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Mar 31, 2024
Prime Medicine Q1 2024 Earnings Report
Prime Medicine reported financial results for Q1 2024 and provided a business update, highlighting the FDA clearance of its first Prime Editing product IND application and advancements in its platform and pipeline programs.
Key Takeaways
Prime Medicine reported a net loss of $45.8 million for the first quarter of 2024, compared to a net loss of $39.4 million for the same period in 2023. The company's cash, cash equivalents, investments, and restricted cash totaled $224.2 million as of March 31, 2024. Key achievements include the FDA clearance of the IND application for PM359 and the presentation of new preclinical data showcasing the potential of Prime Editing technology.
Received FDA clearance for the first-ever IND application for a Prime Editing product, PM359, targeting CGD, with initial Phase 1/2 clinical trial data expected in 2025.
Presented new preclinical data at LNP Formulation and Process Development Summit and ASGCT 2024, demonstrating the broad potential of Prime Editing technology.
Appointed Tony Coles, M.D. as senior advisor to leverage his expertise in drug discovery and development.
Advanced pipeline programs across hematology and immunology, liver, lung, ocular, and neuromuscular disease, supported by proprietary delivery capabilities.
Revenue by Segment
Forward Guidance
Prime Medicine anticipates several milestones to drive the company forward, including announcing initial clinical data from the Phase 1/2 clinical trial of PM359 in CGD in 2025 and advancing multiple programs into lead optimization and IND-enabling activities in 2024.
Positive Outlook
- Announce initial clinical data from the Phase 1/2 clinical trial of PM359 in CGD in 2025.
- Advance Shielded Hematopoietic Stem Cell (HSC) and Immunotherapy Pairs (SCIP) technology, establish proof-of-concept in HSC and immunotherapy and identify first clinical program(s) with this approach in 2024.
- Advance differentiated CAR-T program, using PASSIGE technology, into lead optimization.
- Continue to advance preclinical studies for three liver programs and initiate IND-enabling activities for at least one in 2024, leading to an IND and/or clinical trial application (CTA) in the second half of 2025 or first half of 2026.
- Nominate development candidate for RHO-RP program and initiate IND-enabling activities in 2024.
Challenges Ahead
- Continue to advance Friedreich’s Ataxia and advance one other program into lead optimization in 2024.
Historical Earnings Impact
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