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Jun 30, 2024
Prothena Q2 2024 Earnings Report
Reported financial results for the second quarter and first six months of 2024 and provided business highlights.
Key Takeaways
Prothena reported a net income of $66.9 million for the second quarter of 2024, a significant increase compared to the net loss of $54.6 million for the same period in 2023. Total revenue for the quarter was $132.0 million, primarily from collaboration revenue from Bristol Myers Squibb, compared to $4.0 million in the second quarter of 2023.
Net cash provided by operating and investing activities was $15.8 million in the second quarter and quarter-end cash and restricted cash position was $565.0 million.
Revised year-end cash guidance to be approximately $468 million, an increase of $63 million from prior guidance.
Bristol Myers Squibb obtained the exclusive global license for PRX019 for $80 million, with Prothena to initiate a Phase 1 clinical trial by YE 2024.
Topline results from four ongoing clinical programs are expected within the next 12 months.
Revenue by Segment
Forward Guidance
Prothena is updating its projected full year 2024 net cash used in operating and investing actives, and expects to end the year with approximately $468 million in cash, cash equivalents and restricted cash.
Positive Outlook
- Year-end cash guidance increased by $63 million from prior guidance.
- Increase in cash position is primarily driven by Bristol Myers Squibb obtaining the $80 million exclusive worldwide rights for PRX019.
- Updated estimated full year 2024 net cash used from operating and investing activities is primarily driven by an updated estimated net loss of $120 to $135 million.
- Net cash used in operating and investing actives, is expected to be $148 to $160 million.
- Estimated $48 million of non-cash share-based compensation expense.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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