Prothena Q1 2024 Financial Results and Highlights

Prothena Corporation plc, a late-stage clinical biotechnology company, revealed its financial outcomes for the first quarter of 2024 along with key business updates. The company is deeply invested in exploring protein dysregulation and has a diverse pipeline of investigational therapeutics targeting neurodegenerative and rare peripheral amyloid diseases.

Financially, Prothena reported a net loss of $72.2 million for Q1 2024, a significant increase from the $46.9 million loss in the same period last year. The net loss per share was $1.34, compared to $0.89 in Q1 2023. Revenue for the first quarter fell sharply to $0.1 million from $2.2 million in the previous year, primarily due to decreased collaboration revenue from Bristol Myers Squibb. Research and development expenses rose to $64.1 million, largely driven by higher clinical trial and manufacturing costs, while general and administrative expenses increased to $17.5 million. By March 31, 2024, the company held $548.7 million in cash and restricted cash, and remained debt-free.

Prothena has made notable advancements in its Alzheimer’s disease portfolio. PRX012, an anti-amyloid beta antibody, is undergoing a Phase 1 clinical trial with initial data supporting its potential as a monthly subcutaneous treatment. The FDA has granted Fast Track designation for PRX123, a dual amyloid beta/tau vaccine, which has also received clearance for an investigational new drug (IND) application. Additionally, Bristol Myers Squibb has initiated a Phase 2 trial for BMS-986446 (formerly PRX005) targeting early Alzheimer’s disease.

In the Parkinson’s disease front, Prothena’s partner Roche presented four-year data from the Phase 2 PASADENA trial of prasinezumab, showing reduced motor and functional progression in patients. Topline results from the Phase 2b PADOVA trial are anticipated in the second half of 2024.

Prothena is also focusing on rare peripheral amyloid diseases. Birtamimab, intended for AL amyloidosis, is in a confirmatory Phase 3 AFFIRM-AL trial, with results expected between late 2024 and mid-2025. For ATTR amyloidosis, Novo Nordisk is developing NNC6019 (formerly PRX004) and has completed enrollment for a Phase 2 trial, with data expected in the first half of 2025.

Strengthening its corporate structure, Prothena appointed Daniel G. Welch as an independent director and Chair Designate, and David Ford as Chief People Officer to oversee human resources and drive the company’s growth strategy.

Prothena continues to expect net cash used in operating and investing activities for 2024 to be between $208 and $225 million, projecting an end-of-year cash balance of approximately $405 million. The estimated net loss for the year ranges from $229 to $255 million, inclusive of $51 million in non-cash share-based compensation expense.

Prothena remains committed to advancing its pipeline of investigational therapeutics, leveraging its scientific expertise to develop potential treatments for neurodegenerative and rare peripheral amyloid diseases, including Alzheimer’s, Parkinson’s, AL amyloidosis, and ATTR amyloidosis.