Precigen Reports First Quarter 2021 Financial Results - Company on track to achieve stated 2021 milestones - - Initiated Phase 2 clinical trial of PRGN-2009 AdenoVerse immunotherapy - - Initiated Phase 1 clinical trial o

Precigen Reports First Quarter 2021 Financial

on track to achieve stated 2021 milestones -

Phase 2 clinical trial of PRGN-2009 AdenoVerse immunotherapy -

Initiated Phase 1 clinical trial of PRGN-2012 AdenoVerse immunotherapy in patients with recurrent respiratory papillomatosis

presentation at FOCIS Virtual Annual Meeting to provide clinical progress for AG019 ActoBiotics in Type 1 diabetes (T1D) -

GERMANTOWN, MD, May 10, 2021 - Precigen,

Inc. (Nasdaq: PGEN), a biopharmaceutical company specializing in the development of innovative gene and cell therapies to improve the

lives of patients, today announced first quarter 2021 financial results.

"In the first quarter of 2021, our portfolio,

including our most advanced clinical programs, has progressed consistent with guidance," said Helen Sabzevari, PhD, President and

CEO of Precigen. "Our UltraCAR-T trials for PRGN-3005 in ovarian cancer and PRGN-3006 in acute myeloid leukemia as well as the PRGN-2009

trial in HPV-associated cancers continue to progress according to plan. We were pleased to initiate the first-in-human Phase 1 study of

PRGN-2012, Precigen's first off-the-shelf AdenoVerse immunotherapy targeting infectious disease to enter the clinic, and receive

orphan drug designation from the US FDA in patients with RRP. We look forward to upcoming presentations of new clinical data for AG019

at FOCIS and the current trial status for PRGN-2009 at ASCO and we anticipate multiple data readouts from our portfolio in the coming

months, meeting our stated milestones."

Business Highlights:

PRGN-3005 UltraCAR-T

PRGN-3006 UltraCAR-T

PRGN-2009 AdenoVerse Immunotherapy

PRGN-2012 AdenoVerse Immunotherapy

First Quarter 2021 Financial Highlights

First Quarter 2021 Financial Results Compared

to Prior Year Period

Research and development expenses decreased $0.8

million, or 7%, from the quarter ended March 31, 2020. Salaries, benefits, and other personnel costs decreased $0.7 million in 2021 as

the Company scaled down certain research and development functions in the first quarter of 2020 as a result of certain programs being

previously deprioritized. Selling, general and administrative expenses decreased $2.8 million, or 13%. Salaries, benefits, and other personnel

costs decreased $1.0 million in 2021 primarily due to a reduced headcount as the Company scaled down its corporate functions to support

its more streamlined organization and reduced stock compensation costs for previously granted awards that became fully vested in early

2021. Professional fees decreased $1.0 million primarily due to a decrease in legal fees associated with certain litigation matters that

were settled in the second half of 2020. Net loss from continuing operations was $21.8 million, or $(0.11) per basic share, of which $9.7

million was for non-cash charges in 2021 compared to net loss from continuing operations of $20.8 million, or $(0.13) per basic share,

of which $7.7 million was for non-cash charges in 2020.

Total revenues decreased $5.3 million, or 18%,

from the quarter ended March 31, 2020. Collaboration and licensing revenues decreased $10.7 million primarily due to the recognition of

previously deferred revenue upon the mutual termination of one of its collaboration agreements in February 2020. Product and service revenues

generated by Trans Ova and Exemplar increased $5.4 million primarily due to higher customer demand for Trans Ova's products and

services as a result of stronger beef and dairy industries in the current year, as well as increased services provided by Exemplar to

new and existing customers. Gross margin on products and services improved as a result of the increased revenues, a change in pricing

structure for certain customers, and operational efficiencies that have been gained through reductions in workforce and improved inventory

Precigen: Advancing Medicine with Precision

Precigen (Nasdaq: PGEN) is a dedicated discovery

and clinical stage biopharmaceutical company advancing the next generation of gene and cell therapies using precision technology to target

the most urgent and intractable diseases in our core therapeutic areas of immuno-oncology, autoimmune disorders, and infectious diseases.

Our technologies enable us to find innovative solutions for affordable biotherapeutics in a controlled manner. Precigen operates as an

innovation engine progressing a preclinical and clinical pipeline of well-differentiated unique therapies toward clinical proof-of-concept

Precigen, UltraPorator, UltraCAR-T, ActoBiotics,

AdenoVerse and Advancing Medicine with Precision are trademarks of Precigen and/or its affiliates. Other names may be trademarks

of their respective owners.

Cautionary Statement Regarding Forward-Looking

Some of the statements made in this press release

are forward-looking statements. These forward-looking statements are based upon Precigen's current expectations and projections

about future events and generally relate to plans, objectives, and expectations for the development of Precigen's business,

including the timing, pace and progress of preclinical studies, clinical trials, discovery programs and related milestones, and the promise

of the Company's portfolio of therapies, and in particular its CAR-T therapies. Although management believes that the plans, objectives

and results reflected in or suggested by these forward-looking statements are reasonable, all forward-looking statements involve risks

and uncertainties, and actual future results may be materially different from the plans, objectives and expectations expressed. These

risks and uncertainties include, but are not limited to, (i) the impact of the COVID-19 pandemic on our clinical trials, businesses, operating

results, cash flows and/or financial condition, (ii) Precigen's strategy and overall approach to its health-focused business model;

(iii) the ability to successfully enter new markets or develop additional products, including the expected timing and results of investigational

studies and preclinical and clinical trials, including any delays or potential delays as a result of the COVID-19 pandemic, whether with

its collaborators or independently; (iv) the ability to successfully enter into optimal strategic relationships with its subsidiaries

and operating companies that it may form in the future; (v) the ability to hold or generate significant operating capital, including through

partnering, asset sales and operating cost reductions; (vi) actual or anticipated variations in operating results; (vii) actual or anticipated

fluctuations in competitors' or collaborators' operating results or changes in their respective growth rates; (viii) cash position; (ix)

market conditions in Precigen's industry; (x) the volatility of Precigen's stock price; (xi) the ability, and the

ability of collaborators, to protect Precigen's intellectual property and other proprietary rights and technologies; (xii) the

ability, and the ability of collaborators, to adapt to changes in laws or regulations and policies, including federal, state, and local

government responses to the COVID-19 pandemic; (xiii) outcomes of pending and future litigation; (xiv) the rate and degree of market acceptance

of any products developed by Precigen, its subsidiaries, collaborations or joint ventures; (xv) the ability to retain and recruit

key personnel; (xvi) expectations related to the use of proceeds from public offerings and other financing efforts; and (xvii) estimates

regarding expenses, future revenue, capital requirements and needs for additional financing. For further information on potential risks

and uncertainties, and other important factors, any of which could cause Precigen's actual results to differ from those contained

in the forward-looking statements, see the section entitled "Risk Factors" in Precigen's most recent Annual Report

on Form 10-K and subsequent reports filed with the Securities and Exchange Commission.

Precigen, Inc. and Subsidiaries

Consolidated Balance Sheets

Precigen, Inc. and Subsidiaries

Consolidated Statements of Operations