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Sep 30, 2022
Prothena Q3 2022 Earnings Report
Reported financial results for the third quarter and first nine months of 2022 and provided a business update.
Key Takeaways
Prothena reported a net loss of $45.8 million for the third quarter of 2022, with total revenue of $1.5 million. The company's cash and restricted cash position was $497.0 million as of September 30, 2022.
Net loss was $45.8 million in Q3 2022, compared to a net income of $109.2 million in Q3 2021.
Total revenue was $1.5 million in Q3 2022, primarily from collaboration revenue from BMS, compared to $139.2 million in Q3 2021.
R&D expenses totaled $39.9 million in Q3 2022, compared to $18.0 million in Q3 2021, due to higher manufacturing and personnel-related expenses.
Cash, cash equivalents, and restricted cash totaled $497.0 million as of September 30, 2022.
Prothena
Prothena
Prothena Revenue by Segment
Revenue by Segment
Collaboration Revenue
CapyFin.com Forward Guidance
Prothena is updating its projected full year 2022 net cash burn from operating and investing activities, and expects it to be $108 to $120 million which includes an expected $40 million clinical milestone payment from Novo Nordisk, and expects to end the year with approximately $522 million in cash, cash equivalents, and restricted cash (midpoint).
Positive Outlook
- Expected $40 million clinical milestone payment from Novo Nordisk.
Challenges Ahead
- Estimated net loss of $121 to $137 million.
- Estimated $31 million of non-cash share-based compensation expense.