Prelude Therapeutics Incorporated (PRLD): Business Model Canvas [Dec-2025 Updated]

You're looking at Prelude Therapeutics Incorporated (PRLD) right now, trying to map out how this company actually makes money after its big strategic shift, and honestly, it's all about the pipeline execution tied to massive partnership upside. The core engine is the mutant selective JAK2V617F inhibitor, backed by a potential $910 million in milestones from Incyte Corporation, balanced against R&D costs that hit $21.7 million in Q3 2025. This isn't just science; it's a high-stakes financing play. Dive below to see how their $58.2 million cash position and their next-gen degrader assets translate into a viable business model heading into 2026.

Prelude Therapeutics Incorporated (PRLD) - Canvas Business Model: Key Partnerships

You're looking at Prelude Therapeutics Incorporated's (PRLD) strategic alliances, which are critical for funding and advancing its pipeline, especially after pausing the SMARCA2 program.

The relationship with Incyte Corporation for the JAK2V617F program is a major financial anchor. Prelude Therapeutics Incorporated is advancing its mutant selective JAK2V617F JH2 inhibitor program under this deal, which is aimed at treating myeloproliferative neoplasms (MPNs). The IND filing for the lead candidate is anticipated in the first quarter of 2026.

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

This transaction immediately bolstered the balance sheet; Prelude Therapeutics Incorporated reported cash, cash equivalents, and marketable securities of $52 million as of October 31, 2025, and expected to receive the $60 million from Incyte upon closing. Management now projects the cash runway extends into 2027, potentially into the third quarter of 2028 if Incyte exercises its option.

The collaboration with AbCellera Biologics focuses on next-generation Degrader Antibody Conjugates (DACs). Prelude Therapeutics Incorporated amended and expanded the scope of this existing DAC collaboration.

• The expansion enables AbCellera Biologics to use Prelude Therapeutics Incorporated's degrader payloads on additional undisclosed antibody targets.
• It also enables Prelude Therapeutics Incorporated to utilize its degrader payloads in licensing arrangements with other potential partners.
• Prelude Therapeutics Incorporated received an additional license payment from this expanded agreement in October 2025.
• The company has developed highly potent SMARCA2/4 and CDK9 degrader payloads optimized for efficacy, tolerability and developability.

For preclinical data and clinical trial site access, Prelude Therapeutics Incorporated relies on the broader scientific community. You see evidence of this engagement through data presentations:

• Preclinical data on the JAK2V617F JH2 inhibitor program presented at the American Society of Hematology (ASH) 67th Annual Meeting on Dec. 6-9, 2025.
• Preclinical data on the mCALR-targeted DAC discovery program presented at the European Hematology Association 2025 Congress in June.
• Preclinical data supporting the KAT6A selective degrader hypothesis presented at the AACR Annual Meeting 2025.

Contract Research Organizations (CROs) are used for clinical trial execution, though specific contracts or financial terms aren't detailed in the latest updates. The focus remains on IND filing timelines, like the one anticipated in the first quarter of 2026 for the JAK2V617F program and mid-2026 for the KAT6A selective degrader program.

Finance: review the impact of the $60 million Incyte closing on the Q4 2025 cash balance by next Tuesday.

Prelude Therapeutics Incorporated (PRLD) - Canvas Business Model: Key Activities

You're hiring before product-market fit, so every activity has to drive a value inflection point, which for Prelude Therapeutics Incorporated (PRLD) means hitting clinical and regulatory gates. Here's the quick math on what they are actively driving toward as of late 2025.

Advancing the mutant selective JAK2V617F inhibitor toward a Q1/H1 2026 IND filing.

• Lead candidate from the mutant selective JAK2V617F JH2 inhibitor program is advancing into IND-enabling studies.
• The expected IND filing timeline is the first quarter of 2026.
• Preclinical data on this program was accepted for oral presentation at the American Society of Hematology (ASH) 67th Annual Meeting in December 2025.

Developing the oral KAT6A selective degrader for a mid-2026 IND filing.

• The Company has selected a development candidate for this program.
• The target IND filing date is mid-2026.
• Initiation of a Phase 1 dose escalation study is anticipated in the second half of 2026.

Managing and executing Phase 1 clinical trials for lead candidates like PRT7732.

Prelude Therapeutics Incorporated (PRLD) has strategically paused development of the intravenous SMARCA2 degrader, PRT3789, to focus resources on the oral formulation, PRT7732. Preliminary data for PRT7732 is a critical near-term milestone.

Strategic business development to secure non-dilutive capital (e.g., Incyte deal).

The execution of the option agreement with Incyte Corporation is a major activity that reshapes the capital structure. This deal is designed to fund operations significantly.

• Incyte deal terms include an upfront payment of $35 million and a $25 million equity investment.
• An additional $100 million is contingent upon Incyte exercising its option.
• Cash, cash equivalents, restricted cash, and marketable securities totaled $58.2 million as of September 30, 2025.
• Prelude Therapeutics Incorporated (PRLD) will receive $60 million following the closing of the Incyte option and securities purchase.
• Preliminary estimates suggest the cash runway extends into 2027, potentially into the third quarter of 2028 if the Incyte option is exercised.
• An additional license payment was received from AbCellera in October 2025.

Continuous discovery and optimization of proprietary degrader payloads.

The discovery engine is focused on next-generation modalities, moving beyond the current clinical stage assets.

• Advancing the lead candidate for the JAK2V617F program into IND-enabling studies.
• Discovery program for CALR-targeted degrader antibody conjugates (DACs) has preclinical data accepted for presentation at ASH 2025.

Prelude Therapeutics Incorporated (PRLD) - Canvas Business Model: Key Resources

You're looking at the core assets that power Prelude Therapeutics Incorporated's strategy as of late 2025. These aren't just line items; they are the engine driving their precision oncology pipeline forward. Honestly, for a biotech focused on novel modalities, the IP and the people who created it are the most valuable things on the balance sheet.

The financial foundation is solid following recent partner funding. As of September 30, 2025, Prelude Therapeutics Incorporated held $58.2 million in cash, cash equivalents, restricted cash and marketable securities. This was significantly bolstered by subsequent cash inflows: an additional license payment from AbCellera in October 2025, plus a $60 million payment from Incyte in November 2025, which was part of an exclusive option agreement for the JAK2V617F inhibitor program. These inflows, based on preliminary estimates, are projected to fund operations into 2027.

Here's a quick look at the capital position:

The technological backbone is centered on proprietary platforms, which is where the real differentiation lies. They aren't just chasing small molecules; they are advancing next-generation modalities.

• Proprietary small molecule and targeted protein degradation (TPD) platforms.
• Expertise leveraged to discover and develop novel degrader payloads for next generation Degrading Antibody Conjugates (DACs).
• Developed highly potent SMARCA2/4 and CDK9 degrader payloads optimized for efficacy and tolerability.

This technology underpins their pipeline, which features two rapidly advancing programs targeting clinically validated mechanisms, alongside their broader platform work. The company is focused on turning scientific insights into drugs, not just platform development for its own sake.

The core team is a definite asset, built around seasoned drug developers, many with direct experience from Incyte Corporation, where key oncology assets were discovered. You see this experience reflected in the leadership:

• Kris Vaddi, Ph.D., Chief Executive Officer, founded Prelude in 2016 and previously championed JAK research programs at Incyte that led to the discovery and approval of Jakafi® (ruxolitinib) and Olumiant® (baricitinib).
• Peggy Scherle, Ph. D., Chief Scientific Officer, also held senior roles at Incyte, overseeing target validation and preclinical drug discovery efforts for JAK inhibitors.
• Bryant D. Lim, Chief Legal Officer, Corporate Secretary & Chief Financial Officer, appointed CFO in February 2025, brings over 20 years of experience in pharma and biotech, including business development and SEC reporting.

The average tenure of the management team is about 4 years, suggesting stability in the current structure. It's a team that has built and delivered medicines before.

Finally, the intellectual property portfolio is crucial for protecting their innovations. The company explicitly focuses on protecting and enforcing its rights in this portfolio. This IP covers:

• Novel drug candidates, specifically the mutant selective JAK2V617F JH2 inhibitor program and the oral KAT6A selective degrader program.
• The underlying chemistry and technology for their TPD/DAC payloads.

They are building a diverse pipeline, spanning methyltransferases, kinases, protein-protein interactions, and targeted protein degraders, all secured by their IP strategy.

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:

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:

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:

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:

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:

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:

Finance: draft 13-week cash view by Friday.