Company: PRME
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0001628280-25-050422
Chunk: 49

Company: Prime Medicine, Inc.
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 1
Chunk 49
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30, 2025 and 2024

Operating Expenses

Research and Development Expenses

Nine Months EndedSeptember 30,(in thousands)20252024ChangeResearch and development expenses:Personnel expenses$40,146 $46,140 $(5,994)Facility related36,087 26,371 9,716 Research costs27,531 32,723 (5,192)License, intellectual property fees, and other13,707 8,372 5,335 Professional and consultant fees5,539 4,659 880 Clinical expense2,917 2,920 (3)Total research and development expenses$125,927 $121,185 $4,742 

The $4.7 million increase in research and development expense for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024 was primarily driven by:

•$9.7 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; and

•$5.3 million increase in license and IP costs as we advance our in vivo liver franchise and pipeline.

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These were offset by:

•$6.0 million decrease in personnel expenses, driven primarily by fewer R&D personnel resulting from the workforce reduction announced in May 2025; and

•$5.2 million decrease in research 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

Nine Months EndedSeptember 30,(in thousands)20252024ChangeGeneral and administrative expenses:Personnel expenses$18,608 $20,273 $(1,665)Professional and consultant fees12,269 10,129 2,140 Facility related and other6,732 7,458 (726)Total general and administrative expenses$37,609 $37,860 $(251)

The $0.3 million decrease in general and administrative expense for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024 is primarily driven by $1.7 million decrease in personnel expenses driven primarily by a decrease of $2.3 million in stock-based compensation expense, offset by one-time severance payments and other employee termination-related expenses in connection with the May 2025