Prelude Therapeutics(PRLD) - 2024 Q3 - Quarterly Results

Financial Performance - Prelude Therapeutics reported a net loss of $32.3 million, or$ 0.43 per share, for Q3 2024, compared to a net loss of $30.6 million, or$ 0.45 per share, in the same period last year[14]. - General and administrative expenses rose to $7.9 million in Q3 2024 from$ 7.1 million in Q3 2023, mainly due to increased professional fees[13]. - Accumulated deficit increased from $(456,390,000) to$ (554,832,000), indicating a worsening financial position[20]. Research and Development - Research and development expenses increased to $29.5 million in Q3 2024 from$ 26.3 million in Q3 2023, primarily due to higher chemistry, manufacturing, and controls costs[12]. - PRT3789, a first-in-class intravenous SMARCA2 degrader, is in Phase 1 clinical development, with enrollment on track and monotherapy dose escalation expected to conclude by year-end 2024[4]. - Interim data from the PRT3789 trial showed partial responses in 4 out of 26 evaluable patients with advanced NSCLC or esophageal cancers[4]. - The company initiated a Phase 1 trial for PRT7732, an oral SMARCA2 degrader, with patient enrollment currently ongoing[6]. - Prelude presented preclinical data from its Precision ADC platform, demonstrating potent activity of SMARCA2/4 degrader payloads conjugated to various antibodies[8]. - PRT2527, a CDK9 inhibitor, is advancing in clinical trials, with interim data to be presented at the American Society of Hematology Annual Meeting in December 2024[10]. Financial Position - The company has $153.6 million in cash, cash equivalents, and marketable securities as of September 30, 2024, which is expected to fund operations into 2026[11]. - Total current assets decreased from$ 235,589,000 on December 31, 2023, to $156,387,000 on September 30, 2024, a decline of approximately 33.5%[19]. - Cash and cash equivalents dropped from$ 25,291,000 to $11,134,000, representing a decrease of about 56.0%[19]. - Marketable securities decreased from$ 207,644,000 to $142,492,000, a reduction of approximately 31.4%[19]. - Total stockholders' equity fell from$ 237,090,000 to $156,431,000, a decline of around 33.9%[20]. - Total liabilities remained relatively stable, increasing slightly from$ 40,575,000 to $40,789,000[19]. - Accounts payable rose from$ 4,580,000 to $5,921,000, an increase of approximately 29.3%[19]. - Accrued expenses and other current liabilities decreased from$ 15,768,000 to $13,579,000, a decline of about 13.9%[19]. - The company reported 42,178,012 shares issued and outstanding as of September 30, 2024, compared to 42,063,995 shares on December 31, 2023[19]. - Additional paid-in capital increased from$ 693,252,000 to $711,091,000, reflecting a growth of approximately 2.6%[20]. Collaborations - The company has entered into a collaboration agreement with Pfizer Ignite to support its SMARCA2 degrader development programs while retaining full ownership of its programs[7].