• Prelude Therapeutics is like a startup version of a pharmaceutical giant such as Merck or Eli Lilly, but entirely focused on discovering and developing new cancer drugs that are still in clinical trials.
• Think of PRLD as a specialized biotech 'discovery lab' aiming to develop the next breakthrough cancer treatment, similar to how an early Regeneron or Gilead Sciences started before they had blockbuster drugs.
• PRLD is a high-risk, high-reward medical startup focused solely on finding experimental cancer cures, hoping one day to have a successful drug portfolio like Amgen or Genentech.

• PRT2527: A cyclin-dependent kinase 9 (CDK9) inhibitor currently in Phase 1 clinical trials for various hematologic and solid tumors.
• PRT1419: A myeloid cell leukemia 1 (MCL1) inhibitor currently in Phase 1 clinical trials for various hematologic and solid tumors.
• PRT3645: A cyclin-dependent kinase 4/6 (CDK4/6) inhibitor currently in preclinical development for solid tumors.

Prelude Therapeutics (PRLD) is a clinical-stage precision oncology company focused on the discovery and development of novel small molecule therapies for cancer. As a company in the research and development phase, Prelude Therapeutics does not currently have any approved products for commercial sale.

Therefore, Prelude Therapeutics does not have "major customers" in the traditional sense, whether they be other companies or individuals purchasing their products. Their operations are centered on advancing their drug candidates through preclinical and clinical trials, rather than selling products to end-users or distributors.

The advanced clinical development and positive early data of competitor PRMT5 inhibitors, notably MRTX1719 (from Bristol Myers Squibb, acquired via Mirati Therapeutics), pose a significant emerging threat to Prelude Therapeutics' earlier-stage PRMT5 inhibitor program, PRT3789. MRTX1719 is in Phase 1/2 trials and has reported promising efficacy and safety data, particularly in MTAP-deleted cancers. In contrast, Prelude's PRT3789 is currently in IND-enabling studies. The potential for MRTX1719 to establish itself as a leading or standard-of-care therapy in PRMT5 inhibition before PRT3789 reaches advanced clinical stages could severely limit the market opportunity, commercial viability, and differentiation potential for Prelude's candidate.

Prelude Therapeutics' addressable market for its main products and services is as follows:

• For their first-in-class SMARCA2 degrader (PRT3789), Prelude Therapeutics believes there is a potential to benefit up to 70,000 US/EU cancer patients with the SMARCA4 mutation.

1. Milestone and Royalty Payments from Strategic Partnerships: Prelude Therapeutics is expected to generate future revenue through milestone achievements and potential royalties from its existing and future strategic collaborations. An example includes the exclusive option agreement with Incyte for the JAK2V617F mutant selective inhibitor program, which includes an upfront payment and potential downstream milestones and royalties if Incyte exercises its option and advances the program globally. Additionally, the multi-year, multi-program partnership with AbCellera to develop first-in-class precision antibody drug conjugates (ADCs) could also yield milestone payments as these programs progress through discovery and development.
2. New Collaboration and Licensing Agreements for Clinical Pipeline Candidates: The continued advancement of Prelude's lead clinical candidates, such as its oral SMARCA2 degrader (PRT7732), intravenous SMARCA2 degrader (PRT3789), and KAT6A degraders, could attract new pharmaceutical partners. Positive clinical data from these programs could lead to new collaboration and licensing agreements, typically involving significant upfront payments and future development and commercialization milestones, thereby driving revenue growth.
3. Expansion and Deepening of Existing Collaborations: The success of Prelude’s ongoing strategic collaborations could lead to expanded agreements and additional financial contributions. For instance, the clinical trial collaboration with Merck to evaluate PRT3789 in combination with KEYTRUDA in SMARCA4-mutated cancers could potentially lead to broadened development plans or further financial arrangements if the Phase 2 study yields positive results. Similarly, the multi-program nature of the AbCellera partnership indicates potential for expansion into additional programs or indications, contributing to future revenue.

Share Issuance

• In January 2021, Prelude Therapeutics completed an upsized public offering, generating approximately $172.5 million in gross proceeds from the issuance of 2,875,000 shares of common stock at $60.00 per share.
• In December 2023, the company announced a private placement expected to yield approximately $25 million in gross proceeds through the sale of pre-funded warrants for 7,936,759 shares, with proceeds allocated to advance its SMARCA2 portfolio, working capital, and general corporate purposes.
• On November 3, 2025, Prelude Therapeutics announced a private placement of 6,250,000 non-voting shares at $4.00 per share to Incyte Corporation, raising $25 million to support ongoing research programs.

Inbound Investments

• In August 2020, Prelude Therapeutics closed a $50 million Series C financing round from existing institutional investors, including OrbiMed Advisors LLC, and a new investor, Fidelity Management & Research Company LLC, to support the growth and advancement of its pipeline.
• On November 4, 2025, Prelude Therapeutics announced an exclusive option agreement with Incyte Corporation, including $60 million in upfront capital ($35 million cash and a $25 million equity investment) for its JAK2V617F JH2 inhibitor program. The agreement also includes potential future clinical and regulatory milestones of up to $775 million and single-digit royalties.

Capital Expenditures

• Prelude Therapeutics reported capital expenditures of approximately -$183,000 over the last 12 months (ending approximately November 2025).