PRTA · Prothena Corporation plc

Prothena's first quarter 2026 results reflect a significant turnaround to profitability, driven primarily by a $50 million clinical milestone payment from Novo Nordisk upon achieving Phase 3 enrollment for coramitug in ATTR cardiomyopathy. Total revenue surged to $51.1 million from $2.8 million in the prior year quarter, with the milestone accounting for the bulk of the increase. Operating expenses declined sharply: R&D expenses fell to $12.6 million from $50.8 million, largely due to lower clinical trial and personnel costs following the transfer of the ATTR program to Novo Nordisk. G&A expenses also decreased to $12.7 million from $17.6 million. The company recorded a $4.2 million restructuring credit related to reduced contract termination costs. Net income of $32.7 million ($0.60 diluted EPS) compares to a net loss of $60.2 million ($1.12 loss per share) in Q1 2025. Management highlighted progress across partnered programs: Roche presented positive data for prasinezumab in Parkinson's disease at AD/PD 2026, including a 'time saved' analysis suggesting approximately two years delay in disease progression over five years. Novo Nordisk obtained Fast Track designation for coramitug and initiated an open-label imaging study. Bristol Myers Squibb continues Phase 2 testing of BMS-986446 in Alzheimer's disease and may decide on advancing PRX019 by year-end, which could trigger a $55 million milestone. Prothena updated its 2026 financial guidance, projecting net cash used in operating and investing activities of $18-23 million (down from $50-55 million) and year-end cash of approximately $273 million (midpoint), reflecting the Novo Nordisk milestone partially offset by share repurchases and other liabilities. The company initiated a $100 million share repurchase program, with $7.3 million deployed in Q1. The strong cash position and reduced burn rate provide financial flexibility to advance preclinical programs, including TDP-43 CYTOPE and PRX012-TfR, while pursuing additional collaborations.