Prothena Corporation plc (NASDAQ:PRTA), a leader in protein dysregulation-based therapies, reported its financial results for Q2 and the first half of 2024, alongside key business updates.
Second Quarter and 2024 Highlights:
- Revenue: $132.0 million for Q2 2024 and $132.1 million for H1 2024, up from $4.0 million and $6.2 million for the same periods in 2023. This revenue increase is primarily due to collaboration revenue from Bristol Myers Squibb.
- Net Income: $66.9 million for Q2 2024; net loss of $5.4 million for H1 2024, compared to net losses of $54.6 million and $101.5 million for Q2 and H1 2023, respectively.
- R&D Expenses: $57.5 million for Q2 2024 and $121.6 million for H1 2024, up from $56.0 million and $100.8 million in the prior year.
- G&A Expenses: $16.1 million for Q2 2024 and $33.6 million for H1 2024, compared to $14.5 million and $28.3 million in 2023.
Pipeline Updates:
- PRX012: Ongoing Phase 1 ASCENT trial for Alzheimer’s disease with Fast Track designation from the FDA.
- BMS-986446: Partnered with Bristol Myers Squibb, currently in Phase 2 TargetTau-1 trial for Alzheimer’s disease.
- PRX123: Dual-target vaccine for Alzheimer’s disease, with an expected Phase 1 update in 2024.
- Prasinezumab: Phase 2b PADOVA trial for Parkinson’s disease, with results expected in 2H 2024.
- PRX019: Licensed to Bristol Myers Squibb for $80 million, with up to $617.5 million in additional milestone payments and royalties.
- Birtamimab: Phase 3 AFFIRM-AL trial for AL amyloidosis, with results expected between 4Q 2024 and 2Q 2025.
- Coramitug: Phase 2 trial for ATTR cardiomyopathy being developed by Novo Nordisk.
Financial Guidance Update:
Prothena expects 2024 net cash used in operating and investing activities to be $148-$160 million, improved from prior guidance, with an ending cash balance of approximately $468 million.
About Prothena:
Prothena is a biotechnology company focused on therapeutics for neurodegenerative and rare peripheral amyloid diseases, leveraging its deep scientific expertise in protein dysregulation to advance its pipeline.
