Revenue remains highly volatile with quarterly figures fluctuating between zero and $6.5 million, while R&D costs consistently exceed $25 million per quarter, driving deep operating losses like the -$14.2 million reported in 2026Q1.
| Sales/Revenue | 16.72M | 12.14M | 7M | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | 138.86% | 73.43% | - | - | - | - | - | - | - |
| Cost of Goods Sold | 391K | 1.71M | 0 | 0 | 0 | 0 | 0 | 0 | 149K |
| COGS % of Revenue | - | 14.09% | - | - | - | - | - | - | - |
| Gross Profit | 16.33M | 10.43M | 7M | 0 | 0 | 0 | 0 | 0 | -149K |
| Gross Margin % | 97.66% | 85.91% | 100% | - | - | - | - | - | - |
| Gross Profit Growth % | - | 48.99% | - | - | - | - | - | 100% | - |
| Operating Expenses | 100.47M | 115M | 146.71M | 132.28M | 123.54M | 113.73M | 58.76M | 28.11M | 14.97M |
| OpEx % of Revenue | - | 947.24% | 2095.91% | - | - | - | - | - | - |
| Selling, General & Admin | 21.38M | 22.41M | 28.72M | 28.88M | 30.65M | 26.96M | 10.59M | 3.83M | 2.35M |
| SG&A % of Revenue | - | 184.56% | 410.27% | - | - | - | - | - | - |
| Research & Development | 79.08M | 94.3M | 118M | 103.39M | 92.89M | 86.78M | 48.18M | 24.28M | 12.62M |
| R&D % of Revenue | - | 776.77% | 1685.64% | - | - | - | - | - | - |
| Other Operating Expenses | 0 | -1.71M | 0 | -1 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -84.14M | -104.57M | -139.71M | -132.28M | -123.54M | -113.73M | -58.76M | -28.11M | -14.97M |
| Operating Margin % | -503.21% | -861.33% | -1995.91% | - | - | - | - | - | - |
| Operating Income Growth % | - | 25.16% | -5.62% | -7.07% | -8.62% | -93.55% | -109.05% | -87.71% | - |
| EBITDA | -82.47M | -102.86M | -137.94M | -131.11M | -122.22M | -112.82M | -58.22M | -27.73M | -14.83M |
| EBITDA Margin % | -493.24% | -847.24% | -1970.6% | - | - | - | - | - | - |
| EBITDA Growth % | 40.32% | 25.44% | -5.21% | -7.28% | -8.33% | -93.78% | -109.98% | -87.02% | - |
| D&A (Non-Cash Add-back) | 1.67M | 1.71M | 1.77M | 1.17M | 1.32M | 915K | 542K | 382K | 149K |
| EBIT | -84.14M | -104.57M | -139.71M | -132.28M | -123.54M | -113.73M | -58.76M | -28.11M | -14.97M |
| Net Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 6.34M | 5.07M | 12.54M | 10.44M | 8.1M | 2.04M | 1.83M | 539K | 295K |
| Pretax Income | -77.8M | -99.5M | -127.17M | -121.83M | -115.44M | -111.69M | -56.93M | -27.57M | -14.68M |
| Pretax Margin % | -465.3% | -819.59% | -1816.76% | - | - | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -77.8M | -99.5M | -127.17M | -121.83M | -115.44M | -111.69M | -56.93M | -27.57M | -14.68M |
| Net Margin % | -465.3% | -819.59% | -1816.76% | - | - | - | - | - | - |
| Net Income Growth % | 39.14% | 21.76% | -4.38% | -5.54% | -3.35% | -96.2% | -106.49% | -87.81% | - |
| Net Income (Continuing) | -77.8M | -99.5M | -127.17M | -121.83M | -115.44M | -111.69M | -56.93M | -27.57M | -14.68M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.94 | -1.29 | -1.68 | -2.02 | -2.27 | -2.33 | -1.30 | -0.85 | -9.31 |
| EPS Growth % | 37.28% | 23.21% | 16.83% | 11.01% | 2.58% | -79.23% | -52.94% | 90.87% | - |
| EPS (Basic) | - | -1.29 | -1.68 | -2.02 | -2.27 | -2.33 | -1.30 | -0.85 | -9.31 |
| Diluted Shares Outstanding | 82.52M | 76.96M | 75.81M | 60.36M | 47.37M | 47.6M | 43.71M | 32.4M | 1.58M |
| Basic Shares Outstanding | 82.52M | 76.96M | 75.81M | 60.36M | 47.37M | 47.6M | 43.71M | 32.4M | 1.58M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Critical cash runway deficiency
As reported in financial statements, Prelude's revenue trajectory remains highly erratic, characterized by intermittent milestone recognition rather than consistent commercial growth, with quarterly figures fluctuating between zero and $6.5 million over the last ten periods, reflecting the inherent volatility of a pre-commercial biotechnology business model.
The absence of recurring product revenue suggests that top-line growth is entirely dependent on the timing of collaboration milestones. Investors should interpret these revenue spikes as accounting events rather than indicators of sustainable market demand or operational momentum.
Based on the company's reported figures, R&D expenses remain the primary driver of the cost structure, consistently consuming the vast majority of capital with quarterly outlays frequently exceeding $25 million, which underscores the significant financial burden of maintaining a pipeline of early-stage clinical oncology assets.
The high R&D-to-revenue ratio highlights the company's reliance on external financing to fund its clinical programs. This cost structure appears rigid, as management has limited ability to scale down these essential research expenditures without jeopardizing the viability of its core therapeutic candidates.
According to recent SEC filings, Prelude's operating leverage is currently non-existent, as the company continues to report substantial quarterly operating losses, such as the $14.2 million deficit in 2026Q1, which demonstrates that clinical development costs are scaling far faster than any realized collaboration-based income.
The lack of operating leverage is typical for this stage of development, but the persistent gap between expenses and revenue suggests that the company is far from achieving self-sustaining operations. This trend warrants close monitoring to determine if future clinical milestones can meaningfully offset the ongoing burn.
As indicated by the provided financial data, the company's cash position of approximately $35 million against high quarterly operating losses suggests a precarious financial runway, raising significant questions regarding the firm's ability to fund its extensive clinical trial roadmap without further dilutive equity financing.
Short-term liquidity concerns appear to be the most pressing risk, as the current burn rate may necessitate a capital raise in the near future. Investors should consider whether the current pipeline valuation adequately accounts for the high probability of shareholder dilution required to maintain operations.
Quick answers to the most common questions about buying PRLD stock.
For fiscal year 2025, Prelude Therapeutics Incorporated (PRLD) reported total revenue of $12.1M.
Prelude Therapeutics Incorporated (PRLD) reported a net loss of $99.5M for the fiscal year ending 2025.
Prelude Therapeutics Incorporated (PRLD) reported an operating income of $-104.6M, resulting in an operating profit margin of -861.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Prelude Therapeutics Incorporated (PRLD) generated $10.4M in gross profit for the year, representing a gross profit margin of 85.9%. This demonstrates the company's core pricing power and production efficiency.