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Prothena Q4 Earnings Miss Estimates, Pipeline Progress in Focus
ProthenaProthena(US:PRTA) ZACKS·2025-02-21 19:50

Financial Performance - Prothena Corporation reported a fourth-quarter 2024 loss per share of $1.08, which was wider than the Zacks Consensus Estimate of a loss of $1.02, but improved from a loss of $1.26 per share in the year-ago quarter [1][2] - Revenues for the fourth quarter totaled $2.1 million, missing the Zacks Consensus Estimate of $14 million, and significantly up from $316,000 in the fourth quarter of 2023 [2][3] - For the full year 2024, revenues reached $135.1 million, an increase from $91.4 million in 2023, with a loss per share of $2.27, improving from a loss of $2.76 in 2023 [13] Expense Management - Research and development (R&D) expenses decreased by 19% year over year to $50.2 million, attributed to lower clinical trial and manufacturing costs [3] - General and administrative expenses were slightly reduced to $16.8 million from $16.9 million in the previous year [3] Cash Position - As of December 31, 2024, Prothena had $472.2 million in cash, cash equivalents, and restricted cash, with no debt [3] Pipeline Developments - Prothena is evaluating PRX012 for Alzheimer's Disease, currently enrolling approximately 260 patients in the ASCENT clinical trials, with expected clinical readouts starting mid-2025 [4] - The company is advancing BMS-986446 in collaboration with Bristol Myers, with approximately 475 patients enrolled in a phase II study expected to complete in 2027 [5][6] - PRX019, a potential treatment for neurodegenerative diseases, is in a phase I trial expected to complete in 2026 [7] - Prothena is developing a dual Aβ-Tau vaccine, PRX123, for Alzheimer's Disease, which has received Fast Track designation from the FDA [8] - The company is also evaluating prasinezumab for Parkinson's disease in collaboration with Roche [9][10] - Birtamimab, a potential treatment for AL amyloidosis, is in a confirmatory phase III study with top-line results expected in Q2 2025 [11] - Novo Nordisk acquired Prothena's Coramitug, a potential treatment for ATTR amyloidosis, with an ongoing phase II study expected to complete in 2025 [12] 2025 Guidance - Prothena expects a net cash burn from operating and investing activities in the range of $168-$175 million for 2025, with a projected year-end cash position of approximately $301 million [14] - The net loss for 2025 is projected to be in the range of $197-$205 million [14]