Prelude Therapeutics
PRLD on Nasdaq. Pharmaceutical preparations. Market value $301m.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
Nothing stands out yet.
See Health care stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-10.94 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: not known. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
$3.81 a share, 231% above its 1-year low
Over the past year the price has ranged from $1.15 to $6.83.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
Spare cash swings from quarter to quarter here: a shortfall of $33 million in the past 12 months, a shortfall of $56 million in the year to December 2025.
| Revenue | |||||
| Revenue | n/a | n/a | n/a | $7m | $12m |
| Operating margin | |||||
| Operating margin | n/a | n/a | n/a | -1995.9% | -861.3% |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.05bn | 0.05bn | 0.06bn | 0.06bn | 0.08bn |
Health checks
- Free cash flow positive0 of 5 years
- Accounting checksSkipped: company is not yet profitable
- DebtUnknown
- Revenue growth, five yearsUnknown
- Buying back its own sharesNo, 67% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- A loss of $14 million, compared with a loss of $31 million a year ago.
- It loses 301 cents on each $1 of sales, compared with 1929 cents a year earlier.
- Over the past 12 months it spent $33 million more cash than it brought in, compared with $109 million a year earlier.
- 29% more shares than a year ago. Each share owns a bit less of the company.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $3m |
| December 2024 | $4m |
| March 2025 | $0 |
| June 2025 | $0 |
| September 2025 | $7m |
| December 2025 | $6m |
| March 2026 | $5m |
| June 2026 | $6m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$32m |
| December 2024 | -$29m |
| March 2025 | -$32m |
| June 2025 | -$31m |
| September 2025 | -$20m |
| December 2025 | -$16m |
| March 2026 | -$10m |
| June 2026 | -$14m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 10 March 2026
- Next quarterly (estimated, 10-Q)
- 10 November 2026
Who owns it
None of the long-term investors we follow own it. 75 funds in all.
Largest holders overall
- Orbimed Advisors$73mAdded
- Baker Bros. Advisors LP$54m
- RA Capital Management, L.P.$35mNew
- Soleus Capital Management, L.P.$18mNew
- Kynam Capital Management, LP$13mAdded
- Vanguard Capital Management$11mAdded
- BlackRock$10mAdded
- Sphera Funds Management$5mAdded
- TWO Sigma Investments, LP$5mAdded
- ADAR1 Capital Management$5mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
6 investors own more than 5%.
- ORBIMED ADVISORS LLCPassive investorat least 16.0%(filed with 3 related holders)Since 21 April 2026
What they said
The Reporting Persons from time to time intend to review their investment in the Issuer on the basis of various factors, including the Issuer's business, financial condition, results of operations and prospects, general economic and industry conditions, the securities markets in…
Read the filing - Baker Bros. Advisors LPPassive investorat least 15.5%−8.0 pts(filed with 3 related holders)Since 20 April 2026
What they said
Item 4 of Schedule 13D is supplemented and amended, as the case may be, as follows: The disclosure in Item 6 below is incorporated herein by reference. On April 20, 2026, Prelude Therapeutics Incorporated (the "Issuer") entered into an underwriting agreement (the "Underwriting…
Read the filing - Vaddi KrishnaPassive investor13.2%−0.7 ptsSince 31 December 2025
- RA Capital Management, L.P.Passive investorat least 9.9%(filed with 3 related holders)Since 21 April 2026
- INCYTE CORPPassive investor9.9%Since 3 November 2025
- Soleus Capital Management, L.P.Passive investorat least 5.2%(filed with 8 related holders)Since 21 April 2026
- Deerfield Mgmt, L.P.Passive investorSold down below 5%Since 31 December 2024
| Holder | Stake | Since | |
|---|---|---|---|
ORBIMED ADVISORS LLC Passive investor | at least 16.0% (filed with 3 related holders) | 21 April 2026 | What they saidThe Reporting Persons from time to time intend to review their investment in the Issuer on the basis of various factors, including the Issuer's business, financial condition, results of operations and prospects, general economic and industry conditions, the securities markets in… Read the filing |
Baker Bros. Advisors LP Passive investor | at least 15.5%−8.0 pts (filed with 3 related holders) | 20 April 2026 | What they saidItem 4 of Schedule 13D is supplemented and amended, as the case may be, as follows: The disclosure in Item 6 below is incorporated herein by reference. On April 20, 2026, Prelude Therapeutics Incorporated (the "Issuer") entered into an underwriting agreement (the "Underwriting… Read the filing |
Vaddi Krishna Passive investor | 13.2%−0.7 pts | 31 December 2025 | |
RA Capital Management, L.P. Passive investor | at least 9.9% (filed with 3 related holders) | 21 April 2026 | |
INCYTE CORP Passive investor | 9.9% | 3 November 2025 | |
Soleus Capital Management, L.P. Passive investor | at least 5.2% (filed with 8 related holders) | 21 April 2026 | |
Deerfield Mgmt, L.P. Passive investor | Sold down below 5% | 31 December 2024 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 2 insiders bought $25m of shares on the open market.
- Bonita David PDirectorBought
- Date
- 21 April 2026
- Shares
- 2,815,315
- Price
- $4.44
- Value
- $12m
- OrbiMed Genesis GP LLCDirectorBought
- Date
- 21 April 2026
- Shares
- 2,815,315
- Price
- $4.44
- Value
- $12m
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 21 April 2026 | Bonita David P Director | Bought | 2,815,315 | $4.44 | $12m |
| 21 April 2026 | OrbiMed Genesis GP LLC Director | Bought | 2,815,315 | $4.44 | $12m |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 10 Mar 2026, plus the 10-Q filed 11 Aug 2026 and 8 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.