PRME - Wilson Disease and AATD Market Overview

Research evidence excerpt

PRME - Wilson Disease and AATD Market Overview

Biotechnology July 1, 2026

Debjit Chattopadhyay, Ph.D.

debjit.chattopadhyay@guggenheimpartners.com PRME - Wilson Disease and AATD Market Overview

212 823 6584

Hannah Wei Key Message: We are publishing a market overview of Wilson Disease (WD) and Alpha-1 Antitrypsin Deficiency (AATD), assessing

hannah.wei@guggenheimpartners.com the current development pipeline and the potential role Prime Editing could play in each of these indications. We find (1) In WD, the 212 518 5896 pipeline for potentially curative therapies is limited and no long-acting options are available, leaving substantial room for new entrants

Moritz Reiterer, Ph.D. such as PRME; (2) The pipeline for gene editing treatments in AATD is diverse, but preclinical data suggests PM647 may provide

moritz.reiterer@guggenheimpartners.com higher editing efficiency with fewer bystander edits than its more advanced competition. We are updating our PRME model to reflect

212 372 6368 the most recent financial data provided by mgmt. Refer to the attached deck for a deep dive into the WD and A1ATD landscapes.

Ry Forseth, Ph.D.

ry.forseth@guggenheimpartners.com

212 518 9226 Valuation and Model Update

We have adjusted our model to reflect the financial data provided by PRME for 1Q26. Our $5/share PT is based on a 12-year DCF

analysis, applying a 12.5% discount rate and an estimated fully diluted share count as of 2027 (prior 2026). We have increased the PoS

for Wilson's disease to 30% given the recent CTA approval (prior 25%) and maintained 25% PoS for AATD. Current cash of $149M isPRME BUY sufficient to fund operation into 2027, per management. Prime Medicine, Inc.

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