By Nicholas G. Miller

Prelude Therapeutics is pausing development in one of its cancer drug programs and will prioritize other programs, the company said Tuesday.

The company will pause clinical development of its SMARCA2 selective degrader programs, saying it does not have the resources to explore the biologically complex mechanism fully in the timeframe needed.

Prelude said it will prioritize development of its mutant selective JAK2V617F JH2 inhibitor and KAT6A selective degrader programs.

The company said Tuesday it made an exclusive option agreement with Incyte to advance its mutant selective JAK2V617F JH2 inhibitor program for patients with myeloproliferative neoplasms.

Through the agreement, Prelude will receive an upfront payment of $35 million, a $25 million equity investment and $100 million if the option is exercised.

Prelude said its cash runway is now expected to extend into 2027 and could extend into the third quarter of 2028 if Incyte exercises its option.

The company is also eligible to receive up to $775 million in additional potential milestones plus royalties on net sales.

Prelude also said President and Chief Medical Officer Jane Huang was leaving the company to pursue other opportunities.

The company's shares are down 20% in pre-market trading to $3.18.

Write to Nicholas G. Miller at nicholas.miller@wsj.com.

(END) Dow Jones Newswires

November 04, 2025 07:50 ET (12:50 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.