Prelude Therapeutics reduced its second-quarter 2026 net loss by approximately 55% year-over-year as research and development spending declined sharply following the pausing of previous clinical programs and a workforce reduction. Net loss narrowed to $13.9 million, or $0.14 per share, from $31.2 million, or $0.41 per share, in the prior-year quarter.
The latest-quarter loss included $2 million of non-cash stock-based compensation expense compared with $3.8 million a year earlier.
Research and development expenses declined approximately 38% to $16.1 million from $25.8 million.
Prelude attributed the reduction primarily to lower spending associated with SMARCA2 clinical trials that were paused in 2025, lower employee-related expenses following a workforce reduction during the second half of 2025 and lower stock-based compensation.
Stock-based compensation included within R&D declined to $1 million from $2.2 million.
General and administrative expenses also decreased, falling to $5 million from $6.4 million. The decline reflected lower stock-based compensation and employee-related costs.
Prelude ended June with $155.2 million in cash, cash equivalents, restricted cash and marketable securities. The company expects its existing resources to fund operations into the second quarter of 2028.
The lower spending comes as Prelude concentrates resources on three core precision oncology programs.
The company expects to begin a Phase 1 study of PRT13722 during the fourth quarter of 2026, subject to IND clearance.
PRT13722 is a first-in-class, highly selective oral KAT6A degrader being developed for hormone receptor-positive breast cancer. Prelude believes selective degradation of KAT6A could potentially improve efficacy, tolerability, and combinability compared with compounds that inhibit both KAT6A and KAT6B.
Prelude is also enrolling patients in a Phase 1 study of PRT12396, its mutant-selective JAK2V617F inhibitor for polycythemia vera and myelofibrosis.
JAK2V617F is present in approximately 95% of patients with polycythemia vera, 60% of patients with essential thrombocythemia and 55% of patients with myelofibrosis. Prelude’s program is subject to an exclusive option agreement with Incyte.
The company’s third core effort focuses on mutated calreticulin degrader antibody conjugates. Mutant CALR is found in approximately 25% to 35% of patients with myelofibrosis and essential thrombocythemia.
Prelude is also developing SMARCA2/4 and CDK9 degrader payloads for use in next-generation degrader antibody conjugates and has made those payloads available for licensing to additional partners.
KEY QUOTES:
“We’ve made considerable progress advancing our three core programs.”
Kris Vaddi, Ph.D., Chief Executive Officer of Prelude Therapeutics
