Company: PRME
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0001628280-25-050422
Chunk: 32

Company: Prime Medicine, Inc.
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 1
Chunk 32
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 current economic conditions, the Company did not record an allowance for credit losses as of September 30, 2025 related to these investments. Further, given the lack of significant change in the credit risk, the Company does not consider these investments to be impaired.

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4.Property and Equipment, Net 

Property and equipment, net consisted of the following:(in thousands)September 30,2025December 31,2024Property and equipment:Laboratory equipment$29,685 $27,343 Leasehold improvement7,911 5,136 Furniture and Fixture1,864 1,075 Computer hardware and software1,122 869 Construction in progress21 3,578 Total property and equipment40,603 38,001 Less: Accumulated depreciation(18,557)(13,597)Total property and equipment, net$22,046 $24,404 Depreciation expense related to property and equipment is as follows:Three Months Ended September 30,Nine Months Ended September 30,(in thousands)2025202420252024Depreciation Expense$1,881 $1,558 $5,445 $4,411 

5.Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following:(in thousands)September 30,2025December 31,2024Accrued expenses and other current liabilitiesEmployee compensation and benefits$6,759 $8,976 License fee1,562 1,938 Research and clinical costs619 907 Facility related— 2,811 Other2,060 1,272 Total accrued expenses and other current liabilities$11,000 $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