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A gene editing company, like CRISPR Therapeutics but for more precise genetic repair.

The next-generation of gene editing, akin to a more precise version of Editas Medicine or Intellia Therapeutics.

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• Prime Editing Platform: This is Prime Medicine's proprietary gene-editing technology designed to precisely correct a wide range of genetic mutations without causing double-strand DNA breaks.
• Therapeutic Programs: These are a diverse pipeline of investigational therapies in various stages of development, leveraging the Prime Editing platform to address the underlying genetic causes of multiple diseases across different organ systems.

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Prime Medicine (PRME) is a biotechnology company focused on developing gene editing therapies. As is typical for companies in the research and development phase of novel drug development, Prime Medicine generates revenue primarily through strategic collaboration agreements with other pharmaceutical or biotechnology companies, rather than selling products directly to individuals or healthcare providers.

Based on their latest financial disclosures (Form 10-K), Prime Medicine's major customer responsible for generating collaboration revenue is:

• Sarepta Therapeutics, Inc. (Symbol: SRPT)

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Allan Reine, M.D. Chief Executive Officer

Allan Reine was appointed Chief Executive Officer of Prime Medicine in May 2025, having previously served as the company's Chief Financial Officer since January 2024. Dr. Reine is a seasoned financial executive with over two decades of experience in the biotechnology industry. Prior to joining Prime Medicine, he held Chief Financial Officer positions at Foghorn Therapeutics and Pieris Pharmaceuticals. He also serves as Chairman of the Board of ONK Therapeutics. Dr. Reine has managed various healthcare portfolios, focusing on biotechnology and pharmaceutical companies, at firms including Lombard Odier Asset Management, Citi Principal Strategies, SAC Capital, Trivium Capital, and Alexandra Investment Management. He began his career in biotechnology investment banking and equity research at CIBC World Markets. Dr. Reine earned his M.D. from the University of Toronto.

Carman Alenson, C.P.A. Senior Vice President, Finance and Chief Accounting Officer

Carman Alenson joined Prime Medicine in October 2021. Effective January 17, 2024, she transitioned from Interim Chief Financial Officer and Chief Accounting Officer to Senior Vice President, Finance and Chief Accounting Officer, stepping down from the role of principal financial officer. Ms. Alenson brings over 32 years of experience in corporate accounting and finance, with more than 17 years in the life sciences sector. Her previous roles include Vice President of Accounting, Treasury and Tax at Agios Pharmaceuticals from 2016 to 2021, and executive positions at AMAG Pharmaceuticals and Cubist Pharmaceuticals. She also served as Senior Manager of Finance at FairPoint Communications and began her career as an Audit Senior at Ernst & Young in 1989. Ms. Alenson holds an MBA from the Questrom School of Business at Boston University and a BA in Economics & Business Administration from Boston University.

Jeffrey D. Marrazzo, M.B.A., M.P.A. Executive Chair

Jeffrey D. Marrazzo was appointed Executive Chair of Prime Medicine in May 2025. He is the co-founder and former Chief Executive Officer of Spark Therapeutics, where he led the company from 2013 to 2022, building it into the world's first fully integrated, commercial gene therapy company. Under his leadership, Spark Therapeutics developed and launched LUXTURNA®, the first FDA-approved gene therapy for a genetic disease in the United States. Mr. Marrazzo successfully orchestrated the sale of Spark Therapeutics to Roche for $4.8 billion in 2019. He also raised $1 billion and established significant partnerships with Pfizer and Novartis during his tenure at Spark. Earlier in his career, he founded and sold the first genetic testing benefit management and pharmacogenomics medicines company to CVS Caremark. Mr. Marrazzo holds a B.A. in systems science and engineering and a B.A. in economics from the University of Pennsylvania, along with an M.B.A. and M.P.A. from Wharton and Harvard University, respectively, a dual-degree program he founded.

Matthew Hawryluk, Ph.D., M.B.A. Chief Business Officer

Matthew Hawryluk was appointed Chief Business Officer of Prime Medicine, effective November 3, 2025. Dr. Hawryluk brings nearly two decades of leadership experience in business development, strategy, and corporate operations within the biotechnology industry. Most recently, he served as Chief Business Officer at AIRNA Corporation, where he led corporate and business development, finance, and investor relations, and was instrumental in securing an oversubscribed $155 million Series B financing. Prior to AIRNA, he spent nearly a decade as Executive Vice President and Chief Business Officer at Gritstone bio, Inc., guiding its growth and leading transactions totaling more than $2.5 billion in potential value. His experience also includes senior roles at Foundation Medicine, where he played a key role in the company's strategic partnership and majority acquisition by Roche/Genentech. Dr. Hawryluk holds a Ph.D. in Cell Biology and Protein Biochemistry from the University of Pittsburgh School of Medicine, an M.B.A. from the Carnegie Mellon University Tepper School of Business, and a B.S. in Biochemistry from the University of Notre Dame.

Ann L. Lee, Ph.D. Chief Technical Officer

Ann L. Lee is the Chief Technical Officer of Prime Medicine. Dr. Lee is an accomplished biotech executive with extensive experience in the development and manufacturing of vaccines, biologics, small molecules, and cell therapies. Throughout her career, she has contributed to the licensure and commercialization of 25 new vaccines and medicines, including two CAR T cell therapies. Prior to Prime Medicine, Dr. Lee served as SVP and Head of Cell Therapy Development and Operations (CTDO) at Bristol Myers Squibb, and Executive Vice President of Technical Operations at Juno Therapeutics (which was acquired by Celgene, then by Bristol Myers Squibb). She also held positions as Senior Vice President at Genentech and Head of Global Technical Development at Roche, where she was responsible for delivering Roche's global R&D pipeline. Earlier, she spent 14 years at Merck Research Laboratories in various leadership roles in vaccine development and as Vice President of Chemical Technology and Engineering in the Manufacturing Division. Dr. Lee holds a B.S. in chemical engineering from Cornell University and a Ph.D. in biochemical engineering/molecular biophysics and biochemistry from Yale University. She is a member of the National Academy of Engineering, a Fellow of the American Academy of Arts and Sciences, and a Fellow of the American Institute of Medical and Biological Engineering.

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The key risks to Prime Medicine's business include significant financial challenges, the inherent risks associated with clinical development and regulatory approval for its gene-editing therapies, and competition within the gene editing landscape.

1. Financial Risks and Need for Additional Capital: Prime Medicine faces substantial financial risks due to a history of operating losses and an expectation of continued losses as it invests heavily in research and development and clinical trials. The company has a high cash burn rate, and its existing cash and investments are projected to fund operations only into the first half of 2026, leading to "substantial doubt about the company's ability to continue as a going concern" without securing additional financing. To sustain its operations and advance its pipeline, Prime Medicine will require significant additional funding, which it plans to obtain through equity offerings, debt financings, or strategic partnerships.
2. Clinical Development and Regulatory Risks: A core risk for Prime Medicine stems from the early stage of its Prime Editing technology and product candidates. The success of the business is highly dependent on the outcomes of its preclinical and clinical studies, particularly for its lead candidates like PM359. There is no guarantee that preclinical results will be predictive of future clinical outcomes, or that the company will successfully navigate the complex and evolving regulatory landscape to gain necessary approvals for its therapies. Despite being in the market for several years, the company has faced scrutiny for lacking comprehensive proof-of-concept data for its prime editing technologies.
3. Competition and Intellectual Property Risks: Prime Medicine operates in the highly competitive gene editing and gene therapy sector, facing competition from numerous other biotechnology companies developing similar or alternative therapeutic approaches. The company's ability to establish and maintain strong intellectual property rights covering its Prime Editing technology is crucial for its long-term success, and any challenges in this area could adversely impact its market position and commercial opportunities.

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The primary clear emerging threat to Prime Medicine comes from competing advanced gene editing technologies, particularly companies developing Base Editing tools. Companies like Beam Therapeutics are pursuing therapeutic applications using base editing, which, similar to Prime Editing, aims for highly precise gene modifications without inducing double-strand DNA breaks, a perceived advantage over traditional CRISPR methods. Should these competing base editing platforms achieve significant clinical success, particularly in in vivo applications where Prime Medicine also focuses, it could diminish the unique value proposition and market opportunity for Prime Editing technology.

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Expected Drivers of Future Revenue Growth for Prime Medicine (PRME) over the Next 2-3 Years:

Prime Medicine (PRME) is a biotechnology company focused on advancing its Prime Editing gene-editing platform. While currently in a pre-revenue stage from product sales, several key drivers are anticipated to contribute to future revenue growth over the next 2-3 years:

1. Advancement and Potential Commercialization of Liver-Targeted Therapies: Prime Medicine is strategically prioritizing the development of liver-targeted programs, including those for Wilson's Disease (WD) and Alpha-1 Antitrypsin Deficiency (AATD). The company anticipates filing Investigational New Drug (IND)/Clinical Trial Application (CTA) for its AATD program in mid-2026 and for its WD program in the first half of 2027. These milestones, if successful, could lead to collaboration revenue, upfront payments, and potential future royalty streams as these therapies progress through clinical development towards eventual commercialization.
2. Strategic Partnerships and Collaborations: Prime Medicine is actively exploring and engaging in collaborations to broaden the reach and impact of its gene-editing technology, including existing partnerships such as with Bristol Myers Squibb. These collaborations can be a significant source of non-product revenue through upfront payments, research funding, milestone payments, and potential royalties on future product sales as partners utilize Prime Medicine's platform for their own therapeutic programs.
3. Growth of the Prime Editing Platform: The underlying Prime Editing platform itself, which is designed to precisely correct genetic diseases, is a core asset. As the platform demonstrates continued preclinical and early clinical success across its various programs (both internal and partnered), it is expected to attract further interest and investment from other pharmaceutical and biotechnology companies. This could lead to new licensing agreements and additional collaboration revenue.
4. Pipeline Progression and Nomination of Development Candidates: The ongoing progress of Prime Medicine's pipeline, exemplified by the nomination of PM647 as a development candidate for AATD, is crucial. As more candidates are nominated and moved through preclinical and clinical stages, the company increases its opportunities for partnership deals and ultimately, the potential for marketable products. While direct product sales revenue is further out, these advancements unlock partnership-driven revenue in the nearer term.

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Share Issuance

• Prime Medicine raised $175 million in an upsized initial public offering (IPO) in October 2022 by selling 10.3 million shares of its common stock at $17.00 per share.
• In August 2025, Prime Medicine completed a public offering of 43.7 million shares of common stock at a price of $3.30 per share, generating approximately $144.2 million in gross proceeds. This offering included the full exercise of the underwriters' option to purchase an additional 5.7 million shares.

Inbound Investments

• Prime Medicine launched in July 2021 with $315 million in private financing prior to its IPO.
• The Cystic Fibrosis Foundation agreed to provide Prime Medicine with up to $24 million in additional funding to accelerate the development of Prime Editors for cystic fibrosis. Of this, $6.0 million was received in the third quarter of 2025.

Capital Expenditures

• As of March 31, 2025, Prime Medicine expected its cash, cash equivalents, and investments to be sufficient to fund operating expenses and capital expenditure requirements into the first half of 2026.
• Following a public offering and additional funding in Q3 2025, the company projected its pro-forma cash, cash equivalents, and investments of $259.6 million as of June 30, 2025, would be sufficient to fund operations and capital expenditures into 2027.
• As of September 30, 2025, the company's cash, cash equivalents, and investments of $213.3 million were expected to fund operating expenses and capital expenditure requirements into 2027. Capital expenditures are primarily focused on advancing its gene editing platform and therapeutic programs, including license and intellectual property costs and facility-related expenses.