On this page of StockholderLetter.com we present the latest annual shareholder letter from PRECISION BIOSCIENCES INC — ticker symbol DTIL. Reading current and past DTIL letters to shareholders can bring important insights into the investment thesis.

 •  4/25/2024 Letter Continued (Full PDF)
 •  3/23/2023 DTIL Stockholder Letter
 •  More "Biotechnology" Category Stockholder Letters
 •  DTIL Benford's Law Stock Score = 82

DTIL Shareholder/Stockholder Letter Transcript:

Fiscal Year
2023
ANNUAL
REPORT

This letter contains forward  looking statements within the meaning of the Private Securities Litigation 
Reform Act of 1995, including statements regarding the Company   s planned strategy, business focus and 
intended product development. The reader is cautioned not to rely on these statements, which are 
based on current expectations of future events. These forward  looking statements speak only as of the 
date such statements are made and are subject to risks and uncertainties that could cause the 
Company's results to differ materially from these statements. For important information about these 
statements, including further descriptions of the important risks, uncertainties and other factors that 
could cause actual results to differ materially from expectations or projections expressed in any 
forward  looking statements, please see the Company's Annual Report on Form 10  K for the fiscal year 
ended December 31, 2023 under the captions     Risk Factor Summary    and    Item 1A. Risk Factors.    Such 
factors may be updated from time to time in the Company's other filings with the SEC. Precision 
BioSciences, Inc. does not plan to publicly update or revise any such forward  looking statements, 
whether as a result of any new information, future events or developments, changed circumstances or 
otherwise, except as may be required by applicable law. 





Dear Shareholders:  
Since our founding, we have maintained steadfast dedication to improve life for patients in need by translating the 
immense potential of genome editing into curative therapeutic solutions. In my last letter, I said we expected 
2023 would be a transformative year for Precision. It was.  
The prolonged decline of financial markets for small cap biotech stocks was our reality in much of 2023 following a 
difficult 2022. Our share price suffered due to a declining biotechnology market resulting in a lower valuation of 
the company. Amidst these difficult conditions, we held thoughtful strategic discussions with our board, investors, 
and advisors and determined that we could not adequately fund both a cancer cell therapy business and an in vivo 
gene editing business, so we made hard choices in order to create future shareholder and societal value. 
In 2023, we made the strategic decision to transform our company by solely focusing our energy and our capital 
on in vivo gene editing. It was a carefully considered decision because it involved divesting clinical stage blood 
cancer cell therapy programs and reducing our operating footprint to make greater investments in our core 
capability     in vivo gene editing. We believe it was and is absolutely the right decision for Precision BioSciences, 
our shareholders, and the patients who we want to ultimately benefit from the work we do every day.  
Underlying this shift is our confidence that our proprietary ARCUS genome editing platform, which was invented 
by Precision scientists, is our greatest asset and is uniquely suited for differentiated gene editing applications due 
to its cut type, its small size, and its simplicity. We believe the differentiated capabilities of ARCUS will enable us 
to help people who have incurable genetic diseases and chronic life  limiting infectious diseases, such as in our lead 
wholly owned program for chronic hepatitis B virus.  
We made two critical decisions in 2023 to accelerate investment in our in vivo gene editing portfolio.  
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First, we amended our agreement with Prevail Therapeutics to shift some pre  clinical work to our 
partner in order to focus the Precision team   s efforts on our own in vivo gene editing programs.  
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Second, we systematically monetized our cell therapy assets to fund in vivo gene editing programs. We 
began by divesting azercabtagene zapreleucel (azer  cel), our clinical stage allogeneic CAR T therapy, to 
Imugene for cancer rights along with our CAR T infrastructure and cell therapy teams. Subsequently, we 
licensed azer  cel for autoimmune diseases and other indications outside of cancer to TG Therapeutics, a 
commercial stage partner. Finally, we granted a non  exclusive license to one of our foundational cell 
therapy methodology patents to Caribou Biosciences. In total, these three transactions raised 
approximately $50 million in cash and potential near  term milestones to extend our cash runway while 
placing our cell therapy assets in the hands of capable partners.  
To further showcase the potential of ARCUS, we conducted an in vivo gene editing R&D Day to highlight how 
ARCUS    cut, size, and simplicity allow Precision to focus on diseases that require more sophisticated gene editing 



capabilities such as gene insertion (inserting a gene to add function), gene elimination (removing an entire genome 
such as a viral genome), and gene excision (removing a large portion of a genome). 
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PBGENE  HBV (viral DNA elimination program)    We are developing PBGENE  HBV as a potential 
treatment for people with chronic hepatitis B, a disease that affects approximately 300 million people 
worldwide. We have designed this drug to eliminate all sources of the virus, including both the cccDNA 
and viral genomes that are integrated into human liver cells. Preclinical data demonstrated strong proof  
of  concept efficacy and safety for PBGENE  HBV. In early 2024, we received pre  Investigational New Drug 
(IND) regulatory feedback from the U.S. FDA and from agencies outside the U.S. that provided clarity and 
alignment on IND   and clinical trial application (CTA)  enabling preclinical plans and clinical strategy. Our 
team is focused on completing these activities and we expect to submit an IND and/or CTA for this 
program in 2024. 
x
PBGENE  PMM (mutant mitochondrial DNA elimination program)    PBGENE  PMM is a first of its kind 
potential treatment for m.3243  associated primary mitochondrial myopathy (PMM) by targeting 
mutant mitochondrial DNA. Mitochondrial diseases are the most common hereditary metabolic disorder 
in the world. The m.3243 associated primary mitochondrial myopathy that our program intends to 
address is sizable, affecting up to 25,000 people in the U.S. alone. We published new preclinical data in 
Nature Metabolism highlighting the high specificity of ARCUS nucleases to edit and eliminate mutant 
mitochondrial DNA while allowing wild  type (normal) mitochondrial DNA to repopulate in the 
mitochondria, thus improving normal function. This is an exciting program because ARCUS nucleases are 
able to penetrate the mitochondrial membrane unlike CRISPR  Cas, base editors, and prime editors. We 
expect to submit an IND and/or CTA for PBGENE  PMM in 2025 for this program. 
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PBGENE  NVS (Gene Insertion Program)     Our research team has made excellent progress advancing our 
gene insertion program with Novartis to develop a custom ARCUS nuclease for patients with sickle cell 
disease and beta thalassemia.  
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iECURE  OTC (Gene Insertion Program)    We are pleased with the progress being made by our partner 
iECURE to advance the first ARCUS  mediated gene editing program into clinical trials following approvals 
in the United States, United Kingdom, and Australia for initiation of the phase1/2 OTC  HOPE study. 
ECURE  506 is the most advanced ARCUS in vivo gene editing program with first  in  human clinical dosing 
ready to commence in 2024. The OTC  HOPE study is evaluating ECUR  506 as a potential treatment for 
neonatal onset ornithine transcarbamylase (OTC) deficiency. ECURE  506 provides important regulatory 
and clinical validation for ARCUS.  
x
Prevail Collaboration     Most recently, we exercised the option to return three programs from Prevail 
Therapeutics following the decision to conclude the collaboration. These programs, starting with the lead 
Duchenne Muscular Dystrophy program, are very important for people born with incurable genetic 
diseases and have the potential to substantially increase the valuation of Precision while also attracting 



new partners with key gene editing capabilities. Through the collaboration we gained deeper insights 
into the applications where ARCUS is uniquely differentiated, advanced three programs from concept 
toward clinical candidates, and generated proof of concept data for ARCUS gene excision and gene 
insertion. 
In closing, our near  term fundamentals are strong, and the long  term is potentially even brighter with the 
opportunity to develop three newly returned advanced pre  clinical programs in large patient populations with 
high unmet need.  
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Our lead partnered program for OTC deficiency is rapidly moving to the clinic in 2024. 
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Our first wholly owned program for hepatitis B is on track for an expected filing in 2024. 
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Our second wholly owned program for PMM is on track for an expected filing in 2025. 
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After monetizing our CAR T assets to raise approximately $50 million in cash and potential near  term 
milestones, we completed a $40 million public offering extending our anticipated cash runway into the 
second half of 2026. 
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Our team is singularly focused on achieving clinical validation of ARCUS in vivo gene editing.  
Thank you to our loyal stockholders. Your support has been instrumental in our progress to date and has 
enabled us to build a stronger, more focused Precision BioSciences.  
Warm Regards, 
Michael Amoroso 
Chief Executive Officer                                                          




 4/25/2024 Letter Continued (Full PDF)