Quarterly ResultMay 7, 2026, 04:24 PM
Prothena Q1 Net Income $32.7M, Revenue $51.1M; $50M Milestone
AI Summary
Prothena Corporation plc reported a net income of $32.7 million for the first quarter of 2026, a significant improvement from a net loss of $60.2 million in Q1 2025. Total revenue for the quarter increased substantially to $51.1 million from $2.8 million in the prior year. The company received a $50 million clinical milestone payment from Novo Nordisk for coramitug, which also obtained Fast Track designation from the U.S. FDA. Prothena updated its full-year 2026 net cash used in operating and investing activities guidance to $18-$23 million and expects to end the year with approximately $273 million in cash, cash equivalents, and restricted cash.
Key Highlights
- Q1 2026 net income was $32.7 million, up from a $60.2 million net loss in Q1 2025.
- Q1 2026 total revenue increased to $51.1 million from $2.8 million in Q1 2025.
- Received a $50 million clinical milestone payment from Novo Nordisk for coramitug.
- Updated full year 2026 net cash used in operating and investing activities guidance to $18-$23 million.
- Projected year-end 2026 cash, cash equivalents, and restricted cash of approximately $273 million.
- Completed Phase 1 study for PRX019; potential $55 million milestone from BMS by year-end 2026.
- Initiated a share repurchase program for up to $100 million, repurchasing $7.3 million as of March 31, 2026.
- Cash, cash equivalents, and restricted cash totaled $330.3 million as of March 31, 2026.