Precision BioSciences Promotes Chief Financial Officer to Chief Operating Officer, Appoints New CFO

Alex Kelly's Transition from CFO to Chief Operating Officer

Precision BioSciences' Board of Directors approved the appointment of Alex Kelly as Chief Operating Officer on July 23, 2026, marking a significant shift in the 60-year-old executive's role within the company. Kelly has held the position of Chief Financial Officer since May 2021 and will transition into his new role effective August 1, 2026. According to the disclosure, Kelly and the company mutually agreed to this promotion, and the transition was not the result of any disagreement regarding the company's operations, policies, practices, or accounting policies.

In connection with his promotion to Chief Operating Officer, the Compensation Committee of the Board approved an increase to Kelly's annual base salary to $510,000, with a target annual bonus equal to 45 percent of his annual base salary. The disclosure states that no other changes were made to Kelly's existing employment agreement or compensation structure in connection with this appointment. This salary adjustment reflects the expanded responsibilities Kelly will assume in his new operational leadership role within the gene editing company.

Naresh Tanna's Appointment as Chief Financial Officer

The Board appointed Naresh Tanna, age 45, as Chief Financial Officer of Precision BioSciences effective August 1, 2026. Tanna brings extensive experience from his previous position as Vice President of Investor Relations and Chief of Staff to the Chief Executive Officer, roles he has held since joining the company in January 2022. In these positions, he oversaw investor relations, strategic projects, commercial strategy, and business intelligence. According to the disclosure, Tanna has been an integral member of the Senior Leadership Team, helping to drive the company's corporate strategy as it advances its wholly owned in vivo gene editing programs.

As Chief Financial Officer, Tanna will oversee the company's financial planning and reporting, investor relations, and corporate communications functions. Prior to joining Precision BioSciences, Tanna served as a Global Oncology Marketing Director at Amgen Inc. from January 2020 until his departure in January 2022. The filing details that Tanna brings over 20 years of diverse experience across oncology, infectious diseases, and rare diseases, having held leadership roles in global oncology marketing and financial planning and analysis at Amgen Inc., AbbVie Inc., Celgene Corporation, and Eli Lilly and Company. Earlier in his career, Tanna worked as a life sciences consultant at Trinity Partners and Clarkston Consulting.

Tanna's Educational Background and Professional Qualifications

Naresh Tanna's educational credentials include a Master of Business Administration from IESE Business School and a Bachelor of Science in Biomedical Engineering and Political Science from Rutgers School of Engineering. Additionally, Tanna has earned a Chief Financial Officer certificate from the executive program at The Wharton School of the University of Pennsylvania, providing formal training in financial leadership and strategy. These qualifications align with the technical and strategic demands of serving as Chief Financial Officer for a biotechnology company advancing gene editing therapeutics.

The disclosure states that there are no arrangements or understandings between Tanna and any other person pursuant to which he was appointed as Chief Financial Officer. Under the terms of his employment agreement with the company, Tanna will receive an annual base salary of $400,000 with a target annual bonus equal to 40 percent of his annual base salary, pro-rated for 2026 based on the partial year served. The filing notes that the full text of his employment agreement will be filed with the company's Quarterly Report on Form 10-Q for the quarter ending September 30, 2026.

Mei Burris Designated as Principal Accounting Officer and Chief Accounting Officer

Mei Burris, age 40, was designated as principal accounting officer and Chief Accounting Officer of Precision BioSciences, effective August 1, 2026. Burris currently serves as Vice President of Finance, a position she has held since November 2024. Her career with Precision BioSciences spans over seven years, beginning in February 2019. Since joining the company, she has held roles of increasing responsibility, including Senior Director of Finance and Corporate Controller, Director of Investor Relations and Finance, and Director of Financial Reporting. In her current and new roles, Burris is responsible for the company's accounting function, encompassing technical accounting, accounting policy, internal controls over financial reporting, and external financial reporting.

Prior to joining Precision BioSciences, Burris worked in senior accounting roles at other publicly traded life sciences companies. From August 2017 to February 2019, she served as Assistant Controller of Heat Biologics, Inc., now known as Scorpius Holdings, Inc., a publicly traded biotechnology company. Before that, from April 2014 to August 2017, Burris was with Cempra Pharmaceuticals, Inc., a publicly traded pharmaceutical company now operating as CorMedix Therapeutics, Inc., where she served as Senior Accountant. Burris holds the designation of Certified Public Accountant and received a Bachelor of Science in Business Administration from West Virginia University. The disclosure states there are currently no changes to Burris' compensation in connection with her designation as principal accounting officer and Chief Accounting Officer.

Restructured Executive Leadership Team and Organizational Changes

As a result of the leadership appointments and changes announced in the disclosure, Precision BioSciences' executive officers now consist of Michael Amoroso as President and Chief Executive Officer, Naresh Tanna as Chief Financial Officer, Alex Kelly as Chief Operating Officer, Cassie Gorsuch, Ph.D., as Chief Scientific Officer, and Dario Scimeca as Chief Legal Officer and Corporate Secretary, effective August 1, 2026. The filing indicates that all research functions have been assigned to Cassie Gorsuch, Ph.D., the company's Chief Scientific Officer, as part of the organizational restructuring.

This reorganization reflects the company's strategic positioning as it advances its wholly owned in vivo gene editing programs. The restructuring consolidates research leadership under Dr. Gorsuch while establishing clearer operational and financial reporting hierarchies. The changes position Kelly's expanded role as Chief Operating Officer to oversee operational execution while Tanna focuses on financial management and capital allocation strategy. These organizational adjustments suggest the company is refining its management structure to support the development and commercialization of its gene editing therapeutic candidates.

Compensation Details and Employment Terms for New CFO

Under his employment agreement, Naresh Tanna will receive an annual base salary of $400,000 with a target annual bonus equal to 40 percent of his annual base salary. For 2026, his target bonus will be pro-rated to reflect the partial year he serves in the role, beginning August 1, 2026. The filing states that the complete employment agreement between Tanna and the company will be filed with the company's Quarterly Report on Form 10-Q for the quarter ending September 30, 2026, providing investors with full transparency regarding contractual terms and conditions of his employment.

The compensation structure for Tanna was designed to align with the company's executive pay philosophy while reflecting his appointment to the Chief Financial Officer position. His base salary of $400,000 is complemented by a performance-based target bonus opportunity of 40 percent, allowing the company to tie a portion of his compensation to annual performance metrics and business objectives. This compensation arrangement is consistent with typical CFO compensation structures in the biopharmaceutical industry and reflects Tanna's background and experience in both commercial and financial leadership roles across multiple major pharmaceutical and biotechnology companies.

Kelly's Prior Experience and Tenure as Chief Financial Officer

Alex Kelly has served as Chief Financial Officer of Precision BioSciences since May 2021, providing approximately five years of financial leadership during a critical period of the company's development in the gene editing field. During his tenure as CFO, Kelly has overseen the company's financial strategy, capital management, and reporting during a time of advancement of its wholly owned in vivo gene editing programs. His promotion to Chief Operating Officer recognizes his contributions to the company's financial management and suggests confidence from the Board in his ability to assume broader operational responsibilities.

The disclosure emphasizes that Kelly's promotion was a mutual agreement between Kelly and the company, with no disagreement regarding operations, policies, practices, or accounting matters. His increase in annual base salary to $510,000 with a 45 percent target annual bonus reflects the expanded scope of responsibilities he will assume in the Chief Operating Officer role. This transition represents a natural career progression for Kelly within Precision BioSciences, leveraging his financial expertise in a more operationally focused position as the company executes its strategic initiatives in gene editing therapeutics.

Timing of Leadership Transition and Public Announcement

The Board of Directors approved all leadership changes on July 23, 2026, with an effective date of August 1, 2026, providing a transition period of approximately nine days. This timeline allows for coordination of responsibilities between departing and incoming role holders, ensuring continuity in financial management and operational oversight. On July 27, 2026, Precision BioSciences issued a press release announcing these changes to its senior leadership team, which was furnished as an exhibit to the current disclosure.

The staggered approach—approval on July 23 followed by public announcement on July 27 and effective date of August 1—reflects standard corporate governance practices. The filing states that the press release was issued pursuant to Regulation FD disclosure requirements and was incorporated by reference into the filing. The disclosure notes that the information in the press release shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be incorporated by reference into any other filing under securities laws except as expressly set forth by specific reference.

No Controversies or Disagreements Associated with Leadership Changes

The disclosure explicitly states that the transitions and appointments were not the result of any disagreement with the company or its Board relating to the company's operations, policies or practices, or any issues regarding accounting policies or practices. This statement is particularly significant as it provides assurance to investors that the leadership changes represent planned organizational evolution rather than responses to operational or compliance issues. The filing also indicates that there are no arrangements or understandings between the newly appointed executives and any other person pursuant to which they were appointed to their respective positions.

The emphasis on the absence of disputes or controversies underscores the orderly nature of the transitions. Naresh Tanna's prior tenure with Precision BioSciences since January 2022 and his integral role in the Senior Leadership Team suggest he is a known quantity to the Board and management, reducing transition risk. Similarly, Mei Burris' extended tenure with the company since February 2019 and her progressive assumption of greater financial responsibilities position her well for the principal accounting officer role. These factors suggest continuity and stability in the company's financial and accounting functions during the leadership transition period.