Prelude Therapeutics | 10-Q: FY2025 Q3 Revenue: USD 6.5 M

Revenue: As of FY2025 Q3, the actual value is USD 6.5 M.

EPS: As of FY2025 Q3, the actual value is USD -0.26, beating the estimate of USD -0.3667.

EBIT: As of FY2025 Q3, the actual value is USD -21.11 M.

Segment Revenue

• Revenue for the three months ended September 30, 2025 was $6.5 million, compared to $3.0 million for the same period in 2024, primarily due to amendments to the collaboration agreement with AbCellera.

Operational Metrics

• Net Loss: The net loss for the three months ended September 30, 2025 was - $19.7 million, compared to - $32.3 million for the same period in 2024.
• Research and Development Expenses: Decreased from $29.5 million for the three months ended September 30, 2024 to $21.7 million for the same period in 2025.
• General and Administrative Expenses: Decreased from $7.9 million for the three months ended September 30, 2024 to $5.2 million for the same period in 2025.

Cash Flow

• Net Cash Used in Operating Activities: - $79.4 million for the nine months ended September 30, 2025, compared to - $82.1 million for the same period in 2024.
• Net Cash Provided by Investing Activities: $113.8 million for the nine months ended September 30, 2025, compared to $68.1 million for the same period in 2024.
• Net Cash Used in Financing Activities: - $128 thousand for the nine months ended September 30, 2025, compared to - $86 thousand for the same period in 2024.

Unique Metrics

• Stock-Based Compensation: Total stock-based compensation expense for the nine months ended September 30, 2025 was $10.1 million, compared to $17.6 million for the same period in 2024.

Future Outlook and Strategy

• Core Business Focus: Prelude Therapeutics plans to advance the JAK2V617F program to pre-defined milestones, with Incyte having the option to acquire the program for $100 million, potentially reaching up to $910 million in total cash payments excluding royalties.
• Non-Core Business: The company has paused the clinical development of its SMARCA2 degrader program, including PRT3789 and PRT7732, to focus resources on the JAK2 and KAT6A programs.
• Priority: The company aims to file an IND for its KAT6A selective degraders in mid-2026, believing that selectively degrading KAT6A has potential for improved efficacy and combinability with other agents.