Prelude Therapeutics Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Prelude Therapeutics Inc. has filed its annual 10-K report for the fiscal year ending December 31, 2023.</b>

AI Summary

Prelude Therapeutics Inc (PRLD) filed a Annual Report (10-K) with the SEC on February 15, 2024. Prelude Therapeutics Inc. filed its 2023 Form 10-K on February 15, 2024. The filing covers the fiscal year ending December 31, 2023. The company is incorporated in Delaware and operates in the Pharmaceutical Preparations sector (SIC 2834). Key addresses include 175 Innovation Boulevard, Wilmington, DE 19805. The filing references various financial instruments and equity plans, including the 2020 Equity Incentive Plan.

Why It Matters

For investors and stakeholders tracking Prelude Therapeutics Inc, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Prelude Therapeutics' financial performance, operational activities, and risk factors for the fiscal year 2023, crucial for investors to assess the company's current standing and future prospects. The detailed financial statements and disclosures within the 10-K are essential for understanding the company's financial health, including its assets, liabilities, equity, and any changes therein, as well as its compliance with regulatory requirements.

Risk Assessment

Risk Level: medium — Prelude Therapeutics Inc shows moderate risk based on this filing. The company's business is highly dependent on the success of its drug development pipeline, which involves significant research and development costs and faces substantial regulatory and market risks inherent in the pharmaceutical industry.

Analyst Insight

Investors should review the detailed risk factors and financial statements in the 10-K to understand the specific challenges and opportunities facing Prelude Therapeutics in its drug development efforts.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-02-15 — Filing Date (Date of submission)
• 77 — Public Document Count (Number of documents in the filing)
• 2834 — SIC Code (Pharmaceutical Preparations)

Key Players & Entities

• Prelude Therapeutics Inc. (company) — Filer name
• 2023-12-31 (date) — Fiscal year end
• 2024-02-15 (date) — Filing date
• 175 Innovation Boulevard, Wilmington, DE 19805 (address) — Business and mailing address
• 2834 (sic_code) — Standard Industrial Classification
• 0000950170-24-016016 (accession_number) — Accession number
• PRLD (ticker) — Ticker symbol
• 2020 Equity Incentive Plan (plan) — Referenced equity plan

FAQ

Risk Factors

• Research and Development Expenses [high — financial]: The company incurs significant research and development costs related to its drug development programs, which may not result in commercially viable products.
• Regulatory Approval Process [high — regulatory]: Obtaining regulatory approval for pharmaceutical products is a lengthy, complex, and expensive process, with no guarantee of success.
• Competition [medium — market]: The pharmaceutical market is highly competitive, with many companies developing similar therapies, which could impact Prelude's ability to gain market share.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-15: Filing Date — Date Prelude Therapeutics submitted its 10-K to the SEC.

Key Financial Figures

• $0.0001 — ch registered Common Stock, par value $0.0001 per share PRLD The Nasdaq Stock Mar

Filing Documents

• prld-20231231.htm (10-K) — 2315KB
• prld-ex4_4.htm (EX-4.4) — 153KB
• prld-ex4_5.htm (EX-4.5) — 64KB
• prld-ex10_7.htm (EX-10.7) — 110KB
• prld-ex10_13.htm (EX-10.13) — 228KB
• prld-ex21_1.htm (EX-21.1) — 2KB
• prld-ex23_1.htm (EX-23.1) — 6KB
• prld-ex31_1.htm (EX-31.1) — 12KB
• prld-ex31_2.htm (EX-31.2) — 12KB
• prld-ex32_1.htm (EX-32.1) — 10KB
• prld-ex32_2.htm (EX-32.2) — 8KB
• prld-ex97_1.htm (EX-97.1) — 79KB
• img16744241_0.jpg (GRAPHIC) — 102KB
• img16744241_1.jpg (GRAPHIC) — 38KB
• img16744241_2.jpg (GRAPHIC) — 32KB
• img16744241_3.jpg (GRAPHIC) — 43KB
• 0000950170-24-016016.txt (&nbsp;) — 9631KB
• prld-20231231.xsd (EX-101.SCH) — 1176KB
• prld-20231231_htm.xml (XML) — 1324KB

Business

Business 2 Item 1A.

Risk Factors

Risk Factors 27 Item 1B. Unresolved Staff Comments 75 Item 1C. Cybersecurity 75 Item 2.

Properties

Properties 75 Item 3.

Legal Proceedings

Legal Proceedings 76 Item 4. Mine Safety Disclosures 76 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 77 Item 6. [Reserved] 77 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 78 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 87 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 87 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 108 Item 9A.

Controls and Procedures

Controls and Procedures 108 Item 9B. Other Information 108 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 108 PART III Item 10. Directors, Executive Officers and Corporate Governance 109 Item 11.

Executive Compensation

Executive Compensation 109 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 109 Item 13. Certain Relationships and Related Transactions, and Director Independence 109 Item 14. Principal Accounting Fees and Services 109 PART IV Item 15. Exhibits and Financial Statement Schedules 110 Item 16 Form 10-K Summary 112

Signatures

Signatures 113 i PAR T I This Annual Report on Form 10-K contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are based on our management's beliefs and assumptions and on information currently available to our management. All statements other than statements of historical facts are "forward-looking statements" for purposes of these provisions, including those relating to future events or our future financial performance. The words "believes," "anticipates," "estimates," "plans," "expects," "intends," "may," "could," "should," "potential," "likely," "projects," "continue," "will," "schedule," and "would" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are predictions based on the Company's current expectations and projections about future events and various assumptions. You should not rely upon forward-looking statements as predictions of future events. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that the future results, levels of activity, performance or events and circumstances reflected in the forward-looking statements will be achieved or occur. All forward-looking statements included in this Annual Report on Form 10-K are based on information available to us on the date hereof, and we assume no obligation to update any such forward-looking statements. Our forward-looking statements can be affected by inaccurate assumptions we might make or by known or unknown risks, uncertainties and other factors. We discuss many of these risks, uncertainties and other factors in this Annual Report on Form 10-K in greater detail under the heading "Item 1A—Risk Factors." It is not possible for our manageme

B usiness

Item 1. B usiness. Overview Prelude Therapeutics Incorporated ("Prelude") is a clinical-stage fully integrated oncology company built on a foundation of drug discovery excellence to deliver novel precision cancer medicines to underserved patients. By leveraging our core competencies in cancer biology and medicinal chemistry, combined with our clinical development capabilities, we have built an efficient, fully-integrated drug discovery engine and the development expertise necessary to identify compelling biological targets and create new chemical entities, or NCEs, that we advance into clinical trials. We believe our approach could result in better targeted cancer therapies. Our discovery excellence has been validated by our steady progress in creating a wholly owned, internally developed pipeline. We also began work with our partner AbCellera Biologics, Inc. ("AbCellera") on an early-stage discovery program involving potent degraders as payloads for novel antibodies targeting tumor specific antigens. Since our inception in 2016, we have received clearance from the U.S. Food and Drug Administration, or the FDA, for multiple investigational new drug applications, or INDs, and successfully advanced several programs into clinical trials. In addition, we have other differentiated proprietary programs in various stages of preclinical development. By focusing on developing molecules using broad mechanisms that have multiple links to oncogenic driver pathways in select patients, we have developed a diverse pipeline consisting of multiple distinct programs including kinases, targeted protein degraders, and precision antibody drug conjugates. Our pipeline is designed to serve patients with high unmet medical need, where there are limited or no treatment options. We believe we can best address these diseases by developing therapies that target primary and secondary resistance mechanisms. 2 The following table summarizes our product candidate pipeline: We have seve

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View this 10-K filing on SEC EDGAR