Prelude Therapeutics(PRLD) - 2024 Q2 - Quarterly Results

Financial Performance - Prelude Therapeutics reported a net loss of $34.7 million, or $0.46 per share, for Q2 2024, compared to a net loss of $30.4 million, or $0.54 per share, in the same period last year[12]. - Total operating expenses for Q2 2024 were $37.2 million, up from $32.4 million in the prior year period[16]. - Accumulated deficit increased significantly from $456,390,000 to $522,561,000, reflecting a rise of about 14.5%[19]. - Total stockholders' equity decreased from $237,090,000 to $182,276,000, a decline of approximately 23.1%[19]. Research and Development - Research and Development (R&D) expenses increased to $29.5 million in Q2 2024 from $25.0 million in the prior year period, primarily due to increased chemistry, manufacturing, and controls (CMC) expenses[10]. - The interim Phase 1 data for PRT3789, a first-in-class SMARCA2 degrader, is scheduled for oral presentation at the ESMO Congress on September 13, 2024[6]. - Prelude has received IND authorization for PRT7732, its first-in-class oral SMARCA2 degrader, which is expected to enter Phase 1 clinical development in the second half of 2024[8]. - PRT2527, a selective CDK9 inhibitor, is on track to present interim Phase 1 data in Q4 2024, with ongoing dose escalation in both lymphoid and myeloid malignancies[9]. - The company is collaborating with Merck to evaluate PRT3789 in combination with KEYTRUDA® in patients with SMARCA4-mutated cancers, with a Phase 2 trial anticipated to start in Q4 2024[7]. - The company is advancing its clinical programs with a focus on the SMARCA pathway, aiming to address high unmet medical needs in cancer treatment[2]. Cash and Assets - As of June 30, 2024, the company had $179.8 million in cash, cash equivalents, and marketable securities, which is expected to fund operations into 2026[10]. - Total current assets decreased from $235,589,000 on December 31, 2023, to $182,714,000 on June 30, 2024, a decline of approximately 22.4%[18]. - Cash and cash equivalents increased from $25,291,000 to $27,828,000, representing an increase of about 10.1%[18]. - Marketable securities decreased from $207,644,000 to $152,016,000, a drop of about 26.8%[18]. Liabilities and Equity - Total liabilities rose from $40,575,000 to $42,015,000, an increase of approximately 3.6%[19]. - Accounts payable increased from $4,580,000 to $6,170,000, an increase of approximately 34.7%[18]. - Accrued expenses and other current liabilities decreased from $15,768,000 to $11,426,000, a decline of about 27.5%[18]. - Additional paid-in capital increased from $693,252,000 to $705,122,000, an increase of approximately 1.3%[19]. - Operating lease right-of-use asset slightly decreased from $30,412,000 to $29,574,000, a reduction of about 2.8%[18]. Educational Initiatives - Prelude has launched an educational video series on SMARCA biology and the development of SMARCA2 degraders, available on its website[5].