Core Viewpoint - Prelude Therapeutics has entered into a collaboration with Merck to conduct a Phase 2 clinical trial evaluating the combination of its investigational SMARCA2 degrader, PRT3789, with Merck's anti-PD-1 therapy, KEYTRUDA, targeting patients with SMARCA4-mutated cancers [2][4][7]. Group 1: Clinical Development - PRT3789 is a first-in-class, highly selective SMARCA2 degrader currently in Phase 1 clinical development, focusing on biomarker-selected SMARCA4 mutant patients [3][11]. - The Phase 1 study aims to establish the safety and tolerability of PRT3789, evaluate its activity, pharmacokinetics, and pharmacodynamics, and determine a recommended Phase 2 dose [3][11]. - Enrollment for the Phase 1 trial is on track, with expectations to conclude monotherapy dose escalation by mid-2024 [3]. Group 2: Collaboration Details - Under the collaboration agreement, Merck will supply KEYTRUDA for the Phase 2 trial, while Prelude will act as the trial sponsor [4][12]. - Both companies retain all commercial rights to their respective compounds, whether used alone or in combination [4]. Group 3: Mechanistic Rationale - The combination of the SMARCA2 degrader and anti-PD-1 therapy is supported by pre-clinical data, which indicates enhanced anti-tumor immunity and tumor regressions in SMARCA4-mutated cancers [8]. - The rationale for this combination was previously presented at the 2023 AACR International Conference on Molecular Targets and Cancer Therapeutics [8]. Group 4: Company Overview - Prelude Therapeutics is focused on developing innovative drug candidates targeting critical cancer cell pathways, with a pipeline that includes PRT3789, a CDK9 inhibitor (PRT2527), and a next-generation CDK4/6 inhibitor (PRT3645) [11]. - The company is also collaborating with AbCellera to discover and develop next-generation antibody drug conjugate products [11].

Cash Distribution - PermRock Royalty Trust announced a cash distribution of $486,630.74, equating to $0.040000 per Trust Unit, based on production during April 2024[6] - The cash distribution is payable on July 15, 2024, to record holders as of June 28, 2024[6]

Core Points - PermRock Royalty Trust declared a monthly cash distribution of $490,223.49 ($0.040295 per Trust Unit) for record holders as of May 31, 2024, payable on June 14, 2024, based on production in March 2024 [1] Group 1: Financial Performance - Underlying oil sales volumes for the current month were 26,162 barrels, an increase from 23,156 barrels in the prior month, while natural gas sales volumes were 28,443 Mcf, up from 24,949 Mcf [2] - Average received prices for oil increased to $78.88 per barrel from $74.64, while natural gas prices decreased to $3.00 per Mcf from $3.71 [2] - Total oil cash receipts for the current month were $2.06 million, an increase of $0.33 million from the prior month, primarily due to higher oil sales volumes and prices [2] - Natural gas cash receipts remained stable at $0.09 million, unchanged from the prior month [2] Group 2: Operating Expenses - Total direct operating expenses were $0.73 million, a decrease of $0.01 million from the prior month [3] - Severance and ad valorem taxes decreased to $0.09 million, down by $0.05 million due to severance tax reimbursements for qualifying exemptions [3] - Capital expenses were $0.13 million, a decrease of $0.10 million attributed to fewer capital projects [3] Group 3: Trust Structure and Operations - PermRock Royalty Trust is a Delaware statutory trust formed by Boaz Energy II, LLC, owning a net profits interest representing 80% of the net profits from oil and natural gas production in the Permian Basin of West Texas [5] - Boaz Energy reserved $184,000 net to the Trust for future capital obligations and expenses in the current month's net profits calculation [4]

Financial Performance - Distributable income for the three months ended March 31, 2024, was $1,122,502, down 49.1% from $2,203,286 in the same period of 2023[14] - Distributable income per unit decreased from $0.181106 in Q1 2023 to $0.092268 in Q1 2024, a decline of 49.1%[14] - Net profits income for Q1 2024 was $1,296,408, a decrease of 45.2% compared to $2,366,677 in Q1 2023[14] - Total revenue for Q1 2024 was $1,311,370, down 44.8% from $2,380,404 in Q1 2023[14] - Total gross profits for the three months ended March 31, 2024, were $5,738,919, down from $7,134,833 in the prior year[1] - Total costs decreased to $3,768,409 from $5,191,487 year-over-year[1] - Net profits for the three months ended March 31, 2024, were $1,970,510, slightly up from $1,943,346 in the same period last year[1] Asset and Cash Management - Total assets decreased from $77,244,781 on December 31, 2023, to $76,329,788 on March 31, 2024, a decline of approximately 1.18%[11] - Trust corpus at the end of Q1 2024 was $75,050,326, down from $75,876,170 at the end of Q4 2023, reflecting a decrease of 1.09%[17] - Cash and short-term investments decreased from $1,368,611 on December 31, 2023, to $1,279,462 on March 31, 2024, a decline of approximately 6.5%[11] - The Trust retained cash reserves of $1,000,000 as of March 31, 2024, unchanged from the previous period[12] - Total cash reserves were $1,000,000 as of March 31, 2024, unchanged from the previous year[61] Production and Sales - Oil sales volumes decreased by 11,407 Bbls (13.3%) for the three months ended March 31, 2024, compared to the same period in 2023[65] - Natural gas sales volumes decreased by 20,344 Mcf (19.5%) for the three months ended March 31, 2024, compared to the same period in 2023[66] - In February 2024, the Trust reported underlying sales volumes of 23,156 barrels of oil and 24,949 Mcf of gas, with average prices of $74.64 per barrel and $3.71 per Mcf[45] - Average realized oil price per Bbl decreased to $73.06 from $76.79 year-over-year[67] - Average realized natural gas price per Mcf decreased to $3.14 from $4.94 year-over-year[68] Distributions and Expenses - The Trust declared distributions of $1,122,502 for Q1 2024, which were fully distributed to unitholders[17] - The Trust declared a cash distribution of $0.030674 per Trust unit based on production during February 2024[44] - The Trustee's annual administrative fee for 2024 is $205,031, which will increase at a rate of 1% per year until the 20th anniversary of the Trust's formation[39] - The Trust is required to make monthly cash distributions of substantially all of its monthly cash receipts after deducting fees and expenses for administration[54] Capital Expenditures - Boaz Energy's estimated capital budget for 2024 for the Underlying Properties is $4.5 million, with approximately $0.9 million expended as of March 31, 2024[41] - As of March 31, 2024, Boaz Energy had reserved $930,157 net to the Trust for future capital expenses[74] Impairment and Evaluation - The Trust's investment in the Net Profits Interest is assessed periodically for impairment, with no impairment recognized as of the latest evaluation[28] - For the three months ended March 31, 2024, the net profits income received by the Trust was $1,296,408, a decrease of 45% compared to $2,366,677 for the same period in the prior year due to decreased oil and gas prices and sales volumes[59] - The Trust's distributable income for the same period was $1,122,502, or $0.092268 per Trust unit, after accounting for interest income of $14,962 and general and administrative expenditures of $188,868[60] Ownership and Units - As of May 13, 2024, Boaz Energy owned 4,884,861 Trust units out of the 12,165,732 Trust units issued and outstanding[40]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K þ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________ Commission File Number: 001-38472 PERMROCK ROYALTY TRUST (Exact name of registrant as specified in its charter) (State or other jurisdiction of inc ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-38472 PERMROCK ROYALTY TRUST (Exact name of registrant as specified in the Amended and Restated Trust Agreement of PermRock ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-38472 PERMROCK ROYALTY TRUST (Exact name of registrant as specified in the Amended and Restated Trust Agreement of PermRock Roya ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Washington, D.C. 20549 For the transition period from to Form 10-Q Commission File Number: 001-38472 (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 (I.R.S. Employer Identification No.) (855) 588-7839 Argent Trust Company, Trustee (Registrant's telephone number, includi ...

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K þ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR Commission File Number: 001-38472 PERMROCK ROYALTY TRUST (Exact name of registrant as specified in its charter) (State or other jurisdiction of inc ...

Form 10-Q (Mark One) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________ Commission File Number: 001-38472 PERMROCK ROYALTY TRUST (Exact name of registrant as specified in the Amended and Restated Trust Agr ...