Genentech for precision oncology, but at an early stage.

A focused, early-stage Merck, specializing in novel cancer drugs.

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• PRT543: A drug candidate in Phase 1 clinical trials for select solid tumors and myeloid malignancies.
• PRT811: A drug candidate in Phase 1 clinical trials for solid tumors, including glioblastoma multiforme.
• PRT1419: A potent and selective inhibitor of an anti-apoptotic protein.
• PRT2527: A potent inhibitor of CDK9 exhibiting high kinome selectivity.
• PRT-SCA2: A preclinical stage drug candidate for multiple genomically selected cancers.
• PRT3645: A brain penetrant molecule designed to potently and selectively target CDK4/6.
• PRT-K4: A preclinical stage drug candidate being developed for solid tumors.

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Prelude Therapeutics (PRLD) is a clinical-stage precision oncology company focused on the discovery and development of novel cancer medicines. The company is currently in the research and development phase, with several drug candidates in preclinical or Phase 1 clinical trials.

As a clinical-stage biopharmaceutical company, Prelude Therapeutics is not yet generating revenue from the commercial sale of approved products. Therefore, the company does not have major customers in the traditional sense. Its focus is on advancing its drug candidates through clinical development with the ultimate goal of bringing them to market in the future.

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Kris Vaddi, Ph.D. Chief Executive Officer

Kris Vaddi founded Prelude Therapeutics in 2016 and has served as CEO and a board member since its inception. Prior to founding Prelude, he served as Chief Executive Officer of Orsenix, LLC, a clinical-stage biotechnology company, from 2014 to 2016. Before that, he held various roles at Incyte Corporation, starting as a Founding Scientist and Executive Director in 2002, and later as a Senior Advisor from 2015 to 2016. Dr. Vaddi initiated and championed JAK research programs at Incyte, which led to the discovery, development, and approval of Jakafi® (ruxolitinib) and Olumiant® (baricitinib).

Bryant D. Lim Chief Financial Officer & Chief Legal Officer

Bryant D. Lim joined Prelude Therapeutics in 2023 as Chief Legal Officer and Corporate Secretary, and was appointed Chief Financial Officer in February 2025, after serving as interim CFO since April 2024. He brings over 25 years of experience in pharma and biotech leadership, with expertise in business development, regulatory, quality, compliance, fundraising, and SEC reporting. Previously, Mr. Lim was Chief Business Officer and General Counsel at Aceragen, Inc. (formerly Idera Pharmaceuticals). He also served as Vice President of Legal at Incyte Corporation and was associate general counsel at ViroPharma Incorporated until its acquisition by Shire Pharmaceuticals.

Peggy Scherle, Ph.D. Chief Scientific Officer

Peggy Scherle has served as Chief Scientific Officer at Prelude Therapeutics since 2018. Before joining Prelude, she held several roles at Incyte Corporation, most recently as Group Vice President, Discovery Biology and Preclinical Pharmacology. Dr. Scherle was one of the original scientists at Incyte, joining in 2002, and was involved in the discovery and development of JAK inhibitors like Jakafi® and Olumiant®, as well as advancing over 10 small molecules into clinical studies for cancer.

Sean Brusky Chief Business Officer

Sean Brusky joined Prelude Therapeutics in 2024 as Chief Business Officer. He brings over 20 years of experience in biopharma business development, portfolio strategy, and commercialization, with his most recent role being Chief Commercial Officer and Chief Business Officer at Pardes Biosciences. Prior to Pardes, Mr. Brusky spent more than 15 years at Genentech/Roche, holding various market-facing leadership roles.

Madhu Pudipeddi, Ph.D. Senior Vice President, Technical Operations

Madhu Pudipeddi is Senior Vice President, Technical Operations at Prelude Therapeutics. Before joining Prelude, he was an Executive Director at Novartis Pharmaceuticals, where he worked for over 16 years in roles of increasing responsibility in drug development and technical operations. Dr. Pudipeddi contributed to the development and commercialization of several new molecular entities. Prior to Novartis, he was at Bristol-Myers Squibb.

Key Risks to Prelude Therapeutics (PRLD)

Prelude Therapeutics, a clinical-stage precision oncology company, faces several significant risks inherent to its business model and industry. The primary risks stem from the highly uncertain nature of drug development, its current financial standing, and the intense competitive landscape.

1. Clinical Trial Failure and Regulatory Hurdles: As a clinical-stage company with drug candidates primarily in Phase 1 or preclinical stages, Prelude Therapeutics' success is critically dependent on the successful outcome of its clinical trials and subsequent regulatory approvals. There is a high risk that drug candidates, such as PRT543, PRT811, PRT1419, and others in its pipeline, may fail to demonstrate sufficient efficacy or safety in trials, or may face delays in advancing to later stages. Even positive trial results do not guarantee timely or eventual regulatory approval from bodies like the FDA. The company's SEC filings explicitly mention the significant uncertainty surrounding clinical trial outcomes, regulatory decisions, and funding availability.
2. Financial Health and Funding Risk: Prelude Therapeutics currently faces significant financial challenges, including ongoing unprofitability and substantial operational inefficiencies. The company reported significant net losses and negative operating and net margins. Although Prelude Therapeutics reported having $106.4 million in cash and marketable securities as of early 2026, this is expected to fund operations only until the second quarter of 2027. This limited cash runway indicates that the company will likely need to raise additional capital in the near future, which could lead to dilution for existing shareholders through equity offerings. Its Altman Z-Score of -9.76 also suggests financial distress and a high risk of bankruptcy within two years.
3. Intense Competition: The oncology market is highly competitive, with numerous pharmaceutical and biotechnology companies developing treatments for solid tumors and myeloid malignancies. Prelude Therapeutics' drug candidates, including those targeting JAK2V617F and KAT6A, face competition from both established players and other emerging companies. This competitive landscape intensifies the challenge for Prelude to differentiate its offerings, secure market position, and achieve commercial viability, even if its drug candidates prove successful.

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Prelude Therapeutics' product pipeline targets several significant addressable markets in oncology, primarily focusing on solid tumors, myeloid malignancies, and glioblastoma multiforme. Here are the addressable market sizes for Prelude Therapeutics' main products or services: * Solid Tumors: The global solid tumors market size was valued at approximately USD 170.3 billion in 2023 and is projected to reach USD 375.4 billion by 2034, exhibiting a compound annual growth rate (CAGR) of 7.45% during 2024-2034. North America is identified as the largest market for solid tumor treatment. Another report indicates the global solid tumor cancer treatment market size was USD 232.2 billion in 2024 and is expected to grow to USD 442.79 billion in 2029, at a CAGR of 13.6%. The solid tumor therapeutics market size in 2026 reached USD 223.65 billion and is forecast to reach USD 326.82 billion by 2031, with a 7.88% CAGR over 2026-2031. * Myeloid Malignancies (Acute Myeloid Leukemia): The global acute myeloid leukemia (AML) treatment market size was valued at USD 3.91 billion in 2025 and is projected to grow to USD 9.79 billion by 2034, at a CAGR of 10.75%. North America held approximately 41% of the global AML treatment market share in 2025, making it the largest regional contributor, with the United States leading regional growth. For Chronic Myeloid Leukemia (CML), the market across the 7 major markets (7MM: United States, EU4 (Germany, France, Italy, and Spain) and the United Kingdom, and Japan) reached USD 5.7 billion in 2024 and is expected to reach USD 8.9 billion by 2035, exhibiting a CAGR of 4.10% during 2025-2035. * Glioblastoma Multiforme (GBM): The global glioblastoma multiforme treatment market size was estimated at USD 4.04 billion in 2025 and is projected to reach USD 7.87 billion by 2033, growing at a CAGR of 8.69% from 2026 to 2033. In 2025, North America held the largest share of the global market, accounting for 40.01% of revenue. Another source states the global glioblastoma multiforme market size was USD 2.7 billion in 2025 and is projected to reach USD 3.94 billion in 2030, at a CAGR of 7.8%. The market size in the 7MM was around USD 835 million in 2023, with the United States accounting for approximately 70% of this market. * CDK9 Inhibitors (for PRT2527): The global cyclin-dependent kinase (CDK) inhibitor market, which includes CDK9 inhibitors, was valued at USD 5.71 billion in 2025 and is expected to increase to USD 16.64 billion by 2032, growing at a CAGR of 16.5%. Another projection for the cyclin-dependent kinase inhibitor market is USD 13.5 billion in 2025, growing to USD 56.1 billion by 2035, at a CAGR of 15.3%. The global cancer CDK inhibitors market size was approximately USD 5.8 billion in 2023 and is projected to reach USD 11.4 billion by 2032, reflecting a CAGR of 7.8%. North America dominates the global cancer CDK inhibitors market, accounting for approximately USD 2.3 billion in 2023. * CDK4/6 Inhibitors (for PRT3645): The global CDK4/6 Inhibitor Drugs Market size was valued at USD 15.82 billion in 2025 and is set to exceed USD 74.12 billion by 2035, expanding at over 16.7% CAGR during 2026-2035. North America is expected to command a 69% share of this market by 2035. Another report indicates the global CDK4/6 inhibitors market size was USD 13.12 billion in 2025 and is projected to reach around USD 46.96 billion by 2034, expanding at a CAGR of 15.34% between 2025 and 2034. North America held a major revenue share of approximately 52% in this market in 2024. * Targeted Therapeutics (potentially relevant for PRT1419, PRT-SCA2, PRT-K4): The global targeted therapeutics market size was USD 85.75 billion in 2025 and is anticipated to reach around USD 155.20 billion by 2034, expanding at a CAGR of 6.83% from 2025 to 2034. North America led the global market with the highest market share in 2025. * Precision Oncology (relevant for PRT-SCA2, multiple genomically selected cancers): The global precision oncology market size was valued at USD 115.51 billion in 2025 and is estimated to grow to USD 201.27 billion by 2031, at a CAGR of 9.53% during 2026-2031. North America accounted for 42.83% of the revenue in 2025.

Expected Drivers of Future Revenue Growth for Prelude Therapeutics (PRLD)

Prelude Therapeutics Incorporated is a clinical-stage precision oncology company, and its future revenue growth over the next 2-3 years is primarily anticipated to be driven by advancements in its pipeline and strategic collaborations. The key drivers include:

1. Milestone Payments and Royalties from the Incyte Partnership: Prelude Therapeutics has an exclusive option agreement with Incyte for its JAK2V617F inhibitor program, which has already provided initial cash payments and holds the potential for substantial future milestone payments and royalties. The FDA clearance for this partnered cancer candidate further boosts confidence for potential future revenue generation from this collaboration.
2. Clinical Advancement of the JAK2V617F Selective Inhibitor (PRT12396): The company anticipates initiating a Phase 1 clinical trial for its lead JAK2V617F selective inhibitor in high-risk polycythemia vera and myelofibrosis in the second quarter of 2026. Successful progression through clinical development stages for this program is critical for unlocking further value and potential milestone payments from the Incyte partnership.
3. Clinical Advancement of the KAT6A Selective Degrader (PRT13722): Prelude expects to file an Investigational New Drug (IND) application for its KAT6A selective degrader program in mid-2026 and commence a Phase 1 study in the second half of 2026. This program offers a differentiated approach for ER-positive breast cancer and its clinical progress represents a significant potential future revenue stream through subsequent partnerships or commercialization.
4. Expansion of Degrader Antibody Conjugate (DAC) Collaborations: Prelude has amended and expanded its collaboration with AbCellera, enabling the use of Prelude’s proprietary degrader payloads on additional antibody targets and allowing Prelude to license these payloads to other potential partners. These types of expanded collaboration agreements and licensing opportunities can provide additional revenue streams as the company's platform technology gains wider adoption.

Share Issuance

• In March 2026, Prelude Therapeutics filed a prospectus supplement for an at-the-market (ATM) equity offering of up to $25 million in common stock. This updates a previously disclosed Open Market Sale Agreement from March 15, 2023, which provided for up to $75 million in potential sales.
• As part of an exclusive option agreement with Incyte Corporation in November 2025, Incyte made a $25 million equity investment in Prelude, purchasing 6.25 million shares of Prelude's non-voting common stock at $4.00 per share.
• The number of issued and outstanding non-voting common shares increased from 12,850,259 at December 31, 2024, to 14,728,135 at December 31, 2025.

Inbound Investments

• In November 2025, Prelude Therapeutics entered into an exclusive option agreement with Incyte Corporation for its mutant selective JAK2V617F JH2 inhibitor program, receiving $60 million in capital, consisting of a $35 million upfront cash payment and a $25 million equity investment.
• The agreement with Incyte also makes Prelude eligible for up to $910 million in potential cash payments, including up to $775 million in additional clinical and regulatory milestones, as well as single-digit royalties on global net sales, should Incyte exercise its option.
• Prelude also secured $12.5 million in upfront payments through expanded degrader antibody conjugate agreements with AbCellera, with potential for future milestones and royalties.

Capital Expenditures

• As of December 31, 2025, Prelude Therapeutics held $106.4 million in cash, cash equivalents, restricted cash, and marketable securities, which is expected to fund operations into the second quarter of 2027.
• Research and development (R&D) expenses for the year ended December 31, 2025, were $94.3 million, a decrease from $118.0 million in the prior year.
• The decrease in R&D expenses in 2025 was primarily attributed to lower stock-based compensation and reduced expenses related to discontinued clinical trials.