Company: PRME
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0001628280-25-050422
Chunk: 100

Company: Prime Medicine, Inc.
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 2
Chunk 100
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 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.

Results of Operations

Comparison of the Three Months Ended September 30, 2025 and 2024

Operating Expenses

Research and Development Expenses

Three Months EndedSeptember 30,(in thousands)20252024ChangeResearch and development expenses:Facility related$11,353 $7,735 $3,618 Personnel expenses10,898 14,935 (4,037)License, intellectual property fees, and other9,470 5,447 4,023 Research costs8,379 9,714 (1,335)Professional and consultant fees2,720 1,786 934 Clinical expense1,170 723 447 Total research and development expenses$43,990 $40,340 $3,650 

The $3.7 million increase in research and development expense for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024 was primarily driven by:

•$4.0 million increase in license and IP costs, primarily due to the issuance of restricted stock units; and

•$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.

These were offset by:

•$4.0 million decrease in personnel expenses resulting from the workforce reduction announced in May 2025; and

•$1.3 million decrease in research and development costs due to the deprioritization of our CGD programs as we strategically focus our internal efforts on advancing our in vivo liver franchise.

General and Administrative Expenses

Three Months EndedSeptember 30,(in thousands)20252024ChangeGeneral and administrative expenses:Professional and consultant fees$5,041 $4,198 $843 Personnel expenses4,370 7,433 (3,063)Facility related and other1,797 2,470 (673)Total general and administrative expenses$11,208 $14,101 $(2,893)

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