Prothena Corporation plc reported a significant decline in its financial performance for the fiscal year ended December 31, 2025, with total revenue of $9.7 million, a decrease of 93% from $135.2 million in 2024. The drop in revenue was primarily attributed to a substantial reduction in collaboration revenue from Bristol Myers Squibb (BMS), which fell from $135.1 million to $9.6 million. This decline was largely due to the recognition of a $110.1 million milestone payment in 2024 related to the PRX019 Global License Agreement, which was not repeated in 2025. The company also reported a net loss of $244.1 million for 2025, compared to a loss of $122.3 million in the previous year, reflecting ongoing challenges in its clinical development programs.
In terms of operational changes, Prothena underwent a restructuring plan in June 2025, resulting in approximately $30.1 million in restructuring costs, primarily related to employee termination benefits and contract termination costs. The company reduced its workforce by approximately 63% to streamline operations and focus on its remaining drug development programs. As of December 31, 2025, Prothena had 67 employees, down from 182 in the previous year, and anticipates further reductions in 2026.
Prothena's research and development expenses decreased by 39% to $134.9 million in 2025, down from $222.5 million in 2024. This reduction was mainly due to lower clinical trial expenses associated with the wind-down of the PRX012 program and decreased personnel costs. The company is currently advancing several clinical programs, including prasinezumab for Parkinson's disease, coramitug for ATTR amyloidosis, and BMS-986446 for Alzheimer's disease, with varying degrees of collaboration with Roche and BMS.
Looking ahead, Prothena's cash and cash equivalents stood at $307.5 million as of December 31, 2025, which management believes will be sufficient to meet obligations for at least the next twelve months. However, the company anticipates needing additional capital to fund ongoing research and development activities and potential commercialization efforts. Prothena's future financial performance will depend on the successful advancement of its clinical trials and the ability to secure additional funding through collaborations or public offerings. The company remains focused on its strategic goal of developing novel therapies for neurodegenerative diseases, despite the challenges faced in the current fiscal year.
About PROTHENA CORP PUBLIC LTD CO
Prothena Corporation plc is a biotechnology company specializing in protein dysregulation to develop therapies for neurodegenerative and rare amyloid diseases. Its pipeline includes antibody, vaccine, and small molecule programs targeting conditions like Alzheimer’s, Parkinson’s, and amyloidosis. The company leverages deep scientific expertise, strategic collaborations, and innovative targeting of pathogenic proteins to address unmet medical needs in serious, life-threatening diseases.
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