Prothena Reports $2.8 Million Revenue in Q1 2025, Reduces Net Loss

Prothena Corporation plc reported its financial results for the first quarter of 2025, revealing total revenue of $2.8 million, a significant increase from $50,000 in the same period last year. This growth was primarily driven by collaboration revenue of $2.8 million, attributed to the partial performance of the PRX019 Phase 1 Clinical Trial Obligation. The company’s net loss for the quarter was $60.2 million, or $1.12 per share, compared to a net loss of $72.2 million, or $1.34 per share, in the first quarter of 2024. The reduction in net loss reflects a decrease in operating expenses, which totaled $68.4 million, down from $81.6 million year-over-year.

In terms of operational efficiency, Prothena's research and development expenses decreased by 21% to $50.8 million, primarily due to lower clinical trial costs associated with the PRX012 program and reduced manufacturing expenses. General and administrative expenses remained relatively stable, increasing slightly to $17.6 million from $17.5 million in the prior year. The company reported a total cash and cash equivalents balance of $417.9 million as of March 31, 2025, down from $471.4 million at the end of 2024, reflecting cash used in operating activities of $53.4 million during the quarter.

Strategically, Prothena continues to advance its pipeline of investigational therapeutics targeting neurodegenerative diseases. The company is focused on several key programs, including birtamimab for AL amyloidosis and PRX012 for Alzheimer’s disease. The Phase 3 AFFIRM-AL clinical trial for birtamimab is ongoing, with topline results expected in the second quarter of 2025. Additionally, Prothena has partnered with Roche and Bristol Myers Squibb (BMS) on various programs, including prasinezumab for Parkinson’s disease and BMS-986446 for Alzheimer’s disease, which are in different stages of clinical development.

As of March 31, 2025, Prothena had an accumulated deficit of $1.2 billion and total liabilities of $57.7 million. The company anticipates that its existing cash reserves will be sufficient to meet its obligations for at least the next twelve months. However, to support ongoing and future research and development activities, Prothena may require additional capital, which it plans to secure through collaborations and potential financing arrangements. The company remains committed to advancing its clinical programs and addressing the unmet medical needs in neurodegenerative diseases.