares	(617,830)
Unvested, ending balance (in shares) \| shares	1,000,932
Weighted-Average Grant Date Fair Value
Unvested, beginning balance (in USD per shares) \| $ / shares	$ 7.36
Granted (in USD per shares) \| $ / shares	0
Forfeited (in USD per shares) \| $ / shares	4.87
Vested (in USD per shares) \| $ / shares	8.95
Unvested, ending balance (in USD per shares) \| $ / shares	$ 6.41

WARRANTS

3 Months Ended

Mar. 31, 2026

Warrants and Rights Note Disclosure [Abstract]

WARRANTS

The warrants issued in the March 2024 Public Offering and 2025 November 2025 Public Offering are classified as liabilities in accordance with ASC 815, since these warrants met the definition of a derivative instrument and did not qualify for equity classification. These warrant agreements include a fundamental transaction clause whereby, in the event that another person or entity becomes the beneficial owner of 50% of the outstanding shares of the Company’s common stock, and if other conditions are met, the Company may be required to purchase the warrants from the holders by paying cash in an amount equal to the Black-Scholes value of the remaining unexercised portion of the warrants on the date of

such fundamental transaction. This liability is subject to remeasurement at each balance sheet date until the warrants are exercised or expire, and any change in fair value is recognized in the Company’s condensed statements of operations.

The fair value adjustment of the March 2024 Public Offering for the three months ended March 31, 2026 was $1.1 million using the Black-Scholes option-pricing model. As of March 31, 2026 all of the 2,500,000 warrants are outstanding. The Company estimated the fair value of the warrant liability using the following assumptions as of March 31, 2026:


Estimated dividend yield	—		%
Weighted-average expected stock price volatility	77.80		%
Weighted-average risk-free interest rate	3.81		%
Expected term (in years)	2.92
Weighted-average fair value per option	$	1.18

The fair value adjustment of the November 2025 Public Offering for the three months ended March 31, 2026 was $6.0 million using the Black-Scholes option-pricing model. As of March 31, 2026, all of the 6,107,500 warrants are outstanding. The Company estimated the fair value of the warrant liability using the following assumptions as of March 31, 2026:


Estimated dividend yield	—		%
Weighted-average expected stock price volatility	80.07		%
Weighted-average risk-free interest rate	3.90		%
Expected term (in years)	4.61
Weighted-average fair value per option	$	3.25

The following table summarizes the Company’s warrant liability (in thousands):


Balance at December 31, 2025	$	15,695
Issuance of warrants	—
Change in fair value of warrant liability	7,107
Balance at March 31, 2026	$	22,802

WARRANTS - Additional Information (Details) $ in Thousands	3 Months Ended
WARRANTS - Additional Information (Details) $ in Thousands	Mar. 31, 2026 USD ($) shares
Class of Warrant or Right [Line Items]
Shares outstanding percentage (as percent)	50.00%
Change in fair value of warrant liability	$ 7,107
March 2024 Public Offering
Class of Warrant or Right [Line Items]
Change in fair value of warrant liability	$ 1,100
Warrants outstanding (in shares) \| shares	2,500,000
November 2025 Public Offering
Class of Warrant or Right [Line Items]
Change in fair value of warrant liability	$ 6,000
Warrants outstanding (in shares) \| shares	6,107,500

SEGMENT REPORTING

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

SEGMENT REPORTING

Operating segments are identified as components of an entity about which separate discrete financial information is available for evaluation by the chief operating decision maker or decision-making group (“CODM”) in making decisions on how to allocate resources and assess performance. The Company’s CODM, the Chief Executive Officer, views the Company’s operations as one operating segment, which includes the discovery and development of therapies utilizing our novel proprietary ARCUS platform. Our clinical and preclinical candidates were developed using the ARCUS platform to treat various forms of infectious and genetic disease.

The Company has not generated any revenue from product sales to date and expects to incur significant expenses and operating losses for the foreseeable future as it advances product candidates through development and clinical trials. As such, the CODM uses cash forecast models in managing and allocating resources on a total company basis, such as pursuing clinical development or entering into potential strategic collaborations. The CODM assesses the overall level of

resources available and how to best deploy these resources across functions and research and development projects that are in line with the Company’s long-term strategic goals.

Consistent with its management reporting, results of operations are reported on a Company-wide basis for purposes of segment reporting. The CODM uses Company-wide financial information, including net income (loss) and comprehensive income (loss), net cash used in operating activities for the period, and cash on hand for purposes of evaluating operating results and performance. As the Company operates in one operating segment, all measures of the segment assets are reported on the balance sheets as total assets. Please refer to the financial statements for further information related to these measures of segment performance.


	Three months ended March 31,
(in thousands)	2026		2025
Revenue	$	10,838	$	29
Operating expenses
Research and development
Direct research and development expenses by product candidate:
PBGENE-HBV external development costs	1,835		1,601
PBGENE-DMD external development costs	3,998		2,438
Platform development and early-stage research expenses:
Employee-related costs (including share-based compensation)	4,506		5,300
Laboratory supplies and services	373		538
CMOs and outsourced research and development	53		2,109
Facility-related costs, laboratory equipment, and maintenance	746		728
Depreciation and amortization	276		340
Licensing fees and other research and development costs	1,323		534
Total research and development expenses	$	13,110	$	13,588
General and administrative expense
Employee-related costs (including share-based compensation)	3,828		5,460
Consulting and professional services	1,436		1,536
Other operating expenses and all other costs	1,539		1,557
Total general and administrative expenses	$	6,803	$	8,553
Total operating expenses	$	19,913	$	22,141
Operating loss	(9,075)		(22,112)
Total other (expense) income	(9,366)		1,547
Net loss	$	(18,441)	$	(20,565)

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

COVER - shares	3 Months Ended
COVER - shares	Mar. 31, 2026	Apr. 30, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Document Transition Report	false
Entity File Number	001-38841
Entity Registrant Name	PRECISION BIOSCIENCES INC
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-4206017
Entity Address, Address Line One	302 East Pettigrew St.
Entity Address, Address Line Two	Suite A-100
Entity Address, City or Town	Durham
Entity Address, State or Province	NC
Entity Address, Postal Zip Code	27701
City Area Code	919
Local Phone Number	314-5512
Title of 12(b) Security	Common Stock, par value $0.000005 per share
Trading Symbol	DTIL
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		25,802,247
Amendment Flag	false
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001357874
Current Fiscal Year End Date	--12-31

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

SHARE-BASED COMPENSATION (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Share-Based Compensation Expense

The Company recorded employee and nonemployee share-based compensation expense as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
Employee	$	1,414	$	2,639
Nonemployee	135		183
	$	1,549	$	2,822

Schedule of Share-Based Compensation Expense by Line Item

Share-based compensation expense is included in the following line items in the condensed statements of operations (in thousands):


	Three Months Ended March 31,
	2026		2025
Research and development	$	382	$	503
General and administrative	1,167		2,319
	$	1,549	$	2,822

Summary of Activity of Option Plans

The following table summarizes activity in the Company’s stock option plans for the three months ended March 31, 2026:


	Outstanding Option Shares	Weighted-Average Exercise Price
Balance as of December 31, 2025	168,993	$	165.54
Granted	—	—
Exercised	—	—
Forfeited/canceled	(21,012)	274.66
Balance as of March 31, 2026	147,981	$	150.05

Summary of Restricted Stock Unit Activity

The following table summarizes the Company’s RSU activity for the three months ended March 31, 2026:


	RSU Awards	Weighted-Average Grant Date Fair Value
Unvested RSUs as of December 31, 2025	1,623,933	$	7.36
Granted	—	—
Forfeited	(5,171)	4.87
Vested	(617,830)	8.95
Unvested RSUs as of March 31, 2026	1,000,932	$	6.41

SEGMENT REPORTING - Additional Information (Details)	3 Months Ended
SEGMENT REPORTING - Additional Information (Details)	Mar. 31, 2026 Segment
Segment Reporting [Abstract]
Number of operating segments	1
Number of reportable segments	1

WARRANTS - Schedule of Estimated Fair Value of Warrants (Details)	Mar. 31, 2026
Estimated dividend yield \| March 2024 Public Offering
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants assumptions	0
Estimated dividend yield \| November 2025 Public Offering
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants assumptions	0
Weighted-average expected stock price volatility \| March 2024 Public Offering
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants assumptions	0.7780
Weighted-average expected stock price volatility \| November 2025 Public Offering
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants assumptions	0.8007
Weighted-average risk-free interest rate \| March 2024 Public Offering
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants assumptions	0.0381
Weighted-average risk-free interest rate \| November 2025 Public Offering
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants assumptions	0.0390
Expected term (in years) \| March 2024 Public Offering
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants assumptions	2.92
Expected term (in years) \| November 2025 Public Offering
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants assumptions	4.61
Weighted-average fair value per option \| March 2024 Public Offering
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants assumptions	1.18
Weighted-average fair value per option \| November 2025 Public Offering
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants assumptions	3.25

DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Unaudited Interim Financial Information	Unaudited Interim Financial Information The accompanying unaudited condensed financial statements and notes have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and note disclosures normally included in the annual financial statements, prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”), have been condensed or omitted pursuant to those rules and regulations. These unaudited condensed financial statements should be read in conjunction with the Company’s audited financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC on March 12, 2026. The unaudited condensed financial statements have been prepared on the same basis as the audited financial statements. In the opinion of management, all adjustments, consisting only of normal recurring adjustments necessary for a fair presentation of the Company’s condensed financial position as of March 31, 2026 and its condensed results of operations and cash flows for the three months ended March 31, 2026 and 2025, have been made. The Company’s condensed results of operations for the three months ended March 31, 2026 are not necessarily indicative of the results of operations that may be expected for the year ending December 31, 2026.
Accounting Standards Updates	Accounting Standards Updates Recently Issued Accounting Standards In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, to improve disclosures around an entity’s expenses. Upon adoption, companies will be required to disclose in the notes to the financial statements a disaggregation of certain expense categories included within the expense captions on the face of the income statement. The standard is effective for annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027, with early adoption permitted, and can be applied either prospectively or retrospectively. The Company plans to adopt the standard in the year ending December 31, 2027 and is currently assessing its effect on the Company’s financial statement disclosures.
Segment Reporting	Operating segments are identified as components of an entity about which separate discrete financial information is available for evaluation by the chief operating decision maker or decision-making group (“CODM”) in making decisions on how to allocate resources and assess performance. The Company’s CODM, the Chief Executive Officer, views the Company’s operations as one operating segment, which includes the discovery and development of therapies utilizing our novel proprietary ARCUS platform. Our clinical and preclinical candidates were developed using the ARCUS platform to treat various forms of infectious and genetic disease. The Company has not generated any revenue from product sales to date and expects to incur significant expenses and operating losses for the foreseeable future as it advances product candidates through development and clinical trials. As such, the CODM uses cash forecast models in managing and allocating resources on a total company basis, such as pursuing clinical development or entering into potential strategic collaborations. The CODM assesses the overall level of resources available and how to best deploy these resources across functions and research and development projects that are in line with the Company’s long-term strategic goals. Consistent with its management reporting, results of operations are reported on a Company-wide basis for purposes of segment reporting. The CODM uses Company-wide financial information, including net income (loss) and comprehensive income (loss), net cash used in operating activities for the period, and cash on hand for purposes of evaluating operating results and performance. As the Company operates in one operating segment, all measures of the segment assets are reported on the balance sheets as total assets. Please refer to the financial statements for further information related to these measures of segment performance.
Warrants	The warrants issued in the March 2024 Public Offering and 2025 November 2025 Public Offering are classified as liabilities in accordance with ASC 815, since these warrants met the definition of a derivative instrument and did not qualify for equity classification. These warrant agreements include a fundamental transaction clause whereby, in the event that another person or entity becomes the beneficial owner of 50% of the outstanding shares of the Company’s common stock, and if other conditions are met, the Company may be required to purchase the warrants from the holders by paying cash in an amount equal to the Black-Scholes value of the remaining unexercised portion of the warrants on the date of such fundamental transaction. This liability is subject to remeasurement at each balance sheet date until the warrants are exercised or expire, and any change in fair value is recognized in the Company’s condensed statements of operations.

- Definition

Disclosure of accounting policy for its derivative instruments and hedging activities.

+ References

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- Definition

Disclosure of accounting policy for segment reporting.

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+ Details

COMMITMENTS AND CONTINGENCIES - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Lease Cost
Operating lease cost	$ 482	$ 482
Short-term lease cost	198	195
Variable lease cost	104	97
Sublease income	(110)	0
Total Lease Cost	674	774
Other Information
Operating cash flows used for operating leases	$ 499	$ 484
Operating Leases
Weighted-average remaining lease term (in years)	3 years 3 months 18 days	4 years 3 months 18 days
Weighted-average discount rate	9.20%	9.20%

COLLABORATION AND LICENSE AGREEMENTS	3 Months Ended
COLLABORATION AND LICENSE AGREEMENTS	Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
COLLABORATION AND LICENSE AGREEMENTS	COLLABORATION AND LICENSE AGREEMENTS TG Therapeutics On January 7, 2024, the Company entered into a license agreement (the “TG License Agreement”) with TG Cell Therapy, Inc. (“TG Subsidiary”) and its parent company TG Therapeutics, Inc. (“TG Parent” and, together with TG Subsidiary, “TG Therapeutics”), pursuant to which the Company granted TG Subsidiary certain exclusive and non-exclusive license rights to develop, manufacture, and commercialize azer-cel for autoimmune diseases and other indications outside of cancer pursuant to the terms of the TG License Agreement. Under the TG License Agreement, the Company received an upfront cash payment of $10.0 million (the “Upfront Payment”) comprised of (i) a $5.25 million cash payment that was paid to the Company on February 5, 2024, (ii) a $2.25 million cash payment that was paid to the Company on February 5, 2024 in exchange for 97,360 shares of the Company’s common stock, based on a price per share equal to a 100% premium to the VWAP of the Company’s common stock for the 30 trading days prior to the date of the TG License Agreement, and (iii) a deferred cash payment of $2.5 million that was paid to the Company on January 6, 2025 in exchange for 220,712 shares of the Company’s common stock at a price per share of $11.33, which represented a 100% premium to the VWAP of the Company’s common stock for the 30 trading days prior to the date of payment. The Company also received a cash payment of $7.5 million from TG Therapeutics on March 12, 2026 following the achievement of a clinical milestone (the “Initial Milestone Payment”). The Initial Milestone payment of $7.5 million consisted of (i) $5.25 million cash milestone payment and (ii) a $2.25 million cash payment in exchange for 201,504 shares of the Company’s common stock based on the minimum price of $11.1660 determined in accordance with Nasdaq Listing Rule 5635(d). The Company is also entitled to receive additional payments upon the achievement of additional specified milestones of up to $288.6 million. The 201,504 shares purchased at a purchase price of $11.1660 per share in connection with the Initial Milestone represented a premium paid over the Company's stock value at the milestone achievement date. Management concluded that the stock premium was to be combined with the cash consideration received in connection with the achievement of the milestone in accordance with ASC 606. Of the total $7.5 million received for the Initial Milestone achievement, the Company applied equity accounting guidance to measure the $0.7 million recorded in equity upon issuance of the shares, and $6.8 million was identified as the transaction price of the milestone that would be allocated to revenue. As such, during the three months ended March 31, 2026, the Company recognized $6.8 million revenue under the TG License Agreement. During the three months ended March 31, 2025, the Company recognized no revenue under the TG License Agreement. Collaboration and License Agreement with Novartis During the three months ended March 31, 2026, the Company recognized no revenue under the collaboration and license agreement between the Company and Novartis Pharma AG (the “Novartis Agreement”) as the Novartis Agreement was terminated in the prior year. During the three months ended March 31, 2025, the Company recognized revenue under the Novartis Agreement of less than $0.1 million. There is no deferred revenue related to the Novartis Agreement as of March 31, 2026 or December 31, 2025. Development and License Agreement with iECURE The Company adjusts the carrying value of the iECURE, Inc. (“iECURE”) equity to fair value each reporting period with any changes in fair value recorded to other (expense) income. There was no change in the fair value of the iECURE equity during the three months ended March 31, 2026 or the three months ended March 31, 2025. Research and License Agreement with an Agriculture Industry Collaboration Partner During the three months ended March 31, 2026, the Company recognized $4.0 million in revenue under a legacy ARCUS gene editing research and license agreement milestone from an agriculture industry collaboration partner. The collaboration was concluded in April 2026.

CONDENSED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 99,370	$ 110,823
Accounts receivable	4,000	0
Marketable securities	1,814	4,762
Prepaid expenses	3,503	3,110
Other current assets	6	45
Total current assets	108,693	118,740
Restricted cash	26,477	26,330
Property, equipment, and software—net	1,183	1,425
Intangible assets—net	1,127	1,166
Right-of-use assets—net	5,464	5,805
Investment in equity securities	744	744
Other assets	203	206
Total assets	143,891	154,416
Current liabilities:
Accounts payable	944	296
Accrued compensation	1,140	4,747
Accrued research and development expenses	3,256	1,714
Lease liabilities	1,557	1,507
Other current liabilities	858	649
Total current liabilities	7,755	8,913
Loan payable	22,419	22,404
Lease liabilities	4,490	4,897
Warrant liability	22,802	15,695
Contract liabilities	10,000	10,000
Other noncurrent liabilities	324	259
Total liabilities	67,790	62,168
Stockholders’ equity:
Preferred stock: $0.0001 par value— 10,000,000 shares authorized as of March 31, 2026 and December 31, 2025; no shares issued and outstanding as of March 31, 2026 and December 31, 2025	0	0
Common stock: $0.000005 par value— 200,000,000 shares authorized as of March 31, 2026 and December 31, 2025; 25,832,913 shares issued and 25,805,898 shares outstanding as of March 31, 2026; 24,115,346 shares issued and 24,088,425 shares outstanding as of December 31, 2025	1	1
Additional paid-in capital	623,681	621,387
Accumulated deficit	(546,629)	(528,188)
Treasury stock	(952)	(952)
Total stockholders’ equity	76,101	92,248
Total liabilities and stockholders’ equity	$ 143,891	$ 154,416

CONDENSED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
CONDENSED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Income Statement [Abstract]
Revenue	$ 10,838	$ 29
Operating expenses
Research and development	13,110	13,588
General and administrative	6,803	8,553
Total operating expenses	19,913	22,141
Operating loss	(9,075)	(22,112)
Other (expense) income:
Gain from equity method investment	0	1,342
(Loss) gain on changes in other fair value adjustments	(2,951)	49
Loss on change in fair value of warrant liability	(7,107)	(804)
Interest expense	(311)	(354)
Interest income	999	1,323
Gain (loss) on disposal of assets	4	(9)
Total other (expense) income	(9,366)	1,547
Net loss	$ (18,441)	$ (20,565)
Net loss per share
Basic (in USD per shares)	$ (0.75)	$ (2.21)
Diluted (in USD per shares)	$ (0.75)	$ (2.21)
Weighted-average shares of common stock outstanding
Basic (in shares)	24,634,443	9,292,066
Diluted (in shares)	24,634,443	9,292,066

EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

EARNINGS PER SHARE

The Company calculates basic net loss per share by dividing net loss for each respective period by the weighted-average number of common shares outstanding for each respective period. The Company computes diluted net loss per share after giving consideration to the dilutive effect of unvested RSUs, stock options, unsettled ESPP contributions, and warrants that are outstanding during the period, except where such securities would be anti-dilutive.

The computations of basic and diluted net loss per share attributable to common stockholders are as follows:


	Three months ended March 31,
	2026		2025
Net loss (in thousands)	$	(18,441)	$	(20,565)

Basic weighted-average common shares	24,634,443		9,292,066
Dilutive impact of share-based awards	—		—
Diluted weighted-average common shares (1)	24,634,443		9,292,066

Basic net loss per share:
Basic net loss per share	(0.75)		(2.21)

Diluted net loss per share:
Diluted net loss per share	(0.75)		(2.21)

SHARE-BASED COMPENSATION

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

SHARE-BASED COMPENSATION

The Company previously granted stock options under its 2015 Stock Incentive Plan (the “2015 Plan”). As of March 31, 2026 there were 15,784 stock options outstanding under the 2015 Plan and no remaining stock options available to be granted under the 2015 Plan.

The 2019 Incentive Award Plan (as amended and restated, the “2019 Plan”) provides for the grant of incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock, restricted stock units and other share-based awards. The 2019 Plan had 35,626 stock options and 992,911 restricted stock units (“RSUs”) outstanding as of March 31, 2026.

The number of shares available for issuance under the 2019 Plan initially equaled 158,333 shares of common stock. The 2019 Plan provides for an annual increase to the number of shares of common stock available for issuance on the first day of each calendar year beginning January 1, 2020 and ending on and including January 1, 2029 by an amount equal to the lesser of (i) 4% of the aggregate number of shares of common stock outstanding on the final day of the immediately preceding calendar year and (ii) such smaller number of shares of common stock as determined by the board of directors. As of March 31, 2026, the aggregate number of shares available for issuance under the 2019 Plan has been increased by 1,825,822 pursuant to this provision. Additionally, the number of shares available for issuance under the plan was increased by an additional 630,000 shares in connection with the amendment and restatement of the 2019 Plan approved at the Company’s annual meeting of stockholders on June 4, 2024. Any shares that are subject to awards outstanding under the Company’s 2006 Plan and 2015 Plan as of the effective date of the 2019 Plan that expire, lapse, or are terminated, exchanged for cash, surrendered, repurchased, or canceled without having been fully exercised or forfeited, to the extent so unused, will become available for award grants under the 2019 Plan. As of March 31, 2026, 529,232 shares were available to be issued under the 2019 Plan.

The purchase price of the shares under the 2019 ESPP, in the absence of a contrary designation, will be 85% of the lower of the fair market value of our common stock on the first trading day of the offering period or on the purchase date. As of March 31, 2026, we had issued 130,143 shares under the 2019 ESPP. As of March 31, 2026, 20,900 shares were available to be issued under the 2019 ESPP. The Company recognized share-based compensation expense related to the 2019 ESPP of $0.1 million or less during the three months ended March 31, 2026 and the three months ended March 31, 2025.

The 2021 Employment Inducement Incentive Award Plan (as amended, the “Inducement Award Plan”) provides for the grant of non-qualified stock options, stock appreciation rights, restricted stock, RSUs and other share-based awards to newly hired employees who have not previously been an employee or member of the board, or an employee who is being rehired following a bona fide period of non-employment by the Company. No more than 1,100,000 shares of the

Company’s common stock may be issued under the Inducement Award Plan. As of March 31, 2026, 983,509 shares were available to be issued under the Inducement Award Plan. The Inducement Award Plan had 96,571 stock options and 8,021 RSUs outstanding as of March 31, 2026.

The Company recorded employee and nonemployee share-based compensation expense as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
Employee	$	1,414	$	2,639
Nonemployee	135		183
	$	1,549	$	2,822

Share-based compensation expense is included in the following line items in the condensed statements of operations (in thousands):


	Three Months Ended March 31,
	2026		2025
Research and development	$	382	$	503
General and administrative	1,167		2,319
	$	1,549	$	2,822

The following table summarizes activity in the Company’s stock option plans for the three months ended March 31, 2026:


	Outstanding Option Shares	Weighted-Average Exercise Price
Balance as of December 31, 2025	168,993	$	165.54
Granted	—	—
Exercised	—	—
Forfeited/canceled	(21,012)	274.66
Balance as of March 31, 2026	147,981	$	150.05

The fair value of each RSU was determined based on the closing market price of the Company’s common stock on the date of grant. The fair value of the RSUs will be recognized as expense over the requisite vesting period.

The following table summarizes the Company’s RSU activity for the three months ended March 31, 2026:


	RSU Awards	Weighted-Average Grant Date Fair Value
Unvested RSUs as of December 31, 2025	1,623,933	$	7.36
Granted	—	—
Forfeited	(5,171)	4.87
Vested	(617,830)	8.95
Unvested RSUs as of March 31, 2026	1,000,932	$	6.41

There was approximately $5.4 million of total unrecognized compensation cost related to unvested stock options and RSUs as of March 31, 2026, which is expected to be recognized over a weighted-average period of 1.4 years.

COMMITMENTS AND CONTINGENCIES (Tables)

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

Schedule of Components of Lease Expense

The elements of lease expense were as follows:


	For the Three Months Ended March 31,
(in thousands)	2026			2025
Lease Cost
Operating lease cost	$	482		$	482
Short-term lease cost	198			195
Variable lease cost	104			97
Sublease income	(110)			—
Total Lease Cost	$	674		$	774

Other Information
Operating cash flows used for operating leases	499			484

Operating Leases
Weighted-average remaining lease term (in years)	3.3			4.3

Operating Leases
Weighted-average discount rate	9.2		%	9.2		%

Schedule of Future Lease Payments under Non-Cancelable Leases

Future minimum lease payments under non-cancelable operating leases with terms of greater than one year as of March 31, 2026, were as follows:


(in thousands)	Amount
2026 (remainder of year)	$	1,520
2027	2,078
2028	2,140
2029	1,269
Total lease payments	$	7,007
Less: imputed interest	960
Total operating lease liabilities	$	6,047

SHARE-BASED COMPENSATION - Summary of Activity of Option Plans (Details)	3 Months Ended
	Mar. 31, 2026 $ / shares shares
Outstanding Option Shares
Outstanding option shares, beginning balance (in shares) \| shares	168,993
Granted (in shares) \| shares	0
Exercised (in shares) \| shares	0
Forfeited/canceled (in shares) \| shares	(21,012)
Outstanding option shares, ending balance (in shares) \| shares	147,981
Weighted-Average Exercise Price
Weighted-average exercise price outstanding at beginning balance (in USD per shares) \| $ / shares	$ 165.54
Granted (in USD per shares) \| $ / shares	0
Exercised (in USD per shares) \| $ / shares	0
Forfeited/canceled (in USD per shares) \| $ / shares	274.66
Weighted-average exercise price outstanding at ending balance (in USD per shares) \| $ / shares	$ 150.05

COLLABORATION AND LICENSE AGREEMENTS (Details) - USD ($)				3 Months Ended
	Mar. 12, 2026	Jan. 06, 2025	Feb. 05, 2024	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025	Jan. 07, 2024
Collaboration and License Agreements [Line items]
Decrease in fair value of equity				$ 2,951,000	$ (49,000)
TG License \| License
Collaboration and License Agreements [Line items]
Collaborative arrangement, upfront payments and liabilities		$ 2,500,000					$ 10,000,000.0
Sale of stock, number of shares issued in transaction (in shares)		220,712	97,360
Percentage of premium over the volume-weighted-average-price of the company’s common stock (as a percent)		100.00%	100.00%
Number of trading days prior to agreement to determine price per share		30 days	30 days
Sale of stock, price per share (in USD per shares)	$ 11.1660	$ 11.33
Revenue recognized	$ 7,500,000			6,800,000	0
Additional milestone							$ 288,600,000
Contract with customer, liability, revenue recognized upon issuance of shares				700,000
Contract with customer, liability, revenue recognized as transaction price				6,800,000
TG License \| License \| Payment Tranche One
Collaboration and License Agreements [Line items]
Collaborative arrangement, upfront payments and liabilities			$ 5,250,000
Revenue recognized	5,250,000
TG License \| License \| Payment Tranche Two
Collaboration and License Agreements [Line items]
Collaborative arrangement, upfront payments and liabilities			$ 2,250,000
Revenue recognized	$ 2,250,000
Shares available for exchange (in shares)	201,504
Novartis Pharma AG \| Discovery and Development
Collaboration and License Agreements [Line items]
Collaborative arrangement, upfront payments and liabilities				0		$ 0
Revenue recognized				0	100,000
iECURE \| Development and License
Collaboration and License Agreements [Line items]
Decrease in fair value of equity				0	$ 0
Agriculture Industry Collaboration Partner \| Research and License
Collaboration and License Agreements [Line items]
Revenue recognized				$ 4,000,000.0

STOCKHOLDERS’ EQUITY	3 Months Ended
STOCKHOLDERS’ EQUITY	Mar. 31, 2026
Stockholders' Equity Note [Abstract]
STOCKHOLDERS' EQUITY	STOCKHOLDERS’ EQUITY Capital Structure On March 1, 2024, the Company entered into an underwriting agreement relating to a public offering of (i) 2,500,000 shares of the Company’s common stock, par value $0.000005 per share, and (ii) warrants to purchase up to an aggregate of 2,500,000 shares of the Company’s common stock (the “March 2024 Public Offering”). The warrants have a five-year term and an exercise price of $20.00 per share. Each warrant is exercisable immediately upon issuance, subject to certain limitations on beneficial ownership. The price to the public in the March 2024 Public Offering was $16.00 per share of common stock and accompanying warrants, which resulted in approximately $37.0 million of net proceeds to the Company after deducting the underwriting discount and offering expenses of approximately $3.0 million. On November 10, 2025, the Company entered into an underwriting agreement relating to the issuance and sale of 10,815,000 shares of the Company's common stock, par value $0.000005 per share, and accompanying one-half warrants to purchase up to 5,407,500 shares of the Company's common stock at a combined price of $6.14 per share. Further, in lieu of common stock to certain investors, the Company issued pre-funded warrants to purchase up to 1,400,000 shares of the Company's common stock and accompanying one-half warrants to purchase up to 700,000 shares of the Company's common stock at a combined price of $6.139995 per share. Each whole warrant has a five-year term and an exercise price of $7.25 per share. The offering resulted in approximately $70.0 million of net proceeds to the Company after deducting the underwriting discount and offering expenses of approximately $5.0 million. During the three months ended March 31, 2026, pre-funded warrants were exercised to purchase 875,000 shares of the Company's common stock.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Subparagraph (b)
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
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-Paragraph 6
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-Publisher FASB
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
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-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-Paragraph 13
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
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-Section 50
-Paragraph 13
-Subparagraph (i)
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Paragraph 14
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Subparagraph (b)
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Paragraph 18
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Description of Business Precision BioSciences, Inc. (the “Company”) was incorporated on January 26, 2006 under the laws of the State of Delaware and is based in Durham, North Carolina. The Company is a gene editing company dedicated to improving life by developing in vivo therapies for genetic and infectious diseases with the application of the Company’s wholly-owned proprietary ARCUS genome editing platform. Since its inception, the Company has devoted substantially all of its efforts to research and development activities, recruiting skilled personnel, establishing its intellectual property portfolio and providing general and administrative support for these operations. The Company is subject to a number of risks similar to those of other companies conducting early-stage research and development of product candidates. Principal among these risks are the Company’s dependence on key individuals and intellectual property, competition from other products and companies, and the technical risks associated with the successful research, development and clinical manufacturing of its product candidates. The Company’s success is dependent upon its ability to continue to raise additional capital in order to fund ongoing research and development, obtain regulatory approval of its products, successfully commercialize its products, generate revenue, meet its obligations, and, ultimately, attain profitable operations. Unaudited Interim Financial Information The accompanying unaudited condensed financial statements and notes have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and note disclosures normally included in the annual financial statements, prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”), have been condensed or omitted pursuant to those rules and regulations. These unaudited condensed financial statements should be read in conjunction with the Company’s audited financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC on March 12, 2026. The unaudited condensed financial statements have been prepared on the same basis as the audited financial statements. In the opinion of management, all adjustments, consisting only of normal recurring adjustments necessary for a fair presentation of the Company’s condensed financial position as of March 31, 2026 and its condensed results of operations and cash flows for the three months ended March 31, 2026 and 2025, have been made. The Company’s condensed results of operations for the three months ended March 31, 2026 are not necessarily indicative of the results of operations that may be expected for the year ending December 31, 2026. Summary of Significant Accounting Policies The Company’s complete listing of significant accounting policies is set forth in Note 1, Description of Business and Summary of Significant Accounting Policies, to the Notes to Condensed Financial Statements on its Annual Report on Form 10-K for the fiscal year ended December 31, 2025. There have been no changes to these policies as of March 31, 2026. Accounting Standards Updates Recently Issued Accounting Standards In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, to improve disclosures around an entity’s expenses. Upon adoption, companies will be required to disclose in the notes to the financial statements a disaggregation of certain expense categories included within the expense captions on the face of the income statement. The standard is effective for annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027, with early adoption permitted, and can be applied either prospectively or retrospectively. The Company plans to adopt the standard in the year ending December 31, 2027 and is currently assessing its effect on the Company’s financial statement disclosures.

CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Cash flows used in operating activities:
Net loss	$ (18,441)	$ (20,565)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	299	395
Share-based compensation	1,549	2,822
(Gain) loss on disposal of assets	(4)	9
Non-cash interest expense	117	132
Amortization of right-of-use assets	341	310
Loss (gain) on changes in other fair value adjustments	2,951	(49)
Gain from equity method investment	0	(1,342)
Amortization of discount on note receivable	0	(273)
Loss on change in fair value of warrant liability	7,107	804
Changes in operating assets and liabilities:
Prepaid expenses	(393)	1,850
Marketable securities	0	464
Accounts receivable	(4,000)	225
Contract asset	0	1,469
Other assets and other current assets	42	259
Accounts payable	648	(106)
Other liabilities and other current liabilities	(1,796)	(5,118)
Deferred revenue	0	(25)
Lease liabilities	(357)	(313)
Net cash used in operating activities	(11,937)	(19,052)
Cash flows used in investing activities:
Purchases of property, equipment and software	(18)	(64)
Purchases of intangible assets	(100)	(250)
Proceeds from sale of equipment	4	0
Net cash used in investing activities	(114)	(314)
Cash flows provided by financing activities:
Proceeds from employee stock purchase plan	83	140
Proceeds from issuance of common stock through ATM facility, net of issuance cost	0	9,516
Proceeds from issuance of common stock to collaboration partners and licensees	662	1,031
Net cash provided by financing activities	745	10,687
Net decrease in cash and cash equivalents	(11,306)	(8,679)
Cash, cash equivalents, and restricted cash — beginning of period	137,153	108,468
Cash, cash equivalents, and restricted cash — end of period	125,847	99,789
Reconciliation of cash, cash equivalents and restricted cash
Cash and cash equivalents	99,370	77,223
Restricted cash	26,477	22,566
Total of cash, cash equivalents and restricted cash	125,847	99,789
Supplemental disclosures of cash flow information:
Property, equipment and software additions included in accounts payable and accrued expenses and other current liabilities	0	1
Intangible asset additions included in accounts payable and accrued expenses and other current liabilities	200	0
Cash paid for interest	$ 297	$ 340

CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2026	Dec. 31, 2025
Statement of Financial Position [Abstract]
Preferred stock, par value (in USD per shares)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in USD per shares)	$ 0.000005	$ 0.000005
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares issued (in shares)	25,832,913	24,115,346
Common stock, shares outstanding (in shares)	25,805,898	24,088,425

FAIR VALUE MEASUREMENTS - Summary of Financial Assets Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Details) - Investment in iECURE $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 744
(Loss) gain from changes in fair value included in earnings	0
Ending balance	$ 744

WARRANTS (Tables)

3 Months Ended

Mar. 31, 2026

Warrants and Rights Note Disclosure [Abstract]

Schedule of Estimated Fair Value of Warrants

The Company estimated the fair value of the warrant liability using the following assumptions as of March 31, 2026:


Estimated dividend yield	—		%
Weighted-average expected stock price volatility	77.80		%
Weighted-average risk-free interest rate	3.81		%
Expected term (in years)	2.92
Weighted-average fair value per option	$	1.18

The Company estimated the fair value of the warrant liability using the following assumptions as of March 31, 2026:


Estimated dividend yield	—		%
Weighted-average expected stock price volatility	80.07		%
Weighted-average risk-free interest rate	3.90		%
Expected term (in years)	4.61
Weighted-average fair value per option	$	3.25

Summary of Warrant Liability

The following table summarizes the Company’s warrant liability (in thousands):


Balance at December 31, 2025	$	15,695
Issuance of warrants	—
Change in fair value of warrant liability	7,107
Balance at March 31, 2026	$	22,802

SUBSEQUENT EVENTS	3 Months Ended
SUBSEQUENT EVENTS	Mar. 31, 2026
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS The Company has evaluated all subsequent events through the issuance date of these financial statements and no subsequent events occurred that required disclosure.

FAIR VALUE MEASUREMENTS - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Assets:
Money market funds	$ 15,423	$ 15,286
Assets	17,981	20,792
Liabilities:
Final payment fee	211	208
Warrant Liability	22,802	15,695
Liabilities	23,013	15,903
Investment in iECURE
Assets:
Investments and marketable securities	744	744
Imugene Marketable Securities
Assets:
Investments and marketable securities	1,814	4,762
Level 1
Assets:
Money market funds	15,423	15,286
Assets	17,237	20,048
Liabilities:
Final payment fee	0	0
Warrant Liability	0	0
Liabilities	0	0
Level 1 \| Investment in iECURE
Assets:
Investments and marketable securities	0	0
Level 1 \| Imugene Marketable Securities
Assets:
Investments and marketable securities	1,814	4,762
Level 2
Assets:
Money market funds	0	0
Assets	0	0
Liabilities:
Final payment fee	211	208
Warrant Liability	0	0
Liabilities	211	208
Level 2 \| Investment in iECURE
Assets:
Investments and marketable securities	0	0
Level 2 \| Imugene Marketable Securities
Assets:
Investments and marketable securities	0	0
Level 3
Assets:
Money market funds	0	0
Assets	744	744
Liabilities:
Final payment fee	0	0
Warrant Liability	22,802	15,695
Liabilities	22,802	15,695
Level 3 \| Investment in iECURE
Assets:
Investments and marketable securities	744	744
Level 3 \| Imugene Marketable Securities
Assets:
Investments and marketable securities	$ 0	$ 0

CONDENSED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Treasury Stock
Beginning balance (in shares) at Dec. 31, 2024		8,229,730
Beginning balance at Dec. 31, 2024	$ 56,393	$ 1	$ 539,808	$ (482,464)	$ (952)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under employee stock purchase plan (in shares)		30,999
Issuance of common stock under employee stock purchase plan	140		140
Share-based compensation expense	2,822		2,822
Issuance of common stock to licensees (in shares)		220,712
Issuance of common stock to licensees	1,031		1,031
Issuance of common stock through ATM facility, net of issuance cost (in shares)		1,818,886
Issuance of common stock through ATM facility, net of issuance cost	9,516		9,516
Settlement of restricted stock units (in shares)		275,540
Net loss	(20,565)			(20,565)
Ending balance (in shares) at Mar. 31, 2025		10,575,867
Ending balance at Mar. 31, 2025	$ 49,337	$ 1	553,317	(503,029)	(952)
Beginning balance (in shares) at Dec. 31, 2025	24,088,425	24,115,346
Beginning balance at Dec. 31, 2025	$ 92,248	$ 1	621,387	(528,188)	(952)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under employee stock purchase plan (in shares)		23,233
Issuance of common stock under employee stock purchase plan	83		83
Share-based compensation expense	1,549		1,549
Issuance of common stock to licensees (in shares)		201,504
Issuance of common stock to licensees	662		662
Issuance of common stock from pre-funded warrants (in shares)		875,000
Issuance of common stock through ATM facility, net of issuance cost (in shares)		0
Issuance of common stock through ATM facility, net of issuance cost	0		0
Settlement of restricted stock units (in shares)		617,830
Net loss	$ (18,441)			(18,441)
Ending balance (in shares) at Mar. 31, 2026	25,805,898	25,832,913
Ending balance at Mar. 31, 2026	$ 76,101	$ 1	$ 623,681	$ (546,629)	$ (952)

STOCKHOLDERS’ EQUITY (Details) - USD ($) $ / shares in Units, $ in Millions			3 Months Ended
	Nov. 10, 2025	Mar. 01, 2024	Mar. 31, 2026	Dec. 31, 2025
Subsidiary or Equity Method Investee [Line Items]
Common stock, par value (in USD per shares)			$ 0.000005	$ 0.000005
March 2024 Public Offering
Subsidiary or Equity Method Investee [Line Items]
Sale of stock, number of shares issued in transaction (in shares)		2,500,000
Common stock, par value (in USD per shares)		$ 0.000005
Class of warrant or right, number of securities called by warrants or rights (in shares)		2,500,000
Warrants expire year		5 years
Exercise price per share (in USD per shares)		$ 20.00
Sale of stock, price per share (in USD per shares)		$ 16.00
Net proceeds from sale of stock		$ 37.0
Offering expenses		$ 3.0
November 2025 Public Offering
Subsidiary or Equity Method Investee [Line Items]
Sale of stock, number of shares issued in transaction (in shares)	10,815,000
Common stock, par value (in USD per shares)	$ 0.000005
Sale of stock, price per share (in USD per shares)	$ 6.14
Net proceeds from sale of stock	$ 70.0
Offering expenses	$ 5.0
November 2025 Public Offering \| Investor
Subsidiary or Equity Method Investee [Line Items]
Warrants expire year	5 years
Exercise price per share (in USD per shares)	$ 7.25
Sale of stock, price per share (in USD per shares)	$ 6.139995
November 2025 Public Offering \| One-Half Warrants
Subsidiary or Equity Method Investee [Line Items]
Class of warrant or right, number of securities called by warrants or rights (in shares)	5,407,500
November 2025 Public Offering \| One-Half Warrants \| Investor
Subsidiary or Equity Method Investee [Line Items]
Class of warrant or right, number of securities called by warrants or rights (in shares)	700,000
November 2025 Public Offering \| Pre Funded Warrants
Subsidiary or Equity Method Investee [Line Items]
Warrants exercised (in shares)			875,000
November 2025 Public Offering \| Pre Funded Warrants \| Investor
Subsidiary or Equity Method Investee [Line Items]
Class of warrant or right, number of securities called by warrants or rights (in shares)	1,400,000

FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured on a Recurring Basis

The following represents assets and liabilities measured at fair value on a recurring basis by the Company (in thousands):


March 31, 2026	Fair Value		Level 1		Level 2		Level 3
Assets:
Money market funds	$	15,423	$	15,423	$	—	$	—
Investment in iECURE	744		—		—		744
Imugene Marketable Securities	1,814		1,814		—		—
	$	17,981	$	17,237	$	—	$	744

Liabilities:
Final payment fee	$	211	$	—	$	211	$	—
Warrant liability	22,802		—		—		22,802
	$	23,013	$	—	$	211	$	22,802


December 31, 2025	Fair Value		Level 1		Level 2		Level 3
Assets:
Money market funds	$	15,286	$	15,286	$	—	$	—
Investment in iECURE	744		—		—		744
Imugene Marketable Securities	4,762		4,762		—		—
	$	20,792	$	20,048	$	—	$	744

Liabilities:
Final payment fee	$	208	$	—	$	208	$	—
Warrant Liability	15,695		—		—		15,695
	$	15,903	$	—	$	208	$	15,695

Summary of Financial Assets Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs


	Investment in iECURE
Balance December 31, 2025	$	744
(Loss) gain from changes in fair value included in earnings	—
Balance March 31, 2026	$	744

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details