Prime Medicine, Inc. reported a net loss of $195.9 million for the year ended December 31, 2024, compared to a net loss of $198.1 million in 2023. The company's accumulated deficit as of December 31, 2024, stood at $687.2 million. Revenue for both periods was generated through research collaboration and license agreements, with no revenue from product sales or royalties reported. The company stated that its existing cash, cash equivalents, and investments will not be sufficient to fund operations for more than one year beyond the filing date, raising substantial doubt about its ability to continue as a going concern.
Research and development expenses increased by $7.4 million to $155.3 million in 2024, primarily due to increased facility-related expenses ($11.3 million), personnel expenses ($8.9 million, including a $4.8 million increase in stock-based compensation), and clinical expenses for PM359 ($4.1 million). This increase was partially offset by a decrease in research costs. General and administrative expenses rose by $6.8 million to $50.2 million, mainly driven by a $9.5 million increase in personnel expenses (including a $7.4 million increase in stock-based compensation) and an increase in facility-related expenses.
Significant strategic developments in 2024 included the FDA clearance of the IND application for PM359, a product candidate for chronic granulomatous disease (CGD), allowing the initiation of a Phase 1/2 clinical trial. The company also presented in vivo proof-of-concept data for its Wilson's Disease program and continued advancing Prime Editors for cystic fibrosis (CF), entering into a therapeutic development agreement with the Cystic Fibrosis Foundation. A strategic research collaboration and license agreement with Bristol Myers Squibb resulted in a $55 million upfront payment and a $55 million equity investment. Prime Medicine also strategically focused its portfolio on hematology, immunology, oncology, liver, and lung areas, identifying partnership opportunities for other programs.
As of December 31, 2024, Prime Medicine employed 214 full-time employees, 101 of whom held M.D. or Ph.D. degrees. The company's strategy focuses on maximizing the potential of Prime Editing technology, deploying it to create potentially curative one-time therapies, advancing its pipeline while enhancing its platform, and pursuing strategic partnerships. The company acknowledges significant competition in the gene editing field from companies utilizing various technologies, including CRISPR, base editing, and other nuclease-based approaches. Prime Medicine anticipates sharing initial clinical data from the PM359 trial in 2025 and submitting an IND for its Wilson's Disease program in the first half of 2026. The company expects to continue incurring losses for the foreseeable future and will need substantial additional funding to support its operations.
About Prime Medicine, Inc.
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