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Mar 31, 2025
Prothena Q1 2025 Earnings Report
Prothena reported a reduced net loss and increased total revenue in the first quarter of 2025 compared to the same period in the prior year, driven by collaboration revenue.
Key Takeaways
Prothena reported a net loss of $60.2 million for the first quarter of 2025, an improvement from the $72.2 million net loss in the first quarter of 2024. Total revenue significantly increased to $2.8 million, primarily due to collaboration revenue from Bristol Myers Squibb. The company ended the quarter with $418.8 million in cash, cash equivalents, and restricted cash.
Net loss for Q1 2025 was $60.2 million, an improvement from $72.2 million in Q1 2024.
Total revenue for Q1 2025 was $2.8 million, up from $0.1 million in Q1 2024, primarily from collaboration revenue.
Net cash used in operating and investing activities was $53.4 million in Q1 2025.
Cash and restricted cash position at quarter-end was $418.8 million.
Revenue by Segment
Forward Guidance
Prothena expects full-year 2025 net cash used in operating and investing activities to be between $168 million and $175 million, with an estimated year-end cash balance of approximately $301 million. The estimated full-year net loss is projected to be between $197 million and $205 million, including $41 million of non-cash share-based compensation expense.
Positive Outlook
- Anticipated topline data in 2Q 2025 from the confirmatory Phase 3 AFFIRM-AL clinical trial for birtamimab.
- Multiple clinical readouts for PRX012 expected starting around mid-2025 and continuing throughout the year from ongoing Phase 1 ASCENT clinical trials.
- Continued evaluation of prasinezumab data by partner Roche with potential next steps around mid-year 2025.
- Anticipated update on the Phase 2 clinical trial of coramitug from Novo Nordisk later this year.
- Advancement of wholly-owned and partnered programs across the protein dysregulation portfolio.
Challenges Ahead
- Expected full year 2025 net cash used in operating and investing activities between $168 million and $175 million.
- Estimated full year 2025 net loss between $197 million and $205 million.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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