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Jun 30, 2023
Prothena Q2 2023 Earnings Report
Reported financial results for the second quarter and first six months of 2023 and provided business highlights.
Key Takeaways
Prothena reported a net loss of $54.6 million, with total revenue of $4.0 million primarily from collaboration revenue from Bristol Myers Squibb. The company's cash and restricted cash position at quarter-end was $661.3 million. They revised year-end cash guidance to approximately $600 million.
Net cash used in operating and investing activities was $45.7 million in the second quarter and quarter-end cash and restricted cash position was $661.3 million.
Revised year-end cash guidance to be approximately $600 million in cash, cash equivalents and restricted cash, representing an increase of $88 million from prior guidance of $512 million.
Bristol Myers Squibb (BMS) obtained the $55 million exclusive worldwide license to PRX005 in July, expanding on the exclusive U.S. license from July 2021.
Phase 3 VITAL clinical trial results in Blood, the peer-reviewed journal of ASH; data showed a significant survival benefit for birtamimab in patients with Mayo Stage IV AL amyloidosis, as well as significant improvements across key secondary endpoints
Revenue by Segment
Forward Guidance
The Company is updating its projected full year 2023 net cash burn from operating and investing activities, and expects it to be $148 to $161 million, and expects to end the year with approximately $600 million in cash, cash equivalents and restricted cash.
Positive Outlook
- Year-end cash guidance increased by $88 million from prior guidance.
- Increase in cash position is primarily driven by Bristol Myers Squibb obtaining the $55 million exclusive worldwide rights for PRX005
- Increase in cash position is due to financing proceeds received in the first half of 2023
- Increase in cash position is due to higher interest income.
Challenges Ahead
- Projected full year 2023 net cash burn from operating and investing activities of $148 to $161 million
- Estimated net loss of $153 to $171 million
- Includes an estimated $42 million of non-cash share-based compensation expense.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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