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Prime Medicine, Inc. (PRME)·Q3 2025 Earnings Summary

Executive Summary

  • Q3 2025 was operationally steady with focused pipeline progress and disciplined OpEx; EPS of $0.32 loss missed S&P Global consensus, and revenue of $1.23M was below expectations, while cash runway was reaffirmed into 2027 . Q3 EPS (−$0.32) vs consensus (−$0.25*) and revenue $1.23M vs $2.80M* were both misses; sequential net loss narrowed vs Q2 (Q2: −$52.6M; Q3: −$50.6M) *.
  • Management highlighted continued advancement of PM577 (Wilson’s Disease) and PM647 (AATD) toward IND/CTA filings in 1H’26 and mid-’26, respectively, with initial clinical data expected in 2027; a Wilson’s Disease KOL event reinforced translational readiness and platform modularity .
  • Operating discipline remains visible: R&D rose YoY on IP/facilities while G&A fell YoY on workforce actions; cash, cash equivalents and investments were $213.3M (or $227.0M incl. restricted cash) at Sept 30, supporting runway into 2027 .
  • Near-term catalysts: AASLD preclinical PM577 data, KOL event follow-through, IND/CTA progress, and potential partnerships to broaden platform reach (BMS CAR-T, CF Foundation) .

What Went Well and What Went Wrong

What Went Well

  • Pipeline execution/momentum: New preclinical PM577 data (AASLD) demonstrated phenotypic normalization in a Wilson’s model; PM647 nominated for AATD with humanized mouse restoration of M‑AAT to healthy range .
  • Platform validation and clarity on timelines: IND/CTA on-track for WD in 1H’26 and AATD mid-’26; initial clinical readouts in 2027; management reiterated modular LNP backbone enabling faster follow-ons .
  • Operating discipline and leadership: G&A declined YoY owing to workforce reduction; CBO appointment (Matthew Hawryluk) to deepen BD and partnerships . Quote: “We remain steadfast in executing our focused strategy, with efforts centered on advancing our liver-targeted programs … and exploring additional collaborations” — Allan Reine, CEO .

What Went Wrong

  • Revenue/EPS missed S&P consensus in Q3 as collaboration revenue recognized was modest (related party $1.18M; total $1.23M), highlighting continued reliance on milestone/BD variability rather than recurring revenue streams *.
  • R&D expenses increased YoY on license/IP and facilities, partially offset by CGD deprioritization and workforce actions; while strategic, the rise contributes to ongoing net losses (Q3 net loss −$50.6M vs −$52.5M YoY) .
  • Absence of a traditional Q3 earnings call transcript limited real-time financial Q&A; instead, investor engagement centered on a KOL event focused on WD (useful clinically, limited on financial specifics) .

Financial Results

P&L and Cash Summary (chronological: oldest → newest)

MetricQ3 2024Q1 2025Q2 2025Q3 2025
Total Revenue ($USD)$0.209M $1.454M $1.115M $1.225M
Collaboration Revenue — Related Party ($USD)$0.000M $1.454M $1.115M $1.179M
Collaboration Revenue — Other ($USD)$0.209M $0.000M $0.000M $0.046M
R&D Expense ($USD)$40.340M $40.562M $41.375M $43.990M
G&A Expense ($USD)$14.101M $13.284M $13.117M $11.208M
Total Operating Expenses ($USD)$54.441M $53.846M $54.492M $55.198M
Net Loss ($USD)$(52.518)M $(51.890)M $(52.591)M $(50.582)M
Diluted EPS$(0.44) $(0.40) $(0.41) $(0.32)
Avg. Diluted Shares (M)119.76 130.88 129.19 160.50
Cash, Cash Equivalents & Investments ($USD)—$144.256M $101.750M $213.287M

Notes:

  • Q3 2025 net loss narrowed sequentially vs Q2 (−$50.6M vs −$52.6M) on similar OpEx and higher other income; revenue remained modest .
  • Share count rose after August offering (gross $144.2M) .

Actuals vs S&P Global Consensus

MetricQ1 2025 ActualQ1 2025 Cons.*Q2 2025 ActualQ2 2025 Cons.*Q3 2025 ActualQ3 2025 Cons.*
Revenue ($USD)$1.454M $3.432M*$1.115M $3.000M*$1.225M $2.8008M*
EPS$(0.40) $(0.313)*$(0.41) $(0.340)*$(0.32) $(0.247)*

Values with asterisk (*) retrieved from S&P Global.

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
Cash RunwayAs of 3/31/25 (Q1)Fund into 1H 2026 ——
Cash Runway (Pro-forma)As of 6/30/25 (Q2)Pro-forma cash $259.6M; fund into 2027 —Raised runway vs Q1
Cash RunwayAs of 9/30/25 (Q3)—Cash/cash equivalents/investments of $213.3M sufficient to fund into 2027 Maintained 2027
WD (PM577) IND/CTAProgram timingFile in 1H 2026 Affirmed 1H 2026 Maintained
AATD (PM647) IND/CTAProgram timingFile mid-2026 Affirmed mid-2026 Maintained
Initial Clinical Data (WD & AATD)First readouts2027 2027 Maintained

Earnings Call Themes & Trends

Note: A traditional Q3 earnings call transcript was not available; the company hosted a Wilson’s Disease KOL event on Nov 12, 2025. Themes below reflect Q1–Q3 communications and the KOL event.

TopicPrevious Mentions (Q1 2025)Previous Mentions (Q2 2025)Current Period (Q3 2025)Trend
WD program (PM577)IND/CTA targeted 1H’26; advancing IND-enabling On-track with 2027 initial clinical data AASLD preclinical data show phenotypic normalization; IND/CTA affirmed 1H’26 Strengthening preclinical package; timelines maintained
AATD (PM647)Unveiled program; aim to correct Pi*Z; IND mid-’26 Additional detail; pipeline modularity Candidate nomination announced; humanized models restored M‑AAT to healthy range Advancing toward IND
CF platformAdvancing; CF Foundation support +$24M CF Foundation funding; focus on G542X Continued progress; modular delivery; 2026 IND-enabling targeted per corp. deck Deeper funding and technical progress
CGD (PM359)Data expected in 2025 Positive data from two patients; planning FDA interactions CGD deprioritized internally; regulatory engagement continues Pivot to liver focus; partnering/regulatory path
Delivery/LNP modularityCore to liver programs Emphasized platform leverage Universal liver LNP underpins programs; shared components lower cost/time Reinforced as execution enabler
PartnershipsBMS CAR-T, CF Foundation Follow-on offering bolstered balance sheet; BD active CBO appointment to expand BD; expects additional partnerships Increasing BD focus
Cash runwayInto 1H’26 Into 2027 (pro-forma) Into 2027 maintained Improved and maintained

Management Commentary

  • Strategic focus: “We remain steadfast in executing our focused strategy, with efforts centered on advancing our liver-targeted programs in WD and AATD … and exploring additional collaborations …” — Allan Reine, CEO .
  • On PM577 data: “This weekend, we’ll present new preclinical data with PM577 at AASLD, further reinforcing our belief that Prime Editing can precisely correct the disease-causing mutations in patients suffering from Wilson’s Disease” .
  • On platform reach: The KOL event underscored the modular LNP and prime editing precision (nickase Cas9 + RT + pegRNA) enabling edits with high specificity and minimal off-target effects, positioning WD and AATD for clinical entry in 2026 and proof-of-concept in 2027 .
  • Operating discipline: R&D increase driven by license/IP and facilities; G&A decrease tied to workforce reduction; deprioritization of CGD to concentrate resources .

Q&A Highlights

  • Functional cure benchmarks and discontinuation of chelation: Clinician emphasized normalization of copper metabolism should allow elimination of standard-of-care therapy over time; noninvasive PET and biomarkers (e.g., non-ceruloplasmin copper) can track progress .
  • Patient selection and disease stage: Initial focus on non-decompensated patients; potential regression of fibrosis and improved liver function with effective therapy over time; decompensated cirrhosis likely excluded initially .
  • Differentiation vs AAV: Prime editing offers permanent on-target correction; avoids AAV dose limitations and potential waning; addresses concerns about bystander edits and immunogenicity; clinician noted immunosuppression considerations with AAV .
  • Endpoints and accelerated approval: Matrix of biochemical (copper handling) and clinical endpoints; avoiding neurological worsening is critical; longitudinal measures needed to show durable correction .
  • Adherence and market opportunity: 30–50% non-adherence to current chelators/zinc; quality-of-life drivers support one-time curative therapy demand .

Estimates Context

  • Q3 2025: EPS of $(0.32) missed S&P Global consensus $(0.247); revenue of $1.225M missed $2.801M; similar misses in Q1–Q2 reflect timing/scale of collaboration revenue recognition vs. expectations *.
  • With ongoing OpEx and limited near-term revenue, estimate revisions may trend lower on revenue while EPS could modestly improve on operating discipline and higher other income; visibility may improve as IND/CTA filings approach in 2026 *.

Values with asterisk (*) retrieved from S&P Global.

Financial Detail Tables

Revenue Composition

Metric ($USD)Q3 2024Q1 2025Q2 2025Q3 2025
Collab Rev — Related Party$0.000M $1.454M $1.115M $1.179M
Collab Rev — Other$0.209M $0.000M $0.000M $0.046M
Total Revenue$0.209M $1.454M $1.115M $1.225M

Operating Expenses and Net Loss

Metric ($USD)Q3 2024Q1 2025Q2 2025Q3 2025
R&D$40.340M $40.562M $41.375M $43.990M
G&A$14.101M $13.284M $13.117M $11.208M
Total OpEx$54.441M $53.846M $54.492M $55.198M
Net Loss$(52.518)M $(51.890)M $(52.591)M $(50.582)M
EPS (Diluted)$(0.44) $(0.40) $(0.41) $(0.32)

Balance Sheet Snapshot (Selected)

Metric ($USD)Q1 2025Q2 2025Q3 2025
Cash, Cash Equivalents & Investments$144.256M $101.750M $213.287M
Total Assets$328.163M $279.009M $385.012M
Total Liabilities$221.239M $218.149M $223.191M
Total Stockholders’ Equity$106.924M $60.860M $161.821M

Guidance Changes (Detail)

  • Q3 reiterated cash runway into 2027 based on $213.3M cash/cash equivalents/investments as of 9/30 (and $227.0M incl. restricted cash), vs Q2’s pro-forma $259.6M into 2027; improvement from Q1’s runway into 1H’26 .
  • Program timing maintained: WD (PM577) IND/CTA in 1H’26 and AATD (PM647) mid-’26; initial clinical data for both in 2027 .

Why Results Came In As They Did

  • Revenue: Collaboration-driven model yields modest and timing-driven revenue; Q3 recognized $1.179M from related party and $46k other collaboration revenue, shaping the miss vs consensus *.
  • OpEx: R&D increase driven by license/IP and facilities; G&A decline from workforce reduction; strategic shift to liver franchise (WD/AATD) and away from CGD aligns spend with highest-value programs .
  • EPS: Sequential improvement in net loss aided by higher other income and lower G&A; share count increased post financing, impacting per-share metrics .

Key Takeaways for Investors

  • Execution on WD and AATD remains the central equity driver; AASLD data and KOL insights strengthen confidence in IND/CTA filings in 2026 and initial human data in 2027 .
  • Financial runway into 2027 is intact; continued BD (BMS, CF Foundation) and leadership additions (CBO) suggest avenues to extend runway and catalyze non-dilutive funding .
  • Consensus revenue/EPS headwinds reflect the collaboration revenue model rather than core scientific momentum; investor focus should tilt to clinical milestones over near-term P&L *.
  • Platform modularity (universal liver LNP; precise prime editing) provides potential speed and cost advantages for additional WD mutations and new liver indications .
  • Watch for: WD IND/CTA submission(s), additional preclinical disclosures, CF updates under CF Foundation support, and potential new partnerships expanding therapeutic reach .

Citations:

  • Q3 2025 8-K and press release:
  • Q2 2025 8-K and press release:
  • Q1 2025 8-K and press release:
  • KOL event transcript (Nov 12, 2025):
  • Corporate presentation (Sept 8, 2025):

S&P Global disclaimer: Items marked with an asterisk (*) are values retrieved from S&P Global.