Prime Medicine Q3 loss narrows as expenses decline

Overview

• US biotechnology firm's Q3 net loss narrowed yr/yr as R&D and G&A expenses declined

• Company raised $143.7 mln in public offering, extending cash runway through 2027

• First patient dosed in Phase 1/2 trial for Wilson disease; FDA cleared new trial for AATD

Outlook

• Company expects initial clinical data from PM577a and PM647 programs in 2027

• Prime Medicine plans BLA submission for PM359 in the first half of 2027

• Company expects cash runway through 2027 following recent financing

Result Drivers

• LOWER R&D EXPENSES - Co said Q3 R&D expenses fell due to no restricted stock unit issuances and lower facility repair and maintenance costs

• LOWER LEGAL FEES - Co said Q3 G&A expenses decreased mainly due to lower corporate legal fees

Company press release:

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 11 "strong buy" or "buy", 3 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the biotechnology & medical research peer group is "buy"

• Wall Street's median 12-month price target for Prime Medicine, Inc. is $8.00, about 86% above its November 11 closing price of $4.30

Reuters Recommended Reads

• Nov 12 - Century Therapeutics Q3 net loss narrows, beats analyst expectations

• Nov 10 - Liquidia Q3 loss widens on litigation charge, negating Yutrepia demand

• Nov 12 - Taysha Gene Therapies Q3 net loss widens on higher R&D costs

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)