Prime Medicine, Inc. has recently released its 10-Q report, providing a detailed insight into the company's financial performance and operations. Prime Medicine, a biotechnology company based in Cambridge, Massachusetts, is focused on delivering genetic therapies using gene editing technology. The company's Prime Editors, in collaboration with Cimeio Therapeutics, aim to address a wide spectrum of diseases, including genetic diseases, acute myeloid leukemia, and myelodysplastic syndrome.
In the 10-Q report, Prime Medicine reported total current assets of $217.7 million as of March 31, 2024, a significant increase from $143 million as of December 31, 2023. This increase was primarily driven by a surge in cash and cash equivalents, which stood at $94.2 million as of March 31, 2024, compared to $41.6 million at the end of the previous year. The company also reported short-term investments of $109.9 million and operating lease right-of-use assets of $55.5 million.
On the liabilities side, Prime Medicine's total current liabilities decreased to $24.4 million as of March 31, 2024, from $56.4 million as of December 31, 2023. The company also reported a substantial increase in stockholders' equity, which stood at $243.8 million as of March 31, 2024, compared to $133.1 million at the end of the previous year.
In terms of financial performance, Prime Medicine reported collaboration revenue of $591,000 for the first quarter of 2024, along with operating expenses totaling $48.9 million. The company reported a net loss attributable to common stockholders of $45.8 million for the same period.
The report also highlighted the company's liquidity and capital resources, indicating that as of March 31, 2024, Prime Medicine had cash, cash equivalents, and investments totaling $210.7 million, which the company expects to be sufficient to fund its operations for at least the next twelve months.
Prime Medicine's 10-Q report also outlined the risks and uncertainties faced by the company, including its ongoing efforts to complete preclinical studies and clinical trials, obtain regulatory approval for product candidates, and generate significant revenue from product sales.
As a result of these announcements, the company's shares have moved -1.6% on the market, and are now trading at a price of $5.63. For more information, read the company's full 10-Q submission here.
