Prime Medicine Reports Third Quarter 2024 Financial Results and Provides Business Updates
PRME 11.12.2024
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-- Presented initial in vivo data for universal liver-targeted LNP and Wilson’s Disease program at ESGCT; initiated IND-enabling activities for Wilson’s Disease program in 4Q 2024 and remains on track to file IND and/or CTA in 1H 2026 --
-- Announced strategic research collaboration and license agreement with
-- On track to report initial data from Phase 1/2 clinical trial of PM359 for p47phoxCGD in 2025 --
-- Unveiled strategically focused pipeline, prioritizing set of high value programs, each with a clearly defined path to value creation and the potential to accelerate development of follow-on programs --
-- Pro-forma cash, cash equivalents and investments as of
“In October, we presented the firstin vivopreclinical data from our Wilson’s Disease program, demonstrating that Prime Editors can efficiently correct pathogenic mutations, without introducing safety concerns or detectable off-target edits,” said
Recent Business Updates
Pipeline Updates
In
The prioritized programs sit across Prime Medicine’s core areas of focus (hematology, immunology and oncology, liver, and lung), and includeex vivohematopoietic stem cell (HSC) programs for the treatment of p47phoxchronic granulomatous disease (CGD) and X-linked CGD;ex vivoT-cell therapies; a lipid nanoparticle (LNP) Prime Editor for the treatment of Wilson’s Disease; and LNP or adeno-associated virus (AAV) Prime Editors for the treatment of cystic fibrosis (CF). In order to pursue these prioritized high value programs as rapidly as possible, the Company is identifying partnership opportunities to advance its other programs, including those for neurological diseases, cell therapy, ocular diseases and hearing loss.
Hematology, Immunology and Oncology:
- In the third quarter of 2024, Prime Medicine initiated its global Phase 1/2 clinical trial of PM359 in
the United States . The Phase 1/2 clinical trial is a multinational, first-in-human trial designed to assess the safety, biological activity and preliminary clinical activity of PM359 in adult and pediatric study participants. Prime Medicine expects to report initial clinical data from the Phase 1/2 trial in 2025.
Liver:
- At the
European Society for Gene andCell Therapy (ESGCT) 31stAnnualCongress (October 22-25, 2024 ), Prime Medicine presented data from multiple studies showcasing the potential of its proprietary, universal LNP platform to precisely deliver Prime Editors to correct disease-causing mutations in the liver, including in Wilson’s Disease. Prime Medicine’s universal LNP contains a GalNAc-targeting ligand (GalNAc-LNP), a validated mechanism for liver-specific delivery of gene editors. Highlights included:- Preclinical data demonstrated that the delivery of Prime Editors using a GalNAc-LNP (GalNAc-LNP Prime Editor) resulted in increased potency, as well as improved safety profile and biodistribution, compared to traditional LNPs that have gone into the clinic.
- In vivoproof-of-concept data from Prime Medicine’s GalNAc-LNP Prime Editor for the treatment of Wilson’s Disease, demonstrated up to 80% precise correction of the H1069Q mutation and restoration of ATP7B mRNA to wild-type levels in a humanized mouse model, as well as precise editing of liver cells in non-human primates (NHPs), with up to 51% precise editing with a surrogate H1069Q Prime Editor. In preclinical studies to-date, Prime Medicine observed significant reductions of copper accumulation in the livers of humanized mice. In both mouse and NHP studies, no detectable off-target edits or unintended edits at the target site were observed.
- Prime Medicine is completing the final stages of lead optimization and recently initiated investigational new drug (IND)-enabling activities for its Wilson’s Disease program, with an IND and/or clinical trial application (CTA) filing expected in the first half of 2026. Prime Medicine will present on its Wilson’s Disease program at the
American Association for the Study of Liver Diseases (AASLD), to be held onNovember 15-19, 2024 . Longer term, the Company expects to use its universal LNP across all liver disease programs, allowing more rapid and cost-efficient expansion into follow-on rare and non-rare liver indications.
Corporate Updates
In
Third Quarter 2024 Financial Results
- Research and Development (R&D) Expenses:R&D expenses were
$40.3 million for the three months endedSeptember 30, 2024 , as compared to$41.0 million for the three months endedSeptember 30, 2023 . - General and Administrative (G&A) Expenses:G&A expenses were
$14.1 million for the three months endedSeptember 30, 2024 , as compared to$10.5 million for the three months endedSeptember 30, 2023 . The increase in G&A expenses was driven by personnel expenses, primarily related to an increase in non-cash stock-based compensation expense. - Net Loss:Net loss was
$52.5 million for the three months endedSeptember 30, 2024 , as compared to$50.7 million for the three months endedSeptember 30, 2023 . - Cash Position:As of
September 30, 2024 , pro-forma cash, cash equivalents, investments and restricted cash were$244.6 million , which includes the$55 million equity investment fromBristol Myers Squibb received inSeptember 2024 and the$55 million up-front consideration received inOctober 2024 . Cash, cash equivalents, investments, and restricted cash were$189.6 million , as compared to$135.2 million as ofDecember 31, 2023 .
Financial GuidanceBased on its current operating plans, Prime Medicine expects that its pro-forma cash, cash equivalents and investments as of
About Prime MedicinePrime Medicine is a leading biotechnology company dedicated to creating and delivering the next generation of gene editing therapies to patients. The Company is deploying its proprietary Prime Editing platform, a versatile, precise and efficient gene editing technology, to develop a new class of differentiated one-time curative genetic therapies. Designed to make only the right edit at the right position within a gene while minimizing unwanted DNA modifications, Prime Editors have the potential to repair almost all types of genetic mutations and work in many different tissues, organs and cell types. Taken together, Prime Editing’s versatile gene editing capabilities could unlock opportunities across thousands of potential indications.
Prime Medicine is currently progressing a diversified portfolio of investigational therapeutic programs organized around our core areas of focus: hematology, immunology and oncology, liver and lung. Across each core area, Prime Medicine is focused initially on a set of high value programs, each targeting a disease with well-understood biology and a clearly defined clinical development and regulatory path, and each expected to provide the foundation for expansion into additional opportunities. Over time, the Company intends to maximize Prime Editing’s broad and versatile therapeutic potential, as well as the modularity of the Prime Editing platform, to rapidly and efficiently expand beyond the diseases in its current pipeline, potentially including additional genetic diseases, immunological diseases, cancers, infectious diseases, and targeting genetic risk factors in common diseases, which collectively impact millions of people. For more information, please visitwww.primemedicine.com.
© 2024
Forward Looking StatementsThis press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including, without limitation, implied and express statements about Prime Medicine’s beliefs and expectations regarding: the timing, progress, and results of its Wilson’s Disease program, including the timing of the release of updated data and filing of an IND and/or CTA application in the first half of 2026; the potential for its modular universal LNP platform to precisely deliver Prime Editors, correct disease-causing mutations in the liver, and deliver transformative treatments for Wilson’s Disease, GSD1b, and other rare and non-rare liver indications; the modular universal LNP platform’s ability to be used repeatedly to generate candidates that offer an improved safety profile and biodistribution compared to other LNPs in development; the anticipated maturation into a clinical-stage company by bringing PM359 into clinical development in 2024 with initial clinical data from the ongoing Phase 1/2 clinical trial of PM359 expected in 2025; the collaboration with
Any forward-looking statements in this press release are based on management’s current expectations and beliefs and are subject to a number of risks, uncertainties and important factors that may cause actual events or results to differ materially from those expressed or implied by any forward-looking statements contained in this press release, including, without limitation, risks associated with: uncertainties related to Prime Medicine’s product candidates entering clinical trials; the authorization, initiation, and conduct of preclinical and IND-enabling studies and other development requirements for potential product candidates, including uncertainties related to opening INDs and obtaining regulatory approvals; risks related to the development and optimization of new technologies, the results of preclinical studies, or clinical studies not being predictive of future results in connection with future studies; the scope of protection Prime Medicine is able to establish and maintain for intellectual property rights covering its Prime Editing technology; Prime Medicine’s ability to identify and enter into future license agreements and collaborations; and general economic, industry and market conditions. These and other risks and uncertainties are described in greater detail in the section entitled “Risk Factors” in Prime Medicine’s most recent Annual Report on Form 10-K, as well as any subsequent filings with the
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| Condensed Consolidated Balance Sheet Data | ||||
| (unaudited) | ||||
| (in thousands) | ,2024 | ,2023 | ||
| Cash, cash equivalents, and investments | 175,527 | 121,665 | ||
| Total assets | 332,784 | 193,851 | ||
| Total liabilities | 143,280 | 60,780 | ||
| Total stockholders’ equity | 189,504 | 133,071 | ||
| Condensed Consolidated Statement of Operations |
| (unaudited) |
| Three Months Ended | ||||||||
| (in thousands, except share and per share amounts) | 2024 | 2023 | ||||||
| Collaboration revenue | $ | 209 | $ | — | ||||
| Operating expenses: | ||||||||
| Research and development | $ | 40,340 | $ | 40,967 | ||||
| General and administrative | 14,101 | 10,492 | ||||||
| Total operating expenses | 54,441 | 51,459 | ||||||
| Loss from operations | (54,232 | ) | (51,459 | ) | ||||
| Other income: | ||||||||
| Accretion (amortization) of investments | 885 | 1,769 | ||||||
| Interest income | 697 | 410 | ||||||
| Change in fair value of short-term investment — related party | 215 | (1,579 | ) | |||||
| Other income, net | (83 | ) | 43 | |||||
| Total other income, net | 1,714 | 643 | ||||||
| Net loss before income taxes | (52,518 | ) | (50,816 | ) | ||||
| Benefit from income taxes | — | 108 | ||||||
| Net loss attributable to common stockholders | $ | (52,518 | ) | $ | (50,708 | ) | ||
| Net loss per share attributable to common stockholders, basic and diluted | $ | (0.44 | ) | $ | (0.55 | ) | ||
| Weighted-average common shares outstanding, basic and diluted | 119,764,270 | 91,846,835 | ||||||
Source: Prime Medicine, Inc.