On November 1, 2023, Prelude Therapeutics Inc (PRLD, Financial), a clinical-stage precision oncology company, released its third-quarter financial results and provided strategic pipeline updates. The company reported a cash runway into 2026, with $230.5 million of cash, cash equivalents, and marketable securities.
Strategic Pipeline Progress
Prelude Therapeutics Inc (PRLD, Financial) announced the prioritization of its first-in-class SMARCA2 degrader and potentially best-in-class CDK9 inhibitor programs for continued clinical development. The decision was based on a rigorous assessment of each program, reflecting the company's commitment to deliver differentiated treatments to patients and build significant value for shareholders.
We are confident that these two programs represent compelling opportunities for demonstrating clinical proof-of-concept in 2024, for advancing into potential Phase 2/3 registration studies, and for becoming important new medicines," stated Kris Vaddi, Ph.D., Chief Executive Officer of Prelude.
Partnership with AbCellera
The company also announced a partnership with AbCellera to develop a portfolio of precision ADCs, with the first program being a SMARCA degrader-antibody conjugate. This alliance combines Prelude's strengths in small molecule drug discovery and development with AbCellera’s powerful antibody discovery engine.
Financial Performance
For the third quarter of 2023, R&D expenses increased to $26.3 million from $22.9 million for the prior year period, primarily due to the timing of clinical research programs. G&A expenses decreased to $7.1 million from $7.5 million for the prior year period, reflecting Prelude’s continued careful management of its G&A expenses.
The net loss for the three months ended September 30, 2023, was $30.6 million, or $0.45 per share compared to $30.0 million, or $0.63 per share, for the prior year period. Included in the net loss for the quarter ended September 30, 2023, was $6.7 million of non-cash expense related to the impact of expensing share-based payments, including employee stock options, as compared to $6.4 million for the same period in 2022.
Looking Ahead
Prelude Therapeutics Inc (PRLD, Financial) remains focused on its strategic pipeline progress, with a strong emphasis on its SMARCA2 degrader and CDK9 inhibitor programs. The company's financial position remains robust, with sufficient cash runway to fund operations into 2026.
Explore the complete 8-K earnings release (here) from Prelude Therapeutics Inc for further details.
