The company's liquidity position is under significant pressure, with the current ratio compressing from 11.64 in 2024Q1 to 2.03 in 2026Q1 as total assets continue to erode.
| Total Current Assets | 84.59M | 105.69M | 135.9M | 235.59M | 204.38M | 295.12M | 220.81M | 20.22M | 15.6M |
| Cash & Short-Term Investments | 81.55M | 103.21M | 133.61M | 232.94M | 201.73M | 291.23M | 218.31M | 18.88M | 15.6M |
| Cash Only | 21.76M | 35.26M | 12.47M | 25.29M | 30.61M | 31.83M | 218.31M | 18.88M | 15.6M |
| Short-Term Investments | 59.8M | 67.96M | 121.14M | 207.64M | 171.12M | 259.4M | 0 | 0 | 0 |
| Accounts Receivable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Sales Outstanding | - | - | - | - | - | - | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 3.04M | 2.48M | 2.28M | 2.65M | 2.65M | 0 | 2.5M | 0 | 0 |
| Total Non-Current Assets | 35.05M | 35.62M | 39.62M | 42.08M | 16.12M | 9.98M | 2.78M | 1.65M | 811K |
| Property, Plant & Equipment | 31.5M | 32.28M | 35.47M | 37.74M | 6.7M | 5.64M | 2.48M | 1.65M | 811K |
| Fixed Asset Turnover | 0.51x | 0.38x | 0.20x | - | - | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 3.23M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 3.55M | 3.35M | 4.15M | 4.34M | 9.42M | 4.35M | 301K | 0 | 0 |
| Total Assets | 119.64M | 141.31M | 175.51M | 277.67M | 220.5M | 305.1M | 223.59M | 21.87M | 16.41M |
| Asset Turnover | 0.14x | 0.09x | 0.04x | - | - | - | - | - | - |
| Asset Growth % | -135.51% | -19.49% | -36.79% | 25.93% | -27.73% | 36.45% | 922.31% | 33.31% | - |
| Total Current Liabilities | 41.72M | 52.99M | 25.64M | 21.83M | 21.7M | 19.2M | 11.38M | 4.83M | 2.45M |
| Accounts Payable | 2.07M | 3.98M | 7.73M | 4.58M | 6.78M | 7.84M | 3.92M | 1.97M | 1.36M |
| Days Payables Outstanding | 3.16K | 849.68 | - | - | - | - | - | - | 3.34K |
| Short-Term Debt | 2.76M | 2.74M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 64.69M | 33.73M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 5.94M | 12.53M | 9.79M | 6.61M | 6.21M | 5.01M | 420K | 1.63M | 0 |
| Current Ratio | 2.03x | 1.99x | 5.30x | 10.79x | 9.42x | 15.37x | 19.41x | 4.18x | 6.37x |
| Quick Ratio | 2.03x | 1.99x | 5.30x | 10.79x | 9.42x | 15.37x | 19.41x | 4.18x | 6.37x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 17.74M | 19.68M | 18.41M | 18.75M | 3.36M | 0 | 32K | 66.45M | 36.65M |
| Long-Term Debt | 14.96M | 15.04M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 45.38M | 0 | 15.32M | 15.41M | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 2.78M | 4.64M | 3.09M | 3.34M | 3.36M | 0 | 32K | 66.45M | 36.65M |
| Total Liabilities | 59.46M | 72.68M | 44.06M | 40.58M | 25.06M | 19.2M | 11.41M | 71.28M | 39.1M |
| Total Debt | 17.72M | 17.79M | 18.02M | 16.89M | 1.83M | 1.74M | 0 | 258K | 0 |
| Net Debt | -4.04M | -17.47M | 5.55M | -8.4M | -28.77M | -30.09M | -218.31M | -18.62M | -15.6M |
| Debt / Equity | 0.29x | 0.26x | 0.14x | 0.07x | 0.01x | 0.01x | - | - | - |
| Debt / EBITDA | -0.21x | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.05x | - | - | - | - | - | - | - | - |
| Interest Coverage | - | - | - | - | - | - | - | - | - |
| Total Equity | 60.18M | 68.64M | 131.46M | 237.09M | 195.44M | 285.9M | 212.18M | -49.41M | -22.69M |
| Equity Growth % | -210.43% | -47.79% | -44.55% | 21.31% | -31.64% | 34.74% | 529.42% | -117.74% | - |
| Book Value per Share | 0.73 | 0.89 | 1.73 | 3.93 | 4.13 | 6.01 | 4.85 | -1.52 | -14.40 |
| Total Shareholders' Equity | 60.18M | 68.64M | 131.46M | 237.09M | 195.44M | 285.9M | 212.18M | -49.41M | -22.69M |
| Common Stock | 5K | 5K | 5K | 5K | 5K | 5K | 4K | 0 | 0 |
| Retained Earnings | -693.45M | -683.06M | -583.56M | -456.39M | -334.56M | -219.12M | -107.43M | -50.5M | -22.93M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -41K | 8K | 35K | 223K | -1.69M | -711K | -223.59M | 0 | -191K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Critical cash runway deficiency
As reported in financial statements, Prelude's total assets have contracted significantly from $277.7 million in 2023Q4 to $119.6 million in 2026Q1, signaling a rapid depletion of resources as the company funds its clinical development pipeline without a self-sustaining commercial revenue stream to offset ongoing operational losses.
The consistent decline in total assets over the last ten quarters highlights the structural challenge of a pre-revenue biotech firm relying on capital markets to fund R&D. This trajectory suggests that the company is consuming its capital base at an unsustainable rate, necessitating either a major partnership or dilutive financing to maintain its current clinical trial velocity.
According to recent SEC filings, the company's current ratio has compressed from a peak of 11.64 in 2024Q1 to 2.03 in 2026Q1, reflecting a tightening liquidity position as cash reserves dwindle against the backdrop of persistent, high-intensity clinical research expenditures.
While a current ratio of 2.03 may appear adequate in isolation, the underlying cash balance of $21.8 million in 2026Q1 provides a very thin margin of safety for a firm with such high quarterly burn rates. Investors should monitor the company's ability to manage its short-term obligations, as the rapid decline in liquidity suggests that the firm is approaching a critical juncture for capital replenishment.
Based on the company's reported figures, shareholders' equity has plummeted from $237.1 million in 2023Q4 to $60.2 million in 2026Q1, primarily driven by the accumulation of massive retained losses which now total -$693.4 million, indicating significant value destruction for equity holders over the observed period.
The erosion of equity is a direct consequence of the company's inability to achieve profitability, forcing a reliance on external funding that likely results in ongoing shareholder dilution. This trend suggests that the intrinsic value of the equity is increasingly tied to the binary outcomes of clinical trials rather than the underlying book value of the firm.
As indicated by the provided financial data, the appearance of $31.0 million in deferred revenue in 2026Q1 masks the underlying lack of organic growth, as this figure represents non-cash accounting recognition of past collaboration milestones rather than a sustainable, recurring revenue stream from commercial product sales.
Investors should be cautious not to interpret the presence of deferred revenue as a sign of operational momentum, as it is inherently transactional and lumpy. This accounting treatment may temporarily inflate the balance sheet, but it does not alleviate the fundamental risk posed by the company's high cash burn and lack of a commercialized product.
Quick answers to the most common questions about buying PRLD stock.
As of 2025, Prelude Therapeutics Incorporated (PRLD) had total assets of $141.3M including $105.7M in current assets.
Prelude Therapeutics Incorporated (PRLD) carries total debt of $17.8M, offset by $103.2M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Prelude Therapeutics Incorporated (PRLD) has total shareholders' equity (book value) of $68.6M ($0.89 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Prelude Therapeutics Incorporated (PRLD) reported a current ratio of 1.99x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.