Prime Medicine

Prime Medicine, Inc. is a Cambridge, Massachusetts-based biotechnology company incorporated in 2019 that develops genetic medicines using Prime Editing, a gene-editing approach that searches for a precise location in the genome and replaces a faulty DNA segment with a corrected sequence without causing double-strand DNA breaks. The company describes the technology as functioning like a "DNA word processor" and states it could theoretically address roughly 90% of known disease-causing mutations across organisms, organs and cell types, working across most mutation types at the natural genomic location while minimizing unwanted DNA modifications.

The pipeline is organized around four core areas: hematology, immunology & oncology; liver; and lung. Programs include PM359, an autologous hematopoietic stem cell therapy edited ex vivo with an all-RNA Prime Editor by electroporation for the p47phox variant of chronic granulomatous disease (evaluated in the Phase 1/2 Prime-0101 study; granted rare pediatric disease and orphan drug designations by the FDA); PM577/PM577a, an LNP-delivered program for Wilson disease; PM647 for alpha-1 antitrypsin deficiency caused by SERPINA1 mutations producing misfolded Z-AAT protein; and cystic fibrosis programs using LNP/AAV delivery, including the PASSIGE gene-insertion technology. An ex vivo CAR-T program using PASSIGE is also listed. The company has stated it is identifying opportunities to advance additional programs in neurological diseases, cell therapy, ocular diseases and hearing loss, either in partnership or internally.

As of the most recent public quote data, Prime Medicine trades on Nasdaq as PRME with roughly $625M market capitalization, 146 full-time employees, trailing twelve-month revenue of about $4.07M, a TTM net loss of about $187.9M, and about $95.1M in cash at the most recent quarter end.

Founding story

Prime Editing was developed in the laboratory of Dr. David R. Liu at the Broad Institute of MIT and Harvard and published in Nature in December 2019, where it was recognized as a major advance capable of overcoming limitations of existing gene-editing approaches. The publication drew together academics, company builders, investors and advisors to form Prime Medicine and translate the technology into therapeutics; Andrew Anzalone, MD, PhD, and David Liu, PhD, are the scientific co-founders. A third-party profile states the company was formed in 2019-2020 in Cambridge, MA, with an early 2019 investment from F-Prime Capital and operations launching in summer 2020.

Business model

Prime Medicine is a clinical-stage therapeutics developer rather than a product-revenue business: it invests in discovery and clinical development of Prime Editing-based candidates intended as one-time treatments, funded by equity capital markets and supplemented by collaboration and non-dilutive partner funding. Reported revenue is small relative to operating losses (TTM revenue of about $4.07M against a TTM net loss of about $187.9M), consistent with collaboration-derived rather than commercial revenue.

Revenue to date appears to derive from research collaboration and license agreements, including agreements with Bristol Myers Squibb, the Cystic Fibrosis Foundation, the Broad Institute and Beam, rather than from approved products; no Prime Medicine therapy has been approved by the FDA or any other regulator.

Traction

PM359 entered the Phase 1/2 Prime-0101 trial in p47phox CGD and generated clinical data published in the New England Journal of Medicine; the company reported the results as positive and stated the study is not currently enrolling new participants while it works with regulators on next steps. A pre-screening study (Prime-0211) is running in Wilson disease, and the FDA cleared an IND for PM577a in H1069Q-mutated Wilson disease in July 2026. Corporate traction includes partnerships with Bristol Myers Squibb and the Cystic Fibrosis Foundation, and a Nasdaq listing.

Latest developments

In 2026 the company reported a positive resolution to its arbitration with Beam Therapeutics (announced July 8, 2026), which press coverage linked to its AATD candidate PM647 and the path toward human trials; received FDA clearance of the IND for PM577a in H1069Q-mutated Wilson disease (July 23, 2026); and reported second quarter 2026 financial results on August 6, 2026 showing $1.15M in quarterly revenue and a roughly $42.1M quarterly loss. BMO Capital initiated coverage with an Outperform rating and a $9 price target on August 19, 2026.