Prime Medicine (PRME) Q1 2026 earnings summary

Executive summary

• Lead programs in Wilson Disease (PM577) and AATD (PM647) advancing toward IND/CTA filings in 2026, with initial clinical data expected in 2027.

• Ongoing regulatory dialogue for PM359 in CGD, aiming for a BLA filing.

• No product sales revenue to date; revenue derived from research collaborations, notably with BMS.

• Strengthened leadership with the appointment of CFO Svetlana Makhni in April 2026.

Financial highlights

• Collaboration revenue was $0.9M for Q1 2026, down from $1.5M in Q1 2025.

• Net loss for Q1 2026 was $49.1M, compared to $51.9M in Q1 2025.

• Operating expenses decreased to $51.5M from $53.8M year-over-year, driven by lower R&D and personnel costs.

• Cash, cash equivalents, and investments totaled $149.2M as of March 31, 2026.

• Weighted-average shares outstanding increased to 177.1M from 130.9M year-over-year.

Outlook and guidance

• Cash runway expected to fund operations into 2027, but substantial doubt exists about ability to continue as a going concern without additional financing.

• Plans to seek additional capital through equity offerings, collaborations, or other transactions.

• IND/CTA filings for PM577 and PM647 on track for 2026, with initial clinical data anticipated in 2027.