PGEN - Shares of Precigen rise ~13% after co reports a Q2 profit beat

Precigen ( NASDAQ: PGEN ) stock added 12.9% to $2.32 in Tuesday afternoon trading, after the clinical-stage biopharmaceutical company reported a Q2 bottom line beat.

Germantown, Md.-based PGEN develops gene and cell therapies. Its pipeline consists of the AG019 product which is being developed for the treatment of type 1 diabetes and the PRGN-3005 to 3007 CAR-T cell therapy product series which is being evaluated for multiple types of cancer.

PGEN after hours on Monday posted Q2 GAAP EPS of -$0.09 which beat estimates by $0.05 . The beat on bottom line came despite the company's Q2 revenue falling 23.8% Y/Y to $2.91M.

The fall in quarterly sales was driven by a lack of collaboration and licensing revenue, a decrease in service revenue and increased costs for supplies, drugs and personnel.

But the company managed to eke out a narrower loss as it kept a lid on its total operating expenses, which fell to $27.07M from $30.03M a year ago.

Precigen's ( PGEN ) Q2 results were also bolstered by its July divestiture of its animal reproductive technology company Trans Ova Genetics for $170M in cash upfront , which would let the company pay its convertible notes in a timely manner.

Up to Monday's close, PGEN stock -44.7% YTD.

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