Prothena Q4 Earnings Meet Estimates, Pipeline Progress in Focus

Core Insights - Prothena Corporation reported a fourth-quarter 2025 adjusted loss per share of 45 cents, consistent with Zacks Consensus Estimate, compared to a loss of $1.08 per share in the same quarter last year [1] - Revenues for the quarter were $0.02 million, falling short of the Zacks Consensus Estimate of $3.0 million, and down from $2.1 million in the year-ago quarter [1] - The company experienced a significant decline in total revenues for 2025, reporting $9.7 million, a 93% decrease year over year [4] Financial Performance - Research and development expenses decreased by 71% year over year to $14.6 million, attributed to lower clinical trial, manufacturing, personnel, and consulting costs [3] - General and administrative expenses were reported at $12.6 million, down 25% year over year [3] - As of December 31, 2025, Prothena had $308.4 million in cash and equivalents, a decrease from $331.7 million as of September 30, 2025, with no debt [3] Future Guidance - For 2026, Prothena anticipates a net cash burn of $50 million to $55 million and projects year-end cash to be approximately $255 million [7] - The projected net loss for 2026 is estimated to be between $67 million and $72 million [7] - The company expects to earn up to $105 million in milestone payments related to clinical advancements in 2026 [6][7] Pipeline Developments - Prothena is collaborating with Roche on prasinezumab for Parkinson's disease, with peak sales potential exceeding $3.5 billion [8] - Novo Nordisk is evaluating Prothena's Coramitug for ATTR amyloidosis, with the study expected to complete by 2029 [9] - Prothena's pipeline includes several neurological programs in collaboration with Bristol Myers Squibb, including BMS-986446 for Alzheimer's disease, which has received Fast Track designation from the FDA [12][13]