Company: PRME
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001628280-25-038619
Chunk: 44

Company: Prime Medicine, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 1
Chunk 44
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 these investments. Further, given the lack of significant change in the credit risk, the Company does not consider these investments to be impaired.

4.Property and Equipment, Net 

Property and equipment, net consisted of the following:(in thousands)June 30,2025December 31,2024Property and equipment:Laboratory equipment$29,377 $27,343 Leasehold improvement7,911 5,136 Furniture and Fixture1,864 1,075 Computer hardware and software1,122 869 Construction in progress230 3,578 Total property and equipment40,504 38,001 Less: Accumulated depreciation(16,676)(13,597)Total property and equipment, net$23,828 $24,404 Depreciation expense related to property and equipment is as follows:Three Months Ended June 30,Six Months Ended June 30,(in thousands)2025202420252024Depreciation Expense$1,864 $1,538 $3,564 $2,853 

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5.Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following:(in thousands)June 30,2025December 31,2024Accrued expenses and other current liabilitiesEmployee compensation and benefits$5,818 $8,976 Research and clinical costs3,660 907 License fee1,562 1,938 Facility related1 2,811 Other1,117 1,272 Total accrued expenses and other current liabilities$12,158 $15,904 

6.Leases

The Company leases office and laboratory space under various non-cancelable operating leases. The Company’s significant lease agreements are disclosed in Note 9, Leases, in the audited consolidated financial statements for the year ended December 31, 2024, and notes thereto, included in the Company’s Annual Report on Form 10-K that was filed with the SEC on February 28, 2025. Since the date of those financial statements, there have been no changes to the Company’s significant agreements except as described below.60 First Street, Cambridge, Massachusetts LeaseIn November 2021, the Company entered into a lease for three floors of office and laboratory space in Cambridge, Massachusetts, with rent commencing in March 2024, subject to any credits pursuant to the terms of the lease (the “60 First Street Lease