Prothena (PRTA) Q2 2026 earnings summary

Executive summary

• Achieved net income of $14.1 million for the six months ended June 30, 2026, reversing a net loss of $186.0 million in the prior year period, driven by a $50 million milestone payment from Novo Nordisk and reduced operating expenses.

• Q2 2026 reported a net loss of $18.6 million, a significant improvement from $125.8 million net loss in Q2 2025.

• Revenue for the six months ended June 30, 2026, was $52.1 million, up from $7.2 million year-over-year, primarily due to the Novo Nordisk milestone and ongoing collaboration revenue from BMS.

• Multiple late-stage clinical programs advanced, including prasinezumab (Roche), coramitug (Novo Nordisk), and moponetug (Bristol Myers Squibb), with active research collaborations and preclinical programs leveraging proprietary CYTOPE® technology.

• Cash and cash equivalents stood at $288.2 million as of June 30, 2026, with working capital of $280.4 million, supporting at least 12 months of operations.

Financial highlights

• Total revenue for Q2 2026 was $1.0 million, down 77% from $4.4 million in Q2 2025, while first half 2026 revenue was $52.1 million, up 619% from $7.2 million in the prior year period, driven by the $50 million Novo Nordisk milestone.

• Operating expenses for Q2 2026 were $22.1 million, down 75% year-over-year, and $43.2 million for the six months, down 73%.

• R&D expenses for Q2 and first half 2026 were $8.8 million and $21.4 million, down from $40.5 million and $91.3 million in 2025.

• Net income per share was $0.27 (basic) for the six months ended June 30, 2026, compared to a net loss per share of $(3.45) in the prior year period.

• Cash provided by operating activities was $3.8 million for the six months ended June 30, 2026, compared to cash used of $99.7 million in the prior year period.

Outlook and guidance

• Management expects existing cash and cash equivalents to fund operations for at least the next twelve months.

• Full-year 2026 net cash used in operating and investing activities is projected to be approximately $18 million to $23 million.

• Year-end 2026 cash balance projected at approximately $259 million (midpoint), revised down due to share repurchases.

• Estimated full year net loss of $25–$30 million, including $26 million in non-cash share-based compensation; guidance excludes potential $55 million milestone from Bristol Myers Squibb and further share repurchases.

• Future capital needs may arise if R&D spending increases or new acquisitions are pursued; additional funding may be sought through collaborations or financings.