WILMINGTON, DE — Prelude Therapeutics Incorporated (Nasdaq: PRLD) reported third-quarter 2025 financial results and outlined key progress across its oncology pipeline, including two drug candidates now moving toward clinical development and multiple programs set to feature at major scientific meetings.
The company’s most advanced efforts center on a mutant-selective JAK2V617F inhibitor designed to target a primary driver of myeloproliferative neoplasms. Prelude said its lead molecule from this program has entered IND-enabling studies, with a regulatory submission planned for early 2026. Preclinical data, accepted for an oral presentation at the American Society of Hematology’s annual meeting in December, show selective activity against V617F-positive cells, supporting the program’s potential to modify disease progression.
A second emerging program focuses on a highly selective, orally bioavailable KAT6A degrader for ER-positive breast cancer. Prelude has selected a development candidate and anticipates filing an IND in mid-2026, followed by a Phase 1 dose-escalation study in the second half of the year. Early data presented this spring suggested improved efficacy and tolerability relative to non-selective KAT6 inhibitors.
The company is also expanding its next-generation degrader antibody conjugate platform, supported by new agreements with AbCellera that broaden access to Prelude’s proprietary degrader payloads. Preclinical findings indicate these payloads may deliver better in vivo efficacy and tolerability than traditional cytotoxic ADCs.
In its mutated calreticulin DAC program—targeting a neoantigen found in a sizable subset of myelofibrosis and essential thrombocythemia patients—Prelude will present updated preclinical data at ASH in December. The program is fully owned and remains at the discovery stage.
Prelude ended the quarter with $58.2 million in cash, equivalents, and marketable securities. Subsequent payments from AbCellera and Incyte have strengthened the balance sheet, with the company estimating that its cash runway extends into 2027.
Third-quarter research and development expenses declined to $21.7 million from $29.5 million a year earlier, driven by lower stock-based compensation and reduced spending on SMARCA2 clinical trials. General and administrative expenses fell to $5.2 million from $7.7 million. Net loss narrowed to $19.7 million, or $0.26 per share, compared with $32.3 million in the prior-year period.
CEO Kris Vaddi said the company enters 2026 with “a strengthened and clearly defined” development path, highlighting clinical-stage momentum and differentiated mechanisms that may offer meaningful new options for patients with limited treatment choices.
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