Precigen, Inc.
PGEN Healthcare Biotechnology
Precigen, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $9.7 million, up 146.7% from fiscal 2024. In the quarter to June 2026, revenue grew 6,322.7%, EPS grew 166.7% and free cash flow grew 8.73%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
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Precigen, Inc. (PGEN) Beneish M-score
Precigen, Inc.'s Beneish M-score for fiscal 2025 is −7.67; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −7.67 | (26.13) |
| FY2023 | 18.46 | 17.98 |
| FY2022 | 0.48 | 4.62 |
| FY2021 | −4.14 | (1.19) |
| FY2020 | −2.95 | (0.18) |
| FY2019 | −2.77 | 2.70 |
| FY2018 | −5.47 | (3.38) |
| FY2017 | −2.08 | 1.43 |
| FY2016 | −3.52 | (1.67) |
| FY2015 | −1.85 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.52 | — | 1.40 | |
| Gross margin index | (0.17) | — | −0.09 | |
| Asset quality index | 0.85 | — | 0.34 | |
| Sales growth index | 2.47 | — | 2.20 | |
| Depreciation index | 1.61 | — | 0.18 | |
| SG&A index | 0.69 | — | −0.12 | |
| Total accruals to total assets | (1.05) | — | −4.90 | |
| Leverage index | 5.66 | — | −1.85 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −7.67 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| PGEN Precigen, Inc. | −7.7× |
| ZLAB Zai Lab Limited Unsponsored ADR compare | −2.4× |
| ADMA ADMA Biologics Inc compare | −0.2× |
| NAMS NewAmsterdam Pharma Company N.V. compare | — |
| MBX MBX Biosciences, Inc. compare | — |
| BEAM Beam Therapeutics Inc. compare | — |
| DYN Dyne Therapeutics, Inc. compare | — |
| ELVN Enliven Therapeutics, Inc. compare | — |
| NRIX Nurix Therapeutics, Inc. compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI