Company: PRME
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001628280-25-023486
Chunk: 89

Company: Prime Medicine, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 2
Chunk 89
---
, human resources and other administrative functions. General and administrative expenses also include legal fees relating to patents and corporate matters; professional fees paid for accounting, auditing, consulting and tax service; insurance costs; office and information technology costs; and facilities, depreciation and other general and administrative expenses, which include direct or allocated expenses for rent and maintenance of facilities and utilities.

We anticipate that our general and administrative expenses will increase in the future as we increase our headcount to support research and development activities; increased accounting, legal, insurance, and investor and public relations costs as we continue to operate as a public company; and additional intellectual property-related expenses as we file patent applications to protect innovations arising from our research and development activities.

Other Income (Expense) 

Other income (expense), net primarily consists of interest and other income earned on our short-term investments and the change in the fair value of our short-term investment in Beam Therapeutics Inc. (“Beam”), a related party, in connection with the Beam Collaboration Agreement, which is discussed in greater detail in Note 9, License and Collaboration Agreements, to the audited consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2024.

25

Results of Operations

Comparison of the Three Months Ended March 31, 2025 and 2024

Operating Expenses

Research and Development Expenses

Three Months EndedMarch 31,(in thousands)20252024ChangeResearch and development expenses:Personnel expenses$14,800 $15,007 $(207)Research costs11,036 11,619 (583)Facility related10,969 7,334 3,635 License, intellectual property fees, and other1,425 1,675 (250)Clinical expense1,173 547 626 Professional and consultant fees1,159 1,592 (433)Total research and development expenses$40,562 $37,774 $2,788 

The $2.8 million increase in research and development expense for the three months ended March 31, 2025 as compared to the three months ended March 31, 2024 was primarily driven by a $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.

General and Administrative Expenses

Three Months EndedMarch 31,(in thousands)20252024ChangeGeneral and administrative expenses:Personnel expenses$7,156