NASDAQ$PRME
Prime Medicine Inc · Q2 2023 earnings
Q2 2023 earnings · · Investor relations
Briefing
Prime Medicine reported financial results for Q2 2023 and provided business updates.
Prime Medicine reported a net loss of $42.4 million for the second quarter of 2023. As of June 30, 2023, cash, cash equivalents, investments and restricted cash were $221.1 million. The company expects these funds to be sufficient to fund operating expenses and capital expenditure requirements into 2025.
- Advanced a diversified portfolio of Prime Editing programs.
- Entered into a research collaboration with Cimeio Therapeutics to develop Prime Edited Shielded Cell and Immunotherapy Pairs™ (SCIP).
- PM359, product candidate for the treatment of CGD, is progressing well.
- Presented new preclinical data at the ASGCT Annual Meeting demonstrating the potential for Prime Editing to correct the causative mutation of CGD and showcased the potential application of the PASSIGE™ platform.
Headline financials
Revenue & EPS history
Prime Medicine · Revenue · Quarterly
$1.65M
Forward guidance
Prime Medicine expects to initiate investigational new drug (IND)-enabling studies for PM359 in CGD in 2023 and complete first IND filing as early as 2024 with additional IND filings anticipated in 2025.
Tailwinds
- Initiate investigational new drug (IND)-enabling studies for PM359 in CGD in 2023.
- Expand preclinical proof-of-concept in vivo data, with plans to share data from in vivo rodent studies and large animal studies from several programs in the second half of 2023.
- Share in vitro preclinical data in additional liver, eye and neuromuscular programs.
- Complete first IND filing as early as 2024.
- Additional IND filings anticipated in 2025.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 14 quarterly earnings reports · overlaid with Q2 2023
-1.7%
Avg return
Earnings day
-7.2%
Avg return
5 days after
-10.8%
Avg return
30 days after
29%
5 / 17 earnings
Positive
+26.6%
Q1 2025
Best reaction
-9.8%
Q3 2024
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q4 2025 | -8.2% | -13.9% | -28.8% | |
| Q3 2025 | -9.1% | -15.1% | -10.5% | |
| Q1 2025 | +26.6% | -7.5% | +15.9% | |
| Q4 2024 | +4.1% | -4.5% | -17.8% | |
| Q3 2024 | -9.8% | -23.8% | -31.4% | |
| Q2 2024 | -4.5% | -2.5% | -19.3% | |
| Q1 2024 | +12.2% | +18.2% | +14.9% | |
| Q4 2023 | +1.6% | -2.4% | -18.9% | |
| Q3 2023 | +17.0% | +13.1% | +21.6% | |
| Q2 2023 | -7.5% | -14.9% | -13.3% | |
| Q1 2022 | -9.4% | -10.5% | +3.2% | |
| Q1 2023 | -9.4% | -10.5% | +3.2% | |
| Q4 2020 | -9.7% | -11.7% | -21.9% | |
| Q4 2022 | -9.7% | -11.7% | -21.9% | |
| Q3 2022 | -4.4% | -8.1% | -19.4% | |
| Q3 2021 | -4.4% | -8.1% | -19.4% | |
| Q4 2021 | -4.4% | -8.1% | -19.4% | |
| Q2 2021 | — | — | — | |
| Q1 2021 | — | — | — | |
| Q4 2019 | — | — | — |
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