Company: PRME
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0001628280-25-050422
Chunk: 81

Company: Prime Medicine, Inc.
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 8
Chunk 81
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1 million decrease in personnel expenses resulting from the workforce reduction announced in May 2025, including a decrease of $1.9 million in stock-based compensation expense.

Other Income (Expense)

Three Months EndedSeptember 30,(in thousands)20252024ChangeOther income:Change in fair value of short-term investment — related party$1,454 $215 $1,239 Interest income1,141 697 444 Accretion (amortization) of investments752 885 (133)Other income, net44 (83)127 Total other income, net$3,391 $1,714 $1,677 

Change in Fair Value of Related Party Short-Term Investment

The change in fair value of related party short-term investment for each of the periods presented is a result of Beam’s stock price movement.

Comparison of the Nine Months Ended September 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