Prime Medicine Q3 loss narrows as expenses decline
PRME•Prime Medicine's third-quarter net loss narrowed year over year as research and development and general and administrative expenses declined. The company reported a $39.04 million net loss and said a $143.7 million public offering extends its cash runway through 2027.
1. Quarterly results
Prime Medicine reported a third-quarter net loss of $39.04 million, or $0.22 per share. Operating expenses were $44.14 million, and the loss from operations was $39.93 million. The company said research and development expenses fell because it issued no restricted stock units and had lower facility repair and maintenance costs; general and administrative expenses declined mainly due to lower corporate legal fees.
2. Financing and trials
The company raised $143.7 million in a public offering and expects its cash runway to extend through 2027. The first patient was dosed in a Phase 1/2 trial for Wilson disease, and the FDA cleared a new trial for AATD.
3. Program outlook
Prime Medicine expects initial clinical data from its PM577a and PM647 programs in 2027. It plans to submit a biologics license application for PM359 in the first half of 2027.
