Prelude Therapeutics Provides Update On Signing Option Deal With Incyte For JAK2 Program And Prioritizes KAT6A Degrader For ER+ Breast Cancer

Prelude Therapeutics Incorporated (Nasdaq: PRLD), a precision oncology company, announced key strategic updates including an option agreement with Incyte Corporation for its JAK2V617F mutant selective inhibitor program, prioritization of its KAT6A selective degrader program, and a pause in its SMARCA2 program. Under the agreement, Incyte gains an exclusive option to acquire the JAK2V617F program for myeloproliferative neoplasms (MPNs), with Prelude receiving an upfront payment, equity investment, and potential milestone-based royalties. Prelude will continue developing the JAK2V617F assets until Incyte exercises the option.

The company is advancing its KAT6A selective degrader for ER+ breast cancer, targeting clinical development initiation in 2026. Prelude believes selective degradation of KAT6A could deliver a more favorable efficacy and safety profile compared to current KAT6A/B inhibitors. The company’s decision to pause the SMARCA2 program follows a detailed review of clinical data and capital allocation priorities, shifting focus to programs with greater near-term impact.

Prelude now projects its cash runway to extend into 2027 and potentially into late 2028 if Incyte exercises its option. The company reported $52 million in cash and will receive an additional $60 million upon closing the Incyte transaction. Additionally, the company announced that President and Chief Medical Officer Dr. Jane Huang will be departing, with Dr. Victor Sandor, a Prelude board member and experienced oncology leader, stepping in to oversee clinical strategy. CEO Kris Vaddi emphasized that these strategic decisions strengthen Prelude’s focus on advancing differentiated therapies with clear clinical potential.