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Jun 30, 2023
Prime Medicine Q2 2023 Earnings Report
Prime Medicine reported financial results for Q2 2023 and provided business updates.
Key Takeaways
Prime Medicine reported a net loss of $42.4 million for the second quarter of 2023. As of June 30, 2023, cash, cash equivalents, investments and restricted cash were $221.1 million. The company expects these funds to be sufficient to fund operating expenses and capital expenditure requirements into 2025.
Advanced a diversified portfolio of Prime Editing programs.
Entered into a research collaboration with Cimeio Therapeutics to develop Prime Edited Shielded Cell and Immunotherapy Pairs™ (SCIP).
PM359, product candidate for the treatment of CGD, is progressing well.
Presented new preclinical data at the ASGCT Annual Meeting demonstrating the potential for Prime Editing to correct the causative mutation of CGD and showcased the potential application of the PASSIGE™ platform.
Forward Guidance
Prime Medicine expects to initiate investigational new drug (IND)-enabling studies for PM359 in CGD in 2023 and complete first IND filing as early as 2024 with additional IND filings anticipated in 2025.
Positive Outlook
- Initiate investigational new drug (IND)-enabling studies for PM359 in CGD in 2023.
- Expand preclinical proof-of-concept in vivo data, with plans to share data from in vivo rodent studies and large animal studies from several programs in the second half of 2023.
- Share in vitro preclinical data in additional liver, eye and neuromuscular programs.
- Complete first IND filing as early as 2024.
- Additional IND filings anticipated in 2025.
Historical Earnings Impact
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