Prelude Therapeutics Incorporated
PRLDHealthcare|Biotechnology|US
$3.60
+0.04 (+1.27%)
DCF Value
$3.79
Tangible Book / Share
$1.36
Cash / Share
$1.54
Financials
Financial Snapshot
Market Cap
$208.4M
Enterprise Value
$199.7M
Revenue (TTM)
$22.4M
Net Income (TTM)
-$60.5M
Cash & Investments
$151.8M
Net Cash
$134.1M
Free Cash Flow (TTM)
-$33.3M
Operating CF (TTM)
-$33.3M
Debt/Equity
0.13
Cash Runway & Burn Rate
Cash on Hand
$151.8M
Quarterly Burn
$8.3M
Monthly Burn
$2.8M
Est. Runway
~18.3 quarters
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $15.6M | $18.9M | $218.3M | $291.2M | $201.7M | $232.9M | $133.6M | $103.2M | $151.8M | |
| Operating Cash Flow | -$13.0M | -$25.7M | -$46.2M | -$83.5M | -$83.7M | -$107.1M | -$102.9M | -$56.3M | -$33.3M | |
| Free Cash Flow | -$13.5M | -$26.4M | -$46.8M | -$85.9M | -$86.7M | -$110.6M | -$103.7M | -$56.4M | -$33.3M | |
| Capital Expenditure | -$529.0K | -$780.0K | -$621.0K | -$2.3M | -$3.0M | -$3.5M | -$764.0K | -$67.0K | $0.00 | |
| Financing Cash Flow | $17.9M | $29.7M | $246.2M | $164.9M | $815.0K | $136.4M | -$120.0K | $24.8M | $110.4M |
R&D Spending
R&D (TTM)
$69.4M
R&D Intensity
309.6%
R&D Growth vs Prior
-26.4%
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $7.0M | $12.1M | $22.4M | |
| R&D Expense | $12.6M | $24.3M | $48.2M | $86.8M | $92.9M | $103.4M | $118.0M | $94.3M | $69.4M | |
| R&D % of Revenue | — | — | — | — | — | — | 1685.6% | 776.8% | 309.6% | |
| SG&A | $2.4M | $3.8M | $10.6M | $27.0M | $30.7M | $28.9M | $28.7M | $22.4M | $20.0M |
Income Statement
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $7.0M | $12.1M | $22.4M | |
| Cost of Revenue | $149.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $1.7M | $391.0K | |
| Gross Profit | -$149.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $7.0M | $10.4M | $22.0M | |
| R&D | $12.6M | $24.3M | $48.2M | $86.8M | $92.9M | $103.4M | $118.0M | $94.3M | $69.4M | |
| SG&A | $2.4M | $3.8M | $10.6M | $27.0M | $30.7M | $28.9M | $28.7M | $22.4M | $20.0M | |
| Operating Income | -$15.0M | -$28.1M | -$58.8M | -$113.7M | -$123.5M | -$132.3M | -$139.7M | -$104.6M | -$67.4M | |
| Interest Expense | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Pretax Income | -$14.7M | -$27.6M | -$56.9M | -$111.7M | -$115.4M | -$121.8M | -$127.2M | -$99.5M | -$60.5M | |
| Net Income | -$14.7M | -$27.6M | -$56.9M | -$111.7M | -$115.4M | -$121.8M | -$127.2M | -$99.5M | -$60.5M | |
| EPS (Diluted) | -9.31 | -0.85 | -1.30 | -2.33 | -2.27 | -2.02 | -1.68 | -1.29 | -0.79 | |
| EBITDA | -$14.8M | -$27.7M | -$58.2M | -$110.8M | -$114.1M | -$120.7M | -$125.4M | -$97.8M | -$58.9M | |
| Shares Out. (M) | 1.58 | 32.40 | 43.71 | 47.60 | 47.37 | 60.36 | 75.81 | 76.96 | 98.39 |
Balance Sheet
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $15.6M | $18.9M | $218.3M | $31.8M | $30.6M | $25.3M | $12.5M | $35.3M | $26.3M | |
| Short-Term Investments | $0.00 | $0.00 | $0.00 | $259.4M | $171.1M | $207.6M | $121.1M | $68.0M | $125.4M | |
| Total Current Assets | $15.6M | $20.2M | $220.8M | $295.1M | $204.4M | $235.6M | $135.9M | $105.7M | $154.9M | |
| Total Assets | $16.4M | $21.9M | $223.6M | $305.1M | $220.5M | $277.7M | $175.5M | $141.3M | $189.4M | |
| Total Current Liabilities | $2.4M | $4.8M | $11.4M | $19.2M | $21.7M | $21.8M | $25.6M | $53.0M | $38.0M | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Liabilities | $39.1M | $71.3M | $11.4M | $19.2M | $25.1M | $40.6M | $44.1M | $72.7M | $55.6M | |
| Stockholders' Equity | -$22.7M | -$49.4M | $212.2M | $285.9M | $195.4M | $237.1M | $131.5M | $68.6M | $133.7M | |
| Retained Earnings | -$22.9M | -$50.5M | -$107.4M | -$219.1M | -$334.6M | -$456.4M | -$583.6M | -$683.1M | -$707.4M |
Cash Flow Statement
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$13.0M | -$25.7M | -$46.2M | -$83.5M | -$83.7M | -$107.1M | -$102.9M | -$56.3M | -$33.3M | |
| Capital Expenditure | -$529.0K | -$780.0K | -$621.0K | -$2.3M | -$3.0M | -$3.5M | -$764.0K | -$67.0K | $0.00 | |
| Free Cash Flow | -$13.5M | -$26.4M | -$46.8M | -$85.9M | -$86.7M | -$110.6M | -$103.7M | -$56.4M | -$33.3M | |
| Investing Cash Flow | -$529.0K | -$780.0K | -$621.0K | -$263.8M | $81.7M | -$34.6M | $90.2M | $53.5M | -$77.3M | |
| Financing Cash Flow | $17.9M | $29.7M | $246.2M | $164.9M | $815.0K | $136.4M | -$120.0K | $24.8M | $110.4M | |
| Issuance of Stock | $17.9M | $0.00 | $166.6M | $161.4M | $815.0K | $136.4M | $439.0K | $25.0M | $90.3M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | $0.00 | -$124.0K | -$258.0K | $0.00 | $0.00 | $0.00 | -$395.0K | -$208.0K | $0.00 | |
| Stock Based Comp. | $180.0K | $846.0K | $5.6M | $20.9M | $25.1M | $25.6M | $21.3M | $11.9M | $8.3M | |
| Net Change in Cash | $4.5M | $3.3M | $199.4M | -$182.4M | -$1.2M | -$5.3M | -$12.8M | $22.0M | -$62.0K |
Dilution Tracker
Shares outstanding grew 76.1% over 5 years — significant dilution
Shares Outstanding
80M
5-Year Share Growth
+76.1%
Stock Issuance (TTM)
$90.3M
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 1.58 | 32.40 | 43.71 | 47.60 | 47.37 | 60.36 | 75.81 | 76.96 | 98.39 | |
| Change vs Prior % | — | 1955.4% | 34.9% | 8.9% | -0.5% | 27.4% | 25.6% | 1.5% | 27.9% | |
| Stock Issuance | $17.9M | $0.00 | $166.6M | $161.4M | $815.0K | $136.4M | $439.0K | $25.0M | $90.3M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $180.0K | $846.0K | $5.6M | $20.9M | $25.1M | $25.6M | $21.3M | $11.9M | $8.3M |
Margins & Profitability
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | — | — | — | — | — | — | 100.0% | 85.9% | 98.3% | |
| Operating Margin % | — | — | — | — | — | — | -1995.9% | -861.3% | -300.6% | |
| Net Margin % | — | — | — | — | — | — | -1816.8% | -819.6% | -269.7% | |
| EBITDA Margin % | — | — | — | — | — | — | -1791.4% | -805.5% | -262.7% | |
| FCF Margin % | — | — | — | — | — | — | -1480.7% | -464.3% | -148.3% | |
| ROE % | 64.7% | 55.8% | -26.8% | -39.1% | -59.1% | -51.4% | -96.7% | -145.0% | -75.4% | |
| ROA % | -89.5% | -126.1% | -25.5% | -36.6% | -52.4% | -43.9% | -72.5% | -70.4% | -31.9% | |
| ROIC % | -107.3% | -162.5% | -27.7% | -39.5% | -61.6% | -51.4% | -91.6% | -114.8% | -43.7% | |
| R&D / Revenue % | — | — | — | — | — | — | 1685.6% | 776.8% | 309.6% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 73.4% | |
| Gross Profit | 0.0% | 100.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 49.0% | |
| Operating Income | 0.0% | -87.7% | -109.1% | -93.5% | -8.6% | -7.1% | -5.6% | 25.2% | |
| Net Income | 0.0% | -87.8% | -106.5% | -96.2% | -3.4% | -5.5% | -4.4% | 21.8% | |
| EPS (Diluted) | 0.0% | 90.9% | -52.9% | -79.2% | 2.6% | 11.0% | 16.8% | 23.2% | |
| Operating Cash Flow | 0.0% | -98.1% | -79.9% | -80.9% | -0.2% | -27.9% | 3.9% | 45.3% | |
| Free Cash Flow | 0.0% | -96.1% | -77.0% | -83.5% | -1.0% | -27.5% | 6.3% | 45.6% | |
| R&D Expense | 0.0% | 92.4% | 98.4% | 80.1% | 7.0% | 11.3% | 14.1% | -20.1% | |
| SG&A Expense | 0.0% | 62.7% | 176.4% | 154.6% | 13.7% | -5.8% | -0.6% | -22.0% | |
| Total Assets | 0.0% | 33.3% | 922.3% | 36.5% | -27.7% | 25.9% | -36.8% | -19.5% | |
| Book Value / Share | 0.0% | 89.4% | 418.4% | 23.7% | -31.3% | -4.8% | -55.9% | -48.6% | |
| Debt | 0.0% | 0.0% | -100.0% | 0.0% | 5.3% | 821.8% | 6.7% | -1.3% | |
| Diluted Shares | 0.0% | 1955.4% | 34.9% | 8.9% | -0.5% | 27.4% | 25.6% | 1.5% |
Valuation
P/E (TTM)At Loss
P/S9.29
P/B2.65
10Y Low / Med / High0.73 / 2.07 / 14.74
EV/EBITDAAt Loss
EV/Revenue8.91
P/FCFAt Loss
Intrinsic Value Models (per share)
DCF Value
$3.79
Tangible Book / Share
$1.36
Net Current Assets / Share
$1.24
Graham Net-Net
$0.98
Cash / Share
$1.54
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -2.81 | -30.82 | -55.04 | -5.34 | -2.66 | -2.11 | -0.76 | -2.25 | -4.56 | |
| P/S Ratio | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 13.75 | 18.38 | 9.29 | |
| P/B Ratio | -1.82 | -17.18 | 14.74 | 2.07 | 1.46 | 1.09 | 0.73 | 3.25 | 2.65 | |
| EV/EBITDA | -0.97 | -21.53 | -35.21 | -3.61 | -1.57 | -1.48 | -0.60 | -1.48 | -3.39 | |
| EV/Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 10.77 | 11.89 | 8.91 |
Analyst Estimates & Quality
Altman Z-Score
-3.18
Distress
Piotroski F-Score
4
Moderate
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $43.1M | $36.3M | $100.0M |
| Net Income | -$31.2M | -$36.6M | -$7.7M |
| EPS | $-0.40 | $-0.48 | $-0.10 |
| # Analysts (EPS) | 3 | 3 | 2 |