Company: PRME
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001628280-25-038619
Chunk: 42

Company: Prime Medicine, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 1
Chunk 42
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 paid, income or loss from continuing operations before income tax expense or benefit, and income tax expense or benefit from continuing operations. This guidance is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company is currently in the process of evaluating the impact of this pronouncement on its related disclosures.In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses, which requires more detailed information about specified categories of expenses included in certain expense captions presented on the face of the income statement. This ASU is effective for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The amendments may be applied either (1) prospectively to financial statements issued for reporting periods after the effective date of this ASU or (2) retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the impact this ASU will have on its disclosures.Other accounting standards that have been issued by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on the Company’s financial statements upon adoption.

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3.Fair Value Measurements and Investments

The following tables present the Company’s fair value hierarchy for its assets that are measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair value:As of June 30, 2025:(in thousands)Level 1Level 2Level 3TotalCash equivalents:Money market funds$— $40,748 $— $40,748 Corporate debt securities— 6,776 — 6,776 U.S. Treasury and government securities— 5,216 — 5,216 Short-term investments:U.S. Treasury and government securities— 36,347 — 36,347 Corporate debt securities— 8,192 — 8,192 Related party short-term investment:Beam equity securities3,407 — — 3,407 Total cash equivalents and investments$3,407 $97,279 $— $100,686 As of December 31, 2024:(in thousands)Level 1Level 2Level 3TotalCash equivalents:Money market funds$— $178,212 $— $178,212