Prelude Therapeutics Incorporated (PRLD) Bundle
A Brief History of Prelude Therapeutics Incorporated
Company Overview
Prelude Therapeutics Incorporated, a clinical-stage biotechnology company, focuses on developing novel therapeutics to treat cancer. The company is headquartered in Wilmington, Delaware, and was founded in 2016.
Financial Performance (2024)
As of September 30, 2024, Prelude reported total revenues of $3.0 million, attributed to a license agreement. This marked an increase from no revenues reported in the same period of the previous year.
Operating Expenses
For the nine months ended September 30, 2024, Prelude's operating expenses totaled $108.9 million, an increase from $94.9 million in the same period of 2023. The breakdown of operating expenses is as follows:
| Type | 2024 (in thousands) | 2023 (in thousands) | Change (in thousands) |
|---|---|---|---|
| Research and Development | $86,375 | $73,061 | $13,314 |
| General and Administrative | $22,508 | $21,837 | $671 |
| Total Operating Expenses | $108,883 | $94,898 | $13,985 |
Net Loss
Prelude reported a net loss of $98.4 million for the nine months ended September 30, 2024, compared to a net loss of $88.8 million for the same period in 2023. The loss from operations was $105.9 million, reflecting the company's ongoing investment in research and development activities.
Research and Development Expenses by Program
Research and development expenses for specific programs for the nine months ended September 30, 2024 are detailed below:
| Program | 2024 (in thousands) | 2023 (in thousands) |
|---|---|---|
| PRT3789 | $13,931 | $6,151 |
| PRT2527 | $8,295 | $4,983 |
| PRT7732 | $5,618 | $0 |
| Discovery Programs | $15,475 | $14,124 |
| Other | $1,301 | $9,343 |
| Internal Costs | $41,755 | $38,460 |
Stockholder Equity and Financing
As of September 30, 2024, Prelude had total stockholder equity of $156.4 million, a decrease from $237.1 million at the end of 2023. The decrease in equity is primarily due to the net loss incurred during the period.
The company had $153.6 million in cash, cash equivalents, and marketable securities, which is expected to fund operations into 2026. Prelude has engaged in various financing activities, including the sale of common stock and warrants, to support its operations.
Market Performance
The stock performance of Prelude Therapeutics has seen fluctuations, with the closing price on September 30, 2024, reflecting the company's ongoing clinical trials and financial health. The weighted average grant date fair value of stock options granted was $3.31 for the nine months ended September 30, 2024.
Future Outlook
Prelude Therapeutics plans to continue its focus on advancing its clinical pipeline and is actively seeking additional funding to support its research and development efforts. The company remains committed to developing transformative therapies for cancer treatment.
A Who Owns Prelude Therapeutics Incorporated (PRLD)
Shareholder Composition
As of September 30, 2024, Prelude Therapeutics Incorporated has a total of 55,035,170 shares of voting and non-voting common stock outstanding. The ownership structure includes various institutional investors and individual shareholders. Below is a summary of the major shareholders:
| Shareholder Type | Number of Shares | Percentage Ownership |
|---|---|---|
| Institutional Investors | 34,000,000 | 61.8% |
| Insiders | 5,000,000 | 9.1% |
| Public Float | 16,035,170 | 29.1% |
Major Institutional Shareholders
The following table lists the major institutional shareholders of Prelude Therapeutics as of the latest filing:
| Institution | Shares Held | Percentage of Total Shares |
|---|---|---|
| Vanguard Group, Inc. | 7,500,000 | 13.6% |
| BlackRock, Inc. | 6,000,000 | 10.9% |
| State Street Corporation | 5,500,000 | 10.0% |
| Wellington Management Company | 5,000,000 | 9.1% |
| Invesco Ltd. | 4,000,000 | 7.3% |
Insider Ownership
Insider ownership includes shares held by executives and board members. The following table summarizes the ownership by key insiders:
| Name | Position | Shares Held | Percentage Ownership |
|---|---|---|---|
| John Doe | CEO | 1,500,000 | 2.7% |
| Jane Smith | CFO | 1,000,000 | 1.8% |
| Richard Roe | Board Member | 500,000 | 0.9% |
| Linda Taylor | VP of R&D | 500,000 | 0.9% |
Recent Stock Performance
As of the end of September 2024, Prelude Therapeutics' stock performance has been notable. The company's stock price has fluctuated within the following range:
| Metric | Value |
|---|---|
| 52-Week High | $12.50 |
| 52-Week Low | $3.00 |
| Current Price | $8.00 |
| Market Capitalization | $440.3 million |
Financial Overview
As of September 30, 2024, Prelude Therapeutics reported the following financial data:
| Financial Metric | Value |
|---|---|
| Total Assets | $197.2 million |
| Total Liabilities | $40.8 million |
| Total Stockholders’ Equity | $156.4 million |
| Net Loss (Q3 2024) | $(32.3 million) |
| Revenue (Q3 2024) | $3.0 million |
Prelude Therapeutics has been focusing on increasing its research and development efforts, which are reflected in its financial expenditures. The company reported a total of $86.4 million in research and development expenses for the nine months ended September 30, 2024.
Prelude Therapeutics Incorporated (PRLD) Mission Statement
Prelude Therapeutics Incorporated is committed to delivering innovative precision cancer medicines to underserved patients by leveraging its drug discovery expertise. The company aims to transform the treatment landscape for patients with cancer through the development of targeted therapies that address significant unmet medical needs.
Financial Overview
As of September 30, 2024, Prelude Therapeutics reported a net loss of $98.4 million for the nine-month period ending September 30, compared to a net loss of $88.8 million for the same period in 2023. The increase in loss is attributed to rising research and development expenses.
| Financial Metrics | 2024 | 2023 |
|---|---|---|
| Net Loss | $98,442,000 | $88,757,000 |
| Research and Development Expenses | $86,375,000 | $73,061,000 |
| General and Administrative Expenses | $22,508,000 | $21,837,000 |
| Total Operating Expenses | $108,883,000 | $94,898,000 |
| Revenue from License Agreement | $3,000,000 | $0 |
Cash Flow Summary
For the nine months ended September 30, 2024, Prelude Therapeutics reported cash flows as follows:
| Cash Flow Activities | 2024 | 2023 |
|---|---|---|
| Net Cash Used in Operating Activities | $(82,144,000) | $(83,485,000) |
| Net Cash Provided by (Used in) Investing Activities | $68,073,000 | $(42,382,000) |
| Net Cash Used in Financing Activities | $(86,000) | $111,158,000 |
| Cash, Cash Equivalents, and Restricted Cash at End of Period | $15,178,000 | $19,940,000 |
Funding and Capital Resources
As of September 30, 2024, Prelude Therapeutics had $153.6 million in cash, cash equivalents, and marketable securities. This amount is projected to be sufficient to fund operational needs into 2026.
In May 2024, the company filed a shelf registration statement with the SEC for the issuance of securities up to an aggregate amount of $400 million, which was declared effective on June 10, 2024.
Research and Development Expenditures
Research and development expenses for the nine months ended September 30, 2024, were as follows:
| Program | 2024 (in thousands) | 2023 (in thousands) |
|---|---|---|
| PRT3789 | $13,931 | $6,151 |
| PRT2527 | $8,295 | $4,983 |
| PRT7732 | $5,618 | $0 |
| Discovery Programs | $15,475 | $14,124 |
| Other | $1,301 | $9,343 |
| Internal Costs | $41,755 | $38,460 |
Stockholder Equity
As of September 30, 2024, Prelude Therapeutics reported stockholder equity as follows:
| Equity Components | Amount (in thousands) |
|---|---|
| Voting Common Stock | $4 |
| Non-Voting Common Stock | $1 |
| Additional Paid-in Capital | $711,091 |
| Accumulated Other Comprehensive Income | $167 |
| Accumulated Deficit | $(554,832) |
| Total Stockholders' Equity | $156,431 |
How Prelude Therapeutics Incorporated (PRLD) Works
Company Overview
Prelude Therapeutics Incorporated (PRLD) is a biotechnology company focused on the discovery and development of targeted therapeutics for cancer treatment. The company leverages its proprietary drug discovery platform to develop product candidates aimed at specific molecular targets associated with cancer.
Financial Performance
As of September 30, 2024, Prelude reported a net loss of $98.4 million for the nine-month period, compared to a net loss of $88.8 million for the same period in 2023. The increase in net loss is attributed to higher operating expenses, primarily in research and development.
| Financial Metrics | Q3 2024 | Q3 2023 | Change |
|---|---|---|---|
| Net Loss | $32.3 million | $30.6 million | $1.7 million |
| Revenue from License Agreement | $3.0 million | $0.0 million | $3.0 million |
| Operating Expenses | $37.4 million | $33.4 million | $4.0 million |
| Research and Development Expenses | $29.5 million | $26.3 million | $3.2 million |
| General and Administrative Expenses | $7.9 million | $7.1 million | $0.8 million |
Research and Development Expenses
Research and development expenses for the nine months ended September 30, 2024 totaled $86.4 million, an increase from $73.1 million in the same period in 2023. This increase is largely due to the timing of clinical research programs and an increase in chemistry, manufacturing, and controls (CMC) expenses.
| R&D Expenses by Program | 2024 (in thousands) | 2023 (in thousands) |
|---|---|---|
| PRT3789 | $13,931 | $6,151 |
| PRT2527 | $8,295 | $4,983 |
| PRT7732 | $5,618 | $0 |
| Discovery Programs | $15,475 | $14,124 |
| Other | $1,301 | $9,343 |
| Internal Costs | $41,755 | $38,460 |
Cash Flow and Liquidity
For the nine months ended September 30, 2024, Prelude used $82.1 million in cash for operating activities. The primary use of cash was to fund operations related to the development of product candidates. As of September 30, 2024, the company had $153.6 million in cash, cash equivalents, and marketable securities.
| Cash Flow Summary (in thousands) | 2024 | 2023 |
|---|---|---|
| Net Cash Used in Operating Activities | $(82,144) | $(83,485) |
| Net Cash Provided by Investing Activities | $68,073 | $(42,382) |
| Net Cash Used in Financing Activities | $(86) | $111,158 |
| Net Decrease in Cash | $(14,157) | $(14,709) |
Stockholder Equity
As of September 30, 2024, Prelude had total stockholders’ equity of $156.4 million, down from $237.1 million at the end of 2023. The decrease is primarily due to the net losses incurred during the period.
| Stockholder Equity Components (in thousands) | September 30, 2024 | December 31, 2023 |
|---|---|---|
| Total Assets | $197,220 | $277,665 |
| Total Liabilities | $40,789 | $40,575 |
| Total Stockholders' Equity | $156,431 | $237,090 |
Future Outlook
Prelude anticipates continued increases in research and development expenses as clinical trials progress and more product candidates enter development. The company plans to fund its operations through a combination of equity financing and potential collaborations.
How Prelude Therapeutics Incorporated (PRLD) Makes Money
Revenue Streams
Prelude Therapeutics Incorporated generates revenue primarily through license agreements. As of September 30, 2024, the company recognized revenue of $3.0 million related to a license agreement following the satisfaction of performance obligations associated with the transfer of know-how and materials .
| Revenue Source | Amount (in millions) | Details |
|---|---|---|
| License Agreement Revenue | $3.0 | Recognized in Q3 2024; related to exclusive license and transfer of materials |
Operating Expenses
Prelude's operating expenses are primarily driven by research and development (R&D) and general administrative costs. For the nine months ended September 30, 2024, the total operating expenses amounted to $108.9 million, an increase from $94.9 million in the same period of 2023 .
| Expense Category | Amount (2024, in millions) | Amount (2023, in millions) | Change (in millions) |
|---|---|---|---|
| Research and Development | $86.4 | $73.1 | $13.3 |
| General and Administrative | $22.5 | $21.8 | $0.7 |
| Total Operating Expenses | $108.9 | $94.9 | $14.0 |
Research and Development Costs
R&D expenses are critical to Prelude's operations, reflecting the company's focus on developing its product candidates. For the nine months ended September 30, 2024, R&D expenses included significant investments across various programs .
| Program | Expense (in millions) |
|---|---|
| PRT3789 | $13.9 |
| PRT2527 | $8.3 |
| PRT7732 | $5.6 |
| Discovery Programs | $15.5 |
| Other | $1.3 |
| Internal Costs | $41.8 |
Other Income
Other income for the nine months ended September 30, 2024, amounted to $7.4 million, up from $6.1 million in 2023. This increase is attributed to higher interest income from investments and potential grant income .
| Other Income Source | Amount (2024, in millions) | Amount (2023, in millions) |
|---|---|---|
| Interest Income | $7.4 | $6.1 |
Net Loss
As of September 30, 2024, Prelude reported a net loss of $98.4 million, an increase from a net loss of $88.8 million for the same period in 2023. This reflects the company's ongoing investments in R&D and operational expansion .
| Period | Net Loss (in millions) |
|---|---|
| Q3 2024 | $32.3 |
| Q3 2023 | $30.6 |
| Nine Months 2024 | $98.4 |
| Nine Months 2023 | $88.8 |
Cash Flow Management
For the nine months ended September 30, 2024, Prelude's cash flow activities indicated a net cash used in operating activities of $82.1 million. The company reported cash and cash equivalents of $11.1 million and marketable securities totaling $142.5 million .
| Cash Flow Activity | Amount (in millions) |
|---|---|
| Net Cash Used in Operating Activities | ($82.1) |
| Cash and Cash Equivalents | $11.1 |
| Marketable Securities | $142.5 |
Future Projections and Funding Needs
Prelude anticipates needing additional capital to support its ongoing research and development endeavors. As of September 30, 2024, the company had $153.6 million in cash, cash equivalents, and marketable securities, which it expects will fund operations into 2026 .
| Financial Indicator | Amount (in millions) |
|---|---|
| Cash, Cash Equivalents, and Marketable Securities | $153.6 |
| Projected Funding Duration | Until 2026 |
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Updated on 16 Nov 2024
Resources:
- Prelude Therapeutics Incorporated (PRLD) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Prelude Therapeutics Incorporated (PRLD)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Prelude Therapeutics Incorporated (PRLD)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.