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Sep 30, 2023
Prime Medicine Q3 2023 Earnings Report
Reported third quarter financial results and provided business updates.
Key Takeaways
Prime Medicine reported a net loss of $50.7 million for the third quarter ended September 30, 2023. The company's cash, cash equivalents, investments and restricted cash were $178.8 million as of September 30, 2023, which is expected to fund operating expenses and capital expenditure requirements through the end of 2024.
Presented new preclinical research across multiple programs, including proof-of-concept data from in vivo rodent and large animal studies, as well as updates on proprietary delivery systems.
Shared detailed safety evaluation of lead Prime Editors across multiple programs; preliminary off-target analyses did not identify off-target editing, supporting potential best-in-class safety profile.
Received U.S. FDA Rare Pediatric Drug designation for PM359 for CGD; initiated IND-enabling studies and remain on track to file IND application in 2024.
Further extended intellectual property portfolio; U.S. PTO issued Prime Medicine’s third patent, No. 11,795,452.
Forward Guidance
Prime Medicine expects that its cash, cash equivalents and investments as of September 30, 2023, will be sufficient to fund its operating expenses and capital expenditure requirements through the end of 2024.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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