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Dec 31, 2019
Prothena Q4 2019 Earnings Report
Prothena reported financial results for Q4 2019 and provided 2020 financial guidance.
Key Takeaways
Prothena reported a net loss of $21.6 million for the fourth quarter of 2019, compared to a net loss of $22.5 million for the same period in 2018. Total revenue, all from the collaboration with Roche, was $0.3 million for the fourth quarter of 2019, compared to $0.2 million for the fourth quarter of 2018. As of December 31, 2019, Prothena had $378.4 million in cash, cash equivalents and restricted cash.
Net cash used in operating and investing activities was $14.6 million in Q4 2019.
Quarter-end cash and restricted cash position of $378.4 million provides funding to advance a broad pipeline
Reported interim data from Phase 1 study of PRX004 in patients with hereditary ATTR amyloidosis
Initiated cell line development of a lead candidate in the proprietary preclinical Aβ (Amyloid beta) program in Q4 2019.
Revenue by Segment
Forward Guidance
The Company expects its full year 2020 net cash burn from operating and investing activities to be $60-$76 million, and to end the year with approximately $310 million in cash, cash equivalents and restricted cash (midpoint). The estimated full year 2020 cash burn from operating and investing activities is primarily driven by an estimated net loss of $84-$106 million, which includes an estimated $23 million of non-cash shared-based compensation expense.
Positive Outlook
- Full year 2020 net cash burn from operating and investing activities expected to be $60-$76 million.
- Expect to end the year with approximately $310 million in cash, cash equivalents and restricted cash (midpoint).
- Advancing a pipeline of therapeutic candidates for neurological indications.
- Phase 2 PASADENA study in patients with early Parkinson’s disease (N=316) is being conducted by Roche, and data from Part 1 of this study are expected to be reported in 2020
- The preclinical tau program, part of a global neuroscience collaboration with Bristol-Myers Squibb, is expected to advance IND-enabling activities in 2020
Challenges Ahead
- Estimated net loss of $84-$106 million for full year 2020.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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