prime medicine(PRME) - 2024 Q2 - Quarterly Results

Financial Performance - Net loss for Q2 2024 was $55.3 million, compared to a net loss of$42.4 million in Q2 2023, indicating a 30% increase in losses[6]. - R&D expenses for Q2 2024 were $43.1 million, up from$34.6 million in Q2 2023, reflecting a 24% increase driven by pipeline advancement[5]. - G&A expenses for Q2 2024 were $12.6 million, compared to$10.7 million in Q2 2023, representing an 18% increase[5]. - Cash position as of June 30, 2024, was $176.4 million, up from$135.2 million as of December 31, 2023, showing a 30% increase[6]. - Prime Medicine's total assets as of June 30, 2024, were $259.7 million, compared to$193.9 million as of December 31, 2023[13]. - The weighted-average common shares outstanding increased to 119,188,866 in Q2 2024 from 90,467,298 in Q2 2023[14]. Clinical Development - Prime Medicine received FDA clearance to advance PM359 for chronic granulomatous disease into clinical trials, with initial clinical data expected in 2025[2]. - The company plans to establish proof-of-concept for Shielded Hematopoietic Stem Cell and Immunotherapy Pairs technology in 2024[4]. - Prime Medicine aims to initiate IND-enabling activities for at least one liver program in 2024, targeting IND or clinical trial application in H2 2025 or H1 2026[4]. - The company is advancing its differentiated CAR-T program using PASSIGE technology into lead optimization[4].