Prelude Therapeutics(PRLD) - 2025 Q3 - Quarterly Results

Financial Performance - Prelude Therapeutics reported a net loss of $19.7 million, or $0.26 per share, for Q3 2025, compared to a net loss of $32.3 million, or $0.43 per share, in Q3 2024[19][26]. - Total revenue for Q3 2025 was $6.5 million, up from $3.0 million in the same period last year, representing a 116.7% increase[26]. - Research and Development (R&D) expenses decreased to $21.7 million in Q3 2025 from $29.5 million in Q3 2024, a reduction of 26.6%[16][26]. - General and Administrative (G&A) expenses decreased to $5.2 million in Q3 2025 from $7.7 million in Q3 2024, a decline of 32.5%[17][26]. Cash and Liquidity - Prelude has cash, cash equivalents, restricted cash, and marketable securities totaling $58.2 million as of September 30, 2025, with an expected cash runway into 2027[15]. - The company anticipates that its existing cash resources will support operations into 2027, following recent license payments from partners[15][22]. - Cash and cash equivalents increased significantly from $12,474,000 to $47,532,000, representing a growth of about 280.5%[28]. Assets and Liabilities - Total current assets decreased from $135,895,000 on December 31, 2024, to $58,330,000 on September 30, 2025, a decline of approximately 57.0%[28]. - Total liabilities decreased from $44,056,000 to $36,221,000, a reduction of approximately 17.5%[28]. - Total stockholders' equity decreased from $131,459,000 to $58,534,000, a decline of about 55.5%[28]. - Total assets decreased from $175,515,000 to $94,755,000, a decline of approximately 46.0%[28]. Marketable Securities and Other Assets - Marketable securities dropped significantly from $121,140,000 to $7,425,000, a decrease of approximately 93.9%[28]. - Accounts payable decreased from $7,732,000 to $2,533,000, a reduction of about 67.3%[28]. - Prepaid expenses and other current assets increased from $2,281,000 to $3,373,000, an increase of approximately 47.9%[28]. - Operating lease right-of-use asset slightly decreased from $28,699,000 to $27,549,000, a decline of about 4.0%[28]. Research and Development Updates - The lead candidate from the mutant selective JAK2V617F JH2 inhibitor program is expected to file an IND in Q1 2026, targeting a significant patient population[1][6]. - The KAT6A selective degrader program is on track for an IND filing in mid-2026, with a phase 1 dose escalation study planned for the second half of 2026[9][8]. - Prelude's collaboration with AbCellera has been expanded to include additional undisclosed antibody targets, enhancing its development capabilities[11]. - Preclinical data from both the JAK2V617F and CALR-targeted degrader antibody conjugate programs have been accepted for oral presentations at the ASH 67th Annual Meeting in December 2025[1][6]. Accumulated Deficit - Accumulated deficit increased from $(583,563,000) to $(666,604,000), indicating a worsening of approximately 14.2%[28].