$PRLD
Prelude Therapeutics Inc

2023 Q3 Form 10-Q Financial Statement

#000095017023037611 Filed on August 03, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $7.120M $7.432M
YoY Change -5.28% -8.82%
% of Gross Profit
Research & Development $26.26M $24.97M
YoY Change 14.73% 17.16%
% of Gross Profit
Depreciation & Amortization $280.0K $281.0K
YoY Change -16.91% -11.64%
% of Gross Profit
Operating Expenses $33.39M $32.40M
YoY Change 9.8% 9.97%
Operating Profit -$33.39M -$32.40M
YoY Change 9.8% 9.97%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $2.777M $1.967M
YoY Change 519.87% -5.75%
Pretax Income -$30.61M -$30.43M
YoY Change 2.18% 11.17%
Income Tax
% Of Pretax Income
Net Earnings -$30.61M -$30.43M
YoY Change 2.17% 11.17%
Net Earnings / Revenue
Basic Earnings Per Share -$0.45 -$0.54
Diluted Earnings Per Share -$0.45 -$0.54
COMMON SHARES
Basic Shares Outstanding 54.81M 47.96M
Diluted Shares Outstanding 67.64M 56.24M

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $245.4M $255.0M
YoY Change 9.55% 3.53%
Cash & Equivalents $15.90M $26.45M
Short-Term Investments $229.6M $228.5M
Other Short-Term Assets $4.400M $5.221M
YoY Change 54.39% 125.14%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $234.9M $260.2M
YoY Change 3.54% 4.66%
LONG-TERM ASSETS
Property, Plant & Equipment $6.618M $6.082M
YoY Change 29.51% 41.94%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $16.50M $13.40M
YoY Change 83.95% 207.86%
Total Long-Term Assets $23.60M $20.40M
YoY Change 52.88% 95.58%
TOTAL ASSETS
Total Short-Term Assets $234.9M $260.2M
Total Long-Term Assets $23.60M $20.40M
Total Assets $258.5M $280.6M
YoY Change 6.68% 8.32%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.170M $5.585M
YoY Change -49.56% -10.97%
Accrued Expenses $11.25M $8.667M
YoY Change 13.36% 12.33%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $16.89M $15.19M
YoY Change -21.65% -3.93%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $3.361M $3.361M
YoY Change 0.03% 40.04%
Total Long-Term Liabilities $3.361M $3.361M
YoY Change 0.03% 40.04%
TOTAL LIABILITIES
Total Short-Term Liabilities $16.89M $15.19M
Total Long-Term Liabilities $3.361M $3.361M
Total Liabilities $20.25M $18.55M
YoY Change -18.72% 1.87%
SHAREHOLDERS EQUITY
Retained Earnings -$423.3M -$392.7M
YoY Change 38.38% 42.28%
Common Stock $662.2M $655.5M
YoY Change 25.96% 26.27%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $238.3M $262.1M
YoY Change
Total Liabilities & Shareholders Equity $258.5M $280.6M
YoY Change 6.68% 8.32%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income -$30.61M -$30.43M
YoY Change 2.17% 11.17%
Depreciation, Depletion And Amortization $280.0K $281.0K
YoY Change -16.91% -11.64%
Cash From Operating Activities -$25.69M -$27.67M
YoY Change 25.69% 49.82%
INVESTING ACTIVITIES
Capital Expenditures $590.0K $983.0K
YoY Change -164.41% -229.68%
Acquisitions
YoY Change
Other Investing Activities $15.63M -$74.44M
YoY Change -30.6% -514.98%
Cash From Investing Activities $15.05M -$75.43M
YoY Change -30.35% -539.01%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 90.00K 111.3M
YoY Change -39.19% 30913.65%
NET CHANGE
Cash From Operating Activities -25.69M -27.67M
Cash From Investing Activities 15.05M -75.43M
Cash From Financing Activities 90.00K 111.3M
Net Change In Cash -10.55M 8.245M
YoY Change -901.67% -988.47%
FREE CASH FLOW
Cash From Operating Activities -$25.69M -$27.67M
Capital Expenditures $590.0K $983.0K
Free Cash Flow -$26.28M -$28.65M
YoY Change 34.61% 61.78%

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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>
CY2023Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
26446000
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
30605000
CY2023Q2 us-gaap Restricted Cash
RestrictedCash
4044000
CY2022Q4 us-gaap Restricted Cash
RestrictedCash
4044000
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
30490000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
34649000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
12289832
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
9441721
us-gaap New Accounting Pronouncement Or Change In Accounting Principle Description
NewAccountingPronouncementOrChangeInAccountingPrincipleDescription
ASU 2020-06
CY2023Q2 us-gaap Change In Accounting Principle Accounting Standards Update Adopted
ChangeInAccountingPrincipleAccountingStandardsUpdateAdopted
true
CY2023Q2 us-gaap Change In Accounting Principle Accounting Standards Update Adoption Date
ChangeInAccountingPrincipleAccountingStandardsUpdateAdoptionDate
2023-01-01
CY2023Q2 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
229254000
CY2023Q2 prld Available For Sale Debt Securities Accumulated Gross Unrealized Gain Net Of Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainNetOfTax
17000
CY2023Q2 prld Available For Sale Debt Securities Accumulated Gross Unrealized Loss Net Of Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossNetOfTax
728000
CY2023Q2 us-gaap Available For Sale Securities Debt Securities Current
AvailableForSaleSecuritiesDebtSecuritiesCurrent
228543000
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
CY2023Q2 us-gaap Debt Securities Available For Sale Unrealized Loss Position Number Of Positions
DebtSecuritiesAvailableForSaleUnrealizedLossPositionNumberOfPositions
39
CY2023Q2 us-gaap Debt Securities Available For Sale Unrealized Loss Position
DebtSecuritiesAvailableForSaleUnrealizedLossPosition
199100000
CY2023Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
5043000
CY2022Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
5682000
CY2023Q2 prld Accrued Research And Development Liabilities Current
AccruedResearchAndDevelopmentLiabilitiesCurrent
2815000
CY2022Q4 prld Accrued Research And Development Liabilities Current
AccruedResearchAndDevelopmentLiabilitiesCurrent
6887000
CY2023Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
809000
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
524000
CY2023Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
8667000
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
13093000
CY2023Q2 prld Gross Proceeds From Issuance Of Common Stock And Prefunded Warrants
GrossProceedsFromIssuanceOfCommonStockAndPrefundedWarrants
113000000.0
CY2023Q2 prld Offering Costs Incurred
OfferingCostsIncurred
2600000
CY2023Q2 us-gaap Deferred Offering Costs
DeferredOfferingCosts
300000
prld Proceeds From Issuance Of Common Stock And Pre Funded Warrants Net
ProceedsFromIssuanceOfCommonStockAndPreFundedWarrantsNet
110400000
CY2023Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
938000
CY2023Q2 us-gaap Prepaid Rent
PrepaidRent
9000000.0
prld Reimbursements For Development Of Lab Space
ReimbursementsForDevelopmentOfLabSpace
5500000
prld Reimbursements For Development Of Lab Space Period
ReimbursementsForDevelopmentOfLabSpacePeriod
P3Y
prld Reimbursements For Development Of Lab Space Expiration Year
ReimbursementsForDevelopmentOfLabSpaceExpirationYear
2023
prld Additional Grant For Development Of Lab Space
AdditionalGrantForDevelopmentOfLabSpace
1000000.0
prld Grant For Development Of Lab Space
GrantForDevelopmentOfLabSpace
3400000
CY2023Q2 prld Rent Expense
RentExpense
600000
CY2022Q2 prld Rent Expense
RentExpense
600000
prld Rent Expense
RentExpense
1100000
prld Rent Expense
RentExpense
1100000
us-gaap Defined Contribution Plan Maximum Annual Contributions Per Employee Percent
DefinedContributionPlanMaximumAnnualContributionsPerEmployeePercent
1
us-gaap Defined Contribution Plan Employer Matching Contribution Percent
DefinedContributionPlanEmployerMatchingContributionPercent
0.03
CY2023Q2 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
200000
CY2022Q2 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
100000
us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
400000
us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
300000
prld Number Of Equity Incentive Plans
NumberOfEquityIncentivePlans
2
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6733000
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6028000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
12989000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
12857000
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
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
2977898
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
6.91
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
17685
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
1.77
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
267355
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
17.72
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
12083788
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
10.70
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y3M
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
4941993
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
11.56
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P7Y3M10D
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
5400000
CY2023Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
4800000
CY2023Q2 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Outstanding Options
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfOutstandingOptions
12083788
CY2023Q2 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Exercisable Options
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfExercisableOptions
4941993

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