Detailed financial statements for Prelude Therapeutics Incorporated (PRLD): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Prelude Therapeutics, Inc. is a clinical-stage precision oncology company focused on identifying and developing innovative, targeted cancer treatments for patient populations with unmet medical needs. Its pipeline includes PRT543, currently undergoing Phase 1 clinical evaluation for certain solid tumors and myeloid malignancies. Another asset, PRT811, is also in Phase 1 trials, targeting various solid tumors, notably glioblastoma multiforme.
Analysis Summary
Trailing-twelve-month margins: gross margin 98.3%, operating margin -300.6%, net margin -269.7%.
At the current price of $4.47, PRLD has negative trailing earnings (P/E not meaningful) and an ROE of -75.35%. Market capitalisation stands at $254M.
Balance sheet quality for PRLD: current ratio of 2.0, net cash position of $85.4M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | 0 | 0 | 0 | 0 | 0 | 0 | $7.0M | $12.1M |
| Cost of Revenue | $149000 | 0 | 0 | 0 | 0 | 0 | 0 | $1.7M |
| Gross Profit | -$149000 | 0 | 0 | 0 | 0 | 0 | $7.0M | $10.4M |
| Research & Development | $12.6M | $24.3M | $48.2M | $86.8M | $92.9M | $103.4M | $118.0M | $94.3M |
| Selling, General & Admin | $2.4M | $3.8M | $10.6M | $27.0M | $30.7M | $28.9M | $28.7M | $22.4M |
| Operating Expenses | $15.0M | $28.1M | $58.8M | $113.7M | $123.5M | $132.3M | $146.7M | $115.0M |
| Operating Income | -$15.0M | -$28.1M | -$58.8M | -$113.7M | -$123.5M | -$132.3M | -$139.7M | -$104.6M |
| EBITDA | -$14.8M | -$27.7M | -$58.2M | -$110.8M | -$114.1M | -$120.7M | -$125.4M | -$97.8M |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pre-tax Income | -$14.7M | -$27.6M | -$56.9M | -$111.7M | -$115.4M | -$121.8M | -$127.2M | -$99.5M |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Income | -$14.7M | -$27.6M | -$56.9M | -$111.7M | -$115.4M | -$121.8M | -$127.2M | -$99.5M |
| EPS | $-9.31 | $-0.85 | $-1.30 | $-2.33 | $-2.27 | $-2.02 | $-1.68 | $-1.29 |
| EPS (Diluted) | $-9.31 | $-0.85 | $-1.30 | $-2.33 | $-2.27 | $-2.02 | $-1.68 | $-1.29 |
| Shares Outstanding (Diluted) | $1.6M | $32.4M | $43.7M | $47.6M | $47.4M | $60.4M | $75.8M | $77.0M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | $6.5M | $5.6M | $4.6M | $5.7M |
| Gross Profit | $6.5M | $5.6M | $4.2M | $5.7M |
| Operating Income | -$20.4M | -$17.3M | -$14.2M | -$15.5M |
| EBITDA | -$19.3M | -$16.0M | -$10.0M | -$13.6M |
| Net Income | -$19.7M | -$16.5M | -$10.4M | -$13.9M |
| EPS | $-0.26 | $-0.26 | $-0.13 | $-0.14 |
| EPS (Diluted) | $-0.26 | $-0.26 | $-0.13 | $-0.14 |
Balance Sheet (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $15.6M | $18.9M | $218.3M | $31.8M | $30.6M | $25.3M | $12.5M | $35.3M |
| Short-term Investments | 0 | 0 | 0 | $259.4M | $171.1M | $207.6M | $121.1M | $68.0M |
| Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $15.6M | $20.2M | $220.8M | $295.1M | $204.4M | $235.6M | $135.9M | $105.7M |
| Property, Plant & Equipment | $811000 | $1.6M | $2.5M | $5.6M | $6.7M | $37.7M | $35.5M | $32.3M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $16.4M | $21.9M | $223.6M | $305.1M | $220.5M | $277.7M | $175.5M | $141.3M |
| Accounts Payable | $1.4M | $2.0M | $3.9M | $7.8M | $6.8M | $4.6M | $7.7M | $4.0M |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $2.4M | $4.8M | $11.4M | $19.2M | $21.7M | $21.8M | $25.6M | $53.0M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $39.1M | $71.3M | $11.4M | $19.2M | $25.1M | $40.6M | $44.1M | $72.7M |
| Retained Earnings | -$22.9M | -$50.5M | -$107.4M | -$219.1M | -$334.6M | -$456.4M | -$583.6M | -$683.1M |
| Total Equity | -$22.7M | -$49.4M | $212.2M | $285.9M | $195.4M | $237.1M | $131.5M | $68.6M |
| Total Debt | 0 | $258000 | 0 | $1.7M | $1.8M | $16.9M | $18.0M | $17.8M |
| Net Debt | -$15.6M | -$18.6M | -$218.3M | -$289.5M | -$199.9M | -$216.0M | -$115.6M | -$85.4M |
| Working Capital | $13.1M | $15.4M | $209.4M | $275.9M | $182.7M | $213.8M | $110.3M | $52.7M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $47.5M | $35.3M | $21.8M | $26.3M |
| Total Assets | $94.8M | $141.3M | $119.6M | $189.4M |
| Total Liabilities | $36.2M | $72.7M | $59.5M | $55.6M |
| Total Equity | $58.5M | $68.6M | $60.2M | $133.7M |
| Total Debt | $17.9M | $17.8M | $17.7M | $17.6M |
Cash Flow (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$14.7M | -$27.6M | -$56.9M | -$111.7M | -$115.4M | -$121.8M | -$127.2M | -$99.5M |
| Depreciation & Amortization | $149000 | $382000 | $542000 | $915000 | $1.3M | $1.2M | $1.8M | $1.3M |
| Stock-based Compensation | $180000 | $846000 | $5.6M | $20.9M | $25.1M | $25.6M | $21.3M | $11.9M |
| Change in Working Capital | $1.4M | $667000 | $4.6M | $3.6M | $932000 | -$10.5M | $4.2M | $28.4M |
| Operating Cash Flow | -$13.0M | -$25.7M | -$46.2M | -$83.5M | -$83.7M | -$107.1M | -$102.9M | -$56.3M |
| Capital Expenditure | -$529000 | -$780000 | -$621000 | -$2.3M | -$3.0M | -$3.5M | -$764000 | -$67000 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$13.5M | -$26.4M | -$46.8M | -$85.9M | -$86.7M | -$110.6M | -$103.7M | -$56.4M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$19.1M | $23.1M | -$21.7M | -$15.6M |
| Capital Expenditure | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$19.1M | $23.1M | -$21.7M | -$15.6M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $2.4M | $1.8M | $2.0M | $2.0M |
Growth & Margins (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | | | | | | | +73.4% |
| Net Income Growth (YoY) | | -87.8% | -106.5% | -96.2% | -3.4% | -5.5% | -4.4% | +21.8% |
| EPS Growth (YoY) | | +90.9% | -52.9% | -79.2% | +2.6% | +11.0% | +16.8% | +23.2% |
| Shares Change (YoY) | | +1955.4% | +34.9% | +8.9% | -0.5% | +27.4% | +25.6% | +1.5% |
| FCF Growth (YoY) | | -96.1% | -77.0% | -83.5% | -1.0% | -27.5% | +6.3% | +45.6% |
| Gross Margin | | | | | | | 100.0% | 85.9% |
| Operating Margin | | | | | | | -1995.9% | -861.3% |
| EBITDA Margin | | | | | | | -1791.4% | -805.5% |
| Net Margin | | | | | | | -1816.8% | -819.6% |
| FCF Margin | | | | | | | -1480.7% | -464.3% |
| Effective Tax Rate | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-8.55 | $-0.82 | $-1.07 | $-1.80 | $-1.83 | $-1.83 | $-1.37 | $-0.73 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $1.6M | $32.4M | $43.7M | $47.6M | $47.4M | $60.4M | $75.8M | $77.0M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -75.35% |
| Return on Invested Capital | -43.74% |
| Return on Assets | -31.94% |
| Gross Margin | 98.26% |
| Operating Margin | -300.56% |
| Net Margin | -269.75% |
Financial Health
| Debt / Equity | 0.13 |
| Current Ratio | 4.07 |
| Piotroski F-Score | 3 |
| Altman Z-Score | -7.34 |
Key Ratios (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -2.81 | -30.82 | -55.04 | -5.34 | -2.66 | -2.11 | -0.76 | -2.25 |
| P/B | -1.82 | -17.18 | 14.74 | 2.07 | 1.46 | 1.09 | 0.73 | 3.25 |
| P/S | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 13.75 | 18.38 |
| Gross Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 100.0% | 85.9% |
| Operating Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -1995.9% | -861.3% |
| Net Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -1816.8% | -819.6% |