Prelude Therapeutics

What Prelude Therapeutics does

Prelude Therapeutics Incorporated is a clinical-stage precision oncology company headquartered in Wilmington, Delaware, founded in 2016 by Kris Vaddi, Ph.D., following his tenure as a founding scientist at Incyte Corporation where he helped discover Jakafi (ruxolitinib). The company designs and develops small molecule therapies — including targeted protein degraders and mutant-selective inhibitors — aimed at key drivers of cancer cell growth and resistance. Its pipeline is anchored by PRT12396, a mutant-selective JAK2V617F JH2 inhibitor for myeloproliferative neoplasms currently in Phase 1 and subject to an exclusive option agreement with Incyte valued up to $910M, and PRT13722, a claimed first-in-class oral KAT6A selective degrader for HR+/HER2- breast cancer on track for IND filing in mid-2026. The company also develops degrader antibody conjugate (DAC) payloads and a mutant CALR DAC program in collaboration with AbCellera.

The company operates a target-class and modality-agnostic discovery engine that iterates 500-1,000 novel molecules over 12-18 month design-make-test-analyze cycles using state-of-the-art modeling, medicinal chemistry, and automated processes, and has supplemented this with a quantum simulation collaboration with QDX. Prelude employs between 101 and 250 people and is publicly traded on NASDAQ under the ticker PRLD.

Prelude is pre-commercial and generates revenue exclusively from licensing, milestone, and partnership payments rather than product sales. Its primary economic counterparty is Incyte, which paid $35M upfront plus a $25M equity investment in November 2025 to secure an exclusive option on the JAK2V617F program and would lead global development and commercialization if it exercises that option. The company also out-licenses proprietary SMARCA2/4 and CDK9 degrader payloads for next-generation DACs and distributes investigational product through clinical trial sites and contract research organizations. Go-to-market relies on scientific publication, presentations at oncology conferences (AACR, ASH, ASCO, EHA), and investor relations rather than traditional sales channels. Capital is sourced through underwritten public offerings (most recently a $90M raise led by RA Capital Management in April 2026) and strategic equity investments from healthcare-focused funds including RA Capital, Soleus Capital, OrbiMed, and Fidelity.

Name

Prelude Therapeutics

Legal name

Prelude Therapeutics Incorporated

Website

https://preludetx.com

Company type

Private

Founded year

2016

Operating status

Operating

Headcount range

101–250 employees

Short description

Prelude Therapeutics is a publicly traded, clinical-stage precision oncology company developing small molecule therapies — including mutant-selective JAK2V617F inhibitors and first-in-class KAT6A degraders — for genetically defined cancers such as myeloproliferative neoplasms and ER+ breast cancer.

Ownership category

akta.pro rank

Product category

Precision Oncology Therapeutics

NAICS

Research and Development in Biotechnology (except Nanobiotechnology) (541714), Pharmaceutical and Medicine Manufacturing (3254)

SIC

Pharmaceutical Preparations (2834), Services-Commercial Physical & Biological Research (8731)

akta.pro primary industry

Clinical Development (Phase I–III Trial Design & Execution) (HLAIALAE)

akta.pro secondary industry

Protein Engineering & Directed Evolution Platforms (enzyme/therapeutic protein optimization) (HLAAAIAC)

Keywords

• Precision oncology
• Small molecule therapeutics
• Targeted protein degradation
• Clinical-stage biopharmaceutical
• Cancer drug discovery

Headquarters

HQ city

Wilmington

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Licensing and Milestone Payments: As a clinical-stage biopharma company with no commercial products, Prelude generates no product revenue. The company has entered into licensing agreements (e.g., Incyte option agreement) that provide upfront payments, equity investments, and potential milestone payments. In Q1 2026, the company reported $4.58 million in revenue versus no revenue in the prior year period, likely from partnership activities.
2. Future Product Sales: Upon regulatory approval, the company plans to commercialize its drug candidates (PRT12396, PRT13722, PRT3789) through traditional pharmaceutical distribution channels. No commercial products exist currently.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

Prelude Therapeutics is a clinical-stage precision oncology company developing small molecule drug candidates for genetically defined cancers. Its pipeline spans selective kinase inhibitors (JAK2V617F, PRMT5, CDK9, CDK4/6, MCL1) and targeted protein degraders (KAT6A, SMARCA2), including a degrader-antibody conjugate (mCALR DAC) program. The company has no approved products and is focused on advancing candidates through clinical development, supported by partnership-based monetization.

Product overview

Prelude Therapeutics is a precision oncology company developing a diverse pipeline of first-in-class drug candidates for hard-to-treat cancers. The company's portfolio centers on targeted therapies including JAK2V617F mutant selective inhibitors (PRT12396), KAT6A selective degraders (PRT13722), SMARCA2 degraders (PRT3789, PRT7732), CDK9/4/6 inhibitors (PRT2527, PRT3645), PRMT5 inhibitors (PRT543, PRT811), MCL1 inhibitors (PRT1419), and mutant CALR degrader antibody conjugates. The company also offers proprietary degrader payloads for next-generation DACs available for licensing. Key partnerships include an exclusive option agreement with Incyte for the JAK2V617F program and a DAC discovery collaboration with AbCellera.

Differentiator

Problem solved

Functional benefit

Products and services

• PRT12396
• PRT13722 Selective KAT6A protein degrader candidate being developed for KAT6A-altered solid tumors and other genetically defined cancers.
• PRT2527 Selective CDK9 inhibitor candidate for hematological malignancies and solid tumors with transcriptionally addicted cancer biology.
• PRT3645 Selective CDK4/6 inhibitor candidate for oncology indications involving CDK4/6-dependent tumor biology.
• PRT543 and PRT811 PRMT5 inhibitor candidates (PRT543 for solid tumors and PRT811 for CNS tumors) designed to target tumors with susceptible PRMT5-dependent biology, including MTAP-deletion.
• PRT1419 Selective MCL1 inhibitor candidate for hematological malignancies dependent on MCL1-mediated survival signaling.
• PRT3789 Selective SMARCA2 protein degrader candidate for tumors with SMARCA4 loss-of-function mutations; reported as a paused program.
• mCALR Degrader-Antibody Conjugate (DAC) Program Degrader-antibody conjugate (DAC) program targeting mutant calreticulin (mCALR) developed in collaboration with AbCellera, applying antibody-targeted delivery of degraders to hematological malignancies.

Quantifiable outcome

• Complete tumor regressions demonstrated in multiple CDX and PDX models with PRT13722 (KAT6A degrader) monotherapy
• +3 more outcomes

Segments3 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Three partnerships are on record, tiered supporting, core/flagship and core.

• QDXsupportingTechnology or Integration · 4 December 2025Collaboration with QDX involving advanced quantum simulations to develop drugs targeting the JAK2 V617F mutation associated with myeloproliferative neoplasms. QDX provides quantum chemistry simulation capabilities while Prelude contributes drug development expertise.
• Incyte Corporationcore/flagshipStrategic or Co-development Partner · 4 November 2025Exclusive option agreement for Prelude's mutant selective JAK2V617F JH2 inhibitor program for treating myeloproliferative neoplasms (MPNs). Incyte secured an option through an upfront payment of $35 million, equity investment of $25 million (6.25 million shares), and milestone payments that could total up to $910 million if the option is exercised. If Incyte exercises its option, it will lead global development and commercialization of the assets. Prelude will continue development during the option period.
• AbCelleracoreStrategic or Co-development Partner · 1 November 2023DAC Discovery Collaboration for degrader antibody conjugates. Collaboration was announced in November 2023 and subsequently amended and expanded in the second half of 2025. The partnership focuses on discovering and developing next-generation degrader antibody conjugates with novel payloads.

Scale indicators7 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Tango Therapeutics: Clinical-stage biotechnology company developing precision cancer medicines using synthetic lethal approaches. Comparable as a clinical-stage precision oncology company with a discovery engine approach to genetically defined cancers.
• Kymera Therapeutics: Clinical-stage biotech developing small molecule protein degraders with a focus on oncology and immunology. Comparable to Prelude's precision oncology degrader pipeline and discovery engine approach.
• Foghorn Therapeutics: Clinical-stage precision oncology company targeting chromatin biology and dysregulated gene expression. Comparable to Prelude in its focus on genetically defined cancers and small molecule drug development.
• Revolution Medicines: Clinical-stage oncology company developing targeted therapies for RAS-addicted cancers. Comparable as a clinical-stage precision oncology company with multiple programs in development against validated targets.
• Arvinas: Pioneer in targeted protein degradation (PROTAC) technology developing degraders for cancer and other diseases. Closely comparable to Prelude's KAT6A and SMARCA2 degrader programs and shares the protein degrader platform thesis.
• Monte Rosa Therapeutics: Clinical-stage biotechnology company developing precision medicines through targeted protein degradation, with a focus on oncology and inflammatory diseases. Direct competitor in the degrader space.
• Relay Therapeutics: Clinical-stage precision medicine company combining computational chemistry with structural biology to develop therapies for precision oncology. Comparable in precision oncology focus and innovative small molecule approach.

Broad incumbents

• Mirati Therapeutics: Precision oncology company acquired by Bristol-Myers Squibb in 2024 for $4.8B. Developed Krazati (adagrasib) and other targeted cancer therapies. Comparable as a successful precision oncology company that transitioned from clinical-stage to commercial, providing a potential exit path benchmark for Prelude.
• Blueprint Medicines: Commercial-stage precision therapy company developing targeted kinase inhibitors for genomically defined cancers and hematologic disorders. Comparable business model of targeting genetically defined patient populations with small molecule therapies.
• Incyte Corporation: Commercial-stage biopharmaceutical company and Prelude's JAK2V617F program partner. Developer of Jakafi (ruxolitinib) and Olumiant. Comparable as the established leader in JAK inhibitor therapy and the natural acquirer of Prelude's JAK2 program.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/preludetx
• LinkedInlinkedin.com/company/prelude-therapeutics-incorporated

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds6 records

Investors5 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Prelude Therapeutics