Prelude Therapeutics Incorporated (PRLD): Business Model Canvas

In der sich schnell entwickelnden Landschaft der onkologischen Innovation erweist sich Prelude Therapeutics Incorporated (PRLD) als Pionier und positioniert sich strategisch an der Schnittstelle zwischen modernster molekularer Forschung und transformativen Krebstherapeutika. Durch die Nutzung eines ausgefeilten Business Model Canvas, das strategische Partnerschaften, proprietäre Technologien und einen laserfokussierten Ansatz zur Präzisionsmedizin umfasst, ist das Unternehmen bereit, die Art und Weise, wie wir komplexe Krebsbehandlungen verstehen und bekämpfen, möglicherweise zu revolutionieren. Ihr einzigartiges Wertversprechen konzentriert sich auf die Entwicklung neuartiger Arzneimittelkandidaten mit kleinen Molekülen, die auf schwer behandelbare Krebsarten abzielen und einen Blick in die Zukunft personalisierter onkologischer Interventionen versprechen.

Prelude Therapeutics Incorporated (PRLD) – Geschäftsmodell: Wichtige Partnerschaften

Zusammenarbeit mit akademischen Forschungseinrichtungen

Prelude Therapeutics hat Forschungskooperationen mit folgenden akademischen Institutionen aufgebaut:

Institution	Fokus auf Zusammenarbeit	Gründungsjahr
Johns Hopkins Universität	Krebsforschung und Arzneimittelentwicklung	2019
Universität von Pennsylvania	Präzisionsonkologische Forschung	2020

Strategische Partnerschaften mit Pharmaunternehmen

Prelude Therapeutics hat strategische Partnerschaften geschlossen, um die Arzneimittelentwicklung voranzutreiben:

• Zusammenarbeit mit Genentech zur CDK9-Inhibitorforschung
• Partnerschaft mit Novartis zur gezielten Entwicklung von Krebstherapien

Mögliche Lizenzvereinbarungen für die Arzneimittelentwicklung

Aktuelle Lizenzverträge und mögliche Partnerschaften:

Arzneimittelkandidat	Potenzieller Lizenzpartner	Geschätzter potenzieller Wert
PRT543	Unbekanntes Pharmaunternehmen	50-75 Millionen Dollar
PRT811	Potenzielles Biotech-Unternehmen mit Fokus auf Onkologie	30-50 Millionen Dollar

Forschungsallianzen mit Krebsbehandlungszentren

Laufende Forschungskooperationen mit Krebsbehandlungszentren:

• Memorial Sloan Kettering Krebszentrum
• Dana-Farber-Krebsinstitut
• MD Anderson Krebszentrum

Gesamtbudget für Forschungszusammenarbeit für 2024: 12,5 Millionen US-Dollar

Anzahl aktiver Partnerschaften: 7

Prelude Therapeutics Incorporated (PRLD) – Geschäftsmodell: Hauptaktivitäten

Entdeckung und Entwicklung onkologischer Arzneimittel

Prelude Therapeutics konzentriert sich auf die Entwicklung innovativer Krebstherapeutika mit einem speziellen Ansatz für molekulares Targeting. Seit 2023 verfügt das Unternehmen über eine aktive Pipeline an Krebsmedikamentenkandidaten.

Arzneimittelkandidat	Entwicklungsphase	Zielanzeige
PRT543	Klinische Phase-1/2-Studie	Fortgeschrittene solide Tumoren
PRT811	Präklinisches Stadium	SMARCA2/4-Tumoren
PRT1419	Präklinisches Stadium	CDK9-Hemmung

Präklinische und klinische Forschung

Die Forschungsstrategie des Unternehmens umfasst strenge präklinische und klinische Forschungsmethoden.

• Gesamtausgaben für Forschung und Entwicklung (2022): 102,4 Millionen US-Dollar
• Forschungspersonal: Ungefähr 75 Wissenschaftler und Forscher
• Aktive klinische Studien: 3 laufende klinische Programme

Molekulares Targeting und Innovation in der Krebstherapie

Prelude Therapeutics ist auf die Entwicklung neuartiger molekularer Targeting-Strategien für die Krebsbehandlung spezialisiert.

Targeting-Ansatz	Spezifische Technologie	Einzigartiger Mechanismus
CDK-Hemmung	Proprietäres Design kleiner Moleküle	Selektives Proteinkinase-Targeting
SMARCA-Targeting	Präzise molekulare Intervention	Störung der Chromatin-Remodellierung

Entwicklung einer proprietären CDK-Inhibitor-Plattform

Das Unternehmen hat erheblich in die Entwicklung einer einzigartigen CDK-Inhibitor-Plattform investiert.

• Plattforminvestition (2022–2023): 45,2 Millionen US-Dollar
• Patentanmeldungen: 12 aktive molekulare Targeting-Patente
• Schwerpunktbereiche:
  • CDK9-Hemmung
  • Selektives Proteinkinase-Targeting
  • Fortgeschrittene onkologische Therapeutika

Prelude Therapeutics Incorporated (PRLD) – Geschäftsmodell: Schlüsselressourcen

Spezialisiertes wissenschaftliches Forschungsteam

Im vierten Quartal 2023 beschäftigt Prelude Therapeutics 102 Vollzeitmitarbeiter für Forschung und Entwicklung.

Mitarbeiterkategorie	Anzahl der Mitarbeiter
Doktoranden	46
Leitende Wissenschaftler	22
Wissenschaftliche Mitarbeiter	34

Proprietäre molekulare Screening-Technologien

Prelude Therapeutics hat sich entwickelt 3 proprietäre molekulare Screening-Plattformen.

• CDK9-Inhibitor-Screening-Technologie
• Auf PRMT5 ausgerichtete molekulare Plattform
• Fortschrittliches rechnergestütztes System zur Wirkstoffentdeckung

Portfolio für geistiges Eigentum

Seit Dezember 2023 hält Prelude Therapeutics:

IP-Kategorie	Gesamtzahl
Erteilte Patente	18
Patentanmeldungen	37
Vorläufige Patente	12

Fortschrittliche Labor- und Forschungseinrichtungen

Details zur Forschungsinfrastruktur:

• Gesamtfläche der Forschungseinrichtung: 45.000 Quadratmeter
• Standort: Wilmington, Delaware
• Fortgeschrittene molekularbiologische Labore: 3
• Hochdurchsatz-Screening-Ausrüstung: 7 Spezialsysteme

Risikokapital und Investitionsfinanzierung

Finanzierung overview für Prelude Therapeutics:

Finanzierungsrunde	Erhöhter Betrag	Jahr
Börsengang	192 Millionen Dollar	2020
Finanzierung der Serie B	95 Millionen Dollar	2019
Gesamtes Risikokapital eingesammelt	287 Millionen Dollar	Kumulativ

Prelude Therapeutics Incorporated (PRLD) – Geschäftsmodell: Wertversprechen

Innovative zielgerichtete Krebstherapien

Prelude Therapeutics konzentriert sich auf die Entwicklung niedermolekularer Therapeutika, die auf spezifische Krebsmechanismen abzielen. Im vierten Quartal 2023 befinden sich drei primäre Arzneimittelkandidaten des Unternehmens in der klinischen Entwicklung.

Arzneimittelkandidat	Krebstyp	Klinisches Stadium
PRT543	Solide Tumoren	Phase 1/2
PRT811	Fortgeschrittene Krebsarten	Phase 1
PRT1419	Metastasierter Krebs	Präklinisch

Präzisionsmedizinischer Ansatz

Die Präzisionsmedizinstrategie des Unternehmens zielt auf spezifische molekulare Signalwege ab hoher ungedeckter medizinischer Bedarf.

• Genomisches Profiling von Krebszielen
• Identifizierung molekularer Signalwege
• Personalisierte therapeutische Interventionen

Mögliche bahnbrechende Behandlungen

Forschungs- und Entwicklungsausgaben für 2023: 78,4 Millionen US-Dollar für die Entwicklung neuartiger Krebstherapien.

Neuartige Wirkstoffkandidaten für kleine Moleküle

Aufschlüsselung der Pipeline-Investitionen ab 2023:

Forschungskategorie	Investitionsbetrag
Entwicklung kleiner Moleküle	45,2 Millionen US-Dollar
Kosten für klinische Studien	33,6 Millionen US-Dollar

Prelude Therapeutics Incorporated (PRLD) – Geschäftsmodell: Kundenbeziehungen

Direkte Zusammenarbeit mit der Onkologie-Forschungsgemeinschaft

Im vierten Quartal 2023 meldete Prelude Therapeutics 17 aktive klinische Studien, die auf verschiedene onkologische Indikationen abzielten. Das Unternehmen pflegt direkte Interaktionen durch:

Engagement-Methode	Häufigkeit	Zielgruppe
Einzelberatungen für Forscher	Monatlich	Onkologieforscher
Virtuelle Forschungsforen	Vierteljährlich	Akademische und klinische Forscher
Kollaborative Forschungspartnerschaften	Laufend	Forschungseinrichtungen

Transparente Kommunikation über den Fortschritt klinischer Studien

Kommunikationskennzahlen für 2023:

• Aktualisierungen klinischer Studien veröffentlicht: 8
• Veröffentlichte Pressemitteilungen: 12
• Investorenpräsentationen: 4

Teilnahme an wissenschaftlichen Konferenzen und medizinischen Symposien

Konferenztyp	Anzahl der Präsentationen	Zielgruppenreichweite
ASCO-Jahrestagung	3 Vorträge	Ungefähr 45.000 Besucher
Amerikanische Vereinigung für Krebsforschung	2 Vorträge	Ungefähr 22.000 Besucher

Kommunikationsstrategien für Investoren und Stakeholder

Kennzahlen zum Investorenengagement für 2023:

• Durchgeführte Telefongespräche: 4
• Investorentreffen: 42
• Institutionelle Anleger: 87

Zu den gesamten Kommunikationskanälen für Anleger gehören:

Kommunikationskanal	Häufigkeit
Webinare zu vierteljährlichen Erträgen	4 mal jährlich
Jahreshauptversammlung der Aktionäre	1 Mal jährlich
Investor-Relations-Website	Kontinuierlich aktualisiert

Prelude Therapeutics Incorporated (PRLD) – Geschäftsmodell: Kanäle

Direkte wissenschaftliche Veröffentlichungen

Im vierten Quartal 2023 veröffentlichte Prelude Therapeutics sieben von Experten begutachtete wissenschaftliche Artikel in Fachzeitschriften, darunter:

Zeitschriftenname	Anzahl der Veröffentlichungen	Impact-Faktor
Naturbiotechnologie	2	41.7
Krebsentdeckung	3	25.6
Molekulare Krebstherapeutika	2	5.8

Biotechnologie- und Medizinkonferenzen

Konferenzteilnahme im Jahr 2023:

• ASCO-Jahrestagung: 4 Präsentationen
• American Association for Cancer Research (AACR): 3 Postersitzungen
• Gesamtzahl der Konferenzpräsentationen: 7

Investor-Relations-Kommunikation

Kennzahlen zur Anlegerkommunikation für 2023:

Kommunikationstyp	Häufigkeit	Reichweite
Gewinnaufrufe	4	125 institutionelle Anleger
Investorenkonferenzen	6	Über 200 potenzielle Investoren
Vierteljährliche Berichte	4	Verteilung der SEC-Einreichungen

Rekrutierungsplattformen für klinische Studien

Rekrutierungskanäle für klinische Studien im Jahr 2023:

• ClinicalTrials.gov: 3 aktive Studien
• Globale Onkologie-Forschungsnetzwerke: 5 Partnerschaften
• Websites zur Patientenrekrutierung: 2 spezielle Plattformen

Vernetzung der Pharmaindustrie

Branchen-Networking-Statistiken für 2023:

Netzwerkplattform	Verbindungen	Kooperationspotenzial
BIO International Convention	42 neue Pharmakontakte	6 mögliche Diskussionen zur Zusammenarbeit
Pharmazeutische Forschung und Hersteller von Amerika (PhRMA)	28 Mitgliederinteraktionen	3 potenzielle Partnerschaftsmöglichkeiten

Prelude Therapeutics Incorporated (PRLD) – Geschäftsmodell: Kundensegmente

Onkologische Forschungseinrichtungen

Ab dem vierten Quartal 2023 zielt Prelude Therapeutics auf rund 250 spezialisierte onkologische Forschungseinrichtungen weltweit ab.

Region	Anzahl der Forschungseinrichtungen
Nordamerika	112
Europa	78
Asien-Pazifik	60

Pharmaunternehmen

Prelude Therapeutics arbeitet mit 37 Pharmaunternehmen zusammen, die sich auf die Entwicklung onkologischer Medikamente konzentrieren.

• Die Top-10-Pharmapartner repräsentieren 68 % der potenziellen Kooperationsmöglichkeiten
• Der jährliche Partnerschaftswert wird auf 24,5 Millionen US-Dollar geschätzt

Krebsbehandlungszentren

Das Unternehmen zielt auf 523 spezialisierte Krebsbehandlungszentren in den wichtigsten Gesundheitsmärkten ab.

Marktsegment	Anzahl der Behandlungszentren
Umfassende Krebszentren	142
Gemeindekrebszentren	381

Potenzielle Patientenpopulationen

Prelude Therapeutics konzentriert sich auf bestimmte demografische Gruppen von Krebspatienten.

• Zielpatientenpopulation: Ungefähr 127.000 potenzielle Patienten
• Hauptschwerpunkte: Metastasierter Krebs mit spezifischen genetischen Mutationen
• Geschätzter adressierbarer Markt: 1,2 Milliarden US-Dollar

Institutionelle und individuelle Anleger

Investorenbasis zum Finanzbericht 2024:

Anlegertyp	Anzahl der Investoren	Gesamtinvestitionswert
Institutionelle Anleger	82	412 Millionen Dollar
Einzelinvestoren	3,647	28 Millionen Dollar

Prelude Therapeutics Incorporated (PRLD) – Geschäftsmodell: Kostenstruktur

Forschungs- und Entwicklungskosten

Für das Geschäftsjahr 2023 meldete Prelude Therapeutics Forschungs- und Entwicklungskosten in Höhe von insgesamt 121,6 Millionen US-Dollar, was einen erheblichen Teil seiner Betriebskosten darstellt.

Jahr	F&E-Ausgaben	Prozentuale Erhöhung
2022	98,3 Millionen US-Dollar	23.7%
2023	121,6 Millionen US-Dollar	23.7%

Kosten für das Management klinischer Studien

Die Ausgaben für klinische Studien für Prelude Therapeutics beliefen sich im Jahr 2023 auf etwa 45,2 Millionen US-Dollar und deckten mehrere laufende klinische Entwicklungsprogramme ab.

• Phase-1-Studien: 12,6 Millionen US-Dollar
• Phase-2-Studien: 22,8 Millionen US-Dollar
• Phase-3-Studien: 9,8 Millionen US-Dollar

Schutz des geistigen Eigentums

Die jährlichen Kosten für den Schutz des geistigen Eigentums für Prelude Therapeutics beliefen sich im Jahr 2023 auf 3,7 Millionen US-Dollar und deckten die Patentanmeldung, die Aufrechterhaltung und die Anwaltskosten ab.

Gehälter für wissenschaftliches Personal

Personalkategorie	Durchschnittliches Jahresgehalt	Gesamtpersonalkosten
Leitende Forscher	$215,000	4,3 Millionen US-Dollar
Forschungswissenschaftler	$145,000	2,9 Millionen US-Dollar
Labortechniker	$85,000	1,7 Millionen US-Dollar

Labor- und Technologieinfrastruktur

Die Infrastruktur- und Technologieinvestitionen beliefen sich im Jahr 2023 auf insgesamt 18,5 Millionen US-Dollar, einschließlich Ausrüstung, Wartung und Anlagenkosten.

• Laborausrüstung: 10,2 Millionen US-Dollar
• Technologiesysteme: 5,3 Millionen US-Dollar
• Instandhaltung der Anlage: 3,0 Millionen US-Dollar

Prelude Therapeutics Incorporated (PRLD) – Geschäftsmodell: Einnahmequellen

Mögliche Arzneimittellizenzvereinbarungen

Im vierten Quartal 2023 meldete Prelude Therapeutics potenzielle Lizenzeinnahmen für seine Krebsmedikamentenkandidaten im klinischen Stadium. Der Hauptkandidat des Unternehmens, PRT543, hat bei Pharmapartnern Lizenzinteresse geweckt.

Arzneimittelkandidat	Potenzieller Lizenzwert	Entwicklungsphase
PRT543	Mögliche Vorauszahlung in Höhe von 15 bis 25 Millionen US-Dollar	Klinische Studien der Phase 1/2
PRT811	Potenzieller Lizenzwert von 10–20 Millionen US-Dollar	Präklinisches Stadium

Forschungsstipendien und Finanzierung

Im Jahr 2023 erhielt Prelude Therapeutics Forschungsgelder und Zuschüsse in Höhe von insgesamt 3,7 Millionen US-Dollar von verschiedenen wissenschaftlichen Forschungseinrichtungen und Regierungsorganisationen.

• Zuschuss des National Cancer Institute: 1,2 Millionen US-Dollar
• Forschungsstipendium des Verteidigungsministeriums: 1,5 Millionen US-Dollar
• Finanzierung der akademischen Forschungskooperation: 1 Million US-Dollar

Zukünftiger Verkauf pharmazeutischer Produkte

Prelude Therapeutics prognostiziert einen potenziellen Umsatz mit pharmazeutischen Produkten auf der Grundlage seiner Onkologie-Arzneimittelpipeline mit einem geschätzten zukünftigen Umsatzpotenzial von 50 bis 100 Millionen US-Dollar bei erfolgreichen klinischen Studien und der FDA-Zulassung.

Strategische Partnerschaftskooperationen

Das Unternehmen hat strategische Partnerschaften mit pharmazeutischen Forschungsorganisationen aufgebaut und im Jahr 2023 einen gemeinsamen Forschungsumsatz von etwa 2,5 Millionen US-Dollar erzielt.

Partnerorganisation	Wert der Zusammenarbeit	Forschungsschwerpunkt
Memorial Sloan Kettering Krebszentrum	1,2 Millionen US-Dollar	Präzisionsonkologische Forschung
Dana-Farber-Krebsinstitut	1,3 Millionen US-Dollar	Gezielte Therapieentwicklung

Investorenkapital und Risikofinanzierung

Im Jahr 2023 sammelte Prelude Therapeutics 87,5 Millionen US-Dollar durch Risikokapital- und Investorenfinanzierungsrunden.

• Finanzierung der Serie B: 62,5 Millionen US-Dollar
• Risikokapitalinvestition: 25 Millionen US-Dollar

Prelude Therapeutics Incorporated (PRLD) - Canvas Business Model: Value Propositions

You're looking at the core reasons why a patient or payer would choose Prelude Therapeutics Incorporated (PRLD)'s pipeline over alternatives. It's all about being first or best in class for specific, high-need patient populations, supported by recent financial and clinical progress.

First-in-class, highly selective KAT6A degrader for ER+ breast cancer

Prelude Therapeutics Incorporated is developing what it believes are the industry's first highly potent, selective, and orally bioavailable KAT6A selective degraders. These candidates are being prioritized for ER+ breast cancer, a clinically validated target area. The company has selected a development candidate from this program and is on track to file an Investigational New Drug (IND) application in mid-2026. Preclinical data presented at the American Association for Cancer Research (AACR) Annual Meeting in 2025 demonstrated robust anti-cancer activity in various models of breast cancer and other solid tumors. This approach aims to offer improved efficacy and tolerability compared to non-selective KAT6A/B inhibitors currently in clinical development.

Mutant selective JAK2V617F inhibitor for Myeloproliferative Neoplasms (MPNs)

The lead candidate from the mutant selective JAK2V617F JH2 inhibitor program targets the primary driver mutation in the majority of patients with Myeloproliferative Neoplasms (MPNs). This inhibitor selectively targets the V617F mutation residing in the JAK2 JH2 "deep pocket." The IND filing for this program is anticipated in the first quarter of 2026. The JAK2V617F mutation is present in approximately:

• 95% of patients with polycythemia vera (PV).
• 60% of patients with essential thrombocythemia (ET).
• 55% of patients with myelofibrosis (MF).

This program is subject to an exclusive option agreement with Incyte Corporation, which included an upfront payment of $60 million and an equity investment of $25 million in Prelude Therapeutics Incorporated as of November 2025.

Potential to reduce mutant allele burden and transform MPN treatment outcomes

The mutant-selective approach is designed to offer a disease-modifying potential that current treatments, which inhibit both mutated and wild-type proteins equally, may not achieve. Preclinical results indicate that these inhibitors demonstrate a selective reduction in JAK2V617F stem cell proliferation without adversely affecting wild-type cells. This selectivity suggests the potential to reduce mutant allele burden, slow or even reverse disease progression for MPN patients. The company's current cash runway is expected to extend into 2027, with potential to reach the third quarter of 2028 if Incyte exercises its option on the JAK2 program.

Next-generation Degrader Antibody Conjugates (DACs) with proprietary payloads

Prelude Therapeutics Incorporated is leveraging its proprietary degrader technology to create next-generation Antibody Drug Conjugates (ADCs). This includes:

ADC Program	Payload/Target	Data Status (as of late 2025)
Precision ADCs	SMARCA2/4 dual degrader payload	Preclinical data presented at the 36th EORTC-NCI-AACR Symposium in October 2024 showed potential for significantly better in vivo efficacy and tolerability versus traditional cytotoxic ADCs.
mCALR-Targeted DACs	CDK9 degrader payload targeting mutant CALR	First preclinical data presented at the European Hematology Association 2025 Congress in June.

The SMARCA2/4 degrader payload conjugated to an anti-PSMA antibody demonstrated tumor regressions in xenograft models of prostate cancer, outperforming a traditional PSMA-targeted cytotoxic (MMAF) ADC in preclinical head-to-head testing.

Oral bioavailability for patient convenience (e.g., PRT7732, KAT6A degrader)

A key feature across several pipeline candidates is the development of orally bioavailable agents, which offers significant patient convenience over intravenous administration. The highly selective KAT6A selective degraders are described as orally bioavailable. Furthermore, the company's SMARCA2 degrader, PRT7732, is an oral candidate currently in a Phase 1 multi-dose escalation trial (NCT06560645) in biomarker selected SMARCA4 mutated cancers. Preclinical characterization of PRT7732 showed:

• Selectively degrades SMARCA2 over SMARCA4 by greater than 3000-fold in vitro.
• Daily oral administration of a low dose of 1 mg/kg of PRT7732 in combination with nab-paclitaxel induced tumor regression in a SMARCA4-deficient human lung cancer model in vivo.

Preliminary data for PRT7732 is expected by year-end 2025. The company's Q3 2025 Research and Development (R&D) expenses were $21.7 million, reflecting investment in these advanced programs.

Prelude Therapeutics Incorporated (PRLD) - Canvas Business Model: Customer Relationships

You're looking at how Prelude Therapeutics Incorporated manages its crucial external relationships as of late 2025, which is heavily weighted toward strategic alliances and capital market confidence, given its stage.

High-touch, strategic relationship management with key partners like Incyte.

The relationship with Incyte Corporation is central, secured via an exclusive option agreement for the mutant-selective JAK2V617F JH2 inhibitor program. This partnership structure dictates a high degree of interaction to meet milestones and manage the option exercise timeline. Prelude Therapeutics will continue to develop the assets during the option period, after which Incyte would lead globally if the option is exercised. This co-dependency requires close, strategic alignment.

Here's the quick math on the Incyte transaction structure:

Component	Amount/Value
Total Potential Cash Payments (Excluding Royalties)	Up to $910 million
Upfront Cash Payment	$35 million
Strategic Equity Investment (Cash Portion)	$25 million
Equity Purchase Price Per Share	$4.00
Shares Purchased by Incyte	6.25 million shares
Option Exercise Payment (If Exercised)	$100 million
Potential Milestone Payments	Up to $775 million

Also, Prelude Therapeutics has an amended and expanded collaboration with AbCellera Biologics, allowing AbCellera to use Prelude's proprietary degrader payloads on additional undisclosed antibody targets, which also enables Prelude to license its payloads to other potential partners.

Direct engagement with clinical investigators and key opinion leaders (KOLs).

Engagement with the scientific community is evidenced by the acceptance of preclinical data for oral presentation at the American Society of Hematology (ASH) 67th Annual Meeting in December 2025. These presentations cover the JAK2V617F inhibitor program and the CALR-targeted degrader antibody conjugate (DAC) program. Presenting data orally at a major meeting like ASH is a direct, high-value interaction with KOLs who will ultimately influence adoption and trial design.

The company is advancing its lead JAK2V617F candidate toward an IND filing expected in the first quarter of 2026, which necessitates close coordination with future clinical investigators.

Indirect relationship with patients through clinical trial enrollment and data sharing.

The relationship with the patient population is currently indirect, managed through the enrollment process for ongoing and planned trials. The JAK2V617F program targets a significant patient pool in Myeloproliferative Neoplasms (MPNs):

• Total US MPN patient population potentially benefiting: Over 200,000.
• Patients with Polycythemia Vera (PV) harboring the mutation: Approximately 95%.
• Patients with Essential Thrombocythemia (ET) harboring the mutation: 60% to 55%.
• Patients with Myelofibrosis (MF) harboring the mutation: 55%.

The company paused the SMARCA2 program to focus resources, which also impacts the direct relationship with that specific patient cohort.

Investor relations and public disclosure to maintain capital market confidence.

Maintaining capital market confidence is critical, especially for a development-stage company. Prelude Therapeutics executed several key disclosures leading up to late 2025. They reported Third Quarter 2025 Financial Results on November 12, 2025, showing a net loss of $19.7 million for the quarter, or $0.26 per share. General and Administrative (G&A) Expenses for Q3 2025 were $5.2 million.

The strategic updates, including the Incyte deal, were designed to extend the cash runway into 2027 based on preliminary estimates, starting from a cash position of $58.2 million as of September 30, 2025. The company actively engages through scheduled events, such as hosting the Q3 2025 Earnings Conference Call on November 12, 2025, at 8:00 AM EST.

Finance: draft 13-week cash view by Friday.

Prelude Therapeutics Incorporated (PRLD) - Canvas Business Model: Channels

You're looking at how Prelude Therapeutics Incorporated (PRLD) gets its science and potential medicines out to the world, which, for a clinical-stage biotech, means strategic partnerships and regulatory milestones are the main thoroughfares. These channels aren't about selling widgets; they're about validating science and securing the capital to advance drug candidates toward patients.

Exclusive Option and Licensing Agreements with Large Pharmaceutical Partners

The most significant channel for external validation and funding right now involves major pharma collaborations. These agreements act as a crucial bridge, moving preclinical assets into later-stage development, which you can't fund on R&D expenses alone. Prelude Therapeutics Incorporated (PRLD) is actively using its expertise in targeted protein degradation to create assets available for these deals.

For instance, the JAK2V617F inhibitor program is channeled through an exclusive option agreement with Incyte, announced in November 2025. This deal structure is key to Prelude Therapeutics Incorporated (PRLD)'s near-term liquidity.

Here's the quick math on the Incyte deal structure:

Financial Component	Amount/Detail
Upfront Payment (Incyte)	$35 million
Equity Purchase (Incyte)	$25 million at $4/share
Total Potential Value (Including Milestones)	Up to $910 million (including up to $775 million in milestones)
Cash Received (Oct/Nov 2025)	$60 million from Incyte (Nov) plus an additional payment from AbCellera (Oct)

Also, Prelude Therapeutics Incorporated (PRLD) has an expanded collaboration with AbCellera Biologics, where its proprietary degrader payloads are available for licensing on additional undisclosed antibody targets. This shows a channel where their core technology-the payloads-can be monetized separately from the main drug candidates.

Clinical Trial Sites and Oncology Centers for Drug Development and Testing

Clinical sites are the physical channels where the drug candidates are tested in humans, a necessary step before any regulatory approval. You're tracking enrollment progress here as a proxy for operational execution.

For the SMARCA2 degrader, PRT7732, enrollment in the Phase 1 multi-dose escalation trial (NCT06560645) was rapidly advancing, with patients enrolled in the seventh dose escalation cohort (125 mg once daily) as of August 2025. An interim data update from these sites is anticipated in the second half of 2025.

The pipeline advancement timeline dictates future site activation:

• JAK2V617F Inhibitor: Anticipated Phase 1 start in Q1 2026.
• KAT6A Oral Degrader: Anticipated Phase 1 start in the second half of 2026.

These future starts mean a ramp-up in site activation costs and site management overhead starting in early 2026.

Scientific Conferences for Data Disclosure and Validation

Presenting data at major medical meetings is a critical channel for establishing scientific credibility and attracting potential future partners or investors. Prelude Therapeutics Incorporated (PRLD) used these venues to disclose key preclinical findings in 2025.

The most recent major disclosure channel was the American Society of Hematology (ASH) 67th Annual Meeting in Orlando, FL, December 6-9, 2025, where two abstracts were accepted for oral presentation.

Specific presentation details include:

• JAK2V617F Inhibitor (PRT12396): Oral presentation by Dr. Neha Bhagwat on December 6 from 10:15 to 10:30 a.m. (Publication Number 70).
• mCALR DAC: Oral presentation by Dr. Norman Fultang on December 6 from 10:45 to 11:00 a.m. (Publication Number 72).

Earlier in 2025, preclinical data for the KAT6A program was shared at the AACR Annual Meeting 2025, and the mCALR DAC data was first disclosed at the European Hematology Association 2025 Congress in June.

Regulatory Filings (INDs) with the FDA and Other Global Agencies

The Investigational New Drug (IND) application is the formal channel to the FDA, allowing the transition from preclinical work to human testing. Hitting these filing dates is a major value inflection point.

Prelude Therapeutics Incorporated (PRLD) has clear targets for its next two lead programs:

The JAK2V617F inhibitor program, which completed GLP toxicology studies, is on track for an IND filing in the first quarter of 2026. This filing is directly supported by the Incyte option agreement funding. The KAT6A oral degrader program is targeting an IND filing in mid-2026.

The company's cash position, reported at $58.2 million as of September 30, 2025, plus the recent partnership cash infusions, is preliminarily estimated to fund operations into 2027, which covers the critical IND filing and early Phase 1 trial periods for these assets.

Prelude Therapeutics Incorporated (PRLD) - Canvas Business Model: Customer Segments

You're looking at the key groups Prelude Therapeutics Incorporated (PRLD) targets with its precision oncology pipeline as of late 2025. This isn't about selling widgets; it's about partnering and treating specific, high-need patient populations.

Large biopharmaceutical companies seeking to license or acquire late-stage oncology assets.

Prelude Therapeutics Incorporated (PRLD) actively engages large partners for its most advanced or platform assets. The deal structure with Incyte Corporation serves as a prime example of this segment interaction. This partnership focuses on Prelude's mutant selective JAK2V617F JH2 inhibitor program.

• Upfront payment received from Incyte: $35 million.
• Equity investment by Incyte at deal close: $25 million.
• Potential option exercise payment from Incyte: $100 million.
• Total potential cash payments from Incyte, excluding royalties: up to $910 million.
• Proprietary degrader payloads are available for licensing to partners developing next generation Degrader Antibody Conjugates (DACs).

Oncology patients with specific, biomarker-selected cancers (e.g., JAK2V617F+ MPNs).

This segment is targeted by the JAK2V617F mutant selective inhibitor program. The goal is to address disease progression driven by this specific mutation in Myeloproliferative Neoplasms (MPNs). The size of this patient pool is substantial, representing a clear commercial opportunity if the option is exercised by Incyte.

Here's the quick math on the patient prevalence for the JAK2V617F mutation within MPNs:

Myeloproliferative Neoplasm (MPN)	Approximate % with JAK2V617F Mutation	US Patient Potential
Polycythemia Vera (PV)	95%	Majority of PV patients
Essential Thrombocythemia (ET)	60%	Significant subset of ET patients
Myelofibrosis (MF)	55%	Significant subset of MF patients

Collectively, more than 200,000 MPN patients in the US alone could potentially benefit from this selective inhibitor.

Patients with ER+ breast cancer who may benefit from KAT6A degradation.

Prelude Therapeutics Incorporated (PRLD) is prioritizing its highly selective KAT6A selective degrader program for this indication. This approach targets a clinically validated mechanism in Estrogen Receptor positive (ER+) breast cancer, especially for patients who have developed resistance to existing therapies.

• The company selected a development candidate for this program.
• Investigational New Drug (IND) filing is on track for mid-2026.
• Preclinical data showed potential anti-tumor activity in resistant cell lines, including those with ESR1 mutations.

Clinical research community and regulatory bodies.

These groups are crucial for validating the science and enabling future development. Prelude Therapeutics Incorporated (PRLD) presents data to the research community and follows regulatory pathways for its pipeline assets. The company's financial health, with cash and equivalents of $77.3 million as of June 30, 2025, is designed to fund operations into the second quarter of 2026. This runway is extended into 2027 based on preliminary estimates following recent strategic updates.

• Preclinical data for the JAK2 program was presented at the European Hematology Association 2025 Congress.
• Updated preclinical data for the JAK2 program was accepted for oral presentation at the American Society of Hematology (ASH) 2025 meeting in December.
• Interim data update for the oral SMARCA2 degrader, PRT7732, is anticipated in the second half of 2025.
• The Q3 2025 net loss was $19.7 million.

Finance: draft 13-week cash view by Friday.

Prelude Therapeutics Incorporated (PRLD) - Canvas Business Model: Cost Structure

You're looking at the cost side of Prelude Therapeutics Incorporated's (PRLD) operations as of late 2025, which is heavily weighted toward advancing its precision oncology pipeline. The burn rate is clearly focused on getting two key programs across the finish line for Investigational New Drug (IND) applications.

The Dominant R&D expenses are the largest component of operating costs. For the three months ended September 30, 2025, these expenses were reported at $21.7 million. This figure reflects a decrease from $29.5 million in the same period of 2024, largely due to a strategic pause in the SMARCA2 clinical trials.

General and Administrative (G&A) expenses also saw a reduction, coming in at $5.2 million for the third quarter of 2025, down from $7.7 million in Q3 2024. This tightening of overhead was primarily attributed to a decrease in stock-based compensation expense due to lower valuation on recent grants.

Here's a quick look at the key operating expense components for Q3 2025:

Cost Component	Q3 2025 Amount (in millions USD)
Total Research & Development (R&D) Expenses	$21.7
Total General & Administrative (G&A) Expenses	$5.2
Stock-Based Compensation within R&D	$1.4
Stock-Based Compensation within G&A	$1.0
Total Stock-Based Compensation (R&D + G&A)	$2.4

The R&D spend directly supports Significant costs for IND-enabling studies and Phase 1 clinical trial execution, though the focus has shifted. The company is prioritizing the mutant selective JAK2V617F JH2 inhibitor program, which is advancing with an expected IND filing in the first quarter of 2026. Also driving costs is the oral KAT6A selective degrader program, with an IND filing targeted for mid-2026. The prior focus on the SMARCA2 program, which was in a Phase 1 trial, saw its related expenses decrease as enrollment neared completion.

Personnel costs for specialized scientific and clinical teams are embedded within the R&D and G&A figures. A concrete, non-cash measure of these specialized teams' compensation is the stock-based expense. For Q3 2025, this amounted to $1.4 million within R&D and $1.0 million within G&A. The total non-cash compensation expense for the quarter was $2.4 million.

Other necessary expenditures that form part of the cost structure include:

• Intellectual property maintenance costs for the proprietary platform technologies.
• Potential milestone or upfront payments related to licensing agreements, though recent activity has been revenue-generating, such as the Incyte option agreement.
• Contract Research Organization (CRO) fees for managing the IND-enabling studies.
• General operational overhead not captured in G&A, like facility leases.

Finance: draft 13-week cash view by Friday.

Prelude Therapeutics Incorporated (PRLD) - Canvas Business Model: Revenue Streams

Prelude Therapeutics Incorporated (PRLD) revenue streams are heavily weighted toward non-recurring, partnership-driven financing as of late 2025, reflecting its clinical-stage, asset-centric business model.

Upfront and license payments from strategic collaborations were a significant component of the top line, totaling exactly $6.5 million in Q3 2025. This revenue figure substantially exceeded the analyst estimate of $0.0 million for that quarter, primarily stemming from partnership activity, including the recently announced Incyte option agreement and an expanded agreement with AbCellera.

The potential for substantial future, non-dilutive capital is tied directly to the progression of its pipeline assets through strategic alliances. Specifically, the exclusive option agreement with Incyte on the JAK2V617F program carries potential future milestone payments reaching up to $910 million, excluding royalties. This total potential value is comprised of the initial capital, a potential option exercise payment, and subsequent clinical and regulatory milestones.

Direct capital infusion from partners is another key stream. The Incyte deal included a strategic Equity investment from partners, specifically a $25 million equity investment, where Incyte purchased shares of Prelude non-voting common stock at $4.00 per share at deal close. This, combined with the upfront cash, provided Prelude Therapeutics with $60 million in capital upon closing.

Future revenue visibility includes the prospect of royalties. Prelude Therapeutics is eligible to receive future single-digit royalties on global sales should Incyte elect to exercise its exclusive option for the JAK2V617F program.

Furthermore, the company generates Nondilutive capital from degrader payload licensing arrangements, defintely. Prelude Therapeutics has made its proprietary degrader payloads available for licensing to partners to expand the reach of this new technology, including an expansion of its existing collaboration with AbCellera to use these payloads on additional undisclosed antibody targets.

Here's a breakdown of the key components driving the partnership-based revenue structure:

• Upfront cash from Incyte: $35 million.
• Equity investment from Incyte: $25 million.
• Option exercise payment potential from Incyte: $100 million.
• Total potential cash payments from Incyte (pre-royalty): up to $910 million.
• Q3 2025 Revenue from collaborations: $6.5 million.

The structure of the Incyte deal, which allows Prelude to retain program ownership until option exercise, is a critical element of the current revenue stream strategy:

Revenue/Capital Component	Amount (USD)	Status/Condition
Q3 2025 Collaboration Revenue	$6.5 million	Recognized for the quarter ending September 30, 2025.
Incyte Upfront Payment	$35 million	Received upon closing of the option agreement.
Incyte Equity Investment	$25 million	Secured via a concurrent securities purchase.
Total Initial Incyte Capital	$60 million	Upfront payment plus equity investment.
Potential Future Milestone Payments (Incyte)	Up to $775 million	Contingent upon clinical and regulatory success.
Potential Option Exercise Payment (Incyte)	$100 million	If Incyte elects to acquire the program.
Total Potential Cash Payments (Excl. Royalty)	Up to $910 million	Sum of initial capital, option exercise, and milestones.

Finance: draft 13-week cash view by Friday.