Company: PRME
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001628280-25-038619
Chunk: 92

Company: Prime Medicine, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 92
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M Prospectus”) filed with the shelf registration statement on Form S-3 (File No. 333-275321) and related to the shares of our common stock issuable pursuant to the Sales Agreement. As a result, we will not make any sales of our common stock pursuant to the Sales Agreement, unless and until a new prospectus, prospectus supplement or a new registration statement is filed. Other than the termination of the ATM Prospectus, the Sales Agreement remains in full force and effect. As of the date of this Quarterly Report on Form 10-Q, we have not sold any shares of common stock under the 2023 ATM program.

In August 2025, we issued and sold 43,700,000 shares of our common stock, including 5,700,000 shares pursuant to the exercise of the underwriters’ option to purchase additional shares, at a price to the public of $3.30 per share. As a result of the offering, we received approximately $138.2 million in net proceeds, after deducting underwriting discounts, commissions and offering costs of approximately $6.0 million.

Cash Flows 

The following table summarizes our sources and uses of cash for each of the periods presented: 

Six Months EndedJune 30,(in thousands)20252024Net change in cash, cash equivalents and restricted cash:Net cash used in operating activities$(90,269)$(113,198)Net cash used in investing activities(44,971)(30,138)Net cash provided by financing activities6,197 157,362 Net change in cash, cash equivalents, and restricted cash$(129,043)$14,026 

Operating Activities 

Net cash used in operating activities for the six months ended June 30, 2025 was driven primarily by the following uses of cash:

•$104.5 million net loss;

•$2.4 million change in deferred revenue — related party;

•$2.1 million change in lease liabilities

•$1.7 million change in accrued expenses and other current liabilities; and

•$1.5 million change in accounts payable.

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These were offset by $21.3 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.

Net cash used in operating activities for the six months ended June 30, 2024 was driven primarily by the following