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We Think Prelude Therapeutics (NASDAQ:PRLD) Needs To Drive Business Growth Carefully

We Think Prelude Therapeutics (NASDAQ:PRLD) Needs To Drive Business Growth Carefully

我们认为 Prelude Therapeutics(纳斯达克股票代码:PRLD)需要谨慎推动业务增长
Simply Wall St ·  2023/11/07 05:19

Just because a business does not make any money, does not mean that the stock will go down. For example, although software-as-a-service business Salesforce.com lost money for years while it grew recurring revenue, if you held shares since 2005, you'd have done very well indeed. Having said that, unprofitable companies are risky because they could potentially burn through all their cash and become distressed.

仅仅因为企业没有赚钱,并不意味着股票会下跌。例如,尽管软件即服务业务Salesforce.com在增加经常性收入的同时亏损了多年,但如果你自2005年以来持有股票,你的表现确实会很好。话虽如此,无利可图的公司是有风险的,因为它们可能会耗尽所有现金并陷入困境。

So, the natural question for Prelude Therapeutics (NASDAQ:PRLD) shareholders is whether they should be concerned by its rate of cash burn. In this report, we will consider the company's annual negative free cash flow, henceforth referring to it as the 'cash burn'. Let's start with an examination of the business' cash, relative to its cash burn.

因此,对于Prelude Therapeutics(纳斯达克股票代码:PRLD)股东来说,自然而然的问题是,他们是否应该担心其现金消耗率。在本报告中,我们将考虑该公司的年度负自由现金流,此后将其称为 “现金消耗”。让我们首先研究一下企业的现金,与其现金消耗的关系。

See our latest analysis for Prelude Therapeutics

查看我们对 Prelude Therapeutics 的最新

How Long Is Prelude Therapeutics' Cash Runway?

Prelude Therapeutics 的现金流有多长?

A company's cash runway is calculated by dividing its cash hoard by its cash burn. When Prelude Therapeutics last reported its balance sheet in September 2023, it had zero debt and cash worth US$231m. Importantly, its cash burn was US$109m over the trailing twelve months. Therefore, from September 2023 it had 2.1 years of cash runway. Arguably, that's a prudent and sensible length of runway to have. However, if we extrapolate the company's recent cash burn trend, then it would have a longer cash run way. The image below shows how its cash balance has been changing over the last few years.

公司的现金流道是通过将其现金储备除以现金消耗量来计算的。当Prelude Therapeutics上次在2023年9月公布资产负债表时,其债务为零,现金价值2.31亿美元。重要的是,在过去的十二个月中,其现金消耗为1.09亿美元。因此,从2023年9月起,它有2.1年的现金周期。可以说,这是一条谨慎而合理的跑道长度。但是,如果我们推断出该公司最近的现金消耗趋势,那么它的现金流通时间将更长。下图显示了其现金余额在过去几年中的变化。

debt-equity-history-analysis
NasdaqGS:PRLD Debt to Equity History November 7th 2023
纳斯达克股票交易所:PRLD 债权与股权历史记录 2023 年 11 月 7 日

How Is Prelude Therapeutics' Cash Burn Changing Over Time?

随着时间的推移,Prelude Therapeutics的现金消耗如何变化?

Because Prelude Therapeutics isn't currently generating revenue, we consider it an early-stage business. Nonetheless, we can still examine its cash burn trajectory as part of our assessment of its cash burn situation. With the cash burn rate up 22% in the last year, it seems that the company is ratcheting up investment in the business over time. That's not necessarily a bad thing, but investors should be mindful of the fact that will shorten the cash runway. Clearly, however, the crucial factor is whether the company will grow its business going forward. For that reason, it makes a lot of sense to take a look at our analyst forecasts for the company.

由于Prelude Therapeutics目前没有创造收入,因此我们将其视为早期业务。尽管如此,作为评估其现金消耗状况的一部分,我们仍然可以研究其现金消耗轨迹。去年,现金消耗率上升了22%,随着时间的推移,该公司似乎正在加大对该业务的投资。这不一定是一件坏事,但投资者应该注意这样一个事实,这将缩短现金流道。但是,显然,关键因素是该公司未来是否会发展业务。出于这个原因,看看我们的分析师对公司的预测很有意义。

How Easily Can Prelude Therapeutics Raise Cash?

Prelude Therapeutics 如何轻松筹集资金?

While Prelude Therapeutics does have a solid cash runway, its cash burn trajectory may have some shareholders thinking ahead to when the company may need to raise more cash. Generally speaking, a listed business can raise new cash through issuing shares or taking on debt. Many companies end up issuing new shares to fund future growth. By looking at a company's cash burn relative to its market capitalisation, we gain insight on how much shareholders would be diluted if the company needed to raise enough cash to cover another year's cash burn.

尽管Prelude Therapeutics确实有稳健的现金渠道,但其现金消耗轨迹可能会让一些股东提前考虑公司何时可能需要筹集更多现金。一般而言,上市企业可以通过发行股票或承担债务来筹集新的现金。许多公司最终发行新股来为未来的增长提供资金。通过观察公司相对于其市值的现金消耗,我们可以深入了解如果公司需要筹集足够的现金来弥补另一年的现金消耗,股东将被摊薄多少。

Prelude Therapeutics has a market capitalisation of US$124m and burnt through US$109m last year, which is 88% of the company's market value. Given just how high that expenditure is, relative to the company's market value, we think there's an elevated risk of funding distress, and we would be very nervous about holding the stock.

Prelude Therapeutics的市值为1.24亿美元,去年突破了1.09亿美元,占该公司市值的88%。鉴于这笔支出相对于公司的市值有多高,我们认为资金困境的风险更高,我们会对持有该股感到非常紧张。

So, Should We Worry About Prelude Therapeutics' Cash Burn?

那么,我们应该担心 Prelude Therapeutics 的现金消耗吗?

Even though its cash burn relative to its market cap makes us a little nervous, we are compelled to mention that we thought Prelude Therapeutics' cash runway was relatively promising. Looking at the factors mentioned in this short report, we do think that its cash burn is a bit risky, and it does make us slightly nervous about the stock. Separately, we looked at different risks affecting the company and spotted 4 warning signs for Prelude Therapeutics (of which 2 shouldn't be ignored!) you should know about.

尽管相对于市值而言,它的现金消耗让我们有些紧张,但我们不得不提到,我们认为Prelude Therapeutics的现金走势相对乐观。从这份简短报告中提到的因素来看,我们确实认为其现金消耗有点风险,这确实使我们对该股略感紧张。另外,我们研究了影响公司的不同风险,发现了Prelude Therapeutics的4个警告信号(其中2个不容忽视!)你应该知道。

Of course Prelude Therapeutics may not be the best stock to buy. So you may wish to see this free collection of companies boasting high return on equity, or this list of stocks that insiders are buying.

当然,Prelude Therapeutics可能不是最值得买入的股票。因此,你可能希望看到这批拥有高股本回报率的免费公司,或者这份内部人士正在购买的股票清单。

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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Simply Wall St的这篇文章本质上是笼统的。我们仅使用公正的方法根据历史数据和分析师的预测提供评论,我们的文章无意作为财务建议。它不构成买入或卖出任何股票的建议,也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意,我们的分析可能不考虑最新的价格敏感型公司公告或定性材料。简而言之,华尔街没有持有任何上述股票的头寸。

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