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Jun 30, 2021
Prothena Q2 2021 Earnings Report
Reported financial results and business highlights.
Key Takeaways
Prothena reported a net income of $27.6 million for the second quarter of 2021, compared to a net loss of $26.3 million for the same period in 2020. The company's cash and restricted cash position at the end of the quarter was $402.5 million. Multiple strategic collaborations delivered milestones with a combined $200 million in partner payments this year from Roche, Bristol Myers Squibb and Novo Nordisk.
Net cash provided by operating and investing activities was $36.6 million in the second quarter.
Quarter-end cash and restricted cash position of $402.5 million.
Announced multiple strategic collaborations delivering milestones in 2021 and potentially beyond.
Presented preclinical data at AAIC for two product candidates being developed for Alzheimer’s disease.
Forward Guidance
The Company is updating its projected full year 2021 net cash burn from operating and investing activities (prior guidance of $51 to $74 million) to net cash provided by operating and investing activities of $85 to $95 million and expects to end the year with approximately $491 million in cash, cash equivalents and restricted cash (midpoint) representing an increase of $175 million from prior guidance of $316 million.
Positive Outlook
- $80 million milestone payment from Bristol Myers Squibb expected in 3Q 2021 for the exclusive U.S. license to PRX005.
- $60 million payment received from Novo Nordisk in 3Q 2021 for the acquisition of Prothena’s ATTR amyloidosis business, which are both included in operating activities.
- Updated estimated full year 2021 net cash provided by operating and investing activities is primarily driven by an updated estimated net income of $50 to $60 million.
- Includes the payments from Bristol Myers Squibb and Novo Nordisk mentioned above.
- Estimated $25 million of non-cash share-based compensation expense.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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