Prelude Therapeutics Reports First Quarter 2026 Financial Results and Provides Corporate Update
Rhea-AI Summary
Prelude Therapeutics (Nasdaq: PRLD) reported Q1 2026 results and pipeline progress.
Cash, cash equivalents, restricted cash and marketable securities were $84.8 million on March 31, 2026, plus approximately $90 million gross proceeds from a recent offering, extending cash runway into the second quarter of 2028.
The company began Phase 1 enrollment for PRT12396 in PV and MF, advanced KAT6A degrader PRT13722 toward an expected mid‑2026 IND and 2H 2026 Phase 1, and expanded its degrader antibody conjugate platform and mCALR program.
Q1 2026 R&D expense was $13.6 million and G&A expense $5.2 million; net loss was $10.4 million, or $0.13 per share.
AI-generated analysis. Not financial advice.
Positive
- Cash runway funded into Q2 2028 after approximately $90 million underwritten offering
- Q1 2026 net loss reduced to $10.4M ($0.13/share) from $32.1M ($0.42/share)
- R&D expenses decreased to $13.6M from $28.8M in the prior-year quarter
- Phase 1 enrollment initiated for PRT12396 in polycythemia vera and myelofibrosis
- KAT6A degrader PRT13722 on track for mid‑2026 IND filing and 2H 2026 Phase 1 start
Negative
- Company remains loss-making with $10.4M Q1 2026 net loss
- Lower R&D spend partly driven by reduced costs from paused SMARCA2 clinical trials
News Market Reaction – PRLD
On the day this news was published, PRLD declined 3.33%, reflecting a moderate negative market reaction. This price movement removed approximately $13M from the company's valuation, bringing the market cap to $382.29M at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
PRLD was modestly lower pre‑release (-1.23%) while close peers showed mixed moves (e.g., ACET -3.31%, BYSI +4.11%, OSTX +3.64%), pointing to stock‑specific rather than sector‑driven trading.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Mar 10 | Full-year 2025 earnings | Positive | +16.5% | Year-end cash of $106.4M and runway into Q2 2027 with key IND plans. |
| Nov 12 | Q3 2025 earnings | Positive | +8.9% | Cash of $58.2M plus $60M from Incyte, extending runway into 2027. |
| Aug 14 | Q2 2025 earnings | Positive | +4.2% | Reported $77.3M cash and ongoing SMARCA2 and KAT6A program advancement. |
| May 06 | Q1 2025 earnings | Neutral | -4.0% | Runway into Q2 2026 with higher R&D and multiple degrader programs progressing. |
| Mar 10 | Full-year 2024 earnings | Neutral | -9.0% | Proof-of-concept for PRT3789 and cash of $133.6M funding into Q2 2026. |
Earnings and financial updates have often coincided with constructive share reactions, especially when extending cash runway and advancing key programs like JAK2V617F and KAT6A.
Across the last five earnings events since March 2025, Prelude has repeatedly highlighted cash runway extensions and progression from SMARCA2‑focused programs toward JAK2V617F and KAT6A degraders. Cash positions ranged from $58.2M to $133.6M, with runways typically into 2026–2027. The prior FY 2025 update on March 10, 2026 showed $106.4M cash and a runway into Q2 2027. Today’s Q1 2026 results continue that theme, now projecting funding into Q2 2028 while advancing new first‑in‑human and IND‑stage assets.
Historical Comparison
In the past year, PRLD issued 5 earnings updates with an average move of 3.33%, typically reacting to changes in cash runway and pipeline milestones.
Earnings releases show a shift from SMARCA2‑centric programs and a runway into 2026–2027 toward a broader pipeline including JAK2V617F and KAT6A degraders, while extending the cash runway from Q2 2026 to Q2 2028.
Market Pulse Summary
This announcement combines Q1 2026 results with a corporate update showing cash and securities of $84.8M plus a $90M offering extending runway into Q2 2028. It highlights advancement of PRT12396 into Phase 1 and plans to file an IND for KAT6A degrader PRT13722. Relative to past earnings, investors may focus on sustained cost reductions, progress of new first‑in‑human studies, and future updates on DAC and mCALR programs.
Key Terms
phase 1 medical
jak2v617f medical
kat6a medical
myeloproliferative neoplasms medical
monoclonal antibody medical
neoantigen medical
xenograft models medical
AI-generated analysis. Not financial advice.
Initiated enrollment of Phase 1 Study of PRT12396, mutant-selective JAK2V617F inhibitor in patients with polycythemia vera (PV) and myelofibrosis (MF)
The Company expects to file the IND for PRT13722, first-in-class highly-selective oral KAT6A degrader, by mid-2026 with Phase 1 study initiation in ER+ breast cancer anticipated in the 2H 2026
Presented preclinical data demonstrating differentiated profile of PRT13722, at the American Association for Cancer Research (AACR) Annual Meeting 2026
Appointed Charles Morris, M.D. as Chief Medical Officer
Current cash runway expected into second quarter of 2028 based on preliminary estimates, driven by previously announced underwritten offering with gross proceeds of
WILMINGTON, Del., May 12, 2026 (GLOBE NEWSWIRE) -- Prelude Therapeutics Incorporated (Nasdaq: PRLD), a clinical-stage precision oncology company, today reported its financial results for the first quarter ended March 31, 2026 and provided an update on its R&D pipeline and other corporate developments.
“Through this first quarter of 2026, our company has continued to demonstrate focused execution of the strategic priorities we set forth late last year.” stated Kris Vaddi, Ph.D., Chief Executive Officer of Prelude. “Since the beginning of this year, we’ve advanced PRT12396 into first-in-human studies, presented promising preclinical data from our highly selective KAT6A degrader development candidate, continued to progress towards a development candidate from our mCALR program and importantly, extended our cash runway into the second quarter of 2028.”
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 recently initiated and commenced enrollment into a Phase 1 study of PRT12396 in patients with PV and 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, PRT13722 and remains on track to file an IND application in mid-2026, and pending clearance, phase 1 study initiation expected 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 preclinical data supporting this hypothesis at the AACR Annual Meeting 2026. 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. 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
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.
Corporate Updates
In April 2026, the Company announced the appointment of Charles Morris, M.D. as Chief Medical Officer.
Upcoming Investor Conferences
The Company will participate in the 2026 Jefferies Global Healthcare Conference taking place in New York City. On Wednesday, June 3, 2026 at 12:15 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.
The Company will also participate in the Goldman Sachs 47th Annual Global Healthcare Conference taking place in Miami, FL. On Wednesday, June 10, 2026 at 11:20 AM 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.
First Quarter 2026 Financial Results
Cash, Cash Equivalents, Restricted cash and Marketable securities:
Cash, cash equivalents, restricted cash and marketable securities as of March 31, 2026 were
Research and Development (R&D) Expenses:
For the three months ended March 31, 2026, R&D expense decreased to
General and Administrative (G&A) Expenses:
For the three months ended March 31, 2026, G&A expenses decreased to
Net Loss:
For the three months ended March 31, 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 March 31, | |||||||
| (in thousands, except share and per share data) | 2026 | 2025 | |||||
| Revenue | $ | 4,580 | $ | — | |||
| Operating expenses | |||||||
| Research and development | 13,601 | 28,816 | |||||
| General and administrative | 5,156 | 5,790 | |||||
| Total operating expenses | 18,757 | 34,606 | |||||
| Loss from operations | (14,177 | ) | (34,606 | ) | |||
| Other income, net | 3,792 | 2,521 | |||||
| Net loss | $ | (10,385 | ) | $ | (32,085 | ) | |
| Per share information: | |||||||
| Net loss per share of common stock, basic and diluted | $ | (0.13 | ) | $ | (0.42 | ) | |
| Weighted average common shares outstanding, basic and diluted | 82,519,981 | 75,986,281 | |||||
| Comprehensive loss: | |||||||
| Net loss | $ | (10,385 | ) | $ | (32,085 | ) | |
| Unrealized loss on marketable securities, net of tax | (49 | ) | (23 | ) | |||
| Comprehensive loss | $ | (10,434 | ) | $ | (32,108 | ) | |
BALANCE SHEETS
| (in thousands, except share data) | March 31, 2026 | December 31, 2025 | |||||
| Assets | (unaudited) | ||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 21,756 | $ | 35,256 | |||
| Marketable securities | 59,798 | 67,958 | |||||
| Prepaid expenses and other current assets | 3,039 | 2,478 | |||||
| Total current assets | 84,593 | 105,692 | |||||
| Restricted cash | 3,235 | 3,235 | |||||
| Property and equipment, net | 4,722 | 5,113 | |||||
| Right-of-use asset | 26,778 | 27,165 | |||||
| Prepaid expenses and other non-current assets | 314 | 110 | |||||
| Total assets | $ | 119,642 | $ | 141,315 | |||
| Liabilities and stockholders’ equity | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 2,069 | $ | 3,983 | |||
| Accrued expenses and other current liabilities | 5,938 | 12,533 | |||||
| Deferred revenue | 30,952 | 33,734 | |||||
| Operating lease liability | 2,761 | 2,744 | |||||
| Total current liabilities | 41,720 | 52,994 | |||||
| Deferred revenue, net of current portion | — | 1,798 | |||||
| Other liabilities | 2,779 | 2,841 | |||||
| Operating lease liability | 14,960 | 15,045 | |||||
| Total liabilities | 59,459 | 72,678 | |||||
| Commitments (Note 8) | |||||||
| Stockholders’ equity: | |||||||
| Voting common stock, 48,290,087 and 48,225,493 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively | 5 | 5 | |||||
| Non-voting common stock, authorized; 14,728,135 shares issued and outstanding at both March 31, 2026 and December 31, 2025 | 1 | 1 | |||||
| Additional paid-in capital | 753,664 | 751,684 | |||||
| Accumulated other comprehensive (loss) income | (41 | ) | 8 | ||||
| Accumulated deficit | (693,446 | ) | (683,061 | ) | |||
| Total stockholders’ equity | 60,183 | 68,637 | |||||
| Total liabilities and stockholders’ equity | $ | 119,642 | $ | 141,315 | |||
Investor Contact:
Robert A. Doody, Jr.
Senior Vice President, Investor Relations
Prelude Therapeutics Incorporated
484.639.7235
rdoody@preludetx.com
