Company: PRME
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001628280-25-038619
Chunk: 83

Company: Prime Medicine, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 83
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 changes to the Company’s significant agreements except those discussed below.Bristol-Myers Squibb — Related PartySupplemental information related to the BMS Collaboration Agreement consisted of the following:(in thousands)June 30,2025December 31,2024Collaboration receivable — related party$120 $— Deferred revenue — related party$8,315 $7,092 Deferred revenue, net of current — related party$59,562 $63,218 Three Months Ended June 30,Six Months Ended June 30,(in thousands)2025202420252024Revenue recognized that was included in contract liability at the beginning of the period$1,061 $— $2,502 $— Revenue recognized from performance obligations fully or partially satisfied in previous periods$5 $— $3 $— As of June 30, 2025, the aggregate amount of the transaction price allocated to performance obligations under the BMS Collaboration Agreement that are partially unsatisfied was $67.9 million. The Company recognizes the portion of the transaction price as the single performance obligation is satisfied, using an input method, in proportion to costs incurred to date as compared to total costs incurred and expected to be incurred in the future to satisfy the underlying obligation.Cystic Fibrosis FoundationIn July 2025, the Company entered into an agreement with the Cystic Fibrosis Foundation (“CFF”), under which CFF has agreed to provide up to $24 million in additional funding to accelerate the development of Prime Editors designed to permanently correct cystic fibrosis-related lung disease. The $24 million funding will be provided in two equal tranches, subject to certain closing conditions and scientific milestones. The first tranche includes a $6 million equity investment in the Company, which was received as part of the August 2025 offering.

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CFF’s additional investment builds on initial funding received under the Company’s therapeutic development agreement with CFF in January 2024.Beam Collaboration Agreement — Related PartyThe Company is currently engaged in arbitration proceedings with Beam Therapeutics, Inc. (“Beam”) regarding the parties’ collaboration and license agreement (the “Agreement”). A dispute arose between the parties following the Company’s March 18, 2025 announcement that it is developing a Prime Editing-based treatment for alpha-1 antitrypsin deficiency (“AATD”). On April 16, 2025, Beam filed an arbitration demand with the American Arbitration Association