Prelude Therapeutics(PRLD) - 2024 Q4 - Annual Results

Financial Performance - Prelude Therapeutics reported a net loss of $127.2 million for the year ended December 31, 2024, compared to a net loss of $121.8 million for the prior year, resulting in a loss per share of $1.68[20]. - The total operating expenses for the year ended December 31, 2024, were $146.7 million, up from $132.3 million in 2023[24]. - General and administrative (G&A) expenses decreased slightly to $28.7 million in 2024 from $28.9 million in 2023[19]. - Research and development (R&D) expenses increased to $118.0 million in 2024 from $103.4 million in 2023, driven by a higher number of patients enrolled in clinical trials[18]. Cash and Assets - Cash, cash equivalents, and marketable securities as of December 31, 2024, were $133.6 million, providing a runway into the second quarter of 2026[17]. - Total assets decreased from $277,665,000 in 2023 to $175,515,000 in 2024, a decline of approximately 36.8%[26]. - Current assets fell from $235,589,000 in 2023 to $135,895,000 in 2024, representing a decrease of about 42.4%[26]. - Cash and cash equivalents decreased significantly from $25,291,000 in 2023 to $12,474,000 in 2024, a drop of approximately 50.7%[26]. Liabilities and Equity - Total liabilities increased from $40,575,000 in 2023 to $44,056,000 in 2024, an increase of about 8.7%[26]. - Stockholders' equity declined from $237,090,000 in 2023 to $131,459,000 in 2024, a decrease of approximately 44.6%[26]. - Accumulated deficit increased from $(456,390,000) in 2023 to $(583,563,000) in 2024, reflecting a worsening of about 27.8%[26]. - Additional paid-in capital rose from $693,252,000 in 2023 to $714,982,000 in 2024, an increase of approximately 3.2%[26]. - Accounts payable increased from $4,580,000 in 2023 to $7,732,000 in 2024, a rise of about 68.8%[26]. - Operating lease liability increased from $1,481,000 in 2023 to $2,492,000 in 2024, an increase of approximately 68.1%[26]. - Total current liabilities rose from $21,829,000 in 2023 to $25,641,000 in 2024, an increase of about 17.5%[26]. Clinical Development - Prelude initiated a Phase 2 clinical trial for PRT3789 in combination with KEYTRUDA® in patients with SMARCA4-mutated cancers[5]. - PRT3789 demonstrated partial responses in 5 out of 32 patients with advanced NSCLC or esophageal cancer, indicating anti-tumor activity[7]. - The company is nearing completion of monotherapy dose escalation for PRT3789, currently at a 665 mg once weekly IV dose[4]. - Prelude expects to provide an interim data update for PRT7732 in the second half of 2025, which is currently in Phase 1 clinical development[10]. - The company plans to update its discovery pipeline in the first half of 2025, reflecting ongoing research and development efforts[2].