Prothena(US:PRTA)2026-02-19 21:07Financial Performance - Prothena reported a net loss of $21.6 million for Q4 2025 and $244.1 million for the full year, compared to a net loss of $58.0 million and $122.3 million for Q4 and the full year of 2024, respectively [13]. - Total revenue for Q4 2025 was $21 thousand and $9.7 million for the full year, a significant decrease from $2.1 million and $135.2 million in Q4 and the full year of 2024, primarily due to collaboration revenue from Bristol Myers Squibb [14]. - Collaboration revenue for Q4 2025 was $21,000, compared to $2,123,000 in Q4 2024, reflecting a significant decrease [28]. - Total revenue for the year ended December 31, 2025, was $9,684,000, down from $135,157,000 in 2024 [28]. - The net loss for Q4 2025 was $21,589,000, compared to a net loss of $57,956,000 in Q4 2024 [28]. - Cash and cash equivalents decreased to $307,531,000 as of December 31, 2025, from $471,388,000 in 2024 [29]. - Total assets decreased to $326,804,000 in 2025 from $547,108,000 in 2024 [29]. - Total liabilities decreased to $46,330,000 in 2025 from $60,182,000 in 2024 [29]. Research and Development - Research and development (R&D) expenses decreased to $14.6 million for Q4 2025 and $134.9 million for the full year, down from $50.2 million and $222.5 million in the same periods of 2024 [15]. - Research and development expenses for Q4 2025 were $14,586,000, compared to $50,172,000 in Q4 2024 [28]. - Prothena's TDP-43 CYTOPE program demonstrated potential in preclinical models, with presentations at Neuroscience 2025 and the International Symposium on ALS/MND [11]. Clinical Trials and Partnerships - Roche's Phase 3 PARAISO trial for prasinezumab in early-stage Parkinson's disease is ongoing with primary completion expected in 2029, with peak sales potential greater than $3.5 billion [10]. - Novo Nordisk's Phase 3 CLEOPATTRA trial for coramitug in ATTR amyloidosis with cardiomyopathy is also ongoing, with primary completion expected in 2029 [10]. - Bristol Myers Squibb's Phase 2 TargetTau-1 trial for BMS-986446 in early Alzheimer's disease is fully enrolled, with primary completion expected in 1H 2027 [10]. - The company plans to report data from ongoing and future clinical trials, including those for prasinezumab and other technologies [27]. - The company has the potential to earn up to $105 million in aggregate clinical milestone payments from strategic partners in 2026 related to coramitug and PRX019 [21]. Future Outlook and Shareholder Actions - Prothena expects to use $50 to $55 million in net cash for operating and investing activities in 2026, ending the year with approximately $255 million in cash [21]. - The company anticipates a net cash burn from operating and investing activities for 2026, with an expected cash balance at the end of 2026 [27]. - Shareholders approved a reduction in share capital to create distributable reserves for a potential share redemption program in 2026 [22]. - The company is exploring the potential to return capital to shareholders through a share redemption program or other means [27].