Precision Bio posts 50% revenue drop, $46M loss as Novartis deal ends; raises $75M

Filed March 12, 2026 · Period ending December 31, 2025 · Compared to 10-K Mar 26, 2025 · ~2 min read

Key Changes

• high

  Revenue fell 50% to $34.3M from $68.7M as Novartis hemoglobinopathy collaboration terminated January 2026, removing a major partnership that had generated $50M upfront and was eligible for up to $1.4B in milestones.

  MD&A: Novartis collaboration verify on EDGAR →
• high

  Net loss of $45.7M versus $7.2M net income in prior year; operating loss widened from $26.2M to $52.1M despite lower R&D and G&A spending, driven by the revenue decline.

  Business: Financial results verify on EDGAR →
• high

  November 2025 equity offering raised $75M gross via 10.8M shares plus warrants exercisable at $7.25, nearly tripling outstanding shares from 8.2M to 24.1M and significantly diluting existing holders.

  Business: Equity offering verify on EDGAR →