Prime Medicine, Inc., a biotechnology company focused on one-time curative genetic therapies using Prime Editing technology, reported significant financial developments in its latest 10-Q filing for the quarter ending September 30, 2024. The company had 131,160,842 shares of common stock outstanding, with a par value of $0.00001 per share.

As of September 30, 2024, Prime Medicine's cash and cash equivalents surged to $117.98 million, up from $41.57 million at the end of 2023. Total current assets also increased to $246.07 million from $142.98 million, while total assets rose to $332.78 million from $193.85 million. The company’s total stockholders’ equity improved to $189.50 million, compared to $133.07 million at the end of 2023. However, the accumulated deficit widened to $(644.94 million) from $(491.33 million).

In terms of revenue, Prime Medicine reported collaboration revenue of $209,000 for Q3 2024, a notable increase from $0 in Q3 2023. For the nine months ended September 30, 2024, collaboration revenue totaled $800,000, compared to $0 for the same period in 2023. Despite this revenue growth, the company incurred a net loss attributable to common stockholders of $(52.52 million) for Q3 2024, slightly higher than the $(50.71 million) loss in Q3 2023. For the nine months ended September 30, 2024, the net loss was $(153.61 million), compared to $(132.49 million) in the prior year.

Operating expenses for Q3 2024 totaled $54.44 million, up from $51.46 million in Q3 2023. Research and development expenses increased to $121.19 million for the nine months ended September 30, 2024, driven by higher personnel costs and facility-related expenses due to laboratory space expansion. General and administrative expenses also rose, reflecting increased headcount and associated costs.

Strategically, Prime Medicine entered a Research Collaboration and License Agreement with Juno Therapeutics (BMS subsidiary) in September 2024, receiving a $55 million upfront payment and an additional $55 million equity investment from BMS. The company is eligible for over $3.5 billion in milestone payments under this agreement. Additionally, Prime Medicine raised approximately $150.9 million in net proceeds from a public offering in February 2024.

The company’s cash position, including restricted cash, totaled $189.6 million as of September 30, 2024, providing a solid foundation to fund operations for at least the next twelve months. However, Prime Medicine continues to require additional funding for ongoing research and development activities, with expectations of increased expenses as it advances its clinical programs.