Company: PRME
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0001628280-25-050422
Chunk: 48

Company: Prime Medicine, Inc.
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 1
Chunk 48
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$43,990 $40,340 $3,650 

The $3.7 million increase in research and development expense for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024 was primarily driven by:

•$4.0 million increase in license and IP costs, primarily due to the issuance of restricted stock units; and

•$3.6 million increase in facility-related expense primarily due to the expansion and build out of our laboratory space at 60 First Street and 500 Arsenal Street.

These were offset by:

•$4.0 million decrease in personnel expenses resulting from the workforce reduction announced in May 2025; and

•$1.3 million decrease in research and development costs due to the deprioritization of our CGD programs as we strategically focus our internal efforts on advancing our in vivo liver franchise.

General and Administrative Expenses

Three Months EndedSeptember 30,(in thousands)20252024ChangeGeneral and administrative expenses:Professional and consultant fees$5,041 $4,198 $843 Personnel expenses4,370 7,433 (3,063)Facility related and other1,797 2,470 (673)Total general and administrative expenses$11,208 $14,101 $(2,893)

27

The $2.9 million decrease in general and administrative expense for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024 is primarily driven by a $3.1 million decrease in personnel expenses resulting from the workforce reduction announced in May 2025, including a decrease of $1.9 million in stock-based compensation expense.

Other Income (Expense)

Three Months EndedSeptember 30,(in thousands)20252024ChangeOther income:Change in fair value of short-term investment — related party$1,454 $215 $1,239 Interest income1,141 697 444 Accretion (amortization) of investments752 885 (133)Other income, net44 (83)127 Total other income, net$3,391 $1,714 $1,677 

Change in Fair Value of Related Party Short-Term Investment

The change in fair value of related party short-term investment for each of the periods presented is a result of Beam’s stock price movement.

Comparison of the Nine Months Ended September