Precision BioSciences is a clinical-stage gene editing company built around its proprietary ARCUS platform, which it uses to develop in vivo gene therapies — treatments that edit DNA directly inside a patient's body. ARCUS is a meganuclease-based editor that uses a single engineered protein, rather than a protein-plus-guide RNA combination like CRISPR, to find and cut specific DNA sequences. Precision argues ARCUS's single-component design, smaller size, and staggered-cut mechanism give it advantages in precision, delivery simplicity, and the ability to fit inside AAV delivery vectors alongside a repair template. Precision's two lead programs are PBGENE-HBV, a Phase 1/2a therapy for chronic hepatitis B designed to eliminate the persistent viral DNA (cccDNA) that drives the infection, and PBGENE-DMD, a Phase 1/2 therapy for Duchenne muscular dystrophy targeting roughly 60% of DMD patients by excising a defective portion of the dystrophin gene to restore a near full-length functional protein. Precision has no product revenue from its core programs; current revenues come from licensing and collaboration deals, where Precision licenses its ARCUS platform to partners including iECURE, Caribou Biosciences, TG Therapeutics, and Imugene in exchange for upfront payments, milestones, and royalties. A previously significant collaboration with Novartis for sickle cell disease and beta thalassemia was terminated by Novartis in late 2025. If approved, Precision's therapies would likely be priced as one-time treatments, consistent with the broader gene therapy market.