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Sep 30, 2024
Prime Medicine Q3 2024 Earnings Report
Prime Medicine reported third quarter results, highlighted strategic pipeline prioritization, and announced a research collaboration with Bristol Myers Squibb.
Key Takeaways
Prime Medicine reported a net loss of $52.5 million for the third quarter of 2024. They received $110 million upfront from Bristol Myers Squibb through a strategic research collaboration. Pro-forma cash, cash equivalents, and investments are expected to fund operations into 1H 2026.
Presented initial in vivo data for universal liver-targeted LNP and Wilson’s Disease program at ESGCT.
Initiated IND-enabling activities for Wilson’s Disease program in 4Q 2024, on track to file IND and/or CTA in 1H 2026.
Announced strategic research collaboration and license agreement with Bristol Myers Squibb; received $110 million upfront, with potential for more than $3.5 billion in milestone payments.
On track to report initial data from Phase 1/2 clinical trial of PM359 for p47phox CGD in 2025.
Prime Medicine
Prime Medicine
Forward Guidance
Prime Medicine expects that its pro-forma cash, cash equivalents and investments as of September 30, 2024 will be sufficient to fund its operating expenses and capital expenditure requirements into the first half of 2026.