Prime Medicine
PRMENASDAQUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $3.90 Prior regular-session close from the quote source.
- $3.80–$4.35 Regular-session low and high so far today.
- 12.8M Regular-session shares traded · Nov 11, 4:00 PM ET.
- Not yet confirmed The company has not confirmed its next report date. Reported quarters are available in the chart’s Earnings view.
- $2.67–$5.91 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own PRME if Prime Medicine is a high-risk platform bet: prime editing must produce credible human proof and partner funding before the cash burn forces painful dilution.
PRME price history
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Investment thesis
What must happen next
Prime Medicine’s core value driver is that prime editing proves clinically useful as a differentiated genetic-medicine modality rather than remaining an elegant research tool.HoldingMateriality: High
Item 1 describes the company as developing a new class of genetic medicines designed to provide durable, potentially curative treatment options. If this holds, the company can own valuable therapeutic programs and partnership rights; if it fails, current revenue and assets do not support the enterprise value of a standalone biotech platform.
Watch: Beam Therapeutics, CRISPR Therapeutics, Intellia, Verve, or another editing competitor generates cleaner, more durable human data in overlapping disease biology.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Item 1 describes the company as developing a new class of genetic medicines designed to provide durable, potentially curative treatment.
Open source ↗External validation from collaborators should become a meaningful funding and credibility source if Prime’s platform remains differentiated.StrengtheningMateriality: High
Annual GAAP revenue increased from $0 in FY2023 to $2.983 million in FY2024 and $4.632 million in FY2025. Partner revenue and upfronts can extend runway and validate the technology; absent partner demand, Prime remains dependent on dilutive equity capital.
Watch: Large pharmaceutical companies shift genetic-medicine budgets toward base editing, nuclease editing, RNA editing, siRNA, or conventional gene therapy instead of prime editing.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Annual GAAP revenue increased from $0 in FY2023 to $2.983 million in FY2024 and $4.632 million in FY2025.
Open source ↗The platform needs a financing window or non-dilutive capital before cash burn transfers too much of the upside away from current shareholders.WeakeningMateriality: Medium
Cash and cash equivalents were $63.032 million at December 31, 2025, down from $182.476 million at December 31, 2024. Even successful science can be a poor stock if the company must issue equity at distressed prices before value-inflecting data arrive.
Watch: Prime raises a large equity financing only after a major clinical validation event, limiting dilution relative to the value created.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Cash and cash equivalents were $63.032 million at December 31, 2025, down from $182.476 million at December 31, 2024.
Open source ↗Prime must keep the organization focused enough that scarce capital advances the programs most likely to validate prime editing, rather than funding broad platform sprawl.HoldingMateriality: Medium
FY2025 GAAP operating cash flow was -$162.564 million, broadly similar to FY2023 GAAP operating cash flow of -$165.412 million but worse than FY2024 at -$122.865 million. Focused execution raises the chance that each dollar of burn buys a value-inflecting readout; unfocused spending shortens runway without improving the odds of proof.
Watch: Management launches too many programs or delivery approaches at once, causing burn to rise before any program has clinical validation.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
FY2025 GAAP operating cash flow was -$162.564 million, broadly similar to FY2023 GAAP operating cash flow of -$165.412 million but.
Open source ↗
Full investment case & evidence
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Original research
Prime Medicine’s core value driver is that prime editing proves clinically useful as a differentiated genetic-medicine modality rather than remaining an elegant research tool. If this holds, the company can own valuable therapeutic programs and partnership rights; if it fails, current revenue and assets do not support the enterprise value of a standalone biotech platform.
External validation from collaborators should become a meaningful funding and credibility source if Prime’s platform remains differentiated. Partner revenue and upfronts can extend runway and validate the technology; absent partner demand, Prime remains dependent on dilutive equity capital.
The platform needs a financing window or non-dilutive capital before cash burn transfers too much of the upside away from current shareholders. Even successful science can be a poor stock if the company must issue equity at distressed prices before value-inflecting data arrive.
Prime must keep the organization focused enough that scarce capital advances the programs most likely to validate prime editing, rather than funding broad platform sprawl. Focused execution raises the chance that each dollar of burn buys a value-inflecting readout; unfocused spending shortens runway without improving the odds of proof.
All standing thesis claims
Original report summary
Prime Medicine is a high-risk platform bet: prime editing must produce credible human proof and partner funding before the cash burn forces painful dilution.
Bull case and bear case
Bull case and bear case for Prime Medicine
Where the evidence on Prime Medicine disagrees: Mixed on the latest evidence (Oct 13, 2026). Of its 4 thesis points, 1 strengthening, 2 holding and 1 weakening.
Bull case: what the evidence supports
Prime Medicine’s core value driver is that prime editing proves clinically useful as a differentiated genetic-medicine modality rather than remaining an elegant research tool.
External validation from collaborators should become a meaningful funding and credibility source if Prime’s platform remains differentiated.
Prime must keep the organization focused enough that scarce capital advances the programs most likely to validate prime editing, rather than funding broad platform sprawl.
Bear case: what the evidence questions
The platform needs a financing window or non-dilutive capital before cash burn transfers too much of the upside away from current shareholders.
Thesis-Break Engine
Thesis-break watch · Prime Medicine
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MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedReported results of operations (earnings release).
Prime Medicine filed an SEC 8-K on 2026-08-06: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
- MixedOther material event.
Prime Medicine filed an SEC 8-K on 2026-07-08: Other material event. It is a dated development that tests the current thesis.
- MixedReported results of operations (earnings release).
Prime Medicine filed an SEC 8-K on 2026-05-07: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- Beam Therapeutics, CRISPR Therapeutics, Intellia, Verve, or another editing competitor generates cleaner, more durable human data in overlapping disease biology.
- Large pharmaceutical companies shift genetic-medicine budgets toward base editing, nuclease editing, RNA editing, siRNA, or conventional gene therapy instead of prime editing.
- Prime raises a large equity financing only after a major clinical validation event, limiting dilution relative to the value created.
- Management launches too many programs or delivery approaches at once, causing burn to rise before any program has clinical validation.
PRME news
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Financial statements
PRME income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
PRME: quick answers
- Which well-known investors own PRME?
- 1 of the 37 well-known funds tracked here reported PRME shares in their latest 13F filing. By share of the fund's portfolio: ARK Investment Management (Cathie Wood), 0.2%. Fund portfolios
PRME in well-known investors’ portfolios
1 of 37 funds reported PRME shares in their latest 13F filing. A 13F shows quarter-end positions and arrives up to 45 days later.
| Fund | Of its portfolio | Value | Change | Quarter |
|---|---|---|---|---|
| Cathie WoodARK Investment Management | 0.20% | $30.8M | +33.6% | Q2 2026 |