Prelude Therapeutics Announces Q3 2024 Financial Results and Corporate Update

Prelude Therapeutics, a clinical-stage precision oncology firm, has recently shared its financial outcomes for the third quarter ending on September 30, 2024, along with updates on its clinical development pipeline. The company has announced several key developments and milestones achieved during this period.

The company has reported significant progress in its lead clinical programs targeting SMARCA2, a gene associated with aggressive cancers. Prelude's intravenous SMARCA2 degrader, PRT3789, has shown clinical proof of concept in patients with SMARCA4-mutated cancers, including non-small cell lung cancer (NSCLC) and esophageal cancers. The ongoing combination study of PRT3789 with docetaxel has also demonstrated a favorable early safety profile, with no overlapping toxicities. Prelude aims to complete the monotherapy dose escalation and rapidly enroll patients in combination arms to advance PRT3789 to the next phase of development.

Additionally, the company has initiated a Phase 1 trial for its oral SMARCA2 degrader, PRT7732, in patients with SMARCA4-mutated cancers. The first patients have been enrolled in this biomarker-selected trial, marking another significant milestone for Prelude. With two highly differentiated SMARCA2 degraders in clinical development, the company is poised to solidify its leadership in this therapeutic class and provide new treatment options for patients.

Prelude has also presented the first preclinical data from its Precision ADC platform, demonstrating the potential of its dual SMARCA2/4 degrader payloads. These payloads have shown potent activity when conjugated to various commercially available antibodies, including PSMA, TROP2, C-MET, CEACAM5, and CD33. The data presented at the 36th EORTC-NCI-AACR Symposium highlighted the effectiveness of these payloads in inhibiting cancer cell growth and inducing cell death across multiple cancer types.

In hematological malignancies, the company plans to present interim Phase 1 clinical data for its CDK9 inhibitor, PRT2527, at the American Society of Hematology Annual Meeting in December 2024. PRT2527 is being developed as a monotherapy in both lymphoid and myeloid malignancies and in combination with zanubrutinib in B-cell malignancies. The company is currently advancing the dose escalation studies for PRT2527 and aims to complete the monotherapy dose escalation in B-cell malignancies by the end of the year.

Prelude has also entered into a collaboration agreement with Pfizer Ignite, which will provide access to Pfizer's resources and expertise to support the development of Prelude's SMARCA2 degrader programs. Under this agreement, Prelude retains full ownership and global rights to all its programs.

Financially, Prelude reported cash, cash equivalents, and marketable securities totaling $153.6 million as of September 30, 2024, which is expected to fund operations into 2026. Research and development expenses for the third quarter increased to $29.5 million, primarily due to higher costs related to preclinical and clinical programs. General and administrative expenses rose to $7.9 million, driven by increased professional fees. The company reported a net loss of $32.3 million for the quarter, compared to $30.6 million in the same period in 2023.

Overall, Prelude Therapeutics continues to make significant strides in its clinical development programs, aiming to provide new and effective treatment options for patients with challenging cancers. The company's financial stability and strategic collaborations position it well for future growth and advancements in precision oncology.