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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
Revenue by Segment
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.
Historical Earnings Impact
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