Prelude Therapeutics (PRLD) Q4 2025 earnings summary

Executive summary

• Received FDA clearance for IND application of PRT12396, a mutant-selective JAK2V617F inhibitor, in Q1 2026, with Phase 1 study initiation expected by Q2 2026.

• Preclinical and IND-enabling studies for PRT13722, a selective oral KAT6A degrader, are ongoing; IND filing planned for mid-2026 and Phase 1 study in 2H 2026.

• Strategic focus on JAK2V617F and KAT6A programs following a shift announced in November 2025.

Financial highlights

• Cash, cash equivalents, restricted cash, and marketable securities totaled $106.4 million as of December 31, 2025.

• R&D expenses decreased to $94.3 million for 2025 from $118.0 million in 2024, mainly due to lower stock-based compensation and discontinued clinical trials.

• G&A expenses decreased to $22.4 million for 2025 from $28.7 million in 2024, reflecting reduced stock-based compensation and employee-related costs.

• Net loss for 2025 was $99.5 million ($1.29 per share), down from $127.2 million ($1.68 per share) in 2024.

• Revenue for 2025 was $12.1 million, up from $7.0 million in 2024.

Outlook and guidance

• Cash runway expected to fund operations into Q2 2027.

• Both PRT12396 and PRT13722 anticipated to enter clinical development in 2026, with key data catalysts expected in 2027.