Key Takeaways Prothena reported a Q4 loss of 45 cents per share, while revenues fell sharply year over year.Prothena expects 2026 net cash burn of $50M-$55M and projects up to $105M in milestone payments.Prothena's partnered pipeline includes late-stage studies with Roche and Novo Nordisk through 2029.Prothena Corporation (PRTA) reported fourth-quarter 2025 adjusted loss per share (excluding restructuring costs) of 45 cents, in line with the Zacks Consensus Estimate.In the year-ago quarter, the company had ...

Swanson said Roche’s phase 3 decision was informed by results from two phase 2 trials, PADOVA and PASADENA , and open-label extension data. He highlighted an exploratory endpoint from PADOVA presented by Roche at ADPD 2025: in a subset of participants (about 75% of the PADOVA population) who were on stable levodopa, prasinezumab showed a 40% relative reduction in progression on MDS-UPDRS part 3 versus placebo at 24 months, with a nominal p-value of 0.0177 . He said aspects of the phase 3 design were optimiz ...

Prothena (NasdaqGS:PRTA) Q4 2025 Earnings call February 19, 2026 04:30 PM ET Company ParticipantsAlexa Deemer - Biotechnology Equity Research AssociateBrandon Smith - COOChad Swanson - Chief Development OfficerGene Kinney - President and CEOMark Johnson - VP and Head of Investor RelationsNevin Jacob - Associate in Equity ResearchPhil Dolan - VP of Discovery ResearchTran Nguyen - Chief Strategy Officer and CFOConference Call ParticipantsJason Butler - Managing Director and Senior Biotechnology Equity Researc ...

Prothena (NasdaqGS:PRTA) Q4 2025 Earnings call February 19, 2026 04:30 PM ET Company ParticipantsAlexa Deemer - Biotechnology Equity Research AssociateBrandon Smith - COOChad Swanson - Chief Development OfficerGene Kinney - President and CEOMark Johnson - VP and Head of Investor RelationsNevin Jacob - Associate in Equity ResearchPhil Dolan - VP and Head of Discovery ResearchTran Nguyen - Chief Strategy Officer and CFOConference Call ParticipantsJason Butler - Managing Director and Senior Biotechnology Equit ...

Prothena (NasdaqGS:PRTA) Q4 2025 Earnings call February 19, 2026 04:30 PM ET Speaker4Thank you for your patience. Prothena Biosciences fourth quarter and full year 2025 financial results call will begin in approximately five minutes. Again, thank you for standing by. Good day, ladies and gentlemen, and welcome to the Prothena Biosciences fourth quarter and full year 2025 financial results conference call. My name is Jeannie, and I will be your coordinator for today. At this time, all participants are in a l ...

Core Viewpoint - Prothena Corporation (PRTA) has experienced a significant decline in share price, dropping 36.8% over the past year, primarily due to setbacks in its pipeline, particularly the failure of its candidate birtamimab in a late-stage study [1][6]. Financial Performance - The company has reported inconsistent earnings over the last four quarters, with losses widening due to increased research and development expenses and the impact of pipeline setbacks, including the discontinuation of birtamimab [2]. - Prothena's earnings have missed estimates in each of the last four quarters, with an average negative surprise of 26.72% [2]. Pipeline Setbacks - In May 2025, Prothena announced the discontinuation of birtamimab after the AFFIRM-AL study failed to meet its primary endpoint, removing a near-term value driver [3]. - The termination of birtamimab has significantly reduced near-term catalysts for the stock and shifted the company's strategic focus toward earlier-stage assets like PRX012, which are several years away from potential commercialization [4]. Workforce and Cost Management - In June, Prothena announced a 63% workforce reduction to streamline operating costs while ensuring continued support for its wholly owned programs and partnered program obligations [7]. Partnered Programs Progress - Prothena's pipeline progress is largely driven by partnered assets rather than wholly owned programs [8]. - Partner Novo Nordisk is evaluating coramitug in the phase III CLEOPATTRA program for ATTR cardiomyopathy, which could earn Prothena up to $1.23 billion in development and sales milestones [9]. - Roche has initiated the phase III PARAISO study on prasinezumab for early-stage Parkinson's disease, indicating ongoing commitment to this collaboration [10]. Collaboration Agreements - Prothena has a worldwide collaboration agreement with Roche, having received $135 million to date, with potential for up to $620 million in additional milestone payments and royalties on future sales [11]. - Bristol Myers Squibb is conducting a phase II study for its anti-tau antibody BMS-986446 in Alzheimer's disease, with primary completion expected in 2027 [12]. Ongoing Development - Prothena has initiated an early-stage first-in-human study on PRX019, with completion expected in 2026 [14].

Core Insights - Prothena Corporation (PRTA) reported a third-quarter 2025 adjusted loss per share of 67 cents, which was wider than the Zacks Consensus Estimate of a loss of 60 cents, compared to a loss of $1.10 per share in the same quarter last year [1][7] - Revenues for the quarter totaled $2.4 million, significantly missing the Zacks Consensus Estimate of $25 million, and up from $0.1 million in the year-ago quarter [1][7] Financial Performance - Research and development (R&D) expenses decreased by 42.9% year over year to $28.9 million, attributed to lower clinical trial, manufacturing, personnel, and consulting expenses [4] - General and administrative expenses were reported at $13.2 million, down 21% year over year [4] - As of September 30, 2025, Prothena had $331.7 million in cash, cash equivalents, and restricted cash, with no debt [4][7] Pipeline Developments - Prothena is collaborating with Roche to evaluate prasinezumab for the treatment of Parkinson's disease, with Roche set to initiate the late-stage PARAISO study by the end of 2025, expecting peak sales potential of over $3.5 billion [5] - Novo Nordisk has acquired Prothena's clinical-stage antibody, Coramitug, for treating ATTR amyloidosis with cardiomyopathy, and has initiated the late-stage CLEOPATTRA study [6] - Prothena is advancing an early-stage pipeline for neurological indications in collaboration with Bristol Myers Squibb (BMY), including BMS-986446, which has received Fast Track designation from the FDA for Alzheimer's disease [8][9] Future Expectations - Prothena anticipates earning a clinical milestone when enrollment criteria are met in the ongoing phase III study by Novo Nordisk [8] - The company expects a net cash burn from operating and investing activities in 2025 to be between $170 million and $178 million, with a projected year-end cash balance of approximately $298 million [12] - The projected net loss for 2025 is estimated to be in the range of $240 million to $248 million [12]

Core Insights - Prothena Corporation's shares have decreased by 40% year-to-date, contrasting with a 6.6% gain in the industry, primarily due to pipeline setbacks [1][8] - The company is working to advance other pipeline projects after halting the development of birtamimab, but challenges persist [1] Pipeline Updates - Prothena provided an update on PRX012, a candidate for early symptomatic Alzheimer's disease, showing promising results in a phase I program [3][4] - PRX012 demonstrated a mean reduction in amyloid PET to 27.47 centiloids at the 400 mg dose level after 12 months, which is favorable compared to FDA-approved anti-Aβ antibodies [4] - However, PRX012 exhibited higher overall ARIA-E rates, raising concerns about its suitability for the studied patient population [5] - The company plans to seek partnerships to advance PRX012 and its preclinical PRX012-TfR antibody, which may reduce ARIA risks and enhance amyloid clearance [6][8] Recent Developments - Novo Nordisk will advance coramitug, an amyloid depleter antibody, into a phase III program for ATTR amyloidosis with cardiomyopathy in 2025, which Prothena initially developed [9] - Prothena is eligible for up to $1.2 billion in milestone payments from Novo Nordisk, having already earned $100 million [10] Setbacks and Workforce Changes - The discontinuation of birtamimab's development was announced in May 2025 after it failed to meet primary endpoints in a late-stage study [11] - Following this, Prothena implemented a 63% workforce reduction to streamline costs and support ongoing programs [12] Partnered Programs - Roche is advancing prasinezumab into phase III development for early-stage Parkinson's disease, with initiation expected by the end of 2025 [13][14] - Prothena will receive double-digit teen royalties on net sales of prasinezumab [14] - Bristol Myers is conducting phase II and phase I trials for potential Alzheimer's treatments, with Prothena collaborating on several early-stage programs [15][16] Overall Outlook - Despite progress in partnered programs, setbacks in wholly owned programs present significant challenges for Prothena [17]

Summary of Prothena's Conference Call Company Overview - **Company**: Prothena - **Industry**: Biotechnology, specifically focused on neurodegenerative diseases and amyloidosis Key Points and Arguments 1. **Pipeline Updates**: Prothena has made significant progress in its pipeline, with Roche advancing prasinezumab for Parkinson's disease into a phase three study and Novo moving Kuramitug for ATTR cardiomyopathy into a phase three study as well [4][5] 2. **Restructuring**: The company underwent a restructuring to align its resources with ongoing partnership obligations and to focus on shareholder-friendly activities [13][14] 3. **Financial Milestones**: Prothena anticipates up to $105 million in clinical milestone payments in 2026, contingent on the progress of its partnered programs with Novo and Bristol Myers Squibb [8][16] 4. **Shareholder Returns**: Plans for a share repurchase program are in place, supported by the establishment of distributable reserves through an extraordinary general meeting [11][20] 5. **PRXO12 Data**: The recent data for PRXO12 indicated higher than expected ARIA events, prompting consideration of a transferrin-based approach to mitigate these issues while retaining the drug's efficacy [21][24] 6. **Partnerships**: Prothena has four partnership programs, with two in phase three and one in phase two, which are crucial for the company's future value creation [12][19] 7. **Roche Partnership**: The deal with Roche is valued at $755 million, with $135 million received to date. Roche sees a peak sales opportunity for prasinezumab exceeding $4 billion [32][33] 8. **Novo Partnership**: The partnership with Novo for Kuramitug is valued at $1.23 billion, with $100 million received so far. The next milestone payment is expected to be around $50 million [60][63] 9. **Clinical Development**: Prothena is focused on the clinical development of its partnered assets, with expectations for data releases from ongoing studies [39][70] Additional Important Content 1. **Market Potential**: The market for treatments targeting neurodegenerative diseases and amyloidosis is significant, with increasing demand for effective therapies [43][58] 2. **Competitive Landscape**: The competitive environment is intensifying, with multiple companies developing similar therapies, which could impact Prothena's market positioning [21][22] 3. **Regulatory Considerations**: The timeline for potential partnerships and clinical trials is uncertain, with ongoing discussions expected to take time [29][30] 4. **Scientific Insights**: Prothena's approach to targeting alpha-synuclein in Parkinson's disease is based on empirical data, focusing on the carboxy terminus of the protein for better efficacy [44][46] This summary encapsulates the critical insights from Prothena's conference call, highlighting the company's strategic direction, financial outlook, and ongoing clinical developments.

Core Viewpoint - Prothena's recent earnings report indicates significant losses and revenue misses, but the company is focusing on key pipeline developments that could drive future growth [2][12]. Financial Performance - Prothena reported a second-quarter adjusted loss per share of $1.86, which was wider than the Zacks Consensus Estimate of a loss of $1.11 [2]. - Revenues for the quarter totaled $4.4 million, missing the Zacks Consensus Estimate of $21 million, compared to $132 million in the previous year [2]. - Research and development expenses decreased by 29.5% year-over-year to $40.5 million, attributed to lower clinical trial and manufacturing costs [3]. - General and administrative expenses were slightly reduced to $15.9 million from $16.1 million in the prior year [3]. - As of June 30, 2025, Prothena had $372.3 million in cash and equivalents, with no debt [3]. Pipeline Developments - Prothena is collaborating with Roche on prasinezumab for Parkinson's disease, with phase III development expected to start by the end of 2025 [4]. - The company is evaluating PRX012 for Alzheimer's disease, which has received Fast Track designation from the FDA, with initial data from phase I trials expected soon [5]. - Prothena is advancing several early-stage programs in collaboration with Bristol Myers, including BMS-986446 for Alzheimer's disease [6]. - PRX019, a potential treatment for neurodegenerative diseases, is undergoing a phase I clinical trial, expected to complete in 2026 [8]. - The dual Aβ-Tau vaccine, PRX123, has also received Fast Track designation and is being advanced through efficient funding structures [9][10]. Guidance and Estimates - Prothena expects a net cash burn of $170 to $178 million for 2025, with a projected year-end cash balance of approximately $298 million [12]. - The company anticipates a net loss in the range of $240 to $248 million for 2025 [12]. - Since the earnings release, consensus estimates have shifted upward by 29.35% [13]. Market Position - Prothena holds a Zacks Rank of 3 (Hold), indicating an expectation of in-line returns in the coming months [15]. - The company has an average Growth Score of C, a Momentum Score of A, but a low value score of F, placing it in the bottom 20% for value investors [14].