PRME

Prime Medicine is a clinical-stage gene-editing company with no product revenue and no realistic path to any for years — management states plainly it expects 'many years, if ever, before we have a product candidate ready for commercialization' and does 'not expect to generate any revenue from the sale of products for the foreseeable future.' The $4.63M FY2025 'revenue' is collaboration/license income, so the headline 150.8x P/S is meaningless; this is a cash-burn story, not an earnings one. Against that, the numbers are stark: a $201M net loss, a $888M accumulated deficit, and -$163M of operating cash flow, funded by a share count that jumped 37.7% in a single year.

The balance sheet is the crux and it is stressed. Cash & equivalents fell 65.5% to just $63.0M — under five months of runway at the current burn. Even crediting the full $181M of current assets (implying ~$118M in marketable securities beyond cash), the company still holds barely a year of operating cash against $163M annual outflow, while total liabilities grew 53.7% and equity shrank 21.1%, pushing liabilities/equity to 1.84x. A large, dilutive raise (or dilutive partnership) is not a risk — it is a near-certainty, and existing holders will bear it.