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Prothena Posts Q1 Earnings as Revenues Surge on Milestone Payment
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Key Takeaways
Prothena reported Q1 revenues of $51.1M, driven by a $50M Novo Nordisk milestone payment.
PRTA lowered projected 2026 cash use to $18M-$23M and raised year-end cash outlook.
Bristol Myers and Roche continue advancing PRX019 and prasinezumab in clinical studies.
Prothena Corporation (PRTA - Free Report) reported first-quarter 2026 adjusted earnings per share (excluding restructuring costs) of 52 cents. The Zacks Consensus Estimate was a loss of 31 cents per share.
In the year-ago quarter, the company had incurred a loss of $1.12 per share.
The bottom line was boosted by higher revenues resulting from a milestone payment from Novo Nordisk (NVO - Free Report) .
Revenues totaled $51.1 million compared with $2.8 million in the year-ago quarter. The top line primarily comprises collaboration revenues and milestone payments.
First-quarter 2026 revenues were primarily driven by a $50.0 million milestone payment from NVO tied to the ongoing late-stage study of coramitug, along with collaboration revenues from Bristol Myers Squibb (BMY - Free Report) related to the partial fulfillment of the company’s phase I study obligations for PRX019.
Prothena’s shares have gained 10.1% in the year so far against the industry’s decline of 0.2%.
Image Source: Zacks Investment Research
PRTA’s Q1 Results in Detail
Research and development (R&D) expenses decreased 75.2% to $12.6 million from $50.8 million in the prior-year period, primarily driven by lower clinical trial, personnel, manufacturing and consulting expenses.
General and administrative (G&A) expenses decreased 28% to $12.7 million from $17.6 million in the year-ago period, mainly due to lower consulting and personnel expenses.
As of March 31, 2026, Prothena had $330.3 million in cash, cash equivalents and restricted cash, compared with $308.4 million as of Dec. 31, 2025. The company had no debt at the end of the first quarter.
Prothena Corporation plc Price, Consensus and EPS Surprise
Prothena lowered its guidance for full-year 2026 net cash used in operating and investing activities to $18-$23 million from $50-$55 million. The company now expects to end 2026 with approximately $273 million in cash, cash equivalents and restricted cash at the midpoint, up $18 million from the previous midpoint guidance of $255 million.
The improved cash outlook was primarily driven by the milestone payment from Novo Nordisk tied to the advancement of coramitug, partially offset by approximately $15 million used for share repurchases through April 30, 2026, liabilities related to discontinued programs and increased investment in preclinical programs.
The updated outlook for net cash used in operating and investing activities is primarily based on a revised projected net loss of $25-$30 million, down from the prior guidance of net loss $67-$72 million. The updated net loss projection includes approximately $26 million in non-cash share-based compensation expense.
The company’s financial guidance does not include the potential receipt of a $55 million clinical milestone payment tied to BMY’s advancement of PRX019 for neurodegenerative diseases, nor does it factor in any additional cash that may be used under the share repurchase program.
PRTA’s Pipeline Updates
Prothena is developing prasinezumab in collaboration with Roche (RHHBY - Free Report) for the treatment of Parkinson’s disease.
Roche is evaluating prasinezumab in an ongoing late-stage PARAISO study for early-stage Parkinson's disease, with primary completion expected in 2029. Roche expects prasinezumab to have peak sales potential of more than $3.5 billion (unadjusted).
Novo Nordisk had earlier acquired Prothena’s clinical-stage antibody, Coramitug (formerly PRX004), a potential first-in-class amyloid depleter antibody for the treatment of ATTR amyloidosis with cardiomyopathy (ATTR-CM).
NVO is evaluating the candidate under a late-stage CLEOPATTRA study for ATTR-CM. The study is expected to be completed by 2029.
The company initiated an open-label study evaluating the biodistribution of 89Zr-coramitug and assessing coramitug’s ability to reduce TTR amyloid deposits in myocardial tissue using PET/CT imaging in patients with ATTR-CM, with primary completion expected in 2027 (NCT07448623).
Prothena also received a $50 million clinical milestone payment tied to phase III enrollment progress. It is advancing an early-stage pipeline of programs for several potential neurological indications with Bristol Myers.
BMS-986446 (formerly PRX005) is a best-in-class anti-tau, MTBR-specific antibody for the potential treatment of Alzheimer’s Disease.
Bristol Myers is conducting the phase II TargetTau-1 study in approximately 310 patients with early Alzheimer’s disease and the primary completion is expected in the first half of 2027. Bristol Myers Squibb also conducted a phase I open-label single-dose clinical study to assess subcutaneous administration.
PRX019, a potential treatment for neurodegenerative diseases, is also being developed in collaboration with Bristol Myers. BMY in-licensed exclusive global rights to PRX019 in 2024.
Prothena completed a phase I study evaluating the safety, tolerability, immunogenicity and pharmacokinetics of single-ascending and multiple-dose administration in healthy volunteers.
The company could receive a potential $55 million clinical milestone payment if BMY elects to advance the program, with a decision expected by year-end 2026.
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Prothena Posts Q1 Earnings as Revenues Surge on Milestone Payment
Key Takeaways
Prothena Corporation (PRTA - Free Report) reported first-quarter 2026 adjusted earnings per share (excluding restructuring costs) of 52 cents. The Zacks Consensus Estimate was a loss of 31 cents per share.
In the year-ago quarter, the company had incurred a loss of $1.12 per share.
The bottom line was boosted by higher revenues resulting from a milestone payment from Novo Nordisk (NVO - Free Report) .
Revenues totaled $51.1 million compared with $2.8 million in the year-ago quarter. The top line primarily comprises collaboration revenues and milestone payments.
First-quarter 2026 revenues were primarily driven by a $50.0 million milestone payment from NVO tied to the ongoing late-stage study of coramitug, along with collaboration revenues from Bristol Myers Squibb (BMY - Free Report) related to the partial fulfillment of the company’s phase I study obligations for PRX019.
Prothena’s shares have gained 10.1% in the year so far against the industry’s decline of 0.2%.
Image Source: Zacks Investment Research
PRTA’s Q1 Results in Detail
Research and development (R&D) expenses decreased 75.2% to $12.6 million from $50.8 million in the prior-year period, primarily driven by lower clinical trial, personnel, manufacturing and consulting expenses.
General and administrative (G&A) expenses decreased 28% to $12.7 million from $17.6 million in the year-ago period, mainly due to lower consulting and personnel expenses.
As of March 31, 2026, Prothena had $330.3 million in cash, cash equivalents and restricted cash, compared with $308.4 million as of Dec. 31, 2025. The company had no debt at the end of the first quarter.
Prothena Corporation plc Price, Consensus and EPS Surprise
Prothena Corporation plc price-consensus-eps-surprise-chart | Prothena Corporation plc Quote
PRTA Updates 2026 Guidance
Prothena lowered its guidance for full-year 2026 net cash used in operating and investing activities to $18-$23 million from $50-$55 million. The company now expects to end 2026 with approximately $273 million in cash, cash equivalents and restricted cash at the midpoint, up $18 million from the previous midpoint guidance of $255 million.
The improved cash outlook was primarily driven by the milestone payment from Novo Nordisk tied to the advancement of coramitug, partially offset by approximately $15 million used for share repurchases through April 30, 2026, liabilities related to discontinued programs and increased investment in preclinical programs.
The updated outlook for net cash used in operating and investing activities is primarily based on a revised projected net loss of $25-$30 million, down from the prior guidance of net loss $67-$72 million. The updated net loss projection includes approximately $26 million in non-cash share-based compensation expense.
The company’s financial guidance does not include the potential receipt of a $55 million clinical milestone payment tied to BMY’s advancement of PRX019 for neurodegenerative diseases, nor does it factor in any additional cash that may be used under the share repurchase program.
PRTA’s Pipeline Updates
Prothena is developing prasinezumab in collaboration with Roche (RHHBY - Free Report) for the treatment of Parkinson’s disease.
Roche is evaluating prasinezumab in an ongoing late-stage PARAISO study for early-stage Parkinson's disease, with primary completion expected in 2029. Roche expects prasinezumab to have peak sales potential of more than $3.5 billion (unadjusted).
Novo Nordisk had earlier acquired Prothena’s clinical-stage antibody, Coramitug (formerly PRX004), a potential first-in-class amyloid depleter antibody for the treatment of ATTR amyloidosis with cardiomyopathy (ATTR-CM).
NVO is evaluating the candidate under a late-stage CLEOPATTRA study for ATTR-CM. The study is expected to be completed by 2029.
The company initiated an open-label study evaluating the biodistribution of 89Zr-coramitug and assessing coramitug’s ability to reduce TTR amyloid deposits in myocardial tissue using PET/CT imaging in patients with ATTR-CM, with primary completion expected in 2027 (NCT07448623).
Prothena also received a $50 million clinical milestone payment tied to phase III enrollment progress. It is advancing an early-stage pipeline of programs for several potential neurological indications with Bristol Myers.
BMS-986446 (formerly PRX005) is a best-in-class anti-tau, MTBR-specific antibody for the potential treatment of Alzheimer’s Disease.
Bristol Myers is conducting the phase II TargetTau-1 study in approximately 310 patients with early Alzheimer’s disease and the primary completion is expected in the first half of 2027. Bristol Myers Squibb also conducted a phase I open-label single-dose clinical study to assess subcutaneous administration.
PRX019, a potential treatment for neurodegenerative diseases, is also being developed in collaboration with Bristol Myers. BMY in-licensed exclusive global rights to PRX019 in 2024.
Prothena completed a phase I study evaluating the safety, tolerability, immunogenicity and pharmacokinetics of single-ascending and multiple-dose administration in healthy volunteers.
The company could receive a potential $55 million clinical milestone payment if BMY elects to advance the program, with a decision expected by year-end 2026.
PRTA’s Zacks Rank
PRTA carries a Zacks Rank #3 (Hold) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.