Start here if you're new
what it is
Prelude tests experimental cancer drugs in people to see which ones work.
how it gets paid
Last year Prelude Therapeutics made $12M in revenue. collaboration revenue was the main engine at $9.0M, or 75% of sales.
why it's growing
Trailing revenue grew about 73.4% vs. prior year on a small base. The latest quarter can look flat vs the prior-year quarter when collaboration milestones don’t line up—both can be true. The company still spends far more than it takes in because the pipeline is early and expensive.
what just happened
Latest quarter revenue printed near ~$6M (lumpy vs ~$12M TTM) with EPS about -$1.09.
At a glance
C+ balance sheet — struggling to keep the lights on
-$1.68 fy2024 eps est
$7M fy2024 rev est
operating losses swamp revenue — margin not meaningful yet
1.2 beta
xvary composite: 23/100 — weak
What they do
Prelude tests experimental cancer drugs in people to see which ones work.
Prelude has 5 programs and 131 employees. That is five shots on goal from a tiny shop. You are buying data, not distribution. PRT3645 is in Phase II, which is a later human test and the closest thing here to a verdict.
How they make money
$12M
annual revenue · their business grew +73.4% last year
collaboration revenue
$9.0M
grant revenue
$1.5M
license revenue
$1.0M
other revenue
$0.5M
The products that matter
lead pipeline asset
KAT6A Degrader Program
mid-2026 targeted IND
This is the core internal program, and a $208M market cap is asking you to believe the company can get it to an IND filing in mid-2026.
main valuation driver
partnered hematology asset
JAK2V617F Program
potential $60M option
Partnered with Incyte, this is the one asset that could bring in meaningful non-dilutive capital. If the $60M option payment shows up, the financing math gets less ugly.
funding optionality
current business model
Collaboration Revenue
~$12M annual revenue
This is effectively the whole reported revenue base today (filings may show ~$12.1M rounded). Against a $99.5M annual net loss, it tells you the company is still in financing mode, not operating leverage mode.
not self-funding
Key numbers
$12M
annual revenue
You are looking at a company that brought in $12M while chasing five cancer drugs.
n/m
operating margin
At ~$12M revenue and heavy R&D, operating margin is not a clean KPI—losses dominate. Ignore vendor “positive” margin percent artifacts.
$15M
long-term debt
Debt is only 7% of capital, but losses matter more when revenue is only $12M.
131
employees
Tiny headcount fits the model. Small teams can move fast, but they also have almost no buffer.
Financial health
C+
strength
- balance sheet grade C+ — weak — may struggle to fund operations
- risk rank 5 — safer than 5% of stocks
- price stability 5 / 100
- long-term debt $15M (7% of capital)
C+ — below average. watch for debt servicing and cash burn.
Total return vs. market
Return history isn't available for PRLD right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Revenue landed at $6M and EPS was -$1.09.
Sales were flat vs. prior year. The company still spends more than it takes in because the pipeline is early and expensive.
$6.0M
qtr revenue
-$1.09
eps (Q)
~$12M
TTM revenue
cash burn vs. sales
The ~$6M quarter is tiny next to about -$1.09 EPS—loss per share is the whole story at this stage.
source: company earnings report
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What could go wrong
the #1 risk is a delayed or failed KAT6A degrader IND filing in mid-2026. For PRLD, that is not one risk among many. It is the center of gravity.
med
KAT6A program slips or disappoints
There is no approved product to fall back on. If the mid-2026 IND timeline slips, the market is left with a $208M biotech that generated only ~$12M of revenue last year.
This would hit the core reason most investors own the stock in the first place.
med
cash burn turns into dilution
A $99.5M annual net loss and a n/a operating margin tell you the company is spending far ahead of revenue. The existing $25M at-the-market program is the cleanest reminder that financing remains an active issue.
If equity sales become the default funding source, your ownership stake shrinks even if the science stays on track.
med
Incyte does not exercise the option
The potential $60M option payment tied to the JAK2V617F program is one of the few visible sources of non-dilutive cash in the snapshot. If that money does not arrive, the funding mix gets harsher.
Losing that option value would keep PRLD more dependent on the market than on partners.
A $208M market cap, ~$12M of annual revenue, and a $99.5M net loss leave very little room for pipeline delays or financing mistakes.
source: institutional data · regulatory filings · risk analysis
Pay attention to
catalyst
mid-2026 KAT6A IND filing
This is the next milestone that can actually reprice the story. Everything else is mostly setup for this date.
financial
cash burn versus revenue
Last year was $99.5M of net loss against ~$12M of revenue. If that gap widens again, financing risk moves from background noise to the main event.
partnership
Incyte option path
The potential $60M option payment is one of the few numbers here that can improve the funding picture without selling more stock.
dilution
$25M at-the-market program
If the ATM becomes active funding rather than just a backstop, existing shareholders pay for time with a smaller percentage of the company.
Analyst rankings
earnings outlook
-$1.68
The street still expects a full-year loss. in human-speak, analysts are modeling survival and milestones, not near-term profitability.
revenue outlook
$7M
Forecast revenue sits below the last reported ~$12M trailing line. That is what sparse collaboration income looks like when it is not supported by product sales.
risk profile
5 / 100
Price stability is 5 / 100 and the risk rank says safer than only 5% of stocks. You are being paid in optionality, not comfort.
source: institutional data
Institutional activity
institutional ownership data for PRLD is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$2
current price
n/a
target midpoint · n/a from current
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