Prothena(US:PRTA)2024-08-08 20:09Financial Performance - Prothena reported net income of $66.9 million for Q2 2024, compared to a net loss of $54.6 million in Q2 2023[5]. - Total revenue for Q2 2024 was $132.0 million, a significant increase from $4.0 million in Q2 2023, primarily driven by collaboration revenue from Bristol Myers Squibb[6]. - Basic net income per share for the three months ended June 30, 2024, was $1.24, compared to a loss of $1.03 per share in the same period of 2023[13]. - The company reported a basic net income per share of $1.24 for the six months ended June 30, 2024, compared to a loss of $0.10 per share in the same period of 2023[13]. Cash and Assets - Cash position at the end of Q2 2024 was $565.0 million, with an updated year-end cash guidance of approximately $468 million, an increase of $63 million from prior guidance[1][10]. - Total assets decreased to $645,565,000 as of June 30, 2024, from $696,382,000 as of June 30, 2023[14]. - Total liabilities decreased significantly to $63,648,000 as of June 30, 2024, from $135,017,000 as of June 30, 2023[14]. - Total shareholders' equity increased to $581,917,000 as of June 30, 2024, compared to $561,365,000 as of June 30, 2023[14]. Expenses - Research and development (R&D) expenses for Q2 2024 totaled $57.5 million, slightly up from $56.0 million in Q2 2023, primarily due to higher clinical trial expenses[7]. - General and administrative (G&A) expenses for Q2 2024 were $16.1 million, compared to $14.5 million in Q2 2023, reflecting higher personnel and consulting expenses[8]. - Operating expenses for the three months ended June 30, 2024, totaled $73,637,000, up from $70,523,000 in the same period of 2023[13]. - Total other income for the three months ended June 30, 2024, was $6,470,000, compared to $7,603,000 in the same period of 2023[13]. Clinical Trials and Collaborations - Prothena plans to initiate a Phase 1 clinical trial for PRX019 by the end of 2024, following the exclusive global license agreement with Bristol Myers Squibb for $80 million[3][4]. - Topline results from the ongoing Phase 1 ASCENT program for PRX012 and the confirmatory Phase 3 AFFIRM-AL clinical trial for birtamimab are expected within the next 12 months[2][3]. - The ongoing Phase 2 clinical trial for ATTR cardiomyopathy, conducted by Novo Nordisk, has completed enrollment of approximately 99 patients, with topline data expected in 1H 2025[5]. - Prothena's collaboration with Bristol Myers Squibb includes potential additional milestone payments of up to $617.5 million for PRX019[3]. Future Projections - The company expects to end 2024 with an estimated net loss of $120 to $135 million, including approximately $48 million of non-cash share-based compensation expense[10].