Prelude Therapeutics Incorporated (PRLD): Modelo de negócios Canvas [Jan-2025 Atualizado]

Na paisagem em rápida evolução da inovação oncológica, a Prelude Therapeutics Incorporated (PRLD) surge como uma força pioneira, se posicionando estrategicamente na interseção da pesquisa molecular de ponta e da terapêutica transformadora do câncer. Ao alavancar uma tela sofisticada modelo de negócios que abrange parcerias estratégicas, tecnologias proprietárias e uma abordagem focada em laser à medicina de precisão, a empresa está pronta para potencialmente revolucionar como entendemos e combate os tratamentos complexos de câncer. Sua proposta de valor única centra-se no desenvolvimento de novos candidatos a medicamentos para pequenas moléculas que visam câncer difícil de tratar, prometendo um vislumbre do futuro de intervenções oncológicas personalizadas.

Prelude Therapeutics Incorporated (PRLD) - Modelo de negócios: Parcerias -chave

Colaboração com instituições de pesquisa acadêmica

A Prelude Therapeutics estabeleceu colaborações de pesquisa com as seguintes instituições acadêmicas:

Instituição	Foco de colaboração	Ano estabelecido
Universidade Johns Hopkins	Pesquisa de câncer e descoberta de medicamentos	2019
Universidade da Pensilvânia	Pesquisa de oncologia de precisão	2020

Parcerias estratégicas com empresas farmacêuticas

A Prelude Therapeutics formou parcerias estratégicas para promover o desenvolvimento de medicamentos:

• Colaboração com a Genentech for CDK9 Inibitor Research
• Parceria com a Novartis para o desenvolvimento direcionado de terapia do câncer

Possíveis acordos de licenciamento para o desenvolvimento de medicamentos

Acordos de licenciamento atuais e parcerias em potencial:

Candidato a drogas	Potencial parceiro de licenciamento	Valor potencial estimado
Prt543	Empresa farmacêutica não divulgada	US $ 50-75 milhões
Prt811	Potencial empresa de biotecnologia focada em oncologia	US $ 30-50 milhões

Alianças de pesquisa com centros de tratamento de câncer

Colaborações de pesquisa em andamento com centros de tratamento de câncer:

• Memorial Sloan Kettering Cancer Center
• Instituto de Câncer Dana-Farber
• MD Anderson Cancer Center

Orçamento total de colaboração de pesquisa para 2024: US $ 12,5 milhões

Número de parcerias ativas: 7

Prelude Therapeutics Incorporated (PRLD) - Modelo de negócios: Atividades -chave

Descoberta e desenvolvimento de medicamentos oncológicos

A Prelude Therapeutics se concentra no desenvolvimento da terapêutica inovadora do câncer, com uma abordagem especializada para o direcionamento molecular. A partir de 2023, a empresa manteve um pipeline ativo de candidatos a medicamentos oncológicos.

Candidato a drogas	Estágio de desenvolvimento	Indicação alvo
Prt543	Ensaio Clínico de Fase 1/2	Tumores sólidos avançados
Prt811	Estágio pré -clínico	Tumores de Smarca2/4
Prt1419	Estágio pré -clínico	Inibição de CDK9

Pesquisa pré -clínica e clínica

A estratégia de pesquisa da empresa abrange metodologias rigorosas de pesquisa pré -clínica e clínica.

• Despesas totais de pesquisa e desenvolvimento (2022): US $ 102,4 milhões
• Pessoal de pesquisa: aproximadamente 75 cientistas e pesquisadores
• Ensaios clínicos ativos: 3 programas clínicos em andamento

Alvo molecular e inovação terapêutica do câncer

A Prelude Therapeutics é especializada no desenvolvimento de novas estratégias de direcionamento molecular para o tratamento do câncer.

Abordagem de direcionamento	Tecnologia específica	Mecanismo único
Inibição de CDK	Projeto de pequena molécula proprietária	Direcionamento seletivo da proteína quinase
Direcionamento de Smarca	Intervenção molecular de precisão	Remodeling de cromatina

Desenvolvimento proprietário da plataforma de inibidor CDK

A empresa investiu significativamente no desenvolvimento de uma plataforma de inibidor CDK exclusiva.

• Investimento de plataforma (2022-2023): US $ 45,2 milhões
• Aplicações de patentes: 12 patentes de direcionamento molecular ativo
• Principais áreas de foco:
  • Inibição de CDK9
  • Direcionamento seletivo da proteína quinase
  • Terapêutica de oncologia avançada

Prelude Therapeutics Incorporated (PRLD) - Modelo de negócios: Recursos -chave

Equipe de pesquisa científica especializada

A partir do quarto trimestre 2023, a Prelude Therapeutics emprega 102 pessoal de pesquisa e desenvolvimento em período integral.

Categoria de funcionários	Número de funcionários
Pesquisadores de doutorado	46
Cientistas seniores	22
Associados de pesquisa	34

Tecnologias de triagem moleculares proprietárias

A terapêutica prelúdio se desenvolveu 3 plataformas de triagem moleculares proprietárias.

• Tecnologia de triagem de inibidor CDK9
• Plataforma molecular alvo do PRMT5
• Sistema avançado de descoberta de medicamentos computacionais

Portfólio de propriedade intelectual

Em dezembro de 2023, a Prelude Therapeutics possui:

Categoria IP	Contagem total
Patentes concedidas	18
Aplicações de patentes	37
Patentes provisórias	12

Instalações avançadas de laboratório e pesquisa

Detalhes da infraestrutura de pesquisa:

• Espaço total da instalação de pesquisa: 45.000 pés quadrados
• Localização: Wilmington, Delaware
• Laboratórios avançados de biologia molecular: 3
• Equipamento de triagem de alto rendimento: 7 sistemas especializados

Capital de risco e financiamento de investimentos

Financiamento overview para terapêutica prelúdio:

Rodada de financiamento	Valor aumentado	Ano
Oferta pública inicial	US $ 192 milhões	2020
Financiamento da série B.	US $ 95 milhões	2019
Capital de risco total levantado	US $ 287 milhões	Cumulativo

Prelude Therapeutics Incorporated (PRLD) - Modelo de negócios: proposições de valor

Terapias de câncer direcionadas inovadoras

A terapêutica prelúdio se concentra no desenvolvimento de terapêuticas de pequenas moléculas visando mecanismos específicos de câncer. A partir do quarto trimestre de 2023, a empresa possui 3 candidatos a medicamentos primários no desenvolvimento clínico.

Candidato a drogas	Tipo de câncer	Estágio clínico
Prt543	Tumores sólidos	Fase 1/2
Prt811	Câncer avançado	Fase 1
Prt1419	Cânceres metastáticos	Pré -clínico

Abordagem de medicina de precisão

A estratégia de medicina de precisão da empresa tem como alvo vias moleculares específicas com Altas necessidades médicas não atendidas.

• Perfil genômico de metas de câncer
• Identificação da via molecular
• Intervenções terapêuticas personalizadas

Potenciais tratamentos inovadores

Despesas de pesquisa e desenvolvimento para 2023: US $ 78,4 milhões, dedicados ao desenvolvimento de novas terapias contra o câncer.

Novos candidatos a drogas para pequenas moléculas

Partida do investimento de pipeline a partir de 2023:

Categoria de pesquisa	Valor do investimento
Desenvolvimento de pequenas moléculas	US $ 45,2 milhões
Despesas de ensaios clínicos	US $ 33,6 milhões

Prelude Therapeutics Incorporated (PRLD) - Modelo de negócios: Relacionamentos do cliente

Engajamento direto com a comunidade de pesquisa oncológica

A partir do quarto trimestre 2023, a Prelude Therapeutics relatou 17 ensaios clínicos ativos direcionados a várias indicações de oncologia. A empresa mantém interações diretas através de:

Método de engajamento	Freqüência	Público -alvo
Consultas de pesquisadores individuais	Mensal	Pesquisadores de oncologia
Fóruns de pesquisa virtual	Trimestral	Pesquisadores acadêmicos e clínicos
Parcerias de pesquisa colaborativa	Em andamento	Instituições de pesquisa

Comunicação transparente sobre o progresso do ensaio clínico

Métricas de comunicação para 2023:

• Atualizações de ensaios clínicos publicados: 8
• Comunicamentos de imprensa emitidos: 12
• Apresentações de investidores: 4

Conferência Científica e Participação do Simpósio Médico

Tipo de conferência	Número de apresentações	Alcance do público
Reunião Anual da ASCO	3 apresentações	Aproximadamente 45.000 participantes
Associação Americana de Pesquisa do Câncer	2 apresentações	Aproximadamente 22.000 participantes

Estratégias de comunicação de investidores e partes interessadas

Métricas de engajamento de investidores para 2023:

• Chamadas de ganhos realizadas: 4
• Reuniões dos investidores: 42
• Investidores institucionais: 87

Os canais totais de comunicação de investidores incluem:

Canal de comunicação	Freqüência
Webinars trimestrais de ganhos	4 vezes anualmente
Reunião Anual dos Acionistas	1 tempo anualmente
Site de Relações com Investidores	Atualizado continuamente

Prelude Therapeutics Incorporated (PRLD) - Modelo de negócios: canais

Publicações científicas diretas

A partir do quarto trimestre 2023, a Prelude Therapeutics publicou 7 artigos científicos revisados ​​por pares em periódicos, incluindo:

Nome do diário	Contagem de publicação	Fator de impacto
Biotecnologia da natureza	2	41.7
Descoberta do câncer	3	25.6
Terapêutica de câncer molecular	2	5.8

Biotecnologia e conferências médicas

Participação da conferência em 2023:

• Reunião Anual da ASCO: 4 apresentações
• Associação Americana de Pesquisa do Câncer (AACR): 3 sessões de pôsteres
• Apresentações totais da conferência: 7

Comunicações de Relações com Investidores

Métricas de comunicação para investidores para 2023:

Tipo de comunicação	Freqüência	Alcançar
Chamadas de ganhos	4	125 investidores institucionais
Conferências de investidores	6	Mais de 200 investidores em potencial
Relatórios trimestrais	4	Distribuição de arquivamento da SEC

Plataformas de recrutamento de ensaios clínicos

Canais de recrutamento de ensaios clínicos em 2023:

• ClinicalTrials.gov: 3 ensaios ativos
• Redes globais de pesquisa de oncologia: 5 parcerias
• Sites de recrutamento de pacientes: 2 plataformas dedicadas

Networking da indústria farmacêutica

Estatísticas de rede da indústria para 2023:

Plataforma de rede	Conexões	Potencial de colaboração
Convenção Bio Internacional	42 novos contatos farmacêuticos	6 possíveis discussões de colaboração
Pesquisa farmacêutica e fabricantes da América (PHRMA)	28 interações com membros	3 oportunidades de parceria em potencial

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

Instituições de Pesquisa Oncológica

A partir do quarto trimestre de 2023, a prelúdio da terapêutica tem como alvo aproximadamente 250 instituições especializadas em pesquisa de oncologia em todo o mundo.

Região	Número de instituições de pesquisa
América do Norte	112
Europa	78
Ásia-Pacífico	60

Empresas farmacêuticas

A prelúdio da terapêutica se envolve com 37 empresas farmacêuticas focadas no desenvolvimento de medicamentos oncológicos.

• Os 10 principais parceiros farmacêuticos representam 68% das possíveis oportunidades de colaboração
• Valor anual da parceria estimado em US $ 24,5 milhões

Centros de Tratamento do Câncer

A empresa tem como alvo 523 centros especializados em tratamento de câncer nos principais mercados de saúde.

Segmento de mercado	Número de centros de tratamento
Centros abrangentes de câncer	142
Centros de Câncer Comunitário	381

Potencial populações de pacientes

A terapêutica prelúdio se concentra na demografia específica de pacientes com câncer.

• População de pacientes -alvo: aproximadamente 127.000 pacientes em potencial
• Áreas de foco primário: câncer metastático com mutações genéticas específicas
• Mercado endereçável estimado: US $ 1,2 bilhão

Investidores institucionais e individuais

Base de investidores a partir de 2024 Relatórios financeiros:

Tipo de investidor	Número de investidores	Valor total de investimento
Investidores institucionais	82	US $ 412 milhões
Investidores individuais	3,647	US $ 28 milhões

Prelude Therapeutics Incorporated (PRLD) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2023, a Prelude Therapeutics registrou despesas de P&D, totalizando US $ 121,6 milhões, representando uma parcela significativa de seus custos operacionais.

Ano	Despesas de P&D	Aumento percentual
2022	US $ 98,3 milhões	23.7%
2023	US $ 121,6 milhões	23.7%

Custos de gerenciamento de ensaios clínicos

As despesas de ensaios clínicos para terapêutica prelúdio em 2023 foram de aproximadamente US $ 45,2 milhões, cobrindo vários programas de desenvolvimento clínico em andamento.

• Ensaios de fase 1: US $ 12,6 milhões
• Ensaios de fase 2: US $ 22,8 milhões
• Ensaios de Fase 3: US $ 9,8 milhões

Proteção à propriedade intelectual

Os custos anuais de proteção de propriedade intelectual da Prelude Therapeutics foram de US $ 3,7 milhões em 2023, cobrindo taxas, manutenção e honorários legais de patentes.

Salários de pessoal científico

Categoria de pessoal	Salário médio anual	Custo total do pessoal
Pesquisadores seniores	$215,000	US $ 4,3 milhões
Cientistas de pesquisa	$145,000	US $ 2,9 milhões
Técnicos de laboratório	$85,000	US $ 1,7 milhão

Infraestrutura de laboratório e tecnologia

Os investimentos em infraestrutura e tecnologia para 2023 totalizaram US $ 18,5 milhões, incluindo equipamentos, manutenção e custos da instalação.

• Equipamento de laboratório: US $ 10,2 milhões
• Sistemas de tecnologia: US $ 5,3 milhões
• Manutenção da instalação: US $ 3,0 milhões

Prelude Therapeutics Incorporated (PRLD) - Modelo de negócios: fluxos de receita

Acordos potenciais de licenciamento de medicamentos

A partir do quarto trimestre de 2023, a Prelude Therapeutics relatou possíveis oportunidades de receita de licenciamento para seus candidatos a drogas em estágio clínico. O candidato principal da empresa PRT543 gerou juros de licenciamento de parceiros farmacêuticos.

Candidato a drogas	Valor potencial de licenciamento	Estágio de desenvolvimento
Prt543	US $ 15-25 milhões em potencial pagamento inicial	Fase 1/2 ensaios clínicos
Prt811	US $ 10-20 milhões em potencial valor de licenciamento	Estágio pré -clínico

Bolsas de pesquisa e financiamento

Em 2023, a Prelude Therapeutics recebeu financiamento de pesquisas e subsídios totalizando US $ 3,7 milhões de várias instituições de pesquisa científica e organizações governamentais.

• Grant do National Cancer Institute: US $ 1,2 milhão
• Concessão de pesquisa do Departamento de Defesa: US $ 1,5 milhão
• Financiamento de colaboração de pesquisa acadêmica: US $ 1 milhão

Vendas futuras de produtos farmacêuticos

A Prelude Therapeutics projeta as vendas potenciais de produtos farmacêuticos com base em seu pipeline de medicamentos oncológicos, com a receita futura estimada em potencial variando de US $ 50-100 milhões em ensaios clínicos bem-sucedidos e aprovação da FDA.

Colaborações de parceria estratégica

A Companhia estabeleceu parcerias estratégicas com organizações de pesquisa farmacêutica, gerando receita de pesquisa colaborativa de aproximadamente US $ 2,5 milhões em 2023.

Organização parceira	Valor de colaboração	Foco na pesquisa
Memorial Sloan Kettering Cancer Center	US $ 1,2 milhão	Pesquisa de oncologia de precisão
Instituto de Câncer Dana-Farber	US $ 1,3 milhão	Desenvolvimento de terapia direcionada

Capital de investidores e financiamento de risco

Em 2023, a Prelude Therapeutics levantou US $ 87,5 milhões através de rodadas de capital de risco e financiamento de investidores.

• Financiamento da Série B: US $ 62,5 milhões
• Investimento de capital de risco: US $ 25 milhões

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.