Prelude Therapeutics Reports Full Year 2025 Financial Results and Provides Program Outlook for 2026
Rhea-AI Summary
Prelude Therapeutics (NASDAQ: PRLD) reported full‑year 2025 results and R&D updates on March 10, 2026. Key developments: IND clearance for PRT12396 (mutant‑selective JAK2V617F) with Phase 1 start anticipated Q2 2026, and an IND for PRT13722 (KAT6A degrader) planned mid‑2026. Cash and equivalents were $106.4M at year‑end, funding operations into Q2 2027.
R&D expense fell to $94.3M, G&A to $22.4M, and net loss narrowed to $99.5M ($1.29/sh).
Positive
- IND clearance for PRT12396 received
- PRT13722 IND planned for mid‑2026
- Cash runway into Q2 2027 with $106.4M
- R&D expense down to $94.3M year‑over‑year
- Exclusive option agreement with Incyte on JAK2 program
Negative
- Net loss of $99.5M for 2025
- Cash runway only extends into Q2 2027
- Program timelines still preclinical or early clinical through 2026
News Market Reaction – PRLD
On the day this news was published, PRLD gained 16.50%, reflecting a significant positive market reaction. Argus tracked a peak move of +20.9% during that session. Argus tracked a trough of -10.3% from its starting point during tracking. Our momentum scanner triggered 14 alerts that day, indicating notable trading interest and price volatility. This price movement added approximately $36M to the company's valuation, bringing the market cap to $251M at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
PRLD fell 4.33% while momentum peers like INKT (+65.74%) and OSTX (+7.60%) moved sharply higher, suggesting stock-specific trading around this earnings and pipeline update rather than a broad biotech move.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 12 | Q3 2025 earnings | Positive | +8.9% | Improved cash to $58.2M plus $60M from Incyte and runway into 2027. |
| Aug 14 | Q2 2025 earnings | Positive | +4.2% | Runway into Q2 2026 and narrowing net loss despite ongoing R&D spend. |
| May 06 | Q1 2025 earnings | Neutral | -4.0% | Stable cash of $103.1M with higher R&D and active SMARCA2 and KAT6A programs. |
| Mar 10 | FY 2024 results | Negative | -9.0% | Higher R&D and wider net loss of $127.2M despite SMARCA2 proof-of-concept data. |
| Nov 06 | Q3 2024 earnings | Neutral | -3.8% | Proof-of-concept data offset by higher R&D and G&A and ongoing net losses. |
Earnings and results updates have typically produced modest single‑digit moves, with a mix of positive and negative reactions but no persistent bias.
Over the last five earnings-style updates, Prelude’s shares have generally shown moderate reactions. Q3 2025 results on Nov 12, 2025 saw a +8.89% move as cash rose to $58.2M plus $60M from Incyte and runway into 2027. Earlier 2025 quarters (Q1 and Q2) delivered smaller moves of -3.98% and +4.19%, while full-year 2024 results on Mar 10, 2025 and Q3 2024 on Nov 6, 2024 drew modest declines. Today’s full-year 2025 update continues a pattern where financial de-risking and pipeline milestones coexist with cautious market responses.
Historical Comparison
In the past 5 earnings-style releases, average 24h move was -0.73%. Today’s full-year 2025 report with reduced expenses and extended runway fits the pattern of relatively muted, mixed reactions.
Earnings updates from late 2024 through 2025 show a shift from SMARCA2-focused spend toward JAK2V617F and KAT6A programs while gradually extending cash runway into 2026–2027.
Market Pulse Summary
The stock surged +16.5% in the session following this news. A strong positive reaction aligns with the company’s progress on both financial discipline and pipeline execution. Full-year 2025 saw cash reach $106.4M, R&D fall to $94.3M, G&A drop to $22.4M, and net loss narrow to $99.5M. Historically, earnings releases produced modest single‑digit moves, so any large gain could reflect re‑rating on extended runway into Q2 2027 and dual JAK2V617F/KAT6A clinical timelines, while ongoing losses remain a key risk.
Key Terms
investigational new drug application (ind) regulatory
jak2v617f medical
polycythemia vera medical
myelofibrosis medical
degrader antibody conjugates (dacs) medical
xenograft models medical
neoantigen medical
monoclonal antibody medical
AI-generated analysis. Not financial advice.
Received FDA clearance of Investigational New Drug application (IND) for PRT12396, mutant-selective JAK2V617F inhibitor in the first quarter of 2026
Phase 1 study of PRT12396 in patients with polycythemia vera and myelofibrosis anticipated to initiate by Q2 2026
Preclinical development and IND enabling studies for PRT13722, highly-selective oral KAT6A degrader underway, and the Company intends to file the IND for PRT13722 in mid-2026 with Phase 1 study initiation anticipated in the 2nd half of 2026
Current cash runway expected into second quarter of 2027 with
WILMINGTON, Del., March 10, 2026 (GLOBE NEWSWIRE) -- Prelude Therapeutics Incorporated (Nasdaq: PRLD), a clinical-stage precision oncology company, today reported its financial results for the full year ended December 31, 2025 and provided an update on its R&D pipeline and other corporate developments.
“Since the announcement of our strategic shift in November of 2025, our team continues to operate with a clear focus on steady execution on our JAK2V617F inhibitor and KAT6 degrader programs, most recently evidenced by the timely clearance of the IND for PRT12396.” stated Kris Vaddi, Ph.D., Chief Executive Officer of Prelude. “We continue to remain on track to have both PRT12396 and PRT13722 in clinical development this year, which will position the Company for potential key data catalysts from both of these potentially differentiated modalities in 2027.”
Program Updates and Upcoming Milestones
Mutant selective JAK2V617F JH2 inhibitor program
JAK2V617F is the primary driver mutation responsible for disease progression in the majority of patients living with myeloproliferative neoplasms (MPNs). The mutation impacts approximately
PRT12396, Prelude’s lead, mutant-selective JAK2V617F inhibitor received IND clearance from the U.S. Food and Drug Administration, as previously announced in February 2026 and anticipates initiating a Phase 1 study in the 2nd quarter of 2026.
The Phase 1 study of PRT12396 is an open-label, multi-center study in patients with high-risk PV and intermediate and high-risk MF.
The JAK2V617F inhibitor program is subject to an exclusive option agreement with Incyte announced in November 2025.
Highly selective KAT6A oral degrader program
KAT6 is an emerging and recently validated target in the treatment of ER+ breast cancer. Prelude discovered and is developing first-in-class, highly potent, highly selective and orally bioavailable KAT6A selective degraders. The Company has selected a development candidate and remains on track to file an IND in mid-2026 with phase 1 study initiation planned in the 2nd half of 2026. Prelude believes that selectively degrading KAT6A has the potential for improved efficacy, tolerability and combinability with other agents relative to non-selective inhibitors of KAT6A/B.
The Company presented initial preclinical data supporting this hypothesis at the AACR Annual Meeting 2025. The presentation can be found at Publications - Prelude Therapeutics.
Degrader payloads for next generation DACs
Prelude is leveraging our expertise in targeted protein degradation to discover and develop novel degrader payloads for use with next generation DACs. We have developed highly potent SMARCA2/4 and CDK9 degrader payloads optimized for efficacy, tolerability and developability when coupled to a wide range of different antibodies.
The Company has amended and expanded the scope of our existing DAC collaboration with AbCellera Biologics. This enables AbCellera to use our degrader payloads on additional undisclosed antibody targets of interest and also enables Prelude to utilize our degrader payloads in licensing arrangements with other potential partners. The Company’s payloads and corresponding payload-linkers are available for licensing to partners to expand the reach of this new technology.
We have recently published preclinical data demonstrating that next generation DACs using Prelude degrader payloads have potential for significantly better in vivo efficacy and tolerability compared to traditional cytotoxic ADCs when tested head-to-head in xenograft models. These data can be found at: Publications – Prelude Therapeutics
Mutated calreticulin (mCALR) DAC discovery program
Mutant CALR is a neoantigen presented on the cell surface of malignant myeloid cells but not normal cells and is found in approximately 25
The Company presented the preclinical data from the program at the European Hematology Association 2025 Congress in June and the American Society of Hematology (ASH) 67th Annual Meeting in December 2025. The presentations can be found at Publications – Prelude Therapeutics.
Upcoming Investor Conference
The Company will participate in the Citizens Life Sciences Conference taking place in Miami, FL. On Tuesday, March 10, 2026 at 3:25 PM ET, Kris Vaddi, Ph.D., Chief Executive Officer, Peggy Scherle, Ph.D., Chief Scientific Officer and Bryant Lim, Chief Financial Officer will participate in a fireside chat.
A live webcast of the fireside chat can be accessed here and on the Company’s website under Events and Presentations. The recording will be archived and available on the Company’s website for 90 days.
Full Year 2025 Financial Results
Cash, Cash Equivalents, Restricted cash and Marketable securities:
Cash, cash equivalents, restricted cash and marketable securities as of December 31, 2025 were
Research and Development (R&D) Expenses:
For the year ended December 31, 2025, R&D expense decreased to
General and Administrative (G&A) Expenses:
For the year ended December 31, 2025, G&A expenses decreased to
Net Loss:
For the year ended December 31, 2025, net loss was
About Prelude Therapeutics
Prelude Therapeutics is a leading precision oncology company developing innovative medicines in areas of high unmet need for cancer patients. Our pipeline features highly selective KAT6A degraders and JAK2V617F mutant selective inhibitors -- new approaches to clinically validated targets with transformative potential for patients. We are leveraging our expertise in targeted protein degradation to create and develop next generation degrader antibody conjugates (DACs) with novel payloads. We are on a mission to extend the promise of precision medicine to every cancer patient in need. For more information, visit preludetx.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to, anticipated discovery, preclinical and clinical development activities for Prelude’s product candidates, the potential safety, efficacy, benefits and addressable market for Prelude’s product candidates, the expected timeline for clinical trial results for Prelude’s product candidates, and the sufficiency of Prelude’s cash runway into the second quarter of 2026. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. The words “believes,” “anticipates,” “estimates,” “plans,” “expects,” “intends,” “may,” “could,” “should,” “potential,” “likely,” “projects,” “continue,” “will,” “schedule,” and “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are predictions based on the Company’s current expectations and projections about future events and various assumptions. Although Prelude believes that the expectations reflected in such forward-looking statements are reasonable, Prelude cannot guarantee future events, results, actions, levels of activity, performance or achievements, and the timing and results of biotechnology development and potential regulatory approval is inherently uncertain. Forward-looking statements are subject to risks and uncertainties that may cause Prelude's actual activities or results to differ significantly from those expressed in any forward-looking statement, including risks and uncertainties related to Prelude's ability to advance its product candidates, the receipt and timing of potential regulatory designations, approvals and commercialization of product candidates, clinical trial sites and our ability to enroll eligible patients, supply chain and manufacturing facilities, Prelude’s ability to maintain and recognize the benefits of certain designations received by product candidates, the timing and results of preclinical and clinical trials, Prelude's ability to fund development activities and achieve development goals, Prelude's ability to protect intellectual property, and other risks and uncertainties described under the heading "Risk Factors" in Prelude’s Annual Report on Form 10-K for the year ended December 31, 2024, its Quarterly Reports on Form 10-Q and other documents that Prelude files from time to time with the Securities and Exchange Commission. These forward-looking statements speak only as of the date of this press release, and Prelude undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date hereof, except as may be required by law.
| PRELUDE THERAPEUTICS INCORPORATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS | |||||||
| Year ended December 31, | |||||||
| (in thousands, except share and per share data) | 2025 | 2024 | |||||
| Revenue | $ | 12,140 | $ | 7,000 | |||
| Operating expenses: | |||||||
| Research and development | 94,300 | 117,995 | |||||
| General and administrative | 22,406 | 28,719 | |||||
| Total operating expenses | $ | 116,706 | $ | 146,714 | |||
| Loss from operations | (104,566 | ) | (139,714 | ) | |||
| Other income, net | 5,068 | 12,541 | |||||
| Net loss | $ | (99,498 | ) | $ | (127,173 | ) | |
| Per share information: | |||||||
| Net loss per share of common stock, basic and diluted | $ | (1.29 | ) | $ | (1.68 | ) | |
| Weighted average common shares outstanding, basic and diluted | 76,956,194 | 75,805,840 | |||||
| Comprehensive loss | |||||||
| Net loss | $ | (99,498 | ) | $ | (127,173 | ) | |
| Unrealized (loss) on marketable securities, net of tax | (27 | ) | (188 | ) | |||
| Comprehensive loss | $ | (99,525 | ) | $ | (127,361 | ) | |
| PRELUDE THERAPEUTICS INCORPORATED BALANCE SHEETS | |||||||
| December 31, | |||||||
| (in thousands, except share and per share data) | 2025 | 2024 | |||||
| Assets | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 35,256 | $ | 12,474 | |||
| Marketable securities | 67,958 | 121,140 | |||||
| Prepaid expenses and other current assets | 2,478 | 2,281 | |||||
| Total current assets | 105,692 | 135,895 | |||||
| Restricted cash | 3,235 | 4,044 | |||||
| Property and equipment, net | 5,113 | 6,767 | |||||
| Right-of-use asset | 27,165 | 28,699 | |||||
| Prepaid expenses and other non-current assets | 110 | 110 | |||||
| Total assets | $ | 141,315 | $ | 175,515 | |||
| Liabilities and stockholders’ equity | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 3,983 | $ | 7,732 | |||
| Accrued expenses and other current liabilities | 12,533 | 15,209 | |||||
| Deferred revenue | 33,734 | — | |||||
| Operating lease liability | 2,744 | 2,492 | |||||
| Finance lease liability | — | 208 | |||||
| Total current liabilities | 52,994 | 25,641 | |||||
| Deferred revenue, net of current portion | 1,798 | — | |||||
| Other liabilities | 2,841 | 3,090 | |||||
| Operating lease liability | 15,045 | 15,325 | |||||
| Total liabilities | 72,678 | 44,056 | |||||
| Commitments (note 8) | |||||||
| Stockholders’ equity: | |||||||
| Voting common stock, | 5 | 4 | |||||
| Non-voting common stock, | 1 | 1 | |||||
| Additional paid-in capital | 751,684 | 714,982 | |||||
| Accumulated other comprehensive income | 8 | 35 | |||||
| Accumulated deficit | (683,061 | ) | (583,563 | ) | |||
| Total stockholders’ equity | 68,637 | 131,459 | |||||
| Total liabilities and stockholders’ equity | $ | 141,315 | $ | 175,515 | |||
Investor Contact:
Robert A. Doody, Jr.
Senior Vice President, Investor Relations
Prelude Therapeutics Incorporated
484.639.7235
rdoody@preludetx.com
FAQ
What does Prelude Therapeutics' IND clearance for PRT12396 mean for PRLD investors?
How long is Prelude's cash runway and what does $106.4M imply for PRLD operations?
When will Prelude file the IND and start Phase 1 for the KAT6A degrader PRT13722 (PRLD)?
How did Prelude's financial results change in 2025 compared to 2024 for PRLD shareholders?
What are Prelude's near‑term clinical milestones for PRLD in 2026 and 2027?
Does Prelude have partnerships that affect PRLD's development strategy?
