Company: PRME
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001628280-25-023486
Chunk: 49

Company: Prime Medicine, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 1
Chunk 49
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 going concern for the next 12 months and that contemplates the realization of assets and satisfaction of liabilities and commitments in the normal course of business. Our ability to continue as a going concern is dependent upon our uncertain ability to obtain additional capital, reduce expenditures and/or execute on its business plan. These condensed consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

27

Cash Flows 

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

Three Months EndedMarch 31,(in thousands)20252024Net change in cash, cash equivalents and restricted cash:Net cash used in operating activities$(48,857)$(67,707)Net cash used in investing activities(47,742)(37,032)Net cash provided by financing activities6,000 157,327 Net change in cash, cash equivalents, and restricted cash$(90,599)$52,588 

Operating Activities 

Net cash used in operating activities for the three months ended March 31, 2025 was driven primarily by the following uses of cash:

•$51.9 million net loss;

•$6.7 million change in accrued expenses and other current liabilities; and

•$1.4 million change in deferred revenue — related party.

These were offset by:

•$10.7 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; and

•$1.9 million change in accounts payable.

Net cash used in operating activities for the three months ended March 31, 2024 was driven primarily by the following uses of cash:

•$45.8 million net loss;

•$13.5 million change in accrued settlement payment — related party;

•$5.9 million change in accounts payable;

•$4.5 million change in accrued expenses and other current liabilities;

•$3.5 million change in lease liabilities; and

•$2.8 million change in prepaid and other current assets.

These were offset by $8.2 million of non-cash amounts included in net loss, which primarily consisted of stock-based compensation expense, non-cash lease expense, and depreciation expense.

Investing Activities 

Net cash used in investing activities for the three months ended March 31, 2025 was driven primarily by the following:

•$45.3 million of purchases