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Prelude Therapeutics Inc (PRLD) reports that the U.S. Food and Drug Administration has cleared its Investigational New Drug Application for PRT13722, a first-in-class oral KAT6A selective degrader being developed for patients with HR+/HER2- breast cancer. The company expects to begin enrolling patients in a first-in-human, open-label, multicenter Phase 1 trial in the fourth quarter of 2026, evaluating PRT13722 as monotherapy and in combination with endocrine and targeted therapies.
The investor presentation furnished with the report highlights a broader precision oncology pipeline, including JAK2V617F mutant-selective inhibitor PRT12396, for which a Phase 1 study is enrolling, and a mutated calreticulin (mCALR) precision degrader antibody conjugate program targeting myeloproliferative neoplasms. Prelude states that its current cash runway is expected to extend into the second quarter of 2028.
Prelude Therapeutics Incorporated reported for the quarter and six months ended June 30, 2026 as a clinical-stage precision oncology company with no product sales but new collaboration revenue. Revenue was $5.7 million for the quarter and $10.3 million for the first half of 2026, all from its exclusive option agreement with Incyte on the JAK2 V617F program.
Operating expenses declined as the company paused its SMARCA2 degrader trials and reduced headcount. Research and development expense fell to $16.1 million for the quarter and $29.7 million year-to-date, while general and administrative expense also decreased. Net loss narrowed to $13.9 million for the quarter and $24.3 million for the first half.
Liquidity was strengthened by an April equity offering and pre-funded warrants that generated approximately $85.4 million in net proceeds. Cash, cash equivalents, restricted cash, and marketable securities totaled $155.2 million as of June 30, 2026, which management believes will fund operations and capital needs for at least twelve months. The pipeline is led by a mutant-selective JAK2 V617F inhibitor in Phase 1 and a KAT6A degrader expected to enter Phase 1 after IND clearance.
Prelude Therapeutics reported second-quarter 2026 results, showing its transition to a revenue-generating model while continuing to invest in its precision oncology pipeline. Revenue for the three months ended June 30, 2026 was $5.7 million, compared to none in the prior-year period. Cash, cash equivalents, restricted cash and marketable securities totaled $155.2 million, and the company expects its current cash runway to extend into the second quarter of 2028.
Research and development expense fell to $16.1 million from $25.8 million a year earlier, and general and administrative expense decreased to $5.0 million from $6.4 million, reflecting lower stock-based compensation and prior workforce reduction. Net loss narrowed to $13.9 million, or $0.14 per share, from $31.2 million, or $0.41 per share.
Operationally, Prelude highlighted progress across three core programs: planned Phase 1 initiation in 4Q 2026 for KAT6A degrader PRT13722 in HR+ breast cancer, ongoing enrollment in the Phase 1 study of mutant-selective JAK2V617F inhibitor PRT12396 in PV and MF under an exclusive option agreement with Incyte, and advancement of wholly owned mCALR degrader antibody conjugates. The company is also developing degrader payloads for next-generation DACs, building on a partnership with AbCellera.
Prelude Therapeutics Inc disclosure: multiple Soleus-related entities and Guy Levy report aggregated ownership stakes in Prelude Therapeutics common stock. The filing lists 3,378,378 shares tied to Soleus Capital Management, L.P. and Soleus GP, LLC (each) representing 5.2% of the class, and 2,702,702 shares held by the Soleus Capital Master Fund, L.P. (representing 4.2%). The filing states 64,914,770 shares outstanding as of April 27, 2026 and includes footnotes where the reporting persons disclaim beneficial ownership of the shares held by the funds except for Section 13(d) purposes. The report is signed by Guy Levy on 07/08/2026.
BAKER BROS. ADVISORS LP reported acquisition or exercise transactions in this Form 4 filing.
Prelude Therapeutics Inc reported a routine compensation grant involving its board representative from Baker Bros. Advisors. Dr. Paul C. Scherer, who serves on the board, received a grant of 38,000 non-qualified stock options exercisable into common stock at a strike price of $3.94 per share. The options vest on the earlier of the first anniversary of the June 9, 2026 grant date or the next annual stockholder meeting, and expire on June 8, 2036. The filing explains that, under Baker Bros. Advisors’ policies, Dr. Scherer has no personal right to these securities; instead, affiliated funds, including 667, L.P. and Baker Brothers Life Sciences LP, hold an indirect proportionate pecuniary interest, while Baker Bros. Advisors retains voting and dispositive power. Julian and Felix Baker may be deemed to have only an indirect pecuniary interest through their ownership interests in the related entities and expressly disclaim broader beneficial ownership.
Prelude Therapeutics Inc reported that director Katina Dorton received a grant of stock options covering 38,000 shares of common stock. The options have an exercise price of $3.94 per share and expire on June 8, 2036.
The award will fully vest on the earlier of the company’s next annual stockholder meeting or the one-year anniversary of the grant date, as long as Dorton continues providing service to the company through the vesting date. Following this grant, she holds options for 38,000 shares directly.
Prelude Therapeutics Inc director Martin Babler received a grant of options to buy 38,000 shares of common stock as compensation. The options have an exercise price of $3.94 per share and expire on June 8, 2036.
The award will fully vest on the earlier of the company’s next annual stockholder meeting or the one-year anniversary of the grant date, subject to his continued service. Following this grant, Babler directly holds options for 38,000 underlying common shares.
Prelude Therapeutics Inc director David P. Bonita received a grant of stock options covering 38,000 shares of Common Stock. The options have an exercise price of $3.94 per share and expire on June 8, 2036. The award will fully vest on the earlier of the company’s next annual stockholder meeting or the one-year anniversary of the grant date, subject to continued service. Under an agreement, any securities or economic benefit from these options are required to be transferred to OrbiMed-related entities.
Prelude Therapeutics Inc director Sandor Victor received a grant of stock options covering 38,000 shares of common stock. The options have an exercise price of $3.94 per share and expire on June 8, 2036.
The award will fully vest upon the earlier of the company’s next annual stockholder meeting or the one-year anniversary of the grant date, as long as Victor continues providing service through the applicable vesting date. After this grant, he holds options for 38,000 shares directly.
Prelude Therapeutics Inc director Paul A. Friedman received a grant of stock options as part of his board compensation. The award covers 38,000 options to buy common stock at an exercise price of $3.94 per share and expires on June 8, 2036. The options will fully vest on the earlier of the company’s next annual stockholder meeting or the one-year anniversary of the grant date, provided he continues serving the company through the vesting date.