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- **Two Lead Programs in 2026**: JAK2V617F inhibitor for MPN and KAT6A degrader for ER+ breast cancer.
- **Incyte Deal**: $60M upfront, up to $910M total, leveraging Incyte's MPN expertise.
- **Selective Degradation**: KAT6A degrader avoids dual inhibition toxicity, showing preclinical efficacy.
- **Clinical Timelines**: JAK2 Phase I H1 2026, KAT6A Phase I H2 2026.

**【CEO Opening Remarks & Strategic Focus】**
- Sharpened R&D focus on two lead programs: JAK2V617F selective inhibitor for MPN and KAT6A degrader for ER+ breast cancer, both entering clinic in 2026.
- Emphasis on high-probability programs with validated pathways and potential differentiation.
- Enhanced financial position with cash runway into 2027.

**【JAK2V617F Selective Inhibitor Program】**
- Addresses lack of selectivity in current JAK2 inhibitors, targeting mutant JAK2V617F to reduce side effects.
- IND filing planned Q1 2026, Phase I start H1 2026.
- Exclusive option agreement with Incyte: $60M upfront ($35M fee, $25M stock), potential $910M total (including $775M milestones/royalties).

**【KAT6A Selective Degrader Program】**
- First-in-class oral degrader with >1,000-fold selectivity for KAT6A over KAT6B, reducing bone marrow toxicity.
- Preclinical efficacy in ER+ breast cancer models without dose-dependent neutropenia.
- IND filing mid-2026, Phase I start H2 2026.

**【Business Development Update】**
- Incyte deal provides $60M upfront, with $910M potential total value.
- Expanded collaboration with AbCellera for degrader antibody conjugates, enabling payload licensing.

**【Q&A Highlights】**
- Clinical strategy: JAK2 Phase I in myelofibrosis, KAT6A monotherapy and combination studies.
- Differentiation: Selective degrader approach avoids dual inhibition toxicity.
- Companion diagnostics: Routine qPCR testing for JAK2V617F positivity.
- Cash runway: Sufficient for 2026 clinical milestones, updates expected in 2027.

Prelude Therapeutics Incorporated (PRLD) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

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Operating Income

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Net Income

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PRLD

PRLD fundamentals

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