Prothena Corporation plc · Q1 2022 earnings

Briefing

Reported financial results for the first quarter 2022.

Prothena reported a net loss of $36.3 million, compared to a net loss of $36.7 million for the first quarter of 2021. Total revenue was $1.2 million, primarily from collaboration revenue from Bristol Myers Squibb. The company's cash and restricted cash position was $544.3 million at the end of the quarter.

• Net cash used in operating and investing activities was $37.4 million in the first quarter; quarter-end cash and restricted cash position was $544.3 million
• Advanced PRX012, a potential best-in-class, subcutaneous treatment for Alzheimer’s disease, into a Phase 1 clinical study and received FDA Fast Track designation
• Multiple presentations at AD/PD 2022 highlighting depth of neurodegenerative portfolio targeting Alzheimer’s and Parkinson’s diseases
• The Company continues to expect the full year 2022 net cash used in operating and investing activities to be $120 to $132 million, which includes an expected $40 million clinical milestone payment from Novo Nordisk and expects to end the year with approximately $454 million in cash, cash equivalents and restricted cash (midpoint).

Headline financials

Revenue & EPS history

The Company continues to expect the full year 2022 net cash used in operating and investing activities to be $120 to $132 million, which includes an expected $40 million clinical milestone payment from Novo Nordisk and expects to end the year with approximately $454 million in cash, cash equivalents and restricted cash (midpoint).