Company: PRME
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001628280-25-038619
Chunk: 89

Company: Prime Medicine, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 89
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 Clinical expense574 1,650 (1,076)Total research and development expenses$41,375 $43,071 $(1,696)

The $1.7 million decrease in research and development expense for the three months ended June 30, 2025 as compared to the three months ended June 30, 2024 was primarily driven by:

•$3.3 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;

•$1.8 million decrease in personnel expenses, driven primarily by a decrease of $1.0 million in stock-based compensation expense and fewer R&D personnel resulting from workforce reduction; and

•$1.1 million decrease in clinical expenses due to the deprioritization of our CGD programs and discontinuation of our efforts to independently advance our PM359 program to focus on our liver franchise and programs funded through external partnerships.

These were offset by: 

•$2.5 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

•$1.6 million increase in license and IP costs as we advance our in vivo liver franchise and pipeline.

26

General and Administrative Expenses

Three Months EndedJune 30,(in thousands)20252024ChangeGeneral and administrative expenses:Personnel expenses$7,082 $6,956 $126 Professional and consultant fees3,956 2,821 1,135 Facility related and other2,079 2,824 (745)Total general and administrative expenses$13,117 $12,601 $516 

The $0.5 million increase in general and administrative expense for the three months ended June 30, 2025 as compared to the three months ended June 30, 2024 is primarily driven by a $1.1 million increase in professional and consultant fees due to an increase in corporate legal expenses.

Other Income (Expense)

Three Months EndedJune 30,(in thousands)20252024ChangeOther income:Interest income$743 $611 $132 Accretion (amortization) of investments530 1,486 (956)Change in fair value of short-term investment — related party(505)(1,925)1,420 Other income, net18 39 (21)Total other income, net