Prothena Q1 Earnings Miss Estimates, Focus on Key Readouts in 2025

Core Viewpoint - Prothena Corporation reported a wider-than-expected loss per share for Q1 2025, despite improvements in year-over-year performance due to higher revenues and lower expenses [1][5]. Financial Performance - The loss per share for Q1 2025 was $1.12, compared to the Zacks Consensus Estimate of a loss of $0.92, and an improvement from a loss of $1.34 per share in the same quarter last year [1]. - Revenues for Q1 2025 totaled $2.8 million, significantly missing the Zacks Consensus Estimate of $21 million, and a notable increase from $0.1 million in Q1 2024 [2]. - Research and development (R&D) expenses decreased by 20.7% year over year to $50.8 million, attributed to lower clinical trial and manufacturing costs [5]. - General and administrative expenses were $17.6 million, slightly down from $17.5 million in the previous year [5]. - As of March 31, 2025, Prothena had $418.8 million in cash and equivalents, with no debt [5]. - The company expects a net cash burn of $168-$175 million for 2025, with a projected year-end cash balance of approximately $301 million [15]. Stock Performance - Prothena's shares have declined by 48.7% year to date, in contrast to a 7.4% decline in the industry [4]. Pipeline Developments - Prothena is evaluating PRX012, a single-injection antibody for Alzheimer's Disease, with approximately 260 patients enrolled in the ASCENT clinical trials, expecting multiple readouts starting mid-2025 [6]. - The company is advancing BMS-986446, an anti-tau antibody for Alzheimer's, with about 475 patients enrolled in a phase II study expected to complete in 2027 [7]. - PRX019, a potential treatment for neurodegenerative diseases, is in phase I trials, expected to complete in 2026 [8]. - Prothena is developing PRX123, a dual Aβ-Tau vaccine for Alzheimer's, which has received Fast Track designation from the FDA [9][10]. - The company is also evaluating prasinezumab for Parkinson's disease in collaboration with Roche, which is conducting ongoing studies [10][12]. - Prothena is assessing birtamimab for AL amyloidosis, with a phase III study initiated and top-line results expected in Q2 2025 [13]. Guidance - Prothena projects a net loss for 2025 in the range of $197-$205 million [15].