Prime Medicine (PRME) said Monday it is implementing a strategic restructuring program, including the reduction in cost and workforce and the deprioritization of its chronic granulomatous disease programs.

The company said it is focusing on its liver franchise and programs funded through external partnerships. These include the development of in vivo programs for the treatment of Wilson's Disease and Alpha-1 Antitrypsin Deficiency, with initial clinical data from both programs expected in 2027.

The cost reduction measures, which include laying off about 25% of its workforce, will cut cash needs by almost half throughout 2027, the company said. Prime said its cash, cash equivalents and investments as of March 31 will be sufficient to fund its operations and capital expenditure requirements into the first half of 2026.

Prime has also appointed Allan Reine as the company's chief executive officer and Jeff Marrazzo as its executive chair. Reine succeeds Keith Gottesdiener, who has decided to step down as CEO effective immediately.

Reine was most recently the chief financial officer of Foghorn Therapeutics.