Prothena Corporation plc

Prothena Corporation reported a second-quarter 2026 adjusted loss per share of 32 cents, narrower than the Zacks Consensus Estimate of a loss of 39 cents. Revenues totaled $1.01 million, matching the consensus estimate of $1 million, and compared with $4.4 million in the year-ago quarter. The company reaffirmed its full-year 2026 guidance for net cash used in operating and investing activities of $18 million to $23 million, and expects to end 2026 with approximately $259 million in cash, cash equivalents and restricted cash at the midpoint, down $14 million from the previous midpoint guidance of $273 million due to approximately $12 million spent on share repurchases. Prothena also highlighted pipeline progress, including Roche's ongoing late-stage PARAISO study of prasinezumab for early-stage Parkinson's disease with primary completion expected in 2029, and Novo Nordisk's late-stage CLEOPATTRA study of coramitug for ATTR amyloidosis with cardiomyopathy, expected to be completed by 2029. Additionally, the company could receive a $55 million clinical milestone payment from Bristol Myers Squibb if it elects to advance the PRX019 program, with a decision expected by year-end 2026.

Prothena Corporation shares have gained around 11% over the past six months, outpacing the industry's 5.1% growth, driven by investor confidence in its late-stage partnered programs and a solid cash position. Partner Novo Nordisk is evaluating coramitug in the phase III CLEOPATTRA program for ATTR amyloidosis with cardiomyopathy, with completion expected by 2029, and Prothena received a $50 million clinical milestone payment in March. Roche is advancing prasinezumab in the late-stage PARAISO study for early-stage Parkinson's disease, with peak sales potential exceeding $3.5 billion, and Prothena stands to receive up to double-digit teen royalties on net sales. Bristol Myers Squibb is conducting the phase II TargetTau-1 study of BMS-986446 for early Alzheimer's disease, with primary completion expected in the first half of 2027, and a $55 million milestone payment could be triggered by year-end 2026 if the partner advances PRX019. Prothena ended the first quarter of 2026 with approximately $330 million in cash and cash equivalents, which management believes is sufficient to fund operations for at least the next year.