Precision BioSciences amends Prevail collaboration; milestones cut to $390-395M, cash runway to Q1 2025

PRECISION BIOSCIENCES INC

Preclinical and IND-enabling activities shifted to Prevail; manufacturing of initial clinical supply also Prevail's responsibility.
Maximum milestone payments per licensed product reduced from $420M to $390-395M reflecting changed cost sharing.
Prevail continues to fund development and commercialization; royalties and nomination fees unchanged.
Company expects existing cash, operational receipts and credit to fund operations through Q1 2025.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

PRECISION BIOSCIENCES INC amended A&R Development and License Agreement with Prevail Therapeutics Inc. valued at up to an aggregate of $390 million to $395 million per licensed product (effective 2023-06-30).

Action: amendment
Agreement: collaboration
Counterparty: Prevail Therapeutics Inc.
Value: up to an aggregate of $390 million to $395 million per licensed product
Effective: 2023-06-30

Exact text from the filing

On June 30, 2023, Precision BioSciences, Inc. (the “Company”) entered into an amended and restated development and license agreement (the “A&R Development and License Agreement”) with Prevail Therapeutics Inc. (“Prevail”), a wholly owned subsidiary of Eli Lilly and Company (“Lilly”).

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Source: SEC EDGAR

accession 0000950170-23-031899

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