Precigen Reports Third Quarter 2022 Financial Results and Progress of Clinical Programs - Company will host virtual R&D event in early January 2023, timed to coincide with the 41 st Annual JP Morgan Healthcare Conference

Precigen Reports Third Quarter 2022 Financial

Results and Progress of Clinical Programs

Company will host virtual R&D event in early January 2023, timed to coincide with the 41st Annual JP

Morgan Healthcare Conference, to showcase complete clinical trial data from Phase 1 dose escalation and expansion

cohorts of PRGN-2012 AdenoVerse Immunotherapy in recurrent respiratory papillomatosis

to present two abstracts at the 64th American Society of Hematology (ASH) Annual Meeting and Exposition in December: PRGN-3006 UltraCAR-T

Phase 1 safety and efficacy data in acute myeloid leukemia (AML) and PRGN-3007 UltraCAR-T Phase 1/1b trial-in-progress in ROR1-positive

hematological and solid tumors -

$144.0 million of outstanding convertible notes due in July 2023 resulting in $5.4 million in savings via the discount realized and interest

cash equivalents, short-term investments and restricted cash totaled $153.8 million as of September 30, 2022 -

GERMANTOWN, MD, November 9, 2022 -

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 third quarter 2022 financial results and progress

of clinical programs.

"Focusing and prioritizing our portfolio

has led to rapid progression of our clinical programs. We are exceptionally pleased with the pace and results we are seeing from our portfolio,

especially for the PRGN-2012 AdenoVerse Immunotherapy study in RRP, and are excited to showcase data at an investigator-led virtual R&D

event in January. We expect the data will make a compelling case for the potential of PRGN-2012 to address the underserved RRP patient

population and provide validation for the highly differentiated, first-in-class AdenoVerse therapeutic platform," said Helen Sabzevari,

PhD, President and CEO of Precigen. "We also have multiple data presentations at ASH in December, which will highlight continued

safety and efficacy of the UltraCAR-T platform."

continues to exercise financial prudence and we believe our cash runway is sufficient to advance our clinical priorities into Q4 2023,"

said Harry Thomasian Jr., CFO of Precigen. "Utilizing proceeds from the sale of Trans Ova, through today, we have been able to retire

$144.0 million of the outstanding convertible notes due in July 2023. Retiring this debt, combined with our efforts to streamline and

improve our operational efficiencies, further strengthens our financial position and significantly reduces our interest burden through

the term of the notes."

Key Program Highlights

The US Food and Drug Administration (FDA) has granted orphan

drug designation for PRGN-2012 for patients with RRP.

Enrollment was completed in the Phase 1 dose escalation cohorts of the intraperitoneal (IP) and intravenous

(IV) arms without lymphodepletion as well as in the lymphodepletion cohort in the IV arm (clinical trial identifier: NCT03907527).

Patient follow up is ongoing and the Company expects Phase 1 data to be presented in the first half

Third Quarter and First Nine Months 2022 Financial

Third Quarter 2022 Financial Results Compared

to Prior Year Period

Total revenues increased $13.4 million, or greater

than 200%, from the quarter ended September 30, 2021. Collaboration and licensing revenues increased $14.5 million compared to the three

months ended September 30, 2021, primarily due to the recognition of revenue related to agreements for which revenue was previously deferred,

as it became probable that additional performance under the agreements would not be required. Product and service revenues generated by

Exemplar decreased $1.1 million from the quarter ended September 30, 2021. Gross margin on products and services declined as a result

of the decreased revenues, and increased costs for supplies, drugs, and personnel costs.

Research and development expenses increased $0.2

million, or 2%, from the three months ended September 30, 2021. Contract research organization costs and lab supplies decreased $0.8 million

due to timing differences, the completion of our 1b/2a clinical trial of AG019 in the fourth quarter of the prior year, as well as a continued

prioritization of clinical product candidates with less expense incurred related to preclinical research programs for the comparable period.

This decrease was partially offset with an increase in salaries, benefits, and other personnel costs of $1.0 million primarily due to

an increase in the hiring of employees to support the growth of our operations.

SG&A expenses decreased $0.8 million, or 8%,

from the three months ended September 30, 2021. Salaries, benefits, and other personnel costs decreased $0.1 million primarily due to

reduced head count. Professional fees decreased $0.6 million, primarily due to decreased legal and consulting fees associated with certain

Loss from continuing operations was $7.6 million,

or $(0.04) per basic and diluted share, compared to loss from continuing operations of $26.3 million, or $(0.13) per basic and diluted

First Nine months 2022 Financial Results Compared

to Prior Year Period

Total revenues increased $14.6 million, or 138%,

from nine months ended September 30, 2021. Collaboration and licensing revenues increased $14.2 million from the nine months ended September

30, 2021, primarily due to the recognition of revenue related to agreements for which revenue was previously deferred, as it became probable

that additional performance under the agreements would not be required. Product and service revenues generated by Exemplar increased $0.6

million from the nine months ended September 30, 2021, with that increase occurring earlier in 2022. Gross margin on product and services

remained comparable to the prior year as increased revenues were offset by increased costs for supplies, drugs, and personnel costs.

Research and development expenses increased $0.6

million, or 2%, from the nine months ended September 30, 2021. Salaries, benefits, and other personnel costs increased $2.2 million due

to an increase in the hiring of employees to support the growth in the Company's development activities. This increase was partially offset

with a decrease in contract research organization costs and lab supplies of $1.6 million, primarily due to timing differences, the completion

of our 1b/2a clinical trial of AG019 in the fourth quarter of the prior year, as well as a continued prioritization of clinical product

candidates with less expense incurred related preclinical research programs for the comparable period.

SG&A expenses decreased $3.7 million, or 9%,

from the nine months ended September 30, 2021. Salaries, benefits, and other personnel costs decreased $3.6 million primarily due to $2.6

million reduced stock compensation in 2022 and reduced head count.

Loss from continuing operations was $57.6 million,

or $(0.29) per basic and diluted share, compared to loss from continuing operations of $84.1 million, or $(0.43) per basic and diluted

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 therapies toward clinical proof-of-concept and

Twitter @Precigen, LinkedIn or YouTube.

Precigen, UltraCAR-T, UltraPorator, AdenoVerse

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

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 the Company's current expectations and projections about

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

timing and progress of preclinical studies, clinical trials, discovery programs and related milestones, the promise of the Company's portfolio

of therapies, and in particular its CAR-T and AdenoVerse therapies. Although management believes that the plans and objectives reflected

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

the possibility that the timeline for the Company's clinical trials might be impacted by the COVID-19 pandemic, and actual future results

may be materially different from the plans, objectives and expectations expressed in this press release. The Company has no obligation

to provide any updates to these forward-looking statements even if its expectations change. All forward-looking statements are expressly

qualified in their entirety by this cautionary statement. For further information on potential risks and uncertainties, and other important

factors, any of which could cause the Company's actual results to differ from those contained in the forward-looking statements, see the

section entitled "Risk Factors" in the Company'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 (Unaudited)