WILMINGTON, DE — Prelude Therapeutics (Nasdaq: PRLD) has begun patient enrollment in a Phase 1 study of its lead blood cancer drug candidate while advancing additional oncology programs targeting breast cancer and myeloproliferative disorders, the company announced alongside first-quarter financial results.
The clinical-stage biotechnology company said its mutant-selective JAK2V617F inhibitor, PRT12396, entered first-in-human testing in patients with polycythemia vera and myelofibrosis after receiving Investigational New Drug clearance from the U.S. Food and Drug Administration earlier this year. The program targets mutations that drive a majority of myeloproliferative neoplasms, a group of blood cancers that includes polycythemia vera, essential thrombocythemia and myelofibrosis.
Prelude also disclosed plans to submit an IND application by mid-2026 for PRT13722, an oral KAT6A degrader being developed for estrogen receptor-positive breast cancer. Pending regulatory clearance, the company expects to begin Phase 1 testing in the second half of 2026.
The company presented preclinical data for PRT13722 at the 2026 American Association for Cancer Research annual meeting, highlighting what it described as a differentiated efficacy and tolerability profile compared with broader KAT6 inhibitors.
Chief Executive Officer Kris Vaddi stated that Prelude had advanced multiple strategic priorities during the quarter, including the transition of PRT12396 into human studies and continued development of its KAT6A degrader platform.
Prelude’s JAK2V617F program is subject to an exclusive option agreement with Incyte announced in November 2025.
The company is also developing degrader antibody conjugate, or DAC, payload technologies through partnerships including its existing collaboration with AbCellera. Prelude reported that preclinical studies showed DACs using its degrader payloads demonstrated improved efficacy and tolerability compared with traditional antibody-drug conjugates in animal models.
In addition, Prelude continues development of an early-stage mutated calreticulin, or mCALR, targeted DAC program for patients with myelofibrosis and essential thrombocythemia carrying CALR mutations.
Separately, the company announced the appointment of Charles Morris, M.D., as chief medical officer in April.
Prelude reported cash and investments of $326.4 million as of March 31, 2026, which it expects will fund operations into the second quarter of 2028. The extended cash runway reflects a previously announced underwritten offering that generated gross proceeds of $90 million.
Net cash used in operations totaled $41.9 million during the quarter, compared with $68.0 million during the same period a year earlier.
Research and development expenses declined to $37.6 million from $61.3 million in the prior-year quarter, while general and administrative expenses increased to $8.5 million from $5.5 million.
Prelude posted a net loss of $43.3 million for the quarter ended March 31, compared with a net loss of $64.4 million in the first quarter of 2025.
Support the local news that supports Chester County. MyChesCo delivers reliable, fact-based reporting and essential community resources—free for everyone. If you value that, click here to become a patron today.