Prothena(PRTA) - 2025 Q1 - Quarterly Results

Financial Performance - Prothena reported a net loss of $60.2 million for Q1 2025, an improvement from a net loss of $72.2 million in Q1 2024, with a net loss per share of $1.12 compared to $1.34 in the prior year[14]. - Total revenue for Q1 2025 was $2.8 million, significantly up from $0.1 million in Q1 2024, primarily driven by collaboration revenue from Bristol Myers Squibb[15]. - Prothena projects full-year 2025 net cash used in operating and investing activities to be between $168 million and $175 million, with an estimated net loss of $197 million to $205 million[21]. Research and Development - Research and development (R&D) expenses decreased to $50.8 million in Q1 2025 from $64.1 million in Q1 2024, attributed to lower clinical trial and manufacturing expenses[18]. - Prothena expects to report topline results in Q2 2025 from the Phase 3 AFFIRM-AL clinical trial of birtamimab for AL amyloidosis, with a primary endpoint of all-cause mortality[4]. - Multiple clinical readouts for PRX012, a potential treatment for early Alzheimer's disease, are anticipated starting mid-2025 and continuing throughout the year[4]. - Prothena's PRX012 program has received Fast Track designation from the FDA for the treatment of Alzheimer's disease[5]. - The Phase 2b PADOVA clinical trial of prasinezumab for early Parkinson's disease presented data suggesting possible benefits, with further evaluations expected from partner Roche[10]. - Prothena continues to optimize capital allocation across its R&D pipeline and plans to update Phase 1 clinical trial plans by year-end 2025[7]. Financial Position - As of March 31, 2025, Prothena had $418.8 million in cash and cash equivalents, with no debt[20]. - Total assets decreased from $547,108,000 on December 31, 2024, to $495,336,000 on March 31, 2025, representing a decline of approximately 9.5%[26]. - Total current assets fell from $485,412,000 to $436,173,000, a decrease of about 10.1%[26]. - Total liabilities decreased from $60,182,000 to $57,656,000, reflecting a reduction of approximately 4.2%[26]. - Total shareholders' equity declined from $486,926,000 to $437,680,000, a drop of around 10.1%[26]. - Accrued research and development expenses decreased from $13,428,000 to $12,680,000, a reduction of about 5.5%[26]. - Deferred revenue, non-current, decreased significantly from $3,448,000 to $1,622,000, a decline of approximately 53%[26]. - Total current liabilities remained relatively stable, decreasing slightly from $48,501,000 to $48,459,000[26]. - Cash and cash equivalents decreased from $471,388,000 to $417,935,000, a decline of about 11.3%[26]. - Other non-current assets decreased from $47,047,000 to $45,405,000, a reduction of approximately 3.5%[26]. - Property and equipment, net, decreased from $3,081,000 to $2,871,000, a decline of about 6.8%[26].