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Dec 31, 2024
Prime Medicine Q4 2024 Earnings Report
Prime Medicine reported its full year 2024 financial results, highlighting progress in its clinical trials and pipeline development.
Key Takeaways
Prime Medicine reported a net loss of $195.9 million for the full year ended December 31, 2024, with total revenue of $2.983 million. The company is on track to report initial clinical data for PM359 in 2025 and expects to file an IND/CTA for PM577 in the first half of 2026. Cash and cash equivalents increased to $204.5 million.
Prime Medicine is on track to report initial clinical data from Cohort 1 in its Phase 1/2 trial of PM359 for p47phox CGD in 2025.
IND-enabling studies are ongoing for PM577 for Wilson's Disease, with an expected IND/CTA filing in 1H 2026.
Research and Development (R&D) expenses increased to $155.3 million for the full year 2024, driven by facilities, personnel, and clinical expenses related to PM359.
The company's cash, cash equivalents, investments, and restricted cash totaled $204.5 million as of December 31, 2024, providing sufficient funding into the first half of 2026.
Revenue by Segment
Forward Guidance
Prime Medicine expects its current cash, cash equivalents, and investments to fund operating expenses and capital expenditure requirements into the first half of 2026.
Positive Outlook
- On track to report initial data from Phase 1/2 clinical trial of PM359 for p47phox CGD in 2025.
- IND-enabling studies ongoing for PM577 for Wilson's Disease; expect to file IND and/or CTA in 1H 2026.
- Additional high-value programs advancing through preclinical development.
- Initial readout for PM359 will include safety and engraftment data, as well as Prime Editing rate and NADPH oxidase activity.
- Advancing PM577 through IND-enabling studies for the most prevalent Wilson's Disease mutation in the United States.
Challenges Ahead
- Uncertainties related to Prime Medicine's product candidates entering clinical trials.
- Risks related to the development and optimization of new technologies.
- Preclinical or clinical study results may not be predictive of future results.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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