Prelude Therapeutics Reports $127.2 Million Net Loss for 2024, Highlights Clinical Trial Developments

Prelude Therapeutics Inc., a clinical-stage precision oncology company, reported a net loss of $127.2 million for the year ended December 31, 2024, compared to a net loss of $121.8 million in 2023. The company attributed the increase in net loss primarily to higher research and development expenses, driven by increased patient enrollment in clinical trials. This increase was partially offset by a decrease in general and administrative expenses and an increase in other income, primarily due to research and development tax credits. The company had $133.6 million in cash, cash equivalents, and marketable securities as of December 31, 2024, and an accumulated deficit of $583.6 million.

Prelude's revenue for 2024 totaled $7 million, stemming solely from a license agreement with Pathos AI, Inc. This agreement involved granting Pathos an exclusive worldwide license to Prelude's PRMT5 inhibitor, PRT811, in exchange for an upfront payment and potential milestone and royalty payments. The company's research and development expenses increased by $14.6 million to $118 million in 2024, primarily due to increased clinical trial costs. General and administrative expenses decreased slightly to $28.7 million.

Significant operational developments included the initiation of Phase 1 clinical trials for PRT3789, a first-in-class SMARCA2 degrader, and PRT7732, a lead oral SMARCA2 degrader. Interim data from the PRT3789 trial, presented at the 2025 Japanese Society of Medical Oncology Annual Meeting, showed the drug to be generally safe and well-tolerated, with confirmed partial responses observed in some patients. A Phase 2 trial evaluating PRT3789 in combination with pembrolizumab was also initiated. Prelude also announced a partnership with AbCellera Biologics Inc. to develop precision antibody drug conjugates. The company presented interim Phase 1 data for PRT2527, a CDK9 inhibitor, at the 66th American Society of Hematology Annual Meeting, showing preliminary activity but also indicating a plan to seek a partner for future development. As of December 31, 2024, Prelude employed 131 full-time employees, 47% of whom hold M.D. or Ph.D. degrees.

Prelude projects continued operating losses for the foreseeable future, anticipating significant expenses related to ongoing clinical trials and potential commercialization efforts. The company expects its existing cash resources to fund operations into the second quarter of 2026, and plans to secure additional funding through equity offerings, debt financings, collaborations, or strategic alliances to support its continued operations and growth strategy. The company's 10-K filing also details numerous risk factors related to its business, including those associated with clinical trial outcomes, regulatory approvals, competition, intellectual property protection, and financing.