Company: PRME
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0001628280-25-008884
Chunk: 273

Company: Prime Medicine, Inc.
Filing Date: 2025-02-28
Form: 10-K
Item: Item 16
Chunk 273
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iation expense related to property and equipment is as follows:Year ended December 31,(in thousands)20242023Depreciation expense$6,128 $4,653 

F-18

5.Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following:December 31,(in thousands)20242023Accrued expenses and other current liabilitiesEmployee compensation and benefits$8,976 $8,270 Facility related2,811 1,239 License fee1,938 — Research and clinical costs907 1,962 Other1,272 2,639 Total accrued expenses and other current liabilities$15,904 $14,110 

6.Leases

21 Erie Street, Cambridge, Massachusetts LeaseIn March 2020, the Company entered into an operating lease to sublease office and laboratory space located at 21 Erie Street, Cambridge, Massachusetts. This lease was subject to various amendments and the amended lease agreement provided for escalating monthly rental payments with fixed costs for expenses and property taxes included in each payment. In November 2023, the Company exercised its option to terminate this lease with a seven-month notice.38 Sidney Street, Cambridge, Massachusetts LeaseIn July 2021, the Company entered into a non-cancelable operating lease to sublease office space in Cambridge, Massachusetts. The lease commenced in August 2021 and contained escalating monthly rental payments. The lease expired in December 2024 and the Company did not exercise its right to extend the lease for one additional six-month period.64 Sidney Street, Cambridge, Massachusetts LeaseIn July 2021, the Company entered into a non-cancelable operating lease to sublease office space located at 64 Sidney Street, Cambridge, Massachusetts. The lease commenced in April 2022 and contained escalating monthly rental payments. The lease term expires in April 2025. The Company has a right to extend the lease for one additional six-month period at a market rate, which is not probable of being exercised by the Company. The lease requires the Company to share in prorated expenses and property taxes based on actual amounts incurred. 60 First Street, Cambridge, Massachusetts LeaseIn November 2021, the Company entered into a lease for three floors of office and laboratory space at 60 First Street, Cambridge, Massachusetts, with rent commencing in March 2024, subject to any credits pursuant to the terms of the lease (the “60 First Street Lease”). Subsequent