Executive Summary

Prime Medicine reported full-year 2024 results alongside Q4 timing, with minimal collaboration revenue ($2.983M) and net loss of $195.9M; cash, cash equivalents, investments, and restricted cash were $204.5M as of December 31, 2024, supporting runway into 1H 2026 .
The company reiterated timelines: initial Phase 1/2 PM359 data in p47phox CGD expected in 2025, and PM577 (Wilson’s Disease) IND/CTA filing targeted for 1H 2026—management framed PM359 readout as potentially “watershed” if positive .
Strategic collaboration with Bristol Myers Squibb provided $110M upfront (cash + equity) and >$3.5B potential milestones to support ex vivo T‑cell therapies, strengthening capital position in Q3/Q4 .
Wall Street consensus for Q4 2024 EPS and revenue via S&P Global was unavailable in our environment; accordingly, no beat/miss assessment versus estimates can be made at this time (S&P Global data unavailable).

What Went Well and What Went Wrong

What Went Well

Cash runway extended: year-end 2024 cash, cash equivalents, investments, and restricted cash of $204.5M with guidance of funding into 1H 2026; Q3 pro-forma liquidity was $244.6M including BMS proceeds .
Wilson’s Disease program advanced with in vivo data demonstrating up to 80% precise correction of the H1069Q mutation and up to 51% precise editing in NHPs, with no detectable off-target edits; IND-enabling underway .
Strategic BMS deal bolsters non-dilutive funding and platform validation: $55M cash upfront + $55M equity investment; >$3.5B potential milestones and royalties on net sales .
Management tone confident: “If positive, we believe this readout will be a watershed moment for our company, validating Prime Editing’s differentiated safety profile and curative potential.” — Keith Gottesdiener, M.D. .

What Went Wrong

Continued operating losses: FY 2024 net loss of $195.9M, driven by R&D ($155.3M) and G&A ($50.2M); total operating expenses were $205.5M .
Limited reported top-line: FY 2024 total revenue only $2.983M from collaboration activities; no product revenue; FY 2023 showed no revenue in the reported format .
Lack of quarter-specific Q4 detail and no earnings call transcript available in the document catalog; limits precision on intra-quarter trends (Q4-specific metrics not broken out in the 8-K press release) .

Financial Results

Annual Results (Income Statement)

Metric	FY 2023	FY 2024
Total Revenue ($USD Millions)	—	$2.983
R&D Expense ($USD Millions)	$147.9	$155.3
G&A Expense ($USD Millions)	$43.4	$50.2
Total Operating Expenses ($USD Millions)	$204.8	$205.5
Net Loss ($USD Millions)	$198.1	$195.9
Net Loss per Share ($USD)	$(2.18)	$(1.65)

Balance Sheet (Period-End)

Metric	Dec 31, 2023	Dec 31, 2024
Cash, Cash Equivalents, Investments, and Restricted Cash ($USD Millions)	$135.2	$204.5
Cash, Cash Equivalents, and Investments ($USD Thousands)	121,665	190,442
Total Assets ($USD Thousands)	193,851	297,508
Total Liabilities ($USD Thousands)	60,780	144,359
Total Stockholders’ Equity ($USD Thousands)	133,071	153,149

Quarterly Operating Metrics (Q2–Q4 2024)

Metric	Q2 2024	Q3 2024	Q4 2024
R&D Expense ($USD Millions)	$43.071	$40.340	— (not disclosed)
G&A Expense ($USD Millions)	$12.601	$14.101	— (not disclosed)
Net Loss ($USD Millions)	$55.327	$52.518	— (not disclosed)
Net Loss per Share ($USD)	$(0.46)	$(0.44)	— (not disclosed)
Cash, Cash Eq., Investments & Restricted Cash ($USD Millions)	$176.4	$189.6 (actual) / $244.6 (pro-forma)	$204.5

Notes: The Q4 2024 filing reported full-year results and year-end balance sheet; quarter-specific Q4 operating metrics were not broken out in the press release .

Segment Breakdown

Not applicable; no segment reporting in provided materials .

KPIs

Collaboration revenue initiation in 2024 (related party $1.609M; other $1.374M) .
Pipeline milestones: PM359 Phase 1/2 initial data in 2025; PM577 IND/CTA 1H 2026 .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Cash Runway	As of Sep 30, 2024 (pro-forma)	Fund operating expenses and capex into 1H 2026	—	—
Cash Runway	As of Dec 31, 2024	—	Fund operating expenses and capex into 1H 2026	Maintained vs prior quarter

Earnings Call Themes & Trends

Topic	Previous Mentions (Q2 2024)	Previous Mentions (Q3 2024)	Current Period (Q4 2024)	Trend
PM359 (p47phox CGD) clinical progress	FDA clearance; initiating Phase 1/2; initial data expected 2025	Global Phase 1/2 initiated; initial data in 2025	Reaffirm initial data in 2025; potential watershed readout if positive	Steady progress; timeline maintained
Wilson’s Disease (PM577)	Preclinical programs advancing; IND-enabling for at least one liver program in 2024; IND/CTA targeted 2H 2025/1H 2026	In vivo data up to 80% correction; IND-enabling initiated; IND/CTA 1H 2026	IND-enabling ongoing; IND/CTA expected 1H 2026	Strengthening dataset; timeline maintained
Delivery platform (GalNAc-LNP)	Preclinical data forthcoming	Increased potency, improved safety/biodistribution vs traditional LNPs; NHP editing up to 51%	Continued platform advancement; plan to share new in vivo data in 2025	Positive technical momentum
Strategic partnerships	—	BMS deal: $110M upfront; >$3.5B milestones; royalties	Expect additional strategic partnerships to accelerate pipeline	Capital/support strengthening
Cash runway	$176.4M at Q2; operating losses expected	$189.6M actual / $244.6M pro-forma; runway to 1H 2026	$204.5M at YE; runway to 1H 2026	Improved liquidity; runway maintained

Note: No Q4 2024 earnings call transcript was found in the document catalog.

Management Commentary

“Entering 2025 marks the next chapter for Prime Medicine as we look to share initial data for our most advanced product candidate, PM359, in chronic granulomatous disease… If positive, we believe this readout will be a watershed moment for our company…” — Keith Gottesdiener, M.D., President and CEO .
“We are particularly encouraged by recent progress in Wilson’s Disease… we believe [it] will be a fundamental driver of our long-term growth and remains on-track for clinical entry in 2026.” — Keith Gottesdiener, M.D. .
“These [Wilson’s Disease] data are meaningful… demonstrating that Prime Editors can efficiently correct pathogenic mutations, without introducing safety concerns or detectable off-target edits.” — Keith Gottesdiener, M.D. .

Q&A Highlights

No Q4 2024 earnings call transcript was available in our document set; therefore, no Q&A highlights can be provided for this period.

Estimates Context

Wall Street consensus estimates for Q4 2024 EPS and revenue via S&P Global were unavailable in our environment; we cannot provide a beat/miss assessment or estimate deltas at this time (S&P Global data unavailable).

Key Takeaways for Investors

Cash runway into 1H 2026 provides adequate funding through near-term clinical and IND milestones, reducing financing overhang in the short term .
The 2025 PM359 initial readout is the principal near-term catalyst; management signaled high conviction in the program’s potential impact on platform validation and stock narrative .
Wilson’s Disease program shows robust preclinical efficacy and clean off-target profile; IND-enabling ongoing with IND/CTA targeted for 1H 2026, positioning for first-in-human in liver indications thereafter .
BMS partnership de-risks ex vivo T-cell efforts and adds non-dilutive capital and external validation; potential milestone structure offers medium-term optionality .
Operating losses remain significant (FY 2024 net loss $195.9M), highlighting continued dependence on external capital and milestone progression; monitor expense discipline and partnership funding cadence .
Absence of Q4 quarter-specific operating metrics constrains near-term trend analysis; focus on forthcoming 2025 data disclosures and additional in vivo preclinical datasets to drive estimate revisions .
With collaboration revenue initiated in 2024, future revenue visibility remains limited until clinical readouts translate to partnering economics or commercialization; watch for incremental BD updates and CF program progress .

Prime Medicine, Inc. (PRME)·Q4 2024 Earnings Summary