Shares of Precision BioSciences (ASX:DTIL) slipped by 8.5%, reaching a record low of $0.49.

The plunge comes after the biopharmaceutical company completed a transaction for the global rights of its leading cancer therapy with Imugene.

As part of the agreement, Precision BioSciences (ASX:DTIL) is set to receive $227 million in upfront and milestone payments.

The upfront cash combined with decreased operating expenses is expected to extend the firm’s cash runway to the third quarter of 2025.

Precision BioSciences (ASX:DTIL) experienced stock disruption as it made a business pivot, resulting in an exit from the company that had been closely associated with the development of CAR-T cancer therapy.

The news of the transaction contributed to this disruption, as noted by BTIG analyst Justin Zelin.

Accounting for the session losses, the stock has plummeted roughly 59% YTD.

Precision BioSciences is a biopharmaceutical company that focuses on pioneering genome editing technologies.