Prelude Therapeutics Reports Second Quarter 2026 Financial Results and Provides Corporate Update
Rhea-AI Summary
Prelude Therapeutics (Nasdaq: PRLD) reported second quarter 2026 results and pipeline progress. As of June 30, 2026, the company held $155.2 million in cash, cash equivalents, restricted cash and marketable securities and expects its current cash runway to extend into the second quarter of 2028.
Q2 2026 revenue was $5.7 million versus none a year earlier. Research and development expenses fell to $16.1 million from $25.8 million, and general and administrative expenses decreased to $5.0 million from $6.4 million. Net loss narrowed to $13.9 million ($0.14/share) from $31.2 million ($0.41/share).
Pipeline updates included plans to initiate a Phase 1 study of PRT13722, a KAT6A degrader for HR+ breast cancer, in Q4 2026, ongoing enrollment in the Phase 1 study of PRT12396 for PV and MF under an exclusive option agreement with Incyte, and continued advancement of the wholly owned mCALR DAC discovery program and degrader payloads for next-generation DAC partnerships.
Positive
- Cash and investments $155.2M with runway into Q2 2028
- Revenue $5.7M in Q2 2026 versus $0 in Q2 2025
- Net loss $13.9M in Q2 2026 versus $31.2M prior year
- R&D expenses $16.1M down from $25.8M year over year
- G&A expenses $5.0M down from $6.4M year over year
- Stockholders’ equity $133.7M up from $68.6M at December 31, 2025
Negative
- Net loss $13.9M and accumulated deficit $707.4M as of June 30, 2026
- Weighted average shares 98.4M versus 76.0M, indicating a higher share base
- Cash and cash equivalents $26.3M down from $35.3M at December 31, 2025
- Deferred revenue $25.2M current down from $33.7M at December 31, 2025
News Explained
Existing holders now face a larger voting-share denominator, while reported liquidity is concentrated in marketable securities rather than cash alone.
As of
The reported
Market reaction after 2Q26 earnings report: PRLD +7.42%
Following this news, PRLD has gained 7.42%, reflecting a notable positive market reaction. Our momentum scanner has triggered 22 alerts so far, indicating elevated trading interest and price volatility. The stock is currently trading at $5.19. Trading volume is above average at 1.7x the average, suggesting increased trading activity.
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Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| May 12 | Q1 earnings report | Positive | -3.3% | Cash runway and pipeline progress accompanied narrower quarterly loss |
| Mar 10 | FY2025 earnings report | Positive | +16.5% | Lower annual expenses and loss supported 2026 program outlook |
| Nov 12 | Q3 earnings report | Positive | +8.9% | Higher revenue and collaboration payments improved liquidity outlook |
| Aug 14 | Q2 earnings report | Positive | +4.2% | Narrower loss and continued KAT6A development supported quarterly update |
| May 06 | Q1 earnings report | Positive | -4.0% | Clinical enrollment progress accompanied quarterly loss and expense disclosures |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Tag-matched earnings reactions were positive in three events and negative in two, including a -3.33% reaction to the prior quarterly update.
Key Terms
kat6a degrader medical
jak2v617f inhibitor medical
ind clearance regulatory
degrader antibody conjugates technical
AI-generated analysis. How Rhea-AI works. Not financial advice.
The Company expects to initiate its Phase 1 study of PRT13722, a first-in-class highly-selective oral KAT6A degrader in HR+ breast cancer in the fourth quarter
Presented preclinical data demonstrating differentiated profile of PRT13722, at the American Association for Cancer Research (AACR) Annual Meeting 2026
Enrollment continues in Phase 1 Study of PRT12396, mutant-selective JAK2V617F inhibitor in patients with polycythemia vera (PV) and myelofibrosis (MF)
Current cash runway expected into the second quarter of 2028 with
WILMINGTON, Del., Aug. 11, 2026 (GLOBE NEWSWIRE) -- Prelude Therapeutics Incorporated (Nasdaq: PRLD), a clinical-stage precision oncology company, today reported its financial results for the second quarter ended June 30, 2026 and provided an update on its R&D pipeline and other corporate developments.
"The first six months of 2026 were highlighted by steady and strong execution across our organization,” stated Kris Vaddi, Ph.D., Chief Executive Officer of Prelude. “We’ve made considerable progress advancing our three core programs. Notably, we are well positioned to initiate, in the fourth quarter, the first clinical trial of our highly differentiated, selective KAT6A degrader, PRT13722 in HR+ breast cancer. Enrollment in our phase 1 study of PRT12396, our mutant-selective JAK2V617F inhibitor, continues, and we are also making excellent progress toward advancing the lead development candidates from our mCALR degrader antibody conjugate program.”
Program Updates and Upcoming Milestones
Highly selective KAT6A oral degrader program
KAT6 is an emerging and recently validated target in the treatment of HR+ breast cancer. Prelude discovered and is developing first-in-class, highly potent, highly selective and orally bioavailable KAT6A selective degraders. Pending clearance of the IND application, the Company expects the phase 1 study initiation of PRT13722 in HR+ breast cancer in the fourth quarter 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 preclinical data supporting this hypothesis at the AACR Annual Meeting 2026. The presentation can be found at Publications - Prelude Therapeutics.
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 is currently enrolling patients into a Phase 1 study of PRT12396 in patients with PV and MF. The Company also continues to make progress advancing next generation development candidates with potential best-in-class selectivity profiles.
The JAK2V617F inhibitor program is subject to an exclusive option agreement with Incyte announced in November 2025.
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.
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. Building on our existing DAC partnership with AbCellera, the Company’s payloads and corresponding payload-linkers are available for licensing to additional 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
Corporate Updates
In April 2026, the Company announced the appointment of Charles Morris, M.D. as Chief Medical Officer.
Second Quarter 2026 Financial Results
Cash, Cash Equivalents, Restricted cash and Marketable securities:
Cash, cash equivalents, restricted cash and marketable securities as of June 30, 2026 were
Research and Development (R&D) Expenses:
For the three months ended June 30, 2026, R&D expense decreased to
General and Administrative (G&A) Expenses:
For the three months ended June 30, 2026, G&A expenses decreased to
Net Loss:
For the three months ended June 30, 2026, 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 2028. 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, 2025, 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 (UNAUDITED) | ||||||||
| Three Months Ended June 30, | ||||||||
| (in thousands, except share and per share data) | 2026 | 2025 | ||||||
| Revenue | $ | 5,704 | $ | — | ||||
| Operating expenses | ||||||||
| Research and development | 16,131 | 25,784 | ||||||
| General and administrative | 5,027 | 6,410 | ||||||
| Total operating expenses | 21,158 | 32,194 | ||||||
| Loss from operations | (15,454 | ) | (32,194 | ) | ||||
| Other income, net | 1,533 | 963 | ||||||
| Net loss | $ | (13,921 | ) | $ | (31,231 | ) | ||
| Per share information: | ||||||||
| Net loss per share of common stock, basic and diluted | $ | (0.14 | ) | $ | (0.41 | ) | ||
| Weighted average common shares outstanding, basic and diluted | 98,388,593 | 75,993,941 | ||||||
| Comprehensive loss: | ||||||||
| Net loss | $ | (13,921 | ) | $ | (31,231 | ) | ||
| Unrealized loss on marketable securities, net of tax | (186 | ) | (13 | ) | ||||
| Comprehensive loss | $ | (14,107 | ) | $ | (31,244 | ) | ||
| PRELUDE THERAPEUTICS INCORPORATED BALANCE SHEETS | ||||||||
| (in thousands, except share data) | June 30, 2026 | December 31, 2025 | ||||||
| Assets | (unaudited) | |||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 26,329 | $ | 35,256 | ||||
| Marketable securities | 125,428 | 67,958 | ||||||
| Prepaid expenses and other current assets | 3,141 | 2,478 | ||||||
| Total current assets | 154,898 | 105,692 | ||||||
| Restricted cash | 3,405 | 3,235 | ||||||
| Property and equipment, net | 4,397 | 5,113 | ||||||
| Right-of-use asset | 26,389 | 27,165 | ||||||
| Prepaid expenses and other non-current assets | 274 | 110 | ||||||
| Total assets | $ | 189,363 | $ | 141,315 | ||||
| Liabilities and stockholders’ equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 2,032 | $ | 3,983 | ||||
| Accrued expenses and other current liabilities | 7,983 | 12,533 | ||||||
| Deferred revenue | 25,248 | 33,734 | ||||||
| Operating lease liability | 2,779 | 2,744 | ||||||
| Total current liabilities | 38,042 | 52,994 | ||||||
| Deferred revenue, net of current portion | 1,798 | |||||||
| Other liabilities | 2,717 | 2,841 | ||||||
| Operating lease liability | 14,871 | 15,045 | ||||||
| Total liabilities | 55,630 | 72,678 | ||||||
| Commitments | ||||||||
| Stockholders’ equity: | ||||||||
| Voting common stock, | 7 | 5 | ||||||
| Non-voting common stock, | 1 | 1 | ||||||
| Additional paid-in capital | 841,319 | 751,684 | ||||||
| Accumulated other comprehensive (loss) income | (227 | ) | 8 | |||||
| Accumulated deficit | (707,367 | ) | (683,061 | ) | ||||
| Total stockholders’ equity | 133,733 | 68,637 | ||||||
| Total liabilities and stockholders’ equity | $ | 189,363 | $ | 141,315 | ||||
Investor Contact:
Robert A. Doody, Jr.
Senior Vice President, Investor Relations
Prelude Therapeutics Incorporated
484.639.7235
rdoody@preludetx.com
