NASDAQ$PRME
Prime Medicine Inc · Q2 2024 earnings
Q2 2024 earnings · · Investor relations
Briefing
Reported financial results for the second quarter and provided a business update.
Prime Medicine reported a net loss of $55.3 million for the second quarter of 2024. They achieved a key milestone with FDA clearance to advance PM359 into clinical trials and are initiating Phase 1/2 clinical trial. The company is also advancing multiple programs and expects to share new preclinical data.
- Secured FDA clearance to advance PM359 into the clinic for the treatment of chronic granulomatous disease (CGD).
- Initiating Phase 1/2 clinical trial for PM359 and anticipate sharing initial clinical data in 2025.
- Advanced multiple programs across core areas of focus and will share new preclinical data showcasing proprietary delivery capabilities.
- Promoted Mohammed Asmal, M.D, Ph.D. to Chief Medical Officer.
Headline financials
Revenue & EPS history
Prime Medicine · Revenue · Quarterly
$0
Forward guidance
Prime Medicine anticipates several milestones including announcing initial clinical data from the Phase 1/2 clinical trial of PM359 in CGD in 2025, advancing technologies and programs into lead optimization, initiating IND-enabling activities, and nominating development candidates.
Tailwinds
- Announce initial clinical data from the Phase 1/2 clinical trial of PM359 in CGD in 2025.
- Advance Shielded Hematopoietic Stem Cell (HSC) and Immunotherapy Pairs (SCIP) technology, establish proof-of-concept in HSC and immunotherapy and identify first clinical program(s) with this approach in 2024.
- Advance differentiated CAR-T program, using Prime Assisted Site-Specific Integrase Gene Editing (PASSIGE) technology, into lead optimization.
- Continue to advance preclinical studies for three liver programs and initiate IND-enabling activities for at least one in 2024, leading to an IND and/or clinical trial application (CTA) in the second half of 2025 or first half of 2026.
- Nominate development candidate for Retinitis Pigmentosa/Rhodopsin (RHO-RP) program and initiate IND-enabling activities in 2024.
Headwinds
- Uncertainties related to Prime Medicine’s product candidates entering clinical trials.
- Risks related to the development and optimization of new technologies.
- The effect of unfavorable macroeconomic conditions or market volatility.
- Prime Medicine’s accumulated deficit and the expectation for continued operating losses and negative operating cash flows for the foreseeable future.
- Uncertainties related to opening INDs and obtaining regulatory approvals
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 2024
-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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