Prelude Therapeutics(PRLD) - 2025 Q4 - Annual Results

Financial Performance - Prelude Therapeutics reported a net loss of $99.5 million, or $1.29 per share, for the year ended December 31, 2025, compared to a net loss of $127.2 million, or $1.68 per share, for the prior year[19]. - Prelude's total operating expenses for 2025 were $116.7 million, down from $146.7 million in 2024[24]. - Other income for the year was $5.1 million, compared to $12.5 million in the previous year[24]. Research and Development - Research and Development (R&D) expenses decreased to $94.3 million in 2025 from $118.0 million in 2024, reflecting a reduction in stock-based compensation and discontinued clinical trials[16]. - The company received FDA clearance for the Investigational New Drug application (IND) for PRT12396, a mutant-selective JAK2V617F inhibitor, with a Phase 1 study anticipated to start in Q2 2026[1]. - Prelude plans to file an IND for PRT13722, a highly-selective oral KAT6A degrader, in mid-2026, with Phase 1 study initiation expected in the second half of 2026[1]. Financial Position - Prelude had cash, cash equivalents, restricted cash, and marketable securities totaling $106.4 million as of December 31, 2025, expected to fund operations into the second quarter of 2027[15]. - Total assets decreased from $175,515,000 in 2024 to $141,315,000 in 2025, a decline of approximately 19.5%[26]. - Current assets fell from $135,895,000 in 2024 to $105,692,000 in 2025, representing a decrease of about 22.2%[26]. - Cash and cash equivalents increased significantly from $12,474,000 in 2024 to $35,256,000 in 2025, an increase of approximately 182.5%[26]. - Total liabilities rose from $44,056,000 in 2024 to $72,678,000 in 2025, an increase of about 65.1%[26]. - Stockholders' equity decreased from $131,459,000 in 2024 to $68,637,000 in 2025, a decline of approximately 47.9%[26]. - The accumulated deficit increased from $(583,563,000) in 2024 to $(683,061,000) in 2025, reflecting a worsening of approximately 17.1%[26]. - Additional paid-in capital rose from $714,982,000 in 2024 to $751,684,000 in 2025, an increase of about 5.1%[26]. - Total current liabilities increased from $25,641,000 in 2024 to $52,994,000 in 2025, a rise of approximately 106.7%[26]. - The company reported a deferred revenue of $33,734,000 in 2025, compared to none in 2024[26]. - The number of shares issued and outstanding increased from 42,298,859 in 2024 to 48,225,493 in 2025[26]. Collaboration and Market Insights - Prelude is expanding its collaboration with AbCellera Biologics to utilize degrader payloads on additional undisclosed antibody targets[9]. - The JAK2V617F mutation affects approximately 95% of patients with polycythemia vera (PV), 60% of patients with essential thrombocythemia (ET), and 55% of patients with myelofibrosis (MF)[3].