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Prelude Therapeutics Incorporated (PRLD-9.81%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, showing a net loss of $127.2 million, compared to a net loss of $121.8 million in the previous year. The company has an accumulated deficit of $583.6 million as of December 31, 2024.
Revenue for the year was $7.0 million, derived from a license agreement with Pathos AI, Inc. for its PRMT5 inhibitor, PRT811. The agreement includes potential developmental and sales milestone payments and royalties.
Research and development expenses increased to $118.0 million from $103.4 million in the previous year, driven by higher clinical trial costs and chemistry, manufacturing, and controls expenses.
General and administrative expenses were $28.7 million, slightly down from $28.9 million in the previous year, primarily due to a decrease in stock-based compensation.
Other income, net was $12.5 million, up from $10.4 million in the prior year, primarily due to research and development tax credits from the State of Delaware.
As of December 31, 2024, Prelude had $133.6 million in cash, cash equivalents, and marketable securities, which is expected to fund operations into the second quarter of 2026.
Prelude's pipeline includes several drug candidates in clinical development, with a focus on SMARCA2 degrader compounds and partnerships with companies like AbCellera Biologics Incorporated.
The company is advancing its lead product candidates through clinical trials and seeking regulatory approval, with ongoing efforts to secure additional funding through various means.
Prelude continues to face risks typical of early-stage biotechnology companies, including the need for additional capital, successful clinical trial outcomes, and regulatory approvals.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Prelude Therapeutics Incorporated annual 10-K report dated March 10, 2025. To report an error, please email earnings@qz.com.