Company: PRME
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001628280-25-038619
Chunk: 60

Company: Prime Medicine, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 1
Chunk 60
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 the Six Months Ended June 30, 2025 and 2024

Operating Expenses

Research and Development Expenses

Six Months EndedJune 30,(in thousands)20252024ChangeResearch and development expenses:Personnel expenses$29,248 $31,205 $(1,957)Facility related24,734 18,636 6,098 Research costs19,152 23,009 (3,857)License, intellectual property fees, and other4,237 2,925 1,312 Professional and consultant fees2,819 2,873 (54)Clinical expense1,747 2,197 (450)Total research and development expenses$81,937 $80,845 $1,092 

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The $1.1 million increase in research and development expense for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024 was primarily driven by:

•$6.1 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; and

•$1.3 million increase in license and IP costs as we advance our in vivo liver franchise and pipeline.

This is offset by:

•$3.9 million decrease in research costs due to the deprioritization of our CGD programs as we strategically focus our internal efforts on advancing our in vivo liver franchise; and

•$2.0 million decrease in personnel expenses, driven primarily by a decrease of $0.9 million in stock-based compensation expense and fewer R&D personnel resulting from the workforce reduction.

General and Administrative Expenses

Six Months EndedJune 30,(in thousands)20252024ChangeGeneral and administrative expenses:Personnel expenses$14,238 $12,840 $1,398 Professional and consultant fees7,228 5,931 1,297 Facility related and other4,935 4,988 (53)Total general and administrative expenses$26,401 $23,759 $2,642 

The $2.6 million increase in general and administrative expense for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024 is primarily driven by:

•$1.4 million increase in personnel expenses in connection with the reduction in force, primarily consisting of one-time severance payments and other