Company: PRME
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001628280-25-023486
Chunk: 47

Company: Prime Medicine, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 1
Chunk 47
---
036 11,619 (583)Facility related10,969 7,334 3,635 License, intellectual property fees, and other1,425 1,675 (250)Clinical expense1,173 547 626 Professional and consultant fees1,159 1,592 (433)Total research and development expenses$40,562 $37,774 $2,788 

The $2.8 million increase in research and development expense for the three months ended March 31, 2025 as compared to the three months ended March 31, 2024 was primarily driven by a $3.6 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.

General and Administrative Expenses

Three Months EndedMarch 31,(in thousands)20252024ChangeGeneral and administrative expenses:Personnel expenses$7,156 $5,884 $1,272 Professional and consultant fees3,272 3,110 162 Facility related and other2,856 2,164 692 Total general and administrative expenses$13,284 $11,158 $2,126 

The $2.1 million increase in general and administrative expense for the three months ended March 31, 2025 as compared to the three months ended March 31, 2024 is primarily driven by a $1.3 million increase in personnel expenses.

Other Income (Expense)

Three Months EndedMarch 31,(in thousands)20252024ChangeOther income:Interest income$1,182 $676 $506 Accretion (amortization) of investments339 830 (491)Change in fair value of short-term investment — related party(1,056)1,166 (2,222)Other income, net37 42 (5)Total other income, net$502 $2,714 $(2,212)

26

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.

Liquidity and Capital Resources

Since our inception, we have incurred significant operating losses. We expect to incur significant expenses and operating losses for the foreseeable future as we commence the clinical development of our programs and continue our platform development and early-stage research activities. We have not yet