Loading...
•
Dec 31, 2020
Prothena Q4 2020 Earnings Report
Reported financial results for the fourth quarter and full year 2020, and provided 2021 financial guidance and an update on its R&D programs.
Key Takeaways
Prothena reported a net loss of $30.7 million for the fourth quarter of 2020, compared to a net loss of $21.6 million for the same period in 2019. The company's cash and restricted cash position at the end of the quarter was $298.1 million.
Net cash used in operating and investing activities was $19.1 million in the fourth quarter and $80.6 million for the full year 2020.
Announced confirmatory Phase 3 AFFIRM-AL study of birtamimab in Mayo Stage IV patients with AL amyloidosis under SPA agreement with FDA at p≤0.10.
Reported significantly reduced decline in motor function in Phase 2 study of prasinezumab in Parkinson’s disease.
Reported improvements in neuropathy and cardiac function in Phase 1 study of PRX004 in ATTR amyloidosis
Prothena
Prothena
Prothena Revenue by Segment
Revenue by Segment
Collaboration Revenue
CapyFin.com Forward Guidance
The Company expects the full year 2021 net cash used in operating and investing activities to be $51 to $74 million, which includes an expected $60 million milestone payment from Roche upon first patient dosed in the late-stage Phase 2b study of prasinezumab and expects to end the year with approximately $235 million in cash, cash equivalents and restricted cash (midpoint).
Positive Outlook
- Phase 3 AFFIRM-AL study initiation expected mid-2021.
- $60 million clinical milestone payment to be achieved upon first patient dosed in late-stage Phase 2b study in patients with early Parkinson’s disease; further details expected in 2Q 2021.
- Phase 2/3 study in patients with ATTR-cardiomyopathy expected to initiate 4Q 2021.
- IND filing for PRX005 expected 3Q 2021.
- $80 million potential payment from Bristol-Myers Squibb upon exercising their US license option in 2021
Challenges Ahead
- Estimated net loss of $79 to $111 million for full year 2021.
- Estimated $20 million of non-cash share-based compensation expense for full year 2021.
- Potential delays in clinical trial initiations.
- Uncertainties related to regulatory approvals.
- Risks associated with drug development and commercialization.