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Segments | 6 Months Ended
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Jun. 30, 2020
Segment Reporting [Abstract] |
Segments | Segments In April 2019, the Company initiated efforts to better deploy resources, realize inherent synergies, and position the Company for growth with a core focus on healthcare and initiated plans to achieve this through various corporate activities ultimately resulting in the closing of the Transactions in January 2020 (Note 3). Beginning in the second quarter of 2019, the Company's CODM assessed the operating performance of and allocated resources for several operating segments using Segment Adjusted EBITDA. Management believes this financial metric is a key indicator of operating results since it excludes noncash revenues and expenses that are not reflective of the underlying business performance of an individual enterprise. The Company defines Segment Adjusted EBITDA as net loss before (i) interest expense, (ii) income tax expense or benefit, (iii) depreciation and amortization, (iv) stock-based compensation expense, (v) adjustments for bonuses paid in equity awards, (vi) loss on impairment of goodwill and other long-lived assets, (vii) equity in net loss of affiliates, and (viii) recognition of previously deferred revenue associated with upfront and milestone payments as well as cash outflows from capital expenditures and investments in affiliates. For the six months ended June 30, 2020, the Company modified the current period definition of Segment Adjusted EBITDA to exclude adjustments recorded to reverse the difference of bonuses accrued as of December 31, 2019 compared to the value of equity awards granted, as the Company determined in March 2020 that those accrued bonuses would be paid through the grant of equity awards instead of cash. Segment Adjusted EBITDA for the three and six months ended June 30, 2019 was not impacted by this change. Because the Company uses Segment Adjusted EBITDA as its primary measure of segment performance, it has included this measure in its discussion of segment operating results. The Company has also disclosed revenues from external customers and intersegment revenues for each reportable segment. Corporate expenses are not allocated to the segments and are managed at a consolidated level. The CODM does not use total assets by segment to evaluate segment performance or allocate resources, and accordingly, these amounts are not required to be disclosed. The Company's CODM now regularly reviews disaggregated financial information for each of the Company's operating segments. The Company's segment presentation excludes consideration of all of the businesses included in the Transactions (Note 3). For the three and six months ended June 30, 2020, the Company's reportable segments were (i) PGEN Therapeutics, (ii) ActoBio, (iii) MBP Titan, (iv) Trans Ova, and (v) the Human Biotherapeutics division. These identified reportable segments met the quantitative thresholds to be reported separately for the six months ended June 30, 2020. See Note 1 for a description of PGEN Therapeutics, ActoBio, MBP Titan, and Trans Ova. The Company's Human Biotherapeutics division is an operating division within Precigen which includes the Company's majority-owned subsidiary, Triple-Gene LLC, and its collaborations with Fibrocell (Note 5). The All Other category as reported below reflects Precigen's other operating segments that do not meet the quantitative thresholds to be reported separately. The Company has also recast 2019 segment information on the same basis as the current presentation. Information by reportable segment was as follows:
| Three Months Ended June 30, 2020 |  |  |  |  |  |  |  |  |  |  |  |
| PGEN Therapeutics |  | ActoBio |  | MBP Titan |  | Trans Ova |  | Human Biotherapeutics |  | All Other |  | Total
Revenues from external customers | $ | 218 |  |  | $ | 32 |  |  | $ | — |  |  | $ | 23,845 |  |  | $ | 4,210 |  |  | $ | 2,105 |  |  | $ | 30,410 |
Intersegment revenues | 1,612 |  |  | (3) |  |  | — |  |  | 90 |  |  | — |  |  | — |  |  | 1,699 |
Total segment revenues | $ | 1,830 |  |  | $ | 29 |  |  | $ | — |  |  | $ | 23,935 |  |  | $ | 4,210 |  |  | $ | 2,105 |  |  | $ | 32,109 |
Segment Adjusted EBITDA | $ | (5,698) |  |  | $ | (1,135) |  |  | $ | (5,199) |  |  | $ | 6,528 |  |  | $ | (495) |  |  | $ | 637 |  |  | $ | (5,362) |
| Three Months Ended June 30, 2019 |  |  |  |  |  |  |  |  |  |  |  |
| PGEN Therapeutics |  | ActoBio |  | MBP Titan |  | Trans Ova |  | Human Biotherapeutics |  | All Other |  | Total
Revenues from external customers | $ | 549 |  |  | $ | 181 |  |  | $ | 1,215 |  |  | $ | 24,392 |  |  | $ | 2,462 |  |  | $ | 3,998 |  |  | $ | 32,797 |
Intersegment revenues | 2,412 |  |  | 52 |  |  | 2 |  |  | 674 |  |  | — |  |  | 60 |  |  | 3,200 |
Total segment revenues | $ | 2,961 |  |  | $ | 233 |  |  | $ | 1,217 |  |  | $ | 25,066 |  |  | $ | 2,462 |  |  | $ | 4,058 |  |  | $ | 35,997 |
Segment Adjusted EBITDA | $ | (7,467) |  |  | $ | (4,124) |  |  | $ | (9,188) |  |  | $ | 4,932 |  |  | $ | (354) |  |  | $ | (2,479) |  |  | $ | (18,680) |
| Six Months Ended June 30, 2020 |  |  |  |  |  |  |  |  |  |  |  |
| PGEN Therapeutics |  | ActoBio |  | MBP Titan |  | Trans Ova |  | Human Biotherapeutics |  | All Other |  | Total
Revenues from external customers | $ | 378 |  |  | $ | 230 |  |  | $ | — |  |  | $ | 40,630 |  |  | $ | 14,573 |  |  | $ | 4,397 |  |  | $ | 60,208 |
Intersegment revenues | 3,715 |  |  | (3) |  |  | 7 |  |  | 199 |  |  | — |  |  | 281 |  |  | 4,199 |
Total segment revenues | $ | 4,093 |  |  | $ | 227 |  |  | $ | 7 |  |  | $ | 40,829 |  |  | $ | 14,573 |  |  | $ | 4,678 |  |  | $ | 64,407 |
Segment Adjusted EBITDA | $ | (12,617) |  |  | $ | (3,125) |  |  | $ | (13,963) |  |  | $ | 5,329 |  |  | $ | (1,833) |  |  | $ | 1,129 |  |  | $ | (25,080) |
| Six Months Ended June 30, 2019 |  |  |  |  |  |  |  |  |  |  |  |
| PGEN Therapeutics |  | ActoBio |  | MBP Titan |  | Trans Ova |  | Human Biotherapeutics |  | All Other |  | Total
Revenues from external customers | $ | 1,730 |  |  | $ | 582 |  |  | $ | 2,696 |  |  | $ | 39,326 |  |  | $ | 2,845 |  |  | $ | 8,095 |  |  | $ | 55,274 |
Intersegment revenues | 4,777 |  |  | 495 |  |  | 2 |  |  | 947 |  |  | — |  |  | 73 |  |  | 6,294 |
Total segment revenues | $ | 6,507 |  |  | $ | 1,077 |  |  | $ | 2,698 |  |  | $ | 40,273 |  |  | $ | 2,845 |  |  | $ | 8,168 |  |  | $ | 61,568 |
Segment Adjusted EBITDA | $ | (14,836) |  |  | $ | (6,562) |  |  | $ | (17,214) |  |  | $ | 2,706 |  |  | $ | (577) |  |  | $ | (3,717) |  |  | $ | (40,200) |
The table below reconciles total segment revenues from reportable segments to total consolidated revenues:
| Three Months Ended June 30, |  |  |  | Six Months Ended June 30, |  |
| 2020 |  | 2019 |  | 2020 |  | 2019
Total segment revenues from reportable segments | $ | 30,004 |  |  | $ | 31,939 |  |  | $ | 59,729 |  |  | $ | 53,400 |
Other revenues, including from other operating segments | 2,526 |  |  | 4,097 |  |  | 5,740 |  |  | 8,315 |
Elimination of intersegment revenues | (2,106) |  |  | (3,200) |  |  | (5,207) |  |  | (6,294) |
Total consolidated revenues | $ | 30,424 |  |  | $ | 32,836 |  |  | $ | 60,262 |  |  | $ | 55,421 |
The table below reconciles Segment Adjusted EBITDA for reportable segments to consolidated net loss from continuing operations before income taxes:
| Three Months Ended June 30, |  |  |  | Six Months Ended June 30, |  |
| 2020 |  | 2019 |  | 2020 |  | 2019
Segment Adjusted EBITDA for reportable segments | $ | (5,999) |  |  | $ | (16,201) |  |  | $ | (26,209) |  |  | $ | (36,483) |
All Other Segment Adjusted EBITDA | 637 |  |  | (2,479) |  |  | 1,129 |  |  | (3,717) |
Remove cash paid for capital expenditures and investments in affiliates | 1,879 |  |  | 4,155 |  |  | 4,620 |  |  | 7,667 |
Add recognition of previously deferred revenue associated with upfront and milestone payments | 5,573 |  |  | 6,247 |  |  | 18,046 |  |  | 10,859 |
Other expenses: |  |  |  |  |  |  |
Interest expense | (4,592) |  |  | (4,353) |  |  | (9,184) |  |  | (8,658) |
Depreciation and amortization | (4,783) |  |  | (4,863) |  |  | (9,593) |  |  | (10,207) |
Impairment losses | (22,041) |  |  | — |  |  | (22,041) |  |  | — |
Stock-based compensation expense | (4,897) |  |  | 484 |  |  | (10,615) |  |  | (7,764) |
Adjustment related to bonuses paid in equity awards | — |  |  | — |  |  | 2,833 |  |  | — |
Equity in net loss of affiliates | (251) |  |  | (716) |  |  | (602) |  |  | (1,464) |
Other | 3 |  |  | — |  |  | 12 |  |  | — |
Unallocated corporate costs | (7,344) |  |  | (11,426) |  |  | (17,526) |  |  | (29,448) |
Eliminations | (1,659) |  |  | (3,162) |  |  | (4,246) |  |  | (6,012) |
Consolidated net loss from continuing operations before income taxes | $ | (43,474) |  |  | $ | (32,314) |  |  | $ | (73,376) |  |  | $ | (85,227) |
As of June 30, 2020 and December 31, 2019, the Company had $5,997 and $6,724, respectively, of long-lived assets in foreign countries from continuing operations. The Company recognized revenues from continuing operations derived in foreign countries totaling $122 and $233 for the three months ended June 30, 2020 and 2019, respectively, and $363 and $765 for the six months ended June 30, 2020 and 2019, respectively.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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