Prothena (PRTA) Q4 2024 earnings summary

Executive summary

• Advanced clinical pipeline in neurodegenerative and rare amyloid diseases, with four wholly-owned and four partnered programs, and key milestones expected in 2025, including topline Phase 3 data for birtamimab and multiple PRX012 readouts.

• Birtamimab (AL amyloidosis) and PRX012 (Alzheimer's) are lead assets, with major clinical milestones in 2025; PRX123 received Fast Track designation and IND clearance.

• Strategic partnerships with Roche, Novo Nordisk, and Bristol Myers Squibb provide significant milestone and royalty opportunities, including an $80M license for PRX019.

• Ended 2024 with $472.2M in cash and no debt, supporting ongoing R&D and clinical activities.

Financial highlights

• 2024 net cash used in operating and investing activities was $150.3M, at the low end of guidance ($148M–$160M).

• Net loss for 2024 was $122.3M, including $46M non-cash share-based compensation, matching guidance.

• Year-end 2024 cash, cash equivalents, and restricted cash totaled $472.2M.

• Total 2024 revenue was $135.2M, up from $91.4M in 2023, driven by collaboration revenue.

• No debt as of year-end 2024; 53.8M shares outstanding.

Outlook and guidance

• 2025 net cash used in operating and investing activities expected to be $168M–$175M.

• Projected year-end 2025 cash balance of ~$301M.

• Estimated 2025 net loss of $197M–$205M, including $41M in non-cash share-based compensation.

• Key 2025 milestones: AFFIRM-AL topline results, PRX012 phase I data, and updates from partnered programs.