Prelude Therapeutics Incorporated (PRLD): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage rapide de l'innovation oncologique en évolution, Prelude Therapeutics Incorporated (PRLD) émerge comme une force pionnière, se positionnant stratégiquement à l'intersection de la recherche moléculaire de pointe et de la thérapeutique du cancer transformateur. En tirant parti d'une toile de modèle commercial sophistiqué qui englobe les partenariats stratégiques, les technologies propriétaires et une approche axée sur le laser pour la médecine de précision, l'entreprise est prête à révolutionner comment nous comprenons et à lutter contre les traitements complexes du cancer. Leur proposition de valeur unique se concentre sur le développement de nouveaux candidats en médicaments à petites molécules qui ciblent les cancers durs à traiter, promettant un aperçu de l'avenir des interventions oncologiques personnalisées.

Prelude Therapeutics Incorporated (PRLD) - Modèle d'entreprise: partenariats clés

Collaboration avec les établissements de recherche universitaires

Prelude Therapeutics a établi des collaborations de recherche avec les établissements universitaires suivants:

Institution	Focus de la collaboration	Année établie
Université Johns Hopkins	Recherche du cancer et découverte de médicaments	2019
Université de Pennsylvanie	Recherche en oncologie de précision	2020

Partenariats stratégiques avec les sociétés pharmaceutiques

Prelude Therapeutics a formé des partenariats stratégiques pour faire progresser le développement de médicaments:

• Collaboration avec Genentech pour la recherche sur l'inhibiteur de CDK9
• Partenariat avec Novartis pour le développement ciblé de la thérapie contre le cancer

Accords de licence potentiels pour le développement de médicaments

Accords de licence actuels et partenariats potentiels:

Drogue	Partenaire de licence potentiel	Valeur potentielle estimée
PRT543	Société pharmaceutique non divulguée	50-75 millions de dollars
Prt811	Entreprise de biotechnologie potentielle axée sur l'oncologie	30 à 50 millions de dollars

Alliances de recherche avec les centres de traitement du cancer

Collaborations de recherche en cours avec les centres de traitement du cancer:

• Memorial Sloan Kettering Cancer Center
• Dana-Farber Cancer Institute
• MD Anderson Cancer Center

Budget total de collaboration de recherche pour 2024: 12,5 millions de dollars

Nombre de partenariats actifs: 7

Prelude Therapeutics Incorporated (PRLD) - Modèle d'entreprise: Activités clés

Découverte et développement de médicaments en oncologie

Prelude Therapeutics se concentre sur le développement de la thérapie innovante du cancer avec une approche spécialisée du ciblage moléculaire. En 2023, la société a maintenu un pipeline actif de candidats en oncologie.

Drogue	Étape de développement	Indication cible
PRT543	Essai clinique de phase 1/2	Tumeurs solides avancées
Prt811	Étape préclinique	Tumeurs SMARCA2 / 4
PRT1419	Étape préclinique	Inhibition de CDK9

Recherche préclinique et clinique

La stratégie de recherche de l'entreprise englobe des méthodologies de recherche précliniques et cliniques rigoureuses.

• Total des frais de recherche et de développement (2022): 102,4 millions de dollars
• Personnel de recherche: environ 75 scientifiques et chercheurs
• Essais cliniques actifs: 3 programmes cliniques en cours

Ciblage moléculaire et innovation thérapeutique contre le cancer

Prelude Therapeutics est spécialisée dans le développement de nouvelles stratégies de ciblage moléculaire pour le traitement du cancer.

Approche de ciblage	Technologie spécifique	Mécanisme unique
Inhibition du CDK	Conception propriétaire de petites molécules	Ciblage sélectif de la protéine kinase
Ciblage Smarca	Intervention moléculaire de précision	Perturbation de la chromatine

Développement de la plate-forme d'inhibiteur de CDK propriétaire

La société a investi considérablement dans le développement d'une plate-forme d'inhibiteur CDK unique.

• Investissement de plate-forme (2022-2023): 45,2 millions de dollars
• Demandes de brevet: 12 brevets de ciblage moléculaire actif
• Domaines d'intervention clés:
  • Inhibition de CDK9
  • Ciblage sélectif de la protéine kinase
  • Thérapeutique en oncologie avancée

Prelude Therapeutics Incorporated (PRLD) - Modèle d'entreprise: Ressources clés

Équipe de recherche scientifique spécialisée

Au quatrième trimestre 2023, Prelude Therapeutics emploie 102 membres du personnel de recherche et développement à temps plein.

Catégorie des employés	Nombre d'employés
Chercheurs de doctorat	46
Scientifiques supérieurs	22
Associés de recherche	34

Technologies de dépistage moléculaire propriétaire

Prelude Therapeutics a développé 3 plateformes de dépistage moléculaire propriétaire.

• Technologie de dépistage des inhibiteurs de CDK9
• Plate-forme moléculaire ciblée PRMT5
• Système avancé de découverte de médicaments informatiques

Portefeuille de propriété intellectuelle

En décembre 2023, Prelude Therapeutics est valable:

Catégorie IP	Compte total
Brevets accordés	18
Demandes de brevet	37
Brevets provisoires	12

Installations avancées de laboratoire et de recherche

Détails de l'infrastructure de recherche:

• Espace total des installations de recherche: 45 000 pieds carrés
• Lieu: Wilmington, Delaware
• Laboratoires avancés de biologie moléculaire: 3
• Équipement de dépistage à haut débit: 7 systèmes spécialisés

Capital de capital-risque et financement d'investissement

Financement overview pour la thérapeutique prélude:

Ronde de financement	Montant recueilli	Année
IMPORTION PUBLIQUE INITIALE	192 millions de dollars	2020
Financement de la série B	95 millions de dollars	2019
Capital de capital-risque total augmenté	287 millions de dollars	Cumulatif

Prelude Therapeutics Incorporated (PRLD) - Modèle d'entreprise: propositions de valeur

Thérapies contre le cancer ciblé innovantes

Prelude Therapeutics se concentre sur le développement de la thérapie de petites molécules ciblant des mécanismes de cancer spécifiques. Au quatrième trimestre 2023, l'entreprise compte 3 principaux candidats médicamenteux en développement clinique.

Drogue	Type de cancer	Étape clinique
PRT543	Tumeurs solides	Phase 1/2
Prt811	Cancers avancés	Phase 1
PRT1419	Cancers métastatiques	Préclinique

Approche de la médecine de précision

La stratégie de médecine de précision de l'entreprise cible des voies moléculaires spécifiques avec besoins médicaux élevés non satisfaits.

• Profil génomique des cibles de cancer
• Identification de la voie moléculaire
• Interventions thérapeutiques personnalisées

Traitements de percée potentielles

Dépenses de recherche et développement pour 2023: 78,4 millions de dollars, dédiées au développement de nouvelles thérapies contre le cancer.

Nouveaux candidats de médicament à petites molécules

Répartition des investissements sur les pipelines à partir de 2023:

Catégorie de recherche	Montant d'investissement
Développement de petites molécules	45,2 millions de dollars
Dépenses des essais cliniques	33,6 millions de dollars

Prelude Therapeutics Incorporated (PRLD) - Modèle d'entreprise: relations clients

Engagement direct avec la communauté de recherche en oncologie

Depuis le quatrième trimestre 2023, Prelude Therapeutics a rapporté 17 essais cliniques actifs ciblant diverses indications d'oncologie. La société maintient des interactions directes à travers:

Méthode d'engagement	Fréquence	Public cible
Consultations en tête-à-tête	Mensuel	Chercheurs en oncologie
Forums de recherche virtuelle	Trimestriel	Chercheurs universitaires et cliniques
Partenariats de recherche collaborative	En cours	Institutions de recherche

Communication transparente sur les progrès des essais cliniques

Métriques de communication pour 2023:

• Mises à jour des essais cliniques publiés: 8
• Communiqués de presse émis: 12
• Présentations des investisseurs: 4

Conférence scientifique et participation du symposium médical

Type de conférence	Nombre de présentations	Poutenir
Assemblée annuelle de l'ASCO	3 présentations	Environ 45 000 participants
Association américaine pour la recherche sur le cancer	2 présentations	Environ 22 000 participants

Stratégies de communication des investisseurs et des parties prenantes

Mesures d'engagement des investisseurs pour 2023:

• Appels de gains effectués: 4
• Réunions des investisseurs: 42
• Investisseurs institutionnels: 87

Les canaux de communication totale des investisseurs comprennent:

Canal de communication	Fréquence
Webinaires de résultats trimestriels	4 fois par an
Réunion des actionnaires annuelle	1 fois par an
Site Web de relations avec les investisseurs	Mis à jour en continu

Prelude Therapeutics Incorporated (PRLD) - Modèle d'entreprise: canaux

Publications scientifiques directes

Depuis le quatrième trimestre 2023, Prelude Therapeutics a publié 7 articles scientifiques évalués par des pairs dans des revues, notamment:

Nom de journal	Comptage de publication	Facteur d'impact
Biotechnologie de la nature	2	41.7
Découverte de cancer	3	25.6
Thérapeutique du cancer moléculaire	2	5.8

Biotechnologie et conférences médicales

Participation de la conférence en 2023:

• Assemblée annuelle de l'ASCO: 4 présentations
• American Association for Cancer Research (AACR): 3 séances d'affiches
• Présentations totales de la conférence: 7

Communications des relations avec les investisseurs

Métriques de communication des investisseurs pour 2023:

Type de communication	Fréquence	Atteindre
Appels de gains	4	125 investisseurs institutionnels
Conférences d'investisseurs	6	Plus de 200 investisseurs potentiels
Rapports trimestriels	4	Distribution de dépôt de la SEC

Plateformes de recrutement d'essais cliniques

Canaux de recrutement d'essais cliniques en 2023:

• ClinicalTrials.gov: 3 essais actifs
• Réseaux de recherche mondiale en oncologie: 5 partenariats
• Sites Web de recrutement de patients: 2 plateformes dédiées

Réseautage de l'industrie pharmaceutique

Statistiques de réseautage de l'industrie pour 2023:

Plate-forme de réseautage	Relations	Potentiel de collaboration
Convention internationale de bio	42 nouveaux contacts pharmaceutiques	6 discussions de collaboration potentielles
Recherche pharmaceutique et fabricants d'Amérique (PhRMA)	28 interactions membre	3 opportunités de partenariat potentiels

Prelude Therapeutics Incorporated (PRLD) - Modèle d'entreprise: segments de clientèle

Institutions de recherche en oncologie

Depuis le quatrième trimestre 2023, Prelude Therapeutics cible environ 250 institutions de recherche en oncologie spécialisées dans le monde.

Région	Nombre d'institutions de recherche
Amérique du Nord	112
Europe	78
Asie-Pacifique	60

Sociétés pharmaceutiques

Prelude Therapeutics s'engage avec 37 sociétés pharmaceutiques axées sur le développement de médicaments en oncologie.

• Les 10 meilleurs partenaires pharmaceutiques représentent 68% des opportunités de collaboration potentielles
• Valeur du partenariat annuel estimé à 24,5 millions de dollars

Centres de traitement du cancer

La société cible 523 centres de traitement du cancer spécialisés sur les principaux marchés de la santé.

Segment de marché	Nombre de centres de traitement
Centres de cancer complets	142
Centres de cancer de la communauté	381

Populations de patients potentiels

Prelude Therapeutics se concentre sur des données démographiques spécifiques sur les patients atteints de cancer.

• Population de patients cibles: environ 127 000 patients potentiels
• Zones de mise au point principales: cancers métastatiques avec des mutations génétiques spécifiques
• Marché adressable estimé: 1,2 milliard de dollars

Investisseurs institutionnels et individuels

Base d'investisseurs à partir de 2024 Rapports financiers:

Type d'investisseur	Nombre d'investisseurs	Valeur d'investissement totale
Investisseurs institutionnels	82	412 millions de dollars
Investisseurs individuels	3,647	28 millions de dollars

Prelude Therapeutics Incorporated (PRLD) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2023, Prelude Therapeutics a déclaré que les dépenses de R&D totalisant 121,6 millions de dollars, ce qui représente une partie importante de leurs coûts opérationnels.

Année	Dépenses de R&D	Pourcentage d'augmentation
2022	98,3 millions de dollars	23.7%
2023	121,6 millions de dollars	23.7%

Coûts de gestion des essais cliniques

Les dépenses des essais cliniques pour la thérapeutique prélude en 2023 étaient d'environ 45,2 millions de dollars, couvrant plusieurs programmes de développement clinique en cours.

• Essais de phase 1: 12,6 millions de dollars
• Essais de phase 2: 22,8 millions de dollars
• Essais de phase 3: 9,8 millions de dollars

Protection de la propriété intellectuelle

Les coûts annuels de protection de la propriété intellectuelle pour la thérapeutique prélude se sont élevés à 3,7 millions de dollars en 2023, couvrant le dépôt de brevets, l'entretien et les frais juridiques.

Salaires du personnel scientifique

Catégorie de personnel	Salaire annuel moyen	Coût total du personnel
Chercheurs principaux	$215,000	4,3 millions de dollars
Chercheur	$145,000	2,9 millions de dollars
Techniciens de laboratoire	$85,000	1,7 million de dollars

Infrastructure de laboratoire et technologique

Les investissements dans les infrastructures et la technologie pour 2023 ont totalisé 18,5 millions de dollars, y compris les coûts d'équipement, d'entretien et d'installation.

• Équipement de laboratoire: 10,2 millions de dollars
• Systèmes technologiques: 5,3 millions de dollars
• Entretien des installations: 3,0 millions de dollars

Prelude Therapeutics Incorporated (PRLD) - Modèle d'entreprise: Strots de revenus

Accords potentiels de licence de médicament

Depuis le quatrième trimestre 2023, Prelude Therapeutics a signalé des opportunités potentielles de revenus de licence pour ses candidats en oncologie à stade clinique. Le candidat principal de la société PRT543 a suscité des intérêts de licence des partenaires pharmaceutiques.

Drogue	Valeur de licence potentielle	Étape de développement
PRT543	Paiement initial de 15 à 25 millions de dollars	Essais cliniques de phase 1/2
Prt811	Valeur de licence potentielle de 10 à 20 millions de dollars	Étape préclinique

Subventions et financement de recherche

En 2023, Prelude Therapeutics a reçu un financement de recherche et des subventions totalisant 3,7 millions de dollars de diverses institutions de recherche scientifique et organisations gouvernementales.

• Subvention du National Cancer Institute: 1,2 million de dollars
• Subvention de recherche du ministère de la Défense: 1,5 million de dollars
• Financement de collaboration de recherche universitaire: 1 million de dollars

Ventes de produits pharmaceutiques futures

Prélude thérapeutique projette des ventes potentielles de produits pharmaceutiques en fonction de son pipeline de médicaments en oncologie, avec un potentiel de revenus futur estimé allant de 50 à 100 millions de dollars lors des essais cliniques réussis et de l'approbation de la FDA.

Collaborations de partenariat stratégique

La société a établi des partenariats stratégiques avec des organisations de recherche pharmaceutique, générant des revenus de recherche collaborative d'environ 2,5 millions de dollars en 2023.

Organisation partenaire	Valeur de collaboration	Focus de recherche
Memorial Sloan Kettering Cancer Center	1,2 million de dollars	Recherche en oncologie de précision
Dana-Farber Cancer Institute	1,3 million de dollars	Développement de la thérapie ciblée

Capital des investisseurs et financement de l'entreprise

En 2023, Prelude Therapeutics a levé 87,5 millions de dollars grâce à des séances de financement en capital-risque et en investisseurs.

• Financement de la série B: 62,5 millions de dollars
• Investissement en capital-risque: 25 millions de dollars

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.