$PRME

Prime Medicine, Inc.

CIK:0001894562|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Operating expenses:
Research and development	$ 33,397	$ 41,375	$ 67,502	$ 81,937
General and administrative	11,042	13,117	28,447	26,401
Total operating expenses	44,439	54,492	95,949	108,338
Loss from operations	(43,285)	(53,377)	(93,939)	(105,769)
Other income:
Interest income	788	743	1,809	1,925
Accretion (amortization) of investments	333	530	793	869
Change in fair value of short-term investment — related party	0	(505)	0	(1,561)
Other income, net	55	18	106	55
Total other income, net	1,176	786	2,708	1,288
Net loss attributable to common stockholders, basic	(42,109)	(52,591)	(91,231)	(104,481)
Net loss attributable to common stockholders, diluted	$ (42,109)	$ (52,591)	$ (91,231)	$ (104,481)
Net loss per share attributable to common stockholders, basic (in dollars per share)	$ (0.24)	$ (0.41)	$ (0.51)	$ (0.81)
Net loss per share attributable to common stockholders, diluted (in dollars per share)	$ (0.24)	$ (0.41)	$ (0.51)	$ (0.81)
Weighted-average common shares outstanding, basic (in shares)	177,224,892	129,185,918	177,160,914	128,439,349
Weighted-average common shares outstanding, diluted (in shares)	177,224,892	129,185,918	177,160,914	128,439,349
Comprehensive loss:
Net loss	$ (42,109)	$ (52,591)	$ (91,231)	$ (104,481)
Change in unrealized (loss) income on investments, net of tax	(8)	5	(91)	(11)
Comprehensive loss	(42,117)	(52,586)	(91,322)	(104,492)
Related Party
Revenue:
Collaboration revenue — related party	$ 1,154	$ 1,115	$ 2,010	$ 2,569

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows used in operating activities:
Net loss	$ (91,231)	$ (104,481)
Adjustments to reconcile net loss to net cash used in operating activities
Stock-based compensation expense	9,509	12,006
Non-cash lease expense	5,709	4,761
Depreciation expense	3,641	3,564
Amortization of premiums and discount on short-term investments	(743)	(575)
Change in fair value of short-term investment — related party	0	1,561
Changes in operating assets and liabilities:
Collaboration receivable — related party	0	(120)
Prepaid expenses and other current assets	1,880	652
Accounts payable	(2,966)	(1,461)
Accrued expenses and other current liabilities	(3,622)	(1,690)
Deferred revenue — related party	(1,984)	(2,433)
Lease liabilities	(3,949)	(2,053)
Net cash used in operating activities	(83,756)	(90,269)
Cash flows provided by (used in) investing activities:
Maturities of investments	93,953	14,250
Purchases of investments	(26,272)	(55,227)
Purchases of property and equipment	(260)	(3,994)
Net cash provided by (used in) investing activities	67,421	(44,971)
Cash flows provided by financing activities:
Net proceeds from stock option exercises	416	0
Proceeds from ESPP offerings	338	197
Proceeds from research and development funding liability	0	6,000
Net cash provided by financing activities	754	6,197
Net change in cash, cash equivalents, and restricted cash	(15,581)	(129,043)
Cash, cash equivalents, and restricted cash at beginning of period	76,723	196,538
Cash, cash equivalents, and restricted cash at end of period	61,142	67,495
Reconciliation of cash, cash equivalents and restricted cash:
Cash, cash equivalents, and restricted cash at end of period	61,142	67,495
Less: restricted cash	13,691	13,691
Total cash, and cash equivalents	47,451	53,804
Supplemental cash flow information:
Right-of-use assets obtained in exchange for new operating lease liabilities	0	83,757
Decrease in right-of-use assets due to lease termination	0	3,120
Supplemental disclosure of non-cash investing and financing activities:
Purchases of property and equipment included in accounts payable and accrued expenses	$ 0	$ 148

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 47,451	$ 63,032
Short-term investments	47,620	114,648
Prepaid expenses	1,357	2,939
Other current assets	376	674
Total current assets	96,804	181,293
Property and equipment, net	17,077	20,572
Operating lease right-of-use assets	120,468	126,177
Restricted cash	13,691	13,691
Other assets	1,000	1,000
Total assets	249,040	342,733
Current liabilities:
Accounts payable	5,808	8,887
Accrued expenses and other current liabilities	8,978	12,600
Deferred revenue — related party	7,934	7,824
Operating lease liability	8,972	8,137
Total current liabilities	31,692	37,448
Deferred revenue, net of current — related party	56,033	58,127
Operating lease liability, net of current	103,506	108,290
Research and development funding liability	18,000	18,000
Total liabilities	209,231	221,865
Commitments and contingencies
Stockholders’ equity
Common stock, par value of $0.00001 per share; 775,000,000 shares authorized; 180,737,548 and 180,514,014 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	2	2
Additional paid-in capital	1,019,401	1,009,138
Accumulated other comprehensive (loss) income	(9)	82
Accumulated deficit	(979,585)	(888,354)
Total stockholders’ equity	39,809	120,868
Total liabilities and stockholders’ equity	$ 249,040	$ 342,733