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Prime Medicine, Inc. reported first quarter 2026 results showing continued investment in its gene-editing pipeline alongside a slightly narrower loss. Collaboration revenue was $0.9 million, while research and development expenses fell to $34.1 million from $40.6 million a year earlier as the company focused on its in vivo liver franchise.
General and administrative expenses increased to $17.4 million, largely due to arbitration-related legal costs. Net loss was $49.1 million, compared with $51.9 million in the prior-year quarter. As of March 31, 2026, cash, cash equivalents, investments and restricted cash totaled $149.2 million, which the company expects will fund operations into 2027.
Operationally, Prime Medicine highlighted progress toward regulatory filings for PM577 in Wilson Disease and PM647 in Alpha‑1 Antitrypsin Deficiency in 2026, continued regulatory dialogue on a potential BLA for PM359 in Chronic Granulomatous Disease, and the appointment of Svetlana Makhni as Chief Financial Officer.
Prime Medicine, Inc. is asking stockholders to vote at its 2026 virtual annual meeting on June 5, 2026. Investors are being asked to elect two Class I directors, Michael Kelly and David Schenkein, M.D., to serve until the 2029 meeting, and to ratify PricewaterhouseCoopers LLP as independent auditor for the year ending December 31, 2026.
The record date is April 9, 2026, covering 180,615,889 common shares, each with one vote. The proxy highlights a classified board structure, committee composition, director independence, and updated non-employee director pay, as well as 2025 executive pay, including salary, annual bonuses and significant stock option grants and repricings.
Prime Medicine, Inc. reported that Chief Financial Officer Svetlana Ni Makhni received a grant of stock options covering 800,000 shares of common stock. The options have an exercise price of $3.67 per share and expire on April 16, 2036.
According to the terms, 25% of the shares underlying this option will vest on April 16, 2027, with the remaining shares vesting in equal monthly installments over the following 36 months, subject to her continued service. After this grant, she holds options on 800,000 shares directly.
Prime Medicine, Inc. filed an initial insider ownership report for Makhni Svetlana Ni, who serves as Chief Financial Officer. This Form 3 establishes her status as a reporting person under SEC rules. The provided data shows no reported transactions or holdings in this filing excerpt.
Prime Medicine, Inc. has appointed Svetlana Makhni as Chief Financial Officer and principal financial officer, effective April 16, 2026. She brings over 20 years of biotechnology, healthcare and investment banking experience, including prior CFO roles at Marengo Therapeutics, Escient Pharmaceuticals and Bierman ABA.
Under her employment agreement, Ms. Makhni will receive a $495,000 annual base salary, a $40,000 sign-on bonus and is eligible for an annual bonus targeted at 40% of base salary. The package includes standard severance protections, enhanced if a qualifying termination occurs within 12 months of a change in control.
The Board also approved stock options for 800,000 time-vested shares and an additional 100,000 performance-vested shares under the 2022 Stock Option and Incentive Plan. Existing CEO Allan Reine, M.D. will step down as principal financial officer but will remain Chief Executive Officer and principal executive officer.
Prime Medicine, Inc. has converted its shelf filing to a non-automatic Form S-3 and is registering up to $500,000,000 of securities for issuance from time to time, including a sales agreement prospectus for up to $200,000,000 of common stock to be sold under an Open Market Sale Agreement with Jefferies LLC.
The prospectus states the base shelf covers common stock, preferred stock, debt securities, warrants and/or units, and that specific terms will be set forth in prospectus supplements. It also notes resale registration obligations for Bristol Myers Squibb of 11,006,163 shares and reports 180,514,014 shares outstanding as of December 31, 2025.
Prime Medicine, Inc. outlines its business, pipeline and key risks as a clinical-stage gene editing company using Prime Editing to create durable treatments for genetic diseases. The company focuses on liver-targeted in vivo programs for Wilson Disease (PM577) and alpha-1 antitrypsin deficiency (PM647), an early cystic fibrosis program, and an ex vivo program, PM359 for chronic granulomatous disease, which has shown restoration of functional protein activity in a Phase 1/2 study without reported serious editing-related adverse events.
The filing highlights a substantial doubt about the company’s ability to continue as a going concern because existing cash, cash equivalents and investments will not fund operations for more than one year beyond the filing date, and states that substantial additional funding will be needed. Prime Medicine reports significant strategic partnerships, including a collaboration with Bristol-Myers Squibb that brought a $55 million upfront payment plus a $55 million equity investment and potential milestones, and funding agreements with the Cystic Fibrosis Foundation. As of June 30, 2025, the aggregate market value of common stock held by non-affiliates was approximately $238,759,057, and as of February 20, 2026, there were 180,552,179 shares of common stock outstanding.
Prime Medicine, Inc. files a post-effective amendment to its Form S-3 shelf registration to update disclosure required for a registrant that will no longer be a well-known seasoned issuer and to add prospectuses for future offerings.
The filing registers up to $500,000,000 of common stock, preferred stock, debt securities, warrants and/or units and includes an Open Market Sale agreement prospectus for up to $200,000,000 of common stock under an at-the-market sales agreement with Jefferies LLC.