Prelude Therapeutics Incorporated (PRLD): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el paisaje en rápida evolución de la innovación oncológica, Prelude Therapeutics Incorporated (PRLD) emerge como una fuerza pionera, posicionándose estratégicamente en la intersección de la investigación molecular de vanguardia y la terapéutica transformadora del cáncer. Al aprovechar un sofisticado lienzo de modelo de negocio que abarca asociaciones estratégicas, tecnologías patentadas y un enfoque centrado en el láser para la medicina de precisión, la compañía está preparada para revolucionar potencialmente cómo entendemos y combatemos los tratamientos de cáncer complejos. Su propuesta de valor única se centra en el desarrollo de nuevos candidatos a los medicamentos de molécula pequeña que se dirigen a cánceres difíciles de tratar, prometiendo un vistazo al futuro de las intervenciones oncológicas personalizadas.

Prelude Therapeutics Incorporated (PRLD) - Modelo de negocios: asociaciones clave

Colaboración con instituciones de investigación académica

Prelude Therapeutics ha establecido colaboraciones de investigación con las siguientes instituciones académicas:

Institución	Enfoque de colaboración	Año establecido
Universidad de Johns Hopkins	Investigación del cáncer y descubrimiento de medicamentos	2019
Universidad de Pensilvania	Investigación de oncología de precisión	2020

Asociaciones estratégicas con compañías farmacéuticas

Prelude Therapeutics ha formado asociaciones estratégicas para avanzar en el desarrollo de medicamentos:

• Colaboración con Genentech para la investigación del inhibidor de CDK9
• Asociación con Novartis para el desarrollo objetivo de terapia contra el cáncer

Posibles acuerdos de licencia para el desarrollo de fármacos

Acuerdos de licencia actuales y posibles asociaciones:

Candidato a la droga	Posente de licencia potencial	Valor potencial estimado
PRT543	Compañía farmacéutica no revelada	$ 50-75 millones
PRT811	Firma de biotecnología potencial centrada en la oncología	$ 30-50 millones

Investigue alianzas con centros de tratamiento del cáncer

Colaboraciones de investigación en curso con centros de tratamiento del cáncer:

• Memorial Sloan Kettering Cancer Center
• Instituto del Cáncer Dana-Farber
• Centro de cáncer de MD Anderson

Presupuesto de colaboración de investigación total para 2024: $ 12.5 millones

Número de asociaciones activas: 7

Prelude Therapeutics Incorporated (PRLD) - Modelo de negocio: actividades clave

Descubrimiento y desarrollo de drogas oncológicas

Prelude Therapeutics se centra en el desarrollo de innovadoras terapias contra el cáncer con un enfoque especializado para la orientación molecular. A partir de 2023, la compañía ha mantenido una tubería activa de candidatos a medicamentos oncológicos.

Candidato a la droga	Etapa de desarrollo	Indicación objetivo
PRT543	Ensayo clínico de fase 1/2	Tumores sólidos avanzados
PRT811	Etapa preclínica	Tumores smarca2/4
PRT1419	Etapa preclínica	Inhibición de CDK9

Investigación preclínica y clínica

La estrategia de investigación de la compañía abarca las rigurosas metodologías de investigación preclínica y clínica.

• Gastos totales de investigación y desarrollo (2022): $ 102.4 millones
• Personal de investigación: aproximadamente 75 científicos e investigadores
• Ensayos clínicos activos: 3 programas clínicos en curso

Dirección molecular e innovación terapéutica del cáncer

Prelude Therapeutics se especializa en el desarrollo de nuevas estrategias de orientación molecular para el tratamiento del cáncer.

Enfoque de orientación	Tecnología específica	Mecanismo único
Inhibición de CDK	Diseño de moléculas pequeñas patentadas	Orientación selectiva de proteína quinasa
Smarca dirigido	Intervención molecular de precisión	Interrupción de la remodelación de la cromatina

Desarrollo de la plataforma inhibidor de CDK patentado

La compañía ha invertido significativamente en el desarrollo de una plataforma única de inhibidores de CDK.

• Inversión en plataforma (2022-2023): $ 45.2 millones
• Aplicaciones de patentes: 12 patentes de orientación molecular activa
• Áreas de enfoque clave:
  • Inhibición de CDK9
  • Orientación selectiva de proteína quinasa
  • Terapéutica de oncología avanzada

Prelude Therapeutics Incorporated (PRLD) - Modelo de negocios: recursos clave

Equipo de investigación científica especializada

A partir del cuarto trimestre de 2023, Prelude Therapeutics emplea a 102 personal de investigación y desarrollo a tiempo completo.

Categoría de empleado	Número de empleados
Investigadores de doctorado	46
Científicos superiores	22
Asociados de investigación	34

Tecnologías de detección molecular patentada

Prelude Therapeutics se ha desarrollado 3 plataformas de detección molecular patentadas.

• Tecnología de detección de inhibidores de CDK9
• Plataforma molecular dirigida PRMT5
• Sistema avanzado de descubrimiento de fármacos computacionales

Cartera de propiedades intelectuales

A diciembre de 2023, Prelude Therapeutics tiene:

Categoría de IP	Recuento total
Patentes concedidas	18
Solicitudes de patentes	37
Patentes provisionales	12

Instalaciones avanzadas de laboratorio e investigación

Detalles de la infraestructura de investigación:

• Espacio total de la instalación de investigación: 45,000 pies cuadrados
• Ubicación: Wilmington, Delaware
• Laboratorios de biología molecular avanzada: 3
• Equipo de detección de alto rendimiento: 7 sistemas especializados

Financiación de capital de riesgo y inversión

Fondos overview Para la terapéutica del preludio:

Ronda de financiación	Cantidad recaudada	Año
Oferta pública inicial	$ 192 millones	2020
Financiación de la Serie B	$ 95 millones	2019
Capital de riesgo total recaudado	$ 287 millones	Acumulativo

Prelude Therapeutics Incorporated (PRLD) - Modelo de negocio: propuestas de valor

Terapias innovadoras de cáncer dirigido

Prelude Therapeutics se centra en el desarrollo de la terapéutica de molécula pequeña dirigida a mecanismos específicos de cáncer. A partir del cuarto trimestre de 2023, la compañía tiene 3 candidatos de medicamentos principales en el desarrollo clínico.

Candidato a la droga	Tipo de cáncer	Estadio clínico
PRT543	Tumores sólidos	Fase 1/2
PRT811	Cánceres avanzados	Fase 1
PRT1419	Cánceres metastásicos	Preclínico

Enfoque de medicina de precisión

La estrategia de medicina de precisión de la compañía se dirige a vías moleculares específicas con Altas necesidades médicas no satisfechas.

• Perfil genómico de objetivos de cáncer
• Identificación de la vía molecular
• Intervenciones terapéuticas personalizadas

Posibles tratamientos innovadores

Gastos de investigación y desarrollo para 2023: $ 78.4 millones, dedicado al desarrollo de nuevas terapias contra el cáncer.

Nuevos candidatos a medicamentos de molécula pequeña

Desglose de inversión de tuberías a partir de 2023:

Categoría de investigación	Monto de la inversión
Desarrollo de molécula pequeña	$ 45.2 millones
Gastos de ensayo clínico	$ 33.6 millones

Prelude Therapeutics Incorporated (PRLD) - Modelo de negocios: relaciones con los clientes

Comunidad directa de compromiso con la investigación de oncología

A partir del cuarto trimestre de 2023, Prelude Therapeutics informó 17 ensayos clínicos activos dirigidos a diversas indicaciones oncológicas. La compañía mantiene interacciones directas a través de:

Método de compromiso	Frecuencia	Público objetivo
Consultas de investigadores individuales	Mensual	Investigadores de oncología
Foros de investigación virtual	Trimestral	Investigadores académicos y clínicos
Asociaciones de investigación colaborativa	En curso	Instituciones de investigación

Comunicación transparente sobre el progreso del ensayo clínico

Métricas de comunicación para 2023:

• Actualizaciones de ensayos clínicos publicados: 8
• Comunicados de prensa emitidos: 12
• Presentaciones de inversores: 4

Conferencia científica y participación del simposio médico

Tipo de conferencia	Número de presentaciones	Alcance de la audiencia
Reunión anual de ASCO	3 presentaciones	Aproximadamente 45,000 asistentes
Asociación Americana para la Investigación del Cáncer	2 presentaciones	Aproximadamente 22,000 asistentes

Estrategias de comunicación de inversores y partes interesadas

Métricas de participación de los inversores para 2023:

• Llamadas de ganancias realizadas: 4
• Reuniones de inversores: 42
• Inversores institucionales: 87

Los canales de comunicación de inversores totales incluyen:

Canal de comunicación	Frecuencia
Seminarios web de ganancias trimestrales	4 veces anualmente
Reunión anual de accionistas	1 vez anualmente
Sitio web de relaciones con los inversores	Actualizado continuamente

Prelude Therapeutics Incorporated (PRLD) - Modelo de negocios: canales

Publicaciones científicas directas

A partir del cuarto trimestre de 2023, Prelude Therapeutics publicó 7 artículos científicos revisados ​​por pares en revistas que incluyen:

Nombre del diario	Recuento de publicaciones	Factor de impacto
Biotecnología de la naturaleza	2	41.7
Descubrimiento de cáncer	3	25.6
Terapéutica del cáncer molecular	2	5.8

Biotecnología y conferencias médicas

Participación de la conferencia en 2023:

• Reunión anual de ASCO: 4 presentaciones
• Asociación Americana para la Investigación del Cáncer (AACR): 3 sesiones de carteles
• Presentaciones de conferencia totales: 7

Comunicaciones de relaciones con los inversores

Métricas de comunicación de inversores para 2023:

Tipo de comunicación	Frecuencia	Alcanzar
Llamadas de ganancias	4	125 inversores institucionales
Conferencias de inversores	6	Más de 200 inversores potenciales
Informes trimestrales	4	Distribución de presentación de la SEC

Plataformas de reclutamiento de ensayos clínicos

Canales de reclutamiento de ensayos clínicos en 2023:

• Clinicaltrials.gov: 3 ensayos activos
• Redes de investigación de oncología global: 5 asociaciones
• Sitios web de reclutamiento de pacientes: 2 plataformas dedicadas

Redes de la industria farmacéutica

Estadísticas de redes de la industria para 2023:

Plataforma de redes	Conexión	Potencial de colaboración
Convención BiO International	42 nuevos contactos farmacéuticos	6 Discusiones potenciales de colaboración
Investigación farmacéutica y fabricantes de América (phrma)	28 interacciones para miembros	3 Oportunidades de asociación potencial

Prelude Therapeutics Incorporated (PRLD) - Modelo de negocio: segmentos de clientes

Instituciones de investigación de oncología

A partir del cuarto trimestre de 2023, Prelude Therapeutics se dirige a aproximadamente 250 instituciones de investigación de oncología especializada a nivel mundial.

Región	Número de instituciones de investigación
América del norte	112
Europa	78
Asia-Pacífico	60

Compañías farmacéuticas

Prelude Therapeutics se involucra con 37 compañías farmacéuticas centradas en el desarrollo de medicamentos oncológicos.

• Los 10 principales socios farmacéuticos representan el 68% de las posibles oportunidades de colaboración
• Valor de asociación anual estimado en $ 24.5 millones

Centros de tratamiento del cáncer

La compañía se dirige a 523 centros especializados de tratamiento del cáncer en los principales mercados de atención médica.

Segmento de mercado	Número de centros de tratamiento
Centros de cáncer integrales	142
Centros de cáncer comunitario	381

Populaciones de pacientes potenciales

Prelude Therapeutics se centra en una demografía específica para pacientes con cáncer.

• Población de pacientes objetivo: aproximadamente 127,000 pacientes potenciales
• Áreas de enfoque primario: cánceres metastásicos con mutaciones genéticas específicas
• Mercado direccionable estimado: $ 1.2 mil millones

Inversores institucionales e individuales

Base de inversores a partir de 2024 informes financieros:

Tipo de inversor	Número de inversores	Valor de inversión total
Inversores institucionales	82	$ 412 millones
Inversores individuales	3,647	$ 28 millones

Prelude Therapeutics Incorporated (PRLD) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2023, Prelude Therapeutics reportó gastos de I + D por un total de $ 121.6 millones, lo que representa una parte significativa de sus costos operativos.

Año	Gastos de I + D	Aumento porcentual
2022	$ 98.3 millones	23.7%
2023	$ 121.6 millones	23.7%

Costos de gestión de ensayos clínicos

Los gastos de ensayos clínicos para Prelude Therapeutics en 2023 fueron de aproximadamente $ 45.2 millones, que cubren múltiples programas de desarrollo clínico en curso.

• Pruebas de fase 1: $ 12.6 millones
• Pruebas de fase 2: $ 22.8 millones
• Pruebas de fase 3: $ 9.8 millones

Protección de propiedad intelectual

Los costos anuales de protección de la propiedad intelectual para el preludio Therapeutics fueron de $ 3.7 millones en 2023, cubriendo la presentación de patentes, el mantenimiento y los honorarios legales.

Salarios de personal científico

Categoría de personal	Salario anual promedio	Costo total de personal
Investigadores de alto nivel	$215,000	$ 4.3 millones
Investigar científicos	$145,000	$ 2.9 millones
Técnicos de laboratorio	$85,000	$ 1.7 millones

Infraestructura de laboratorio y tecnología

Las inversiones en infraestructura y tecnología para 2023 totalizaron $ 18.5 millones, incluidos equipos, mantenimiento y costos de instalaciones.

• Equipo de laboratorio: $ 10.2 millones
• Sistemas tecnológicos: $ 5.3 millones
• Mantenimiento de la instalación: $ 3.0 millones

Prelude Therapeutics Incorporated (PRLD) - Modelo de negocios: flujos de ingresos

Acuerdos potenciales de licencia de drogas

A partir del cuarto trimestre de 2023, Prelude Therapeutics informó posibles oportunidades de ingresos por licencias para sus candidatos a medicamentos de oncología clínica. El candidato principal de la compañía PRT543 ha generado interés de licencia de socios farmacéuticos.

Candidato a la droga	Valor de licencia potencial	Etapa de desarrollo
PRT543	$ 15-25 millones de posibles pagos iniciales	Ensayos clínicos de fase 1/2
PRT811	Valor de licencia potencial de $ 10-20 millones	Etapa preclínica

Subvenciones de investigación y financiación

En 2023, Prelude Therapeutics recibió fondos de investigación y subvenciones por un total de $ 3.7 millones de varias instituciones de investigación científica y organizaciones gubernamentales.

• Subvención del Instituto Nacional del Cáncer: $ 1.2 millones
• Subvención de investigación del Departamento de Defensa: $ 1.5 millones
• Financiación de colaboración de investigación académica: $ 1 millón

Ventas de productos farmacéuticos futuros

Prelude Therapeutics Projects potencial de ventas de productos farmacéuticos basados ​​en su canalización de medicamentos oncológicos, con un potencial de ingresos futuros estimado que varía de $ 50-100 millones tras ensayos clínicos exitosos y la aprobación de la FDA.

Colaboraciones de asociación estratégica

La Compañía ha establecido asociaciones estratégicas con organizaciones de investigación farmacéutica, generando ingresos por investigación colaborativa de aproximadamente $ 2.5 millones en 2023.

Organización asociada	Valor de colaboración	Enfoque de investigación
Memorial Sloan Kettering Cancer Center	$ 1.2 millones	Investigación de oncología de precisión
Instituto del Cáncer Dana-Farber	$ 1.3 millones	Desarrollo de terapia dirigida

Financiación de capital y riesgo de inversores

En 2023, Prelude Therapeutics recaudó $ 87.5 millones a través del capital de riesgo y las rondas de financiación de los inversores.

• Financiación de la Serie B: $ 62.5 millones
• Inversión de capital de riesgo: $ 25 millones

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.