Prelude Therapeutics (Nasdaq: PRLD) presented preclinical data at the American Society of Hematology 2025 meeting for two myeloproliferative neoplasm programs: a JAK2V617F‑selective JH2 inhibitor (PRT12396) and mutant CALR‑targeted degrader antibody conjugates (DACs) bearing a CDK9 degrader payload.
Key points: PRT12396 selectively inhibited the JAK2V617F mutant while sparing wild‑type JAK2 signaling, demonstrated superior activity to ruxolitinib in preclinical models, completed GLP toxicology, and is slated for an IND filing and Phase 1 start in the first quarter of 2026. The JAK2 program is covered by an exclusive option agreement with Incyte announced in November 2025. The mutant CALR × CDK9 DACs achieved deep, mutant‑selective CDK9 degradation, produced potent killing of CALR‑mutant cells in vitro and in vivo, and left healthy hematopoietic cells largely untouched, supporting a disease‑modifying therapeutic potential.
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Positive
- GLP toxicology completed for PRT12396, clearing the path for IND filing.
- IND filing and Phase 1 start planned for Q1 2026.
- PRT12396 shows mutant‑selective inhibition and outperforms ruxolitinib in preclinical assays.
- Mutant CALR × CDK9 DACs deliver deep, mutant‑selective killing and demonstrate in‑vivo efficacy.
- JAK2 program secured under an exclusive option with Incyte (Nov 2025).
Negative
- Both programs remain preclinical; human safety and efficacy data are not yet available.
- IND and Phase 1 timelines are projected, not confirmed regulatory milestones.
Key Figures
IND timing PRT12396
First quarter 2026
Planned IND filing and Phase 1 start for JAK2V617F inhibitor
JAK2V617F in PV
95%
Share of polycythemia vera patients with the mutation
JAK2V617F in ET
60%
Share of essential thrombocythemia patients with the mutation
JAK2V617F in MF
55%
Share of myelofibrosis patients with the mutation
mCALR in MF/ET
25–35%
Estimated fraction of patients with mutant CALR
Price move
-5.19%
24‑hour change before this data release
52‑week range
$0.6101–$4.22
Low and high over the past year
Market cap
$96.8 million
Equity value at the time of release
Market Reality Check
$1.46
Last Close
Volume
Volume 291,021 is below the 20‑day average of 513,208 (relative volume 0.57).
low
Technical
Shares at $1.46 trade above the $1.05 200‑day moving average but remain 65.4% below the 52‑week high.
Peers on Argus
Peer movements were mixed: ANL fell 18.55%, INKT down 6.28%, while BYSI rose 5.29% and OSTX gained 1.59%, suggesting Prelude’s 5.19% decline is stock‑specific rather than sector‑wide.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 12 | Earnings and update | Positive | +8.9% | Q3 2025 results, extended cash runway, pipeline timing updates. |
| Nov 04 | Strategic update | Positive | -55.8% | Incyte option, KAT6A prioritization, SMARCA2 pause, cash runway commentary. |
| Nov 04 | Incyte option deal | Positive | -55.8% | Exclusive JAK2V617F option agreement with Incyte and potential milestones. |
| Nov 03 | ASH abstracts | Positive | +150.3% | Preclinical ASH data for JAK2V617F inhibitor and mCALR‑targeted DACs. |
| Oct 17 | Board change | Neutral | -9.2% | Appointment of new director and Audit Committee chair. |
News reactions have been volatile: sharp sell‑offs on partnership news, a 150% rally on ASH abstracts, and mixed responses to corporate updates.
Prelude’s narrative over the past months has revolved around financing, strategic focus, and the development of its JAK2V617F and degrader platforms. An Incyte option deal on JAK2V617F and a strategic update on Nov 4 triggered a sharp sell‑off despite substantial upside potential. The release of ASH abstracts on Nov 3 drove a 150% surge, underscoring market sensitivity to MPN data. Q3 results on Nov 12 highlighted improved cash visibility and yielded an 8.9% gain. Today’s detailed ASH data further advances the same therapeutic themes.
Market Pulse Summary
Prelude’s new preclinical data showcase a JAK2V617F‑selective inhibitor (PRT12396) and mutant CALR‑directed DACs that aim to modify disease course in myeloproliferative neoplasms. An IND filing is slated for early 2026, and the JAK2 program is tied to an exclusive option with Incyte. Investors will be watching for IND acceptance, first‑in‑human safety signals, and further efficacy read‑outs from the CALR‑targeted DACs as key value‑creation milestones.
Key Terms
Myeloproliferative neoplasms
medical
Myeloproliferative neoplasms (MPNs) are a group of blood cancers in which the bone marrow overproduces one or more types of blood cells, leading to abnormal cell counts, splenomegaly, and risk of progression to acute leukemia. The unmet clinical need stems from limited disease‑modifying agents; current JAK inhibitors provide symptomatic relief but rarely reduce mutant allele burden.
AI-generated analysis. Not financial advice.
First disclosure of PRT12396, a JAK2V617F‑selective JH2 inhibitor demonstrating disease‑modifying potential in myeloproliferative neoplasms.
PRT12396 has completed GLP toxicology studies and is on track for IND filing in Q1 2026.
First disclosure of a mutant calreticulin (mCALR)‑targeted degrader antibody conjugate with a novel CDK9 degrader payload.
JAK2V617F and mCALR are the primary driver mutations responsible for disease progression and poor prognosis in most MPN patients.
WILMINGTON, Del., Dec. 6, 2025 (GLOBE NEWSWIRE) — Prelude Therapeutics Incorporated (Nasdaq: PRLD), a precision‑oncology company, unveiled early preclinical data on its mutant‑selective JAK2V617F inhibitor and on mutant CALR‑directed degrader antibody conjugates at the 67th American Society of Hematology Annual Meeting in Orlando, Florida.
CEO Kris Vaddi, Ph.D., said, “Since the discovery of JAK2V617F two decades ago, the field has sought an inhibitor that spares wild‑type JAK2. Our lead candidate, PRT12396, achieves this selectivity and outperforms ruxolitinib in multiple disease models, potentially overcoming dose‑limiting toxicities seen with current therapies. We aim to enter the clinic in early 2026.”
He added, “Mutant CALR is the second most common driver in MPNs. A CALR‑directed antibody has already shown benefit in patients, and our degrader antibody conjugate platform builds on that by delivering a potent CDK9 degrader directly to CALR‑mutant cells, offering a differentiated, potentially more efficacious approach.”
The oral presentation titled “Discovery and preclinical characterization of orally bioavailable JAK2V617F‑selective JH2 inhibitors with disease‑modification potential in myeloproliferative neoplasms” detailed how PRT12396 inhibited mutant JAK2 signaling while leaving wild‑type cytokine pathways intact. In mouse models of polycythemia vera, essential thrombocythemia, and myelofibrosis, the compound produced greater reductions in spleen size and mutant allele burden than ruxolitinib. Toxicology studies under GLP conditions showed favorable safety, with minimal impact on hematologic parameters.
GLP toxicology is complete, and the company plans to file an IND and launch a Phase 1 trial in Q1 2026. The JAK2V617F program is governed by an exclusive option agreement with Incyte, signed in November 2025.
In a second oral presentation, “Discovery of first‑in‑class calreticulin‑targeted precision antibody‑drug conjugates delivering a CDK9 degrader payload for CALR‑mutated MPNs,” Prelude showcased mutant CALR × CDK9 DACs that selectively internalize into CALR‑mutant clones, degrade CDK9, and trigger apoptosis. The DACs achieved deep mutant‑selective killing across multiple CALR‑mutant cell lines, primary patient samples, and hematopoietic stem and progenitor cells, while sparing normal hematopoietic cells. In vivo efficacy was demonstrated in xenograft models, supporting a disease‑modifying strategy.
JAK2V617F drives disease in roughly 95% of polycythemia vera, 60% of essential thrombocythemia, and 55% of myelofibrosis patients. Targeting the mutant‑specific JH2 pocket offers a mechanistic route to reduce mutant allele burden, potentially altering disease trajectory. Mutant CALR appears in about 25‑35% of myelofibrosis and essential thrombocythemia patients and represents a neoantigen amenable to antibody‑based therapy.
Prelude’s pipeline also includes selective KAT6A degraders, reinforcing the company’s broader focus on targeted protein degradation technologies. By integrating small‑molecule allosteric inhibition with antibody‑directed degradation, Prelude positions itself at the intersection of precision oncology and next‑generation therapeutics.
For more information, visit Prelude’s website.
FAQ
What did Prelude Therapeutics announce at ASH 2025?
Prelude presented preclinical data for a JAK2V617F‑selective inhibitor (PRT12396) and mutant CALR‑targeted DACs carrying a CDK9 degrader payload.
When does Prelude plan to file an IND and start Phase 1 for PRT12396?
The company anticipates filing the IND and initiating a Phase 1 study in the first quarter of 2026.
How did PRT12396 perform versus ruxolitinib in the ASH presentation?
PRT12396 showed superior preclinical activity to ruxolitinib and selectively inhibited JAK2V617F while preserving wild‑type JAK2 signaling.
What is the significance of the mutant CALR × CDK9 DACs?
The DACs deliver mutant‑selective CDK9 degradation, produce deep killing of CALR‑mutant cells in vitro and in vivo, and spare healthy hematopoietic cells, indicating a favorable therapeutic index.
Does Prelude have any partnerships related to its JAK2 program?
Yes. The JAK2V617F inhibitor program is covered by an exclusive option agreement with Incyte, announced in November 2025.
Are the ASH results clinical or preclinical?
The data are preclinical; human safety and efficacy have not yet been demonstrated.
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