Company: PRME
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001628280-25-023486
Chunk: 92

Company: Prime Medicine, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 2
Chunk 92
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 cash used in operating activities for the three months ended March 31, 2025 was driven primarily by the following uses of cash:

•$51.9 million net loss;

•$6.7 million change in accrued expenses and other current liabilities; and

•$1.4 million change in deferred revenue — related party.

These were offset by:

•$10.7 million of non-cash amounts included in net loss, which primarily consisted of stock-based compensation expense, non-cash lease expense, depreciation expense, and change in fair value of short-term investment — related party; and

•$1.9 million change in accounts payable.

Net cash used in operating activities for the three months ended March 31, 2024 was driven primarily by the following uses of cash:

•$45.8 million net loss;

•$13.5 million change in accrued settlement payment — related party;

•$5.9 million change in accounts payable;

•$4.5 million change in accrued expenses and other current liabilities;

•$3.5 million change in lease liabilities; and

•$2.8 million change in prepaid and other current assets.

These were offset by $8.2 million of non-cash amounts included in net loss, which primarily consisted of stock-based compensation expense, non-cash lease expense, and depreciation expense.

Investing Activities 

Net cash used in investing activities for the three months ended March 31, 2025 was driven primarily by the following:

•$45.3 million of purchases of marketable securities, net of maturities; and

•$2.4 million of purchases of property and equipment.

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Net cash used in investing activities for the three months ended March 31, 2024 was driven primarily by the following:

•$34.7 million of purchases of marketable securities, net of maturities; and

•$2.3 million of purchases of property and equipment.

Financing Activities 

Net cash provided by financing activities for the three months ended March 31, 2025 was driven by $6.0 million of proceeds received under our agreement with Cystic Fibrosis Foundation.

Net cash provided by financing activities for the three months ended March 31, 2024 was driven primarily by the following:

•$132.1 million of proceeds from issuances of common stock in the our February 2024 public offering;

•$18.8 million of proceeds from issuance of pre-funded