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Prelude Therapeutics Reports Full Year 2024 Financial Results and Provides Program Outlook for 2025
PRLDPrelude Therapeutics(PRLD) GlobeNewswire·2025-03-10 11:30

Core Insights - Prelude Therapeutics has demonstrated clinical proof-of-concept for PRT3789, a selective SMARCA2 degrader, showing safety and anti-tumor activity in patients with SMARCA4-deficient cancers [1][2] - The company is advancing its clinical pipeline, with ongoing studies for both PRT3789 and PRT7732, and plans to present additional results in the second half of 2025 [1][2] - Prelude reported a cash position of 133.6millionasofDecember31,2024,whichisexpectedtofundoperationsintothesecondquarterof2026[1][18]ClinicalDevelopmentUpdates−PRT3789isinPhase1clinicaldevelopmenttargetingpatientswithSMARCA4mutations,whichareassociatedwithpoorclinicaloutcomes[3][4]−ThecompanyisnearingcompletionofmonotherapydoseescalationforPRT3789andisalsoconductingcombinationstudieswithdocetaxel[4][9]−APhase2trialevaluatingPRT3789incombinationwithKEYTRUDA®forSMARCA4−mutatedcancershasbeeninitiated[5]ClinicalTrialResults−InterimdatafromthePRT3789trialindicatedthatitwasgenerallysafeandwell−tolerated,withpartialresponsesobservedin5outof32patientswithadvancedNSCLCoresophagealcancer[7][8]−Amongpatientstreatedatdosesof283mgorhigher,3outof13hadconfirmedpartialresponses,andtumorshrinkagewasnotedinbothClass1andClass2SMARCA4mutations[8]−ThecombinationofPRT3789withdocetaxelhasshownanacceptablesafetyprofileinearlycohorts[9]FinancialPerformance−FortheyearendedDecember31,2024,Preludereportedanetlossof133.6 million as of December 31, 2024, which is expected to fund operations into the second quarter of 2026 [1][18] Clinical Development Updates - PRT3789 is in Phase 1 clinical development targeting patients with SMARCA4 mutations, which are associated with poor clinical outcomes [3][4] - The company is nearing completion of monotherapy dose escalation for PRT3789 and is also conducting combination studies with docetaxel [4][9] - A Phase 2 trial evaluating PRT3789 in combination with KEYTRUDA® for SMARCA4-mutated cancers has been initiated [5] Clinical Trial Results - Interim data from the PRT3789 trial indicated that it was generally safe and well-tolerated, with partial responses observed in 5 out of 32 patients with advanced NSCLC or esophageal cancer [7][8] - Among patients treated at doses of 283 mg or higher, 3 out of 13 had confirmed partial responses, and tumor shrinkage was noted in both Class 1 and Class 2 SMARCA4 mutations [8] - The combination of PRT3789 with docetaxel has shown an acceptable safety profile in early cohorts [9] Financial Performance - For the year ended December 31, 2024, Prelude reported a net loss of 127.2 million, or 1.68pershare,comparedtoanetlossof1.68 per share, compared to a net loss of 121.8 million, or 2.02pershare,intheprioryear[21][25]−Researchanddevelopmentexpensesincreasedto2.02 per share, in the prior year [21][25] - Research and development expenses increased to 118.0 million from 103.4millioninthepreviousyear,drivenbyhigherpatientenrollmentinclinicaltrials[19][25]−Generalandadministrativeexpensesslightlydecreasedto103.4 million in the previous year, driven by higher patient enrollment in clinical trials [19][25] - General and administrative expenses slightly decreased to 28.7 million from $28.9 million, primarily due to a reduction in stock-based compensation [20][25] Corporate Developments - In February 2025, the company appointed Bryant D. Lim as the permanent Chief Financial Officer [14] - Prelude plans to participate in the Barclays 27th Annual Global Healthcare Conference on March 11, 2025, featuring key executives [15]