$PRME
Prime Medicine, Inc.

2023 Q2 Form 10-Q Financial Statement

#000162828023017423 Filed on May 11, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $10.66M $9.153M $6.221M
YoY Change 44.74% 47.13% 347.55%
% of Gross Profit
Research & Development $34.60M $30.88M $13.68M
YoY Change 82.68% 125.78% 199.28%
% of Gross Profit
Depreciation & Amortization $1.118M $1.052M $293.0K
YoY Change 160.0% 259.04% 486.0%
% of Gross Profit
Operating Expenses $45.26M $40.03M $19.90M
YoY Change 72.05% 101.19% 233.86%
Operating Profit -$45.26M -$40.03M -$19.90M
YoY Change 72.05% 101.19%
Interest Expense $260.0K -$1.701M -$4.485M
YoY Change -106.98% -62.07% 1301.56%
% of Operating Profit
Other Income/Expense, Net $2.903M $434.0K $11.00K
YoY Change 1119.75% 3845.45% -100.01%
Pretax Income -$42.35M -$39.60M -$24.37M
YoY Change 42.16% 62.48% -72.08%
Income Tax $31.00K -$202.0K -$532.0K
% Of Pretax Income
Net Earnings -$42.39M -$39.40M -$30.06M
YoY Change 18.92% 31.04% -65.31%
Net Earnings / Revenue
Basic Earnings Per Share -$0.47 -$0.44 -$1.58
Diluted Earnings Per Share -$0.47 -$0.44 -$0.32
COMMON SHARES
Basic Shares Outstanding 97.23M shares 97.25M shares 19.05M shares
Diluted Shares Outstanding 90.47M shares 89.06M shares 19.05M shares

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $207.6M $243.4M $211.3M
YoY Change 14.96% 15.2%
Cash & Equivalents $120.6M $133.5M $164.2M
Short-Term Investments $87.04M $109.9M $47.02M
Other Short-Term Assets $10.87M $3.982M $690.0K
YoY Change 985.03% 477.1%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $218.5M $253.5M $212.0M
YoY Change 20.31% 19.6%
LONG-TERM ASSETS
Property, Plant & Equipment $20.56M $21.59M $15.67M
YoY Change -56.83% 37.81%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.816M $1.646M $16.93M
YoY Change -90.11% -90.28%
Total Long-Term Assets $62.38M $63.45M $32.60M
YoY Change -5.48% 94.65%
TOTAL ASSETS
Total Short-Term Assets $218.5M $253.5M $212.0M
Total Long-Term Assets $62.38M $63.45M $32.60M
Total Assets $280.9M $316.9M $244.6M
YoY Change 13.44% 29.6%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.490M $4.561M $3.196M
YoY Change -6.71% 42.71%
Accrued Expenses $21.73M $7.543M $8.610M
YoY Change 29.72% -12.39%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $28.72M $23.87M $12.89M
YoY Change 20.51% 85.19%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $11.93M $14.20M $2.092M
YoY Change -47.57% 578.63%
Total Long-Term Liabilities $11.93M $14.20M $2.092M
YoY Change -47.57% 578.63%
TOTAL LIABILITIES
Total Short-Term Liabilities $28.72M $23.87M $12.89M
Total Long-Term Liabilities $11.93M $14.20M $2.092M
Total Liabilities $40.76M $38.15M $15.69M
YoY Change -13.01% 143.07%
SHAREHOLDERS EQUITY
Retained Earnings -$375.0M -$332.6M
YoY Change
Common Stock $2.000K $2.000K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $240.1M $278.8M $228.9M
YoY Change
Total Liabilities & Shareholders Equity $280.9M $316.9M $244.6M
YoY Change 13.44% 29.6%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$42.39M -$39.40M -$30.06M
YoY Change 18.92% 31.04% -65.31%
Depreciation, Depletion And Amortization $1.118M $1.052M $293.0K
YoY Change 160.0% 259.04% 486.0%
Cash From Operating Activities -$40.82M -$41.56M -$50.79M
YoY Change 101.85% -18.18% 940.84%
INVESTING ACTIVITIES
Capital Expenditures $1.976M $1.999M $1.688M
YoY Change -58.85% 18.42% 65.49%
Acquisitions
YoY Change
Other Investing Activities $29.84M -$10.67M $32.58M
YoY Change -164.88% -132.74% 65062.0%
Cash From Investing Activities $27.86M -$12.67M $30.89M
YoY Change -154.85% -141.0% -3284.85%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 75.00K $68.00K -1.272M
YoY Change -112.02% -105.35% -155.06%
NET CHANGE
Cash From Operating Activities -40.82M -$41.56M -50.79M
Cash From Investing Activities 27.86M -$12.67M 30.89M
Cash From Financing Activities 75.00K $68.00K -1.272M
Net Change In Cash -12.89M -$54.16M -21.17M
YoY Change -82.01% 155.8% 498.08%
FREE CASH FLOW
Cash From Operating Activities -$40.82M -$41.56M -$50.79M
Capital Expenditures $1.976M $1.999M $1.688M
Free Cash Flow -$42.80M -$43.56M -$52.48M
YoY Change 71.02% -17.0% 789.51%

Facts In Submission

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CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2023Q1 us-gaap Restricted Cash
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CY2023Q1 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2022Q1 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2023Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
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CY2022Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
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CY2023Q1 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
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CY2023Q1 prme Settlement Of Related Party Forward Contract
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CY2022Q1 prme Settlement Of Related Party Forward Contract
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CY2023Q1 prme Deferred Offering Costs Incurred But Not Yet Paid
DeferredOfferingCostsIncurredButNotYetPaid
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CY2022Q1 prme Deferred Offering Costs Incurred But Not Yet Paid
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CY2023Q1 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
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CY2023Q1 us-gaap Use Of Estimates
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<div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of the Company’s condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates and </span></div>assumptions reflected within these condensed consolidated financial statements include, but are not limited to the valuation of the Company’s common stock and stock-based awards, and the valuation of the related party forward contract liability. The Company bases its estimates on historical experience, known trends and other market-specific or other relevant factors that it believes to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates, as there are changes in circumstances, facts and experience. Actual results may differ materially from those estimates or assumptions.
CY2023Q1 us-gaap Equity Securities Fv Ni
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CY2023Q1 us-gaap Assets Fair Value Disclosure
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CY2022Q4 us-gaap Equity Securities Fv Ni
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CY2022Q4 us-gaap Assets Fair Value Disclosure
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CY2023Q1 us-gaap Available For Sale Debt Securities Amortized Cost Basis
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CY2023Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
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CY2023Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
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CY2023Q1 us-gaap Available For Sale Securities Debt Securities
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CY2022Q4 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
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CY2023Q1 us-gaap Equity Securities Fv Ni Unrealized Gain Loss
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CY2022Q1 us-gaap Equity Securities Fv Ni Unrealized Gain Loss
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CY2023Q1 us-gaap Property Plant And Equipment Gross
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25473000 usd
CY2022Q4 us-gaap Property Plant And Equipment Gross
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21840000 usd
CY2023Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2023Q1 us-gaap Property Plant And Equipment Net
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CY2022Q4 us-gaap Property Plant And Equipment Net
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CY2023Q1 us-gaap Depreciation Depletion And Amortization
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CY2022Q1 us-gaap Depreciation Depletion And Amortization
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CY2023Q1 us-gaap Accrued Professional Fees Current
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CY2022Q4 us-gaap Accrued Professional Fees Current
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CY2023Q1 prme Accrued Lab Related Supplies And Services Current
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CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
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CY2023Q1 us-gaap Accrued Liabilities Current
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CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
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CY2023Q1 prme Related Party Transaction Accrued Liabilities Current
RelatedPartyTransactionAccruedLiabilitiesCurrent
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CY2022Q4 prme Related Party Transaction Accrued Liabilities Current
RelatedPartyTransactionAccruedLiabilitiesCurrent
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CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
3954265 shares
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
6.43
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
2904472 shares
CY2023Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
12.48
CY2023Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
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CY2023Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
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CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
16087 shares
CY2023Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
17.00
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
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CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
1095290 shares
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
4.41
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
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CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
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CY2023Q1 us-gaap Allocated Share Based Compensation Expense
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CY2022Q1 us-gaap Allocated Share Based Compensation Expense
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CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
8845000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
13035000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
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CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
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CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
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CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
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CY2023Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
1675000 usd
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
25964000 usd
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.44
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.58
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-39397000 usd
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-23840000 usd
CY2023Q1 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
0 usd
CY2022Q1 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
6224000 usd
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-39397000 usd
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-39397000 usd
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-30064000 usd
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-30064000 usd
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
89064895 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
89064895 shares
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
19050385 shares
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
19050385 shares
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.44
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
14475709 shares
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
68847917 shares

Files In Submission

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prme-20230331_cal.xml Edgar Link unprocessable
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0001628280-23-017423-index.html Edgar Link pending
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Financial_Report.xlsx Edgar Link pending
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prme-20230331.htm Edgar Link pending
prme-20230331.xsd Edgar Link pending
q12023ex311.htm Edgar Link pending
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prme-20230331_def.xml Edgar Link unprocessable
prme-20230331_pre.xml Edgar Link unprocessable
prme-20230331_lab.xml Edgar Link unprocessable
prme-20230331_htm.xml Edgar Link completed
R5.htm Edgar Link pending
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