Prelude to prioritize JAK2V617F JH2 inhibitor, KAT6A selective degrader programs

Prelude Therapeutics (PRLD) is providing a number of strategic updates, including its recently executed option agreement with Incyte Corporation (INCY) centered on its previously undisclosed JAK2V617F mutant selective inhibitor program, prioritizing development of its first-in-class KAT6A selective degrader program and pausing of its SMARCA2 programs. Earlier today, Prelude announced an exclusive option agreement with Incyte to advance its mutant selective JAK2V617F JH2 inhibitor program for patients with myeloproliferative neoplasms. With this transaction, Incyte secures an exclusive option to acquire the JAK2V617F program in exchange for an upfront payment and an equity investment in Prelude, plus downstream milestones and royalties. Prelude will continue to own and develop all JAK2V617F program assets until point of option exercise, after which Incyte will lead development and commercialization globally. Prelude is prioritizing the development of its highly selective KAT6A degrader for ER+ breast cancer. Selectively degrading KAT6A is a novel approach to a clinically validated target with transformative potential for patients. The Company expects to advance the program into clinical development in 2026 and generate initial proof-of-concept clinical data, including a potentially differentiated efficacy and safety profile compared to non-selective KAT6A/B inhibitors currently in clinical development.