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Mar 31, 2021
Prothena Q1 2021 Earnings Report
Reported financial results for the first quarter of 2021 and provided an update on its R&D programs and 2021 financial guidance.
Key Takeaways
Prothena reported a net loss of $36.7 million, or $0.91 per share, for the first quarter of 2021. Total revenue was $0.2 million, and the company's cash and restricted cash position totaled $345.7 million as of March 31, 2021. The company expects full year 2021 net cash used in operating and investing activities to be $51 to $74 million and updates its projected year end cash balance to approximately $316 million.
Net cash used in operating and investing activities was $33.7 million in the first quarter.
Quarter-end cash and restricted cash position of $345.7 million provides funding to advance the R&D pipeline.
Announced confirmatory Phase 3 AFFIRM-AL study of birtamimab in Mayo Stage IV patients with AL amyloidosis under SPA agreement with FDA.
Achieved $60 million milestone from Roche for first patient dosed in Phase 2b PADOVA study of prasinezumab in patients with early Parkinson's disease.
Prothena
Prothena
Forward Guidance
The Company continues to expect the full year 2021 net cash used in operating and investing activities to be $51 to $74 million, which includes receiving the $60 million milestone earned in the second quarter from Roche. The Company is updating its projected year end cash balance to approximately $316 million in cash, cash equivalents and restricted cash (midpoint) (versus prior guidance of $235 million) to include an additional $81 million in net proceeds primarily from the public offering in March. The estimated full year 2021 net cash used in operating and investing activities is primarily driven by an estimated net loss of $79 to $111 million, which includes an estimated $20 million of non-cash share-based compensation expense.