Prelude Therapeutics Inc, a clinical-stage precision oncology company, unveiled its third-quarter (Q3) financial results and strategic pipeline updates in a report released last week. The aftermath of this announcement has seen Prelude Therapeutics’ stock surge by an impressive 33% today.
At the time of this publication, Prelude Therapeutics Inc stock (PRLD) has witnessed a surge.
Prelude Therapeutics Inc
Current Price: $3.04
Change : +0.77
Change (%): (33.92%)
Volume: 328.0K
Source: Tomorrow Events Market Data
Prelude Therapeutics Q3 Financial Results
The company’s financial report revealed a healthy cash runway extending into 2026, boasting a total of $230.5 million in cash, cash equivalents, and marketable securities.
In terms of financial performance, for the third quarter of 2023, Research and Development (R&D) expenses saw an uptick, rising to $26.3 million from $22.9 million in the prior year period. This increase was primarily attributed to the timing of clinical research programs. Conversely, General and Administrative (G&A) expenses demonstrated prudent management, decreasing to $7.1 million from $7.5 million in the prior year period.
During the three months ending on September 30, 2023, the company reported a net loss of $30.6 million, equating to $0.45 per share. This compared to a net loss of $30.0 million, or $0.63 per share, for the same period in the previous year. Notably, the net loss for the quarter ending September 30, 2023, included $6.7 million of non-cash expense related to the impact of expensing share-based payments, which encompassed employee stock options. This is in contrast to the $6.4 million reported for the corresponding period in 2022.
Looking ahead, Prelude Therapeutics Inc, trading under the ticker NASDAQ:PRLD, maintains a steadfast focus on advancing its strategic pipeline. Of particular emphasis are its SMARCA2 degrader and CDK9 inhibitor programs. The company’s financial footing remains robust, fortified by the ample cash runway, which is anticipated to sustain operations through 2026.
