$PRLD
Prelude Therapeutics Inc

2023 Q2 Form 10-Q Financial Statement

#000095017023018478 Filed on May 08, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $7.432M $7.281M $7.467M
YoY Change -8.82% -2.49% 35.76%
% of Gross Profit
Research & Development $24.97M $21.83M $22.82M
YoY Change 17.16% -4.32% 38.56%
% of Gross Profit
Depreciation & Amortization $281.0K $278.0K $307.0K
YoY Change -11.64% -9.45% 91.88%
% of Gross Profit
Operating Expenses $32.40M $29.12M $30.29M
YoY Change 9.97% -3.87% 37.88%
Operating Profit -$32.40M -$29.12M -$30.29M
YoY Change 9.97% -3.87% 37.88%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $1.967M $1.397M $823.0K
YoY Change -5.75% 69.74% 23.39%
Pretax Income -$30.43M -$27.72M -$29.47M
YoY Change 11.17% -5.93% 38.33%
Income Tax
% Of Pretax Income
Net Earnings -$30.43M -$27.72M -$29.47M
YoY Change 11.17% -5.93% 38.33%
Net Earnings / Revenue
Basic Earnings Per Share -$0.54 -$0.58 -$0.63
Diluted Earnings Per Share -$0.54 -$0.58 -$626.0K
COMMON SHARES
Basic Shares Outstanding 47.96M 47.91M 47.07M
Diluted Shares Outstanding 56.24M 47.74M 47.07M

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $255.0M $172.3M $266.2M
YoY Change 3.53% -35.29% -26.67%
Cash & Equivalents $26.45M $18.20M $51.63M
Short-Term Investments $228.5M $154.1M $214.6M
Other Short-Term Assets $5.221M $3.008M $3.783M
YoY Change 125.14% -20.49% 89.15%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $260.2M $175.3M $270.0M
YoY Change 4.66% -35.08% -26.04%
LONG-TERM ASSETS
Property, Plant & Equipment $6.082M $5.371M $6.346M
YoY Change 41.94% -15.36% 141.57%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $13.40M $16.33M $4.353M
YoY Change 207.86% 275.05%
Total Long-Term Assets $20.40M $23.06M $10.70M
YoY Change 95.58% 115.51% 122.29%
TOTAL ASSETS
Total Short-Term Assets $260.2M $175.3M $270.0M
Total Long-Term Assets $20.40M $23.06M $10.70M
Total Assets $280.6M $198.3M $280.7M
YoY Change 8.32% -29.34% -24.11%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.585M $7.082M $7.390M
YoY Change -10.97% -4.17% 52.62%
Accrued Expenses $8.667M $11.19M $6.820M
YoY Change 12.33% 64.08% 10.37%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $15.19M $19.66M $16.07M
YoY Change -3.93% 22.36% 29.34%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $3.361M $3.361M $2.790M
YoY Change 40.04% 20.47% 248.75%
Total Long-Term Liabilities $3.361M $3.361M $2.790M
YoY Change 40.04% 20.47% 248.75%
TOTAL LIABILITIES
Total Short-Term Liabilities $15.19M $19.66M $16.07M
Total Long-Term Liabilities $3.361M $3.361M $2.790M
Total Liabilities $18.55M $23.02M $18.86M
YoY Change 1.87% 22.08% 42.18%
SHAREHOLDERS EQUITY
Retained Earnings -$392.7M -$362.3M -$248.6M
YoY Change 42.28% 45.74% 93.12%
Common Stock $655.5M $538.0M
YoY Change 26.27%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $262.1M $175.3M $261.8M
YoY Change
Total Liabilities & Shareholders Equity $280.6M $198.3M $280.7M
YoY Change 8.32% -29.34% -24.11%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$30.43M -$27.72M -$29.47M
YoY Change 11.17% -5.93% 38.33%
Depreciation, Depletion And Amortization $281.0K $278.0K $307.0K
YoY Change -11.64% -9.45% 91.88%
Cash From Operating Activities -$27.67M -$30.13M -$21.90M
YoY Change 49.82% 37.63% 35.63%
INVESTING ACTIVITIES
Capital Expenditures $983.0K $810.0K $952.0K
YoY Change -229.68% -14.92% -3.45%
Acquisitions
YoY Change
Other Investing Activities -$74.44M $18.81M $42.50M
YoY Change -514.98% -55.74%
Cash From Investing Activities -$75.43M $18.00M $41.55M
YoY Change -539.01% -56.68% -4313.79%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 111.3M -269.0K 153.0K
YoY Change 30913.65% -275.82% -99.91%
NET CHANGE
Cash From Operating Activities -27.67M -30.13M -21.90M
Cash From Investing Activities -75.43M 18.00M 41.55M
Cash From Financing Activities 111.3M -269.0K 153.0K
Net Change In Cash 8.245M -12.40M 19.81M
YoY Change -988.47% -162.63% -86.31%
FREE CASH FLOW
Cash From Operating Activities -$27.67M -$30.13M -$21.90M
Capital Expenditures $983.0K $810.0K $952.0K
Free Cash Flow -$28.65M -$30.94M -$22.85M
YoY Change 61.78% 35.44% 33.38%

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<p style="margin-left:4.253%;text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">Use of estimates</span></p><p style="text-indent:4.253%;font-size:10.0pt;margin-top:12.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The preparation of the unaudited interim financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and contingent liabilities at the date of the unaudited interim financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates.</span></p><p style="text-indent:4.267%;font-size:10.0pt;margin-top:12.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Estimates and assumptions are periodically reviewed and the effects of the revisions are reflected in the accompanying unaudited interim financial statements in the period they are determined to be necessary. The most significant estimate relates to accrued clinical trial expenses.</span></p>
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34649000
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
12215075
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
9115785
CY2023Q1 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
154452000
CY2023Q1 prld Available For Sale Debt Securities Accumulated Gross Unrealized Gain Net Of Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainNetOfTax
387000
CY2023Q1 prld Available For Sale Debt Securities Accumulated Gross Unrealized Loss Net Of Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossNetOfTax
785000
CY2023Q1 us-gaap Available For Sale Securities Debt Securities Current
AvailableForSaleSecuritiesDebtSecuritiesCurrent
154054000
CY2022Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
172815000
CY2022Q4 prld Available For Sale Debt Securities Accumulated Gross Unrealized Gain Net Of Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainNetOfTax
7000
CY2022Q4 prld Available For Sale Debt Securities Accumulated Gross Unrealized Loss Net Of Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossNetOfTax
1699000
CY2022Q4 us-gaap Available For Sale Securities Debt Securities Current
AvailableForSaleSecuritiesDebtSecuritiesCurrent
171123000
CY2023Q1 us-gaap Debt Securities Available For Sale Unrealized Loss Position Number Of Positions
DebtSecuritiesAvailableForSaleUnrealizedLossPositionNumberOfPositions
17
CY2023Q1 us-gaap Debt Securities Available For Sale Unrealized Loss Position
DebtSecuritiesAvailableForSaleUnrealizedLossPosition
138500000
CY2023Q1 prld Number Of Equity Incentive Plans
NumberOfEquityIncentivePlans
2
CY2023Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
3111000
CY2022Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
5682000
CY2023Q1 prld Accrued Research And Development Liabilities Current
AccruedResearchAndDevelopmentLiabilitiesCurrent
7191000
CY2022Q4 prld Accrued Research And Development Liabilities Current
AccruedResearchAndDevelopmentLiabilitiesCurrent
6887000
CY2023Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
888000
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
524000
CY2023Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
11190000
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
13093000
CY2023Q1 us-gaap Prepaid Rent
PrepaidRent
6500000
CY2023Q1 prld Reimbursements For Development Of Lab Space
ReimbursementsForDevelopmentOfLabSpace
5500000
CY2023Q1 prld Reimbursements For Development Of Lab Space Period
ReimbursementsForDevelopmentOfLabSpacePeriod
P3Y
CY2023Q1 prld Reimbursements For Development Of Lab Space Expiration Year
ReimbursementsForDevelopmentOfLabSpaceExpirationYear
2023
CY2023Q1 prld Additional Grant For Development Of Lab Space
AdditionalGrantForDevelopmentOfLabSpace
1000000.0
CY2023Q1 prld Grant For Development Of Lab Space
GrantForDevelopmentOfLabSpace
3400000
CY2023Q1 prld Rent Expense
RentExpense
500000
CY2022Q1 prld Rent Expense
RentExpense
500000
CY2023Q1 us-gaap Defined Contribution Plan Maximum Annual Contributions Per Employee Percent
DefinedContributionPlanMaximumAnnualContributionsPerEmployeePercent
1
CY2023Q1 us-gaap Defined Contribution Plan Employer Matching Contribution Percent
DefinedContributionPlanEmployerMatchingContributionPercent
0.03
CY2023Q1 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
200000
CY2022Q1 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
200000
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6256000
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6829000
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
9390930
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
12.08
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y3M21D
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
2691898
CY2023Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
7.02
CY2023Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
15974
CY2023Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
1.77
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
198834
CY2023Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
19.69
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
11868020
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
10.82
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y5M19D
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
4106669
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
12.07
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P7Y3M29D
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
9100000
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
6600000
CY2023Q1 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Outstanding Options
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfOutstandingOptions
11868020
CY2023Q1 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Exercisable Options
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfExercisableOptions
4106669

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