Prelude Therapeutics is a clinical-stage precision oncology company focused on discovering and developing targeted cancer medicines against specific driver mutations, particularly in cancers with limited treatment options. Prelude has no approved products and no product revenue. Its two lead programs are a mutant-selective JAK2V617F inhibitor (PRT12396) for myeloproliferative neoplasms, and a highly selective KAT6A protein degrader targeting ER-positive breast cancer. Both are expected to enter Phase 1 trials in 2026. The JAK2 program targets an allosteric site specific to the mutant form of JAK2, aiming to reduce mutant cell burden with less bone marrow toxicity than approved JAK inhibitors like ruxolitinib. The KAT6A degrader is designed to avoid the neutropenia caused by competing dual KAT6A/B inhibitors, potentially enabling better combinations with standard-of-care regimens. Beyond these lead programs, Prelude is developing degrader antibody conjugates targeting mutant calreticulin in MPN, and has paused its SMARCA2 degrader program to prioritize resources. Prelude's business model centers on partnering programs before commercialization: Incyte holds an option to acquire the JAK2 program for $100M, with up to $775M in additional milestones and royalties on net sales. Prelude also licenses its degrader payloads to AbCellera for use in antibody conjugates. The company relies on third-party contract manufacturers and has no commercial infrastructure, with management indicating a cash runway into 2027.