The filing is a routine quarterly update for a clinical-stage biotech with no new clinical data or guidance changes. The key catalyst to watch is the IND filing and Phase 1 initiation of PRT13722 in Q4 2026. The extended cash runway into 2028 removes near-term financing risk, but the stock will move on pipeline milestones, not quarterly financials.
Price Chart
Executive Summary
Prelude Therapeutics reported Q2 2026 results with a net loss of $13.9M ($0.14/share), narrower than the $31.2M loss in Q2 2025, driven by lower R&D and G&A expenses. The company ended the quarter with $155.2M in cash and marketable securities, extending its runway into Q2 2028. Pipeline progress includes continued enrollment in the Phase 1 study of PRT12396 and an expected Phase 1 start for PRT13722 in Q4 2026, but as a pre-revenue clinical-stage biotech, the narrower loss is a function of cost-cutting, not revenue growth.
Key Financial Metrics
Key Facts
- Net loss for Q2 2026 was $13.9M ($0.14/share) vs $31.2M ($0.41/share) in Q2 2025.
- Cash, cash equivalents, restricted cash and marketable securities totaled $155.2M as of June 30, 2026.
- Cash runway expected into Q2 2028.
- R&D expense decreased to $16.1M from $25.8M year-over-year due to paused SMARCA2 trials and workforce reduction.
- Revenue was $5.7M in Q2 2026 vs $0 in Q2 2025, attributed to the Incyte option agreement.
- Enrollment continues in Phase 1 study of PRT12396 (JAK2V617F inhibitor) for PV and MF.
- Company expects to initiate Phase 1 study of PRT13722 (KAT6A degrader) in HR+ breast cancer in Q4 2026.
Financial Impact
Net loss improved by $17.3M year-over-year; cash position increased by $48.9M from year-end 2025 due to $90M underwritten offering.
Risk Factors
- Clinical-stage company with no approved products; all candidates are in early development.
- Phase 1 data for PRT12396 and PRT13722 are not yet available; pipeline execution risk is high.
- Revenue is dependent on the Incyte option agreement and is not recurring.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-343469 |
| Document: prld-20260811.htm | 0001193125-26-343469 |
| Document: 0001193125-26-343469-index-headers.html | 0001193125-26-343469 |
| Document: 0001193125-26-343469-index.html | 0001193125-26-343469 |
| Document: 0001193125-26-343469.txt | 0001193125-26-343469 |
| 8-K Data (Synthetic) | 0001193125-26-343469 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 22, 2026 4w ago | Institutional Cluster | $4.85 $4.31 | ▼ −11.13% | ▼ −10.41% | $3.69 (−23.81%) |
Sep 10, 2026 6w ago | 8-K | $4.67 $4.59 | ▼ −1.71% | ▼ −2.57% | $3.69 (−20.88%) |
Sep 10, 2026 6w ago | Press Release | $4.67 $4.59 | ▼ −1.71% | ▼ −2.57% | $3.69 (−20.88%) |
Aug 11, 2026 11w ago | 8-K | $5.32 $5.73 | ▲ +7.71% | ▲ +7.46% | $3.69 (−30.55%) |
Aug 11, 2026 11w ago | Press Release | $5.32 $5.73 | ▲ +7.71% | ▲ +7.46% | $3.69 (−30.55%) |
May 12, 2026 24w ago | 8-K | $4.64 $4.66 | ▲ +0.43% | ▼ −0.14% | $3.69 (−20.37%) |
May 12, 2026 24w ago | Press Release | $4.64 $4.66 | ▲ +0.43% | ▼ −0.14% | $3.69 (−20.37%) |
Apr 28, 2026 25w ago | 3 | $4.27 $4.27 | · 0.00% | ▼ −1.02% | $3.69 (−13.47%) |
Apr 21, 2026 27w ago | Insider Cluster | $4.27 $5.23 | ▲ +22.48% | ▲ +21.46% | $3.69 (−13.47%) |
Apr 20, 2026 27w ago | 8-K | $4.51 $4.62 | ▲ +2.44% | ▲ +3.09% | $3.69 (−18.07%) |
US Market Status
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