$PRLD
Prelude Therapeutics Inc

2023 Q4 Form 10-Q Financial Statement

#000095017023057523 Filed on November 01, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $7.047M $7.120M
YoY Change -6.24% -5.28%
% of Gross Profit
Research & Development $30.33M $26.26M
YoY Change 17.25% 14.73%
% of Gross Profit
Depreciation & Amortization $329.0K $280.0K
YoY Change -9.12% -16.91%
% of Gross Profit
Operating Expenses $37.38M $33.39M
YoY Change 11.96% 9.8%
Operating Profit -$33.39M
YoY Change 9.8%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $4.304M $2.777M
YoY Change -9.27% 519.87%
Pretax Income -$33.08M -$30.61M
YoY Change 15.48% 2.18%
Income Tax
% Of Pretax Income
Net Earnings -$33.08M -$30.61M
YoY Change 15.48% 2.17%
Net Earnings / Revenue
Basic Earnings Per Share -$0.45
Diluted Earnings Per Share -$0.48 -$0.45
COMMON SHARES
Basic Shares Outstanding 54.83M 54.81M
Diluted Shares Outstanding 67.64M

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $232.9M $245.4M
YoY Change 15.47% 9.55%
Cash & Equivalents $25.29M $15.90M
Short-Term Investments $207.6M $229.6M
Other Short-Term Assets $2.654M $4.400M
YoY Change 0.08% 54.39%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $235.6M $234.9M
YoY Change 15.27% 3.54%
LONG-TERM ASSETS
Property, Plant & Equipment $7.325M $6.618M
YoY Change 49.25% 29.51%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $4.339M $16.50M
YoY Change -53.94% 83.95%
Total Long-Term Assets $42.08M $23.60M
YoY Change 161.02% 52.88%
TOTAL ASSETS
Total Short-Term Assets $235.6M $234.9M
Total Long-Term Assets $42.08M $23.60M
Total Assets $277.7M $258.5M
YoY Change 25.93% 6.68%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.580M $5.170M
YoY Change -32.42% -49.56%
Accrued Expenses $15.77M $11.25M
YoY Change 20.43% 13.36%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $21.83M $16.89M
YoY Change 0.59% -21.65%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $3.339M $3.361M
YoY Change -0.65% 0.03%
Total Long-Term Liabilities $3.339M $3.361M
YoY Change -0.65% 0.03%
TOTAL LIABILITIES
Total Short-Term Liabilities $21.83M $16.89M
Total Long-Term Liabilities $3.339M $3.361M
Total Liabilities $40.58M $20.25M
YoY Change 61.89% -18.72%
SHAREHOLDERS EQUITY
Retained Earnings -$456.4M -$423.3M
YoY Change 36.4% 38.38%
Common Stock $693.3M $662.2M
YoY Change 30.39% 25.96%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $237.1M $238.3M
YoY Change
Total Liabilities & Shareholders Equity $277.7M $258.5M
YoY Change 25.93% 6.68%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income -$33.08M -$30.61M
YoY Change 15.48% 2.17%
Depreciation, Depletion And Amortization $329.0K $280.0K
YoY Change -9.12% -16.91%
Cash From Operating Activities -$23.57M -$25.69M
YoY Change 2.82% 25.69%
INVESTING ACTIVITIES
Capital Expenditures $1.133M $590.0K
YoY Change 188.3% -164.41%
Acquisitions
YoY Change
Other Investing Activities $8.867M $15.63M
YoY Change 407.27% -30.6%
Cash From Investing Activities $7.734M $15.05M
YoY Change 470.77% -30.35%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 25.24M 90.00K
YoY Change 16180.65% -39.19%
NET CHANGE
Cash From Operating Activities -23.57M -25.69M
Cash From Investing Activities 7.734M 15.05M
Cash From Financing Activities 25.24M 90.00K
Net Change In Cash 9.396M -10.55M
YoY Change -143.87% -901.67%
FREE CASH FLOW
Cash From Operating Activities -$23.57M -$25.69M
Capital Expenditures $1.133M $590.0K
Free Cash Flow -$24.71M -$26.28M
YoY Change 5.94% 34.61%

Facts In Submission

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35872000
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
19940000
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
56066000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
928000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
254000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
323000
prld Offering Costs In Accrued Expenses And Other Current Liabilities
OfferingCostsInAccruedExpensesAndOtherCurrentLiabilities
28000
prld Offering Costs In Accounts Payable
OfferingCostsInAccountsPayable
34000
prld Unrealized Gain Loss On Marketable Securities
UnrealizedGainLossOnMarketableSecurities
1087000
prld Unrealized Gain Loss On Marketable Securities
UnrealizedGainLossOnMarketableSecurities
-1652000
CY2023Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-423300000
us-gaap Use Of Estimates
UseOfEstimates
<p style="margin-left:4.253%;text-indent:0;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Use of estimates</span></p><p style="text-indent:4.253%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;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:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;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>
CY2022Q4 prld Accrued Research And Development Liabilities Current
AccruedResearchAndDevelopmentLiabilitiesCurrent
6887000
CY2023Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
819000
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
524000
CY2023Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
11248000
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
13093000
CY2023Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
15896000
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
30605000
CY2023Q3 us-gaap Restricted Cash
RestrictedCash
4044000
CY2022Q4 us-gaap Restricted Cash
RestrictedCash
4044000
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
19940000
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
12376854
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
9686053
CY2023Q2 prld Gross Proceeds From Issuance Of Common Stock And Prefunded Warrants
GrossProceedsFromIssuanceOfCommonStockAndPrefundedWarrants
113000000
CY2023Q3 us-gaap Change In Accounting Principle Accounting Standards Update Early Adoption
ChangeInAccountingPrincipleAccountingStandardsUpdateEarlyAdoption
true
CY2023Q3 us-gaap Change In Accounting Principle Accounting Standards Update Adopted
ChangeInAccountingPrincipleAccountingStandardsUpdateAdopted
true
CY2023Q3 us-gaap Change In Accounting Principle Accounting Standards Update Adoption Date
ChangeInAccountingPrincipleAccountingStandardsUpdateAdoptionDate
2023-01-01
CY2023Q3 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
230158000
CY2023Q3 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
11000
CY2023Q3 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
616000
CY2023Q3 us-gaap Available For Sale Securities Debt Securities Current
AvailableForSaleSecuritiesDebtSecuritiesCurrent
229553000
CY2022Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
198811000
CY2022Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
7000
CY2022Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
1699000
CY2022Q4 us-gaap Available For Sale Securities Debt Securities Current
AvailableForSaleSecuritiesDebtSecuritiesCurrent
197119000
CY2023Q3 us-gaap Debt Securities Available For Sale Unrealized Loss Position Number Of Positions
DebtSecuritiesAvailableForSaleUnrealizedLossPositionNumberOfPositions
49
CY2023Q3 us-gaap Debt Securities Available For Sale Unrealized Loss Position
DebtSecuritiesAvailableForSaleUnrealizedLossPosition
193400000
CY2023Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
6982000
CY2022Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
5682000
CY2023Q3 prld Accrued Research And Development Liabilities Current
AccruedResearchAndDevelopmentLiabilitiesCurrent
3447000
CY2023Q2 prld Offering Costs Incurred
OfferingCostsIncurred
2600000
CY2023Q2 us-gaap Deferred Offering Costs
DeferredOfferingCosts
300000
CY2023Q2 prld Proceeds From Issuance Of Common Stock And Pre Funded Warrants Net
ProceedsFromIssuanceOfCommonStockAndPreFundedWarrantsNet
110400000
CY2023Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
475000
CY2023Q3 us-gaap Prepaid Rent
PrepaidRent
12200000
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
prld Grant For Development Of Lab Space
GrantForDevelopmentOfLabSpace
3400000
CY2023Q3 prld Rent Expense
RentExpense
500000
CY2022Q3 prld Rent Expense
RentExpense
500000
prld Rent Expense
RentExpense
1600000
prld Rent Expense
RentExpense
1600000
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
CY2022Q3 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
100000
CY2023Q3 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
100000
us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
500000
us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
400000
prld Number Of Equity Incentive Plans
NumberOfEquityIncentivePlans
2
CY2023Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6715000
CY2022Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6442000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
19704000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
19299000
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
3091898
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
6.82
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
330938
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
15.59
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
12134205
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
10.66
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y3D
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
5583116
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
11.55
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P7Y1M20D
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
2600000
CY2023Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
2400000
CY2023Q3 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Outstanding Options
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfOutstandingOptions
12134205
CY2023Q3 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Exercisable Options
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfExercisableOptions
5583116

Files In Submission

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FilingSummary.xml Edgar Link unprocessable
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0000950170-23-057523-index.html Edgar Link pending
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Financial_Report.xlsx Edgar Link pending
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prld-20230930.htm Edgar Link pending
prld-20230930.xsd Edgar Link pending
prld-ex31_1.htm Edgar Link pending
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prld-20230930_lab.xml Edgar Link unprocessable
prld-20230930_def.xml Edgar Link unprocessable
prld-20230930_pre.xml Edgar Link unprocessable
prld-20230930_htm.xml Edgar Link completed
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