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Dec 30, 2024
Prelude Therapeutics Q4 2024 Earnings Report
Prelude Therapeutics reported its full year 2024 financial results and provided program outlook for 2025.
Key Takeaways
Prelude Therapeutics reported a net loss of $127.2 million for the full year 2024, with research and development expenses increasing to $118.0 million. The company anticipates its existing cash runway will fund operations into the second quarter of 2026.
PRT3789 demonstrated clinical proof-of-concept with monotherapy anti-tumor activity in SMARCA4-deficient NSCLC, gastric, and esophageal cancer.
Enrollment for PRT3789 monotherapy dose escalation is nearing completion, with additional results expected in the second half of 2025.
Enrollment for the Phase 1 study of PRT7732 is on track, with an interim data update anticipated in the second half of 2025.
The company's cash runway is projected to extend into the second quarter of 2026, with $133.6 million in cash, cash equivalents, and marketable securities as of December 31, 2024.
Forward Guidance
Prelude Therapeutics expects to continue advancing its SMARCA2 degrader development program, with data updates from ongoing clinical trials and an update on its emerging discovery pipeline.
Positive Outlook
- Anticipated interim data update for PRT7732 in the second half of 2025.
- Plans to present additional results from PRT3789 monotherapy and combination cohorts in the second half of 2025.
- Continued focus on delivering new precision oncology medicines for patients with significant unmet need.
- Anticipated update on emerging discovery pipeline in the first half of 2025.
- Sufficient cash runway into the second quarter of 2026 to fund operations.
Challenges Ahead
- The company intends to seek a partner for future advancement of PRT2527, indicating a shift in strategic focus away from this program.
- Clinical trial results and regulatory approval are inherently uncertain.
- Ability to enroll eligible patients and maintain supply chain facilities may impact development timelines.
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