Revenue remains negligible and volatile, with Q2 2026 revenue of just $1.2M, while operating losses persist in the $43M-$55M range per quarter due to R&D expenses that consistently consume over 80% of total operating costs.
Prime Medicine, Inc. (PRME) annual income statement — 7-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Sales/Revenue | 4.07M | 4.63M | 2.98M | 0 | 0 | 0 | 5.21M | 0 |
| Revenue Growth % | -17.9% | 55.28% | - | - | - | -100% | - | - |
| Cost of Goods Sold | 45.85M | 7.32M | 0 | 0 | 0 | 0 | 2.98M | 2.76M |
| COGS % of Revenue | - | 158.05% | - | - | - | - | 57.2% | - |
| Gross Profit | -41.77M | -2.69M | 2.98M | 0 | 0 | 0 | 2.23M | -2.76M |
| Gross Margin % | -1025.61% | -58.05% | 100% | - | - | - | 42.8% | - |
| Gross Profit Growth % | - | -190.14% | - | - | - | -100% | 180.8% | - |
| Operating Expenses | 154.75M | 205.66M | 205.45M | 204.79M | 116.54M | 84.47M | 3.16M | 2.17M |
| OpEx % of Revenue | - | 4440% | 6887.36% | - | - | - | 60.69% | - |
| Selling, General & Admin | 54.39M | 52.35M | 50.16M | 43.39M | 29.82M | 13.92M | 3.16M | 1.25M |
| SG&A % of Revenue | - | 1130.1% | 1681.56% | - | - | - | 60.69% | - |
| Research & Development | 146.2M | 160.64M | 155.29M | 147.91M | 86.72M | 70.55M | 2.98M | 920K |
| R&D % of Revenue | - | 3467.96% | 5205.8% | - | - | - | 57.2% | - |
| Other Operating Expenses | -2M | -7.32M | 0 | 13.5M | 0 | 0 | -2.98M | 0 |
| Operating Income | -196.52M | -208.35M | -202.47M | -204.79M | -116.54M | -84.47M | -932K | -2.17M |
| Operating Margin % | -4824.94% | -4498.06% | -6787.36% | - | - | - | -17.89% | - |
| Operating Income Growth % | - | -2.91% | 1.14% | -75.72% | -37.96% | -8963.73% | 57.09% | - |
| EBITDA | -189.12M | -202.97M | -196.34M | -200.14M | -114.32M | -83.91M | -889K | 4.34M |
| EBITDA Margin % | -4643.31% | -4381.82% | -6581.93% | - | - | - | -17.06% | - |
| EBITDA Growth % | 4.19% | -3.38% | 1.9% | -75.07% | -36.25% | -9338.25% | -120.47% | - |
| D&A (Non-Cash Add-back) | 7.4M | 5.38M | 6.13M | 4.65M | 2.22M | 568K | 43K | 6.52M |
| EBIT | -187.89M | -201.14M | -195.88M | -191.29M | -122.77M | -165.85M | -932K | -2.52M |
| Net Interest Income | 4.49M | 4.15M | 3.52M | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 4.49M | 4.15M | 3.52M | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 8.63M | 7.21M | 6.58M | 6.38M | -6.22M | -81.38M | -611K | 0 |
| Pretax Income | -187.89M | -201.14M | -195.88M | -198.41M | -122.77M | -165.85M | -1.54M | -2.52M |
| Pretax Margin % | -4613.11% | -4342.44% | -6566.61% | - | - | - | -29.62% | - |
| Income Tax | 0 | 0 | 0 | -279K | -948K | -486K | 1.87M | 4K |
| Effective Tax Rate % | 0% | 0% | 0% | 0.14% | 0.77% | 0.29% | -121% | -0.16% |
| Net Income | -187.89M | -201.14M | -195.88M | -198.13M | -121.82M | -165.37M | -3.41M | -2.53M |
| Net Margin % | -4613.11% | -4342.44% | -6566.61% | - | - | - | -65.45% | - |
| Net Income Growth % | 5.71% | -2.69% | 1.14% | -62.64% | 26.33% | -4749.47% | -34.84% | - |
| Net Income (Continuing) | -187.89M | -201.14M | -195.88M | -198.13M | -121.82M | -165.37M | -3.41M | -2.53M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.06 | -1.35 | -1.65 | -2.18 | -1.46 | -1.92 | -0.05 | -0.03 |
| EPS Growth % | 31.19% | 18.26% | 24.17% | -49.09% | 24.04% | -3542.61% | -80.82% | - |
| EPS (Basic) | - | -1.35 | -1.65 | -2.18 | -1.46 | -1.92 | -0.05 | -0.03 |
| Diluted Shares Outstanding | 177.22M | 148.76M | 118.6M | 90.97M | 97.21M | 95.73M | 95.73M | 95.73M |
| Basic Shares Outstanding | 177.22M | 148.76M | 118.6M | 90.97M | 97.21M | 95.73M | 95.73M | 95.73M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying PRME stock.
For fiscal year 2025, Prime Medicine, Inc. (PRME) reported total revenue of $4.6M.
Prime Medicine, Inc. (PRME) reported a net loss of $201.1M for the fiscal year ending 2025.
Prime Medicine, Inc. (PRME) reported an operating income of $-208.3M, resulting in an operating profit margin of -4498.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Prime Medicine, Inc. (PRME) generated $-2.7M in gross profit for the year, representing a gross profit margin of -58.1%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Cash burn and R&D dependency
Metrics are mathematically derived from official filings.
Revenue Volatility Amidst Early-Stage Operations
Prime Medicine's revenue trajectory is highly erratic, swinging from $209K in 2024Q3 to $2.2M in 2024Q4, then back down to $838K in 2025Q4, indicating a lack of predictable, recurring revenue streams typical of a pre-commercial biotech.
The company's revenue appears to be driven by episodic collaboration or milestone payments rather than product sales, as evidenced by the sharp quarter-to-quarter swings and periods of zero or negative gross profit. This volatility makes forecasting extremely difficult and underscores the company's complete reliance on its pipeline and partnership deals for any top-line contribution.
Negative Margins Reflect Pre-Revenue Cost Structure
Gross margins are structurally negative or volatile, with 2025Q3 showing a -34.9% margin on $1.2M revenue due to a $44.0M COGS charge, highlighting that the company's cost of goods is not yet aligned with its minimal revenue base.
The erratic gross margin, swinging from 100% to deeply negative, suggests that cost of goods sold is likely tied to non-recurring R&D activities or inventory write-downs rather than scalable production. This is a common characteristic of early-stage biotechs, but it means the company cannot yet demonstrate any pricing power or operational efficiency in its core technology platform.
R&D Dominates the Cost Structure
Research and development expenses consistently consume over 80% of total operating expenses, with 2025Q3 R&D of $44.0M dwarfing the $1.2M in revenue, indicating that the company's financial performance is almost entirely a function of its investment pace.
The primary cost driver is clearly R&D, which has ranged from $33.4M to $44.0M per quarter. SG&A is a secondary but significant expense, suggesting the company is building commercial infrastructure ahead of any product launch. The discipline here is not in cost-cutting, but in the strategic allocation of capital toward pipeline development, which investors must view as the core value driver.
Operating Leverage is Non-Existent
Operating losses have remained stubbornly in the $43M to $55M range per quarter despite revenue fluctuations, demonstrating a complete lack of operating leverage as fixed R&D and SG&A costs overwhelm any top-line contribution.
The company's operating income is not scaling with revenue; instead, it is dictated by the quarterly R&D spend. For example, 2024Q4 had $2.2M in revenue and a -$44.2M operating loss, while 2025Q3 had $1.2M in revenue and a -$54.0M operating loss. This implies that achieving profitability will require not just revenue growth, but a fundamental shift in the cost structure or a significant reduction in R&D intensity.
Net Losses Driven by Non-Cash Charges
Stock-based compensation is a major component of the net loss, with $12.7M recorded in 2025Q3 alone, which represents a significant non-cash expense that dilutes shareholders but does not impact immediate cash burn.
The quality of earnings is low, as the reported net loss is heavily influenced by non-cash items like SBC. The tax rate is not a meaningful metric given the pre-profit status. Investors should focus on the cash burn rate and the composition of the loss, as the SBC expense, while dilutive, is a standard tool for talent retention in the biotech sector.
Sustainability of Cash Burn and Pipeline Execution
The most significant risk is the company's high quarterly cash burn, with operating losses consistently exceeding $40M, which raises questions about the sufficiency of its cash runway and the timeline to a value-inflecting clinical or partnership event.
A short-seller would focus on the disconnect between the minimal revenue and the substantial, ongoing R&D expenditure. The negative gross margins in some quarters suggest potential inefficiencies or write-downs. Without a clear path to a major partnership or clinical milestone, the current burn rate appears unsustainable and could necessitate dilutive financing, which would further pressure the stock.