Prothena(US:PRTA)2025-11-06 21:09Financial Performance - Prothena reported a net loss of $36.5 million for Q3 2025, compared to a net loss of $59.0 million in Q3 2024, and a net loss of $222.5 million for the first nine months of 2025, compared to $64.4 million in the same period of 2024[12]. - Total revenue for Q3 2025 was $2.4 million, up from $1.0 million in Q3 2024, and $9.7 million for the first nine months of 2025, down from $133.0 million in the same period of 2024[13]. - Collaboration revenue for Q3 2025 was $2,415,000, a significant increase from $970,000 in Q3 2024, representing a growth of 149.4%[24]. - Total revenue for the nine months ended September 30, 2025, was $9,663,000, down from $133,034,000 in the same period of 2024, indicating a decline of 92.7%[24]. - The net loss for Q3 2025 was $36,541,000, an improvement from a net loss of $59,001,000 in Q3 2024, showing a reduction of 38.0%[24]. - Basic and diluted net loss per ordinary share for Q3 2025 was $0.68, an improvement from $1.10 in Q3 2024[24]. Expenses - Research and development (R&D) expenses decreased to $28.9 million in Q3 2025 from $50.7 million in Q3 2024, and to $120.3 million for the first nine months of 2025 from $172.3 million in the same period of 2024[14]. - General and administrative (G&A) expenses decreased to $13.2 million in Q3 2025 from $16.8 million in Q3 2024, and to $46.7 million for the first nine months of 2025 from $50.4 million in the same period of 2024[15]. - Research and development expenses for Q3 2025 were $28,938,000, compared to $50,723,000 in Q3 2024, reflecting a decrease of 42.9%[24]. - The company reported restructuring costs of $479,000 in Q3 2025, while there were no such costs reported in Q3 2024[24]. Cash Position - Prothena's cash position at the end of Q3 2025 was $331.7 million, with no debt[17]. - Cash and cash equivalents decreased to $330,843,000 as of September 30, 2025, compared to $471,388,000 at the end of 2024, a decline of 29.8%[25]. - The company expects to end 2025 with approximately $298 million in cash, driven by an estimated net loss of $240 to $248 million for the year[19]. Assets and Liabilities - Total assets decreased to $352,628,000 as of September 30, 2025, down from $547,108,000 at the end of 2024, a decline of 35.5%[25]. - Total liabilities were $57,639,000 as of September 30, 2025, slightly down from $60,182,000 at the end of 2024, a decrease of 2.6%[25]. - Total current liabilities increased to $51,436,000 as of September 30, 2025, compared to $48,501,000 at the end of 2024, an increase of 4.0%[25]. Clinical Developments - Prothena has the potential to earn up to $105 million in aggregate clinical milestone payments by the end of 2026 related to the advancement of coramitug and PRX019[4]. - Novo Nordisk initiated the Phase 3 CLEOPATTRA clinical trial for coramitug, and Roche plans to initiate the Phase 3 PARAISO clinical trial for prasinezumab by the end of 2025[4]. - Bristol Myers Squibb obtained Fast Track designation from the U.S. FDA for BMS-986446, currently in a Phase 2 trial with primary completion expected in the first half of 2027[4]. Corporate Actions - Prothena will convene an Extraordinary General Meeting on November 19, 2025, to seek shareholder approval for a proposal to reduce share capital to support a potential share redemption program in 2026[20].