Prothena Stock Price, News & Analysis

Prothena Corporation (NASDAQ:PRTA) showcased its leadership in Alzheimer's and Parkinson's disease treatments at the 2023 International Conference on Alzheimer's and Parkinson's Diseases held in Gothenburg, Sweden. The highlight was an oral presentation on PRX012, a next-generation anti-amyloid beta antibody, showing a 20-fold higher affinity for amyloid beta protofibrils and enhanced plaque clearance compared to existing treatments. Prothena also hosted a symposium on disease-modifying treatments and participated in panel discussions. Collaborating partner Roche presented findings on prasinezumab for Parkinson's disease.

Prothena Corporation (NASDAQ:PRTA) reported a net income of $6.3 million in Q4 2022, contrasting with a net loss of $116.9 million for the full year. Total revenue fell to $49.9 million in Q4 and $53.9 million for the year, significantly down from $1.2 million and $200.6 million in 2021, respectively. The operating cash use was $5.1 million in Q4 and $109.3 million for the year, with a cash position of $712.6 million. Noteworthy achievements include FDA clearance for PRX012’s IND application and a $40 million milestone from Novo Nordisk. The company anticipates utilizing $213 to $229 million in 2023, predicting a net cash of roughly $512 million by year end.

Prothena Corporation plc (NASDAQ:PRTA) will announce its fourth quarter and full year 2022 financial results on February 23, 2023, after U.S. market close. The company will host a live audio conference call at 4:30 PM ET to discuss the results, which will be available on its website. Prothena focuses on protein dysregulation and has a pipeline targeted at treating neurodegenerative diseases and rare peripheral amyloid diseases. Its investigational therapies aim to address conditions like AL and ATTR amyloidosis, Alzheimer's, and Parkinson's disease.

Prothena Corporation plc (NASDAQ:PRTA) announced the grant of an option to purchase 85,000 ordinary shares to a newly hired employee. This option has an exercise price of $53.67, reflecting the closing trading price on February 1, 2023. The shares will vest over four years, with 25% vesting after one year and the remainder vesting monthly over 36 months. This grant is part of the Company’s 2020 Employment Inducement Incentive Plan, approved for attracting new talent. Prothena specializes in developing therapeutics targeting neurodegenerative and rare diseases, leveraging its expertise in protein dysregulation.

Prothena Corporation (NASDAQ:PRTA) announced positive results from a Phase 1 single ascending dose (SAD) study for PRX005, an investigational antibody targeting tau pathology in Alzheimer’s disease. The study demonstrated dose-proportional concentrations of PRX005 in plasma and confirmed its safety and tolerability in healthy volunteers. Notably, PRX005 effectively penetrated the central nervous system, indicating potential effectiveness against Alzheimer’s. The ongoing Phase 1 multiple ascending dose (MAD) trial in Alzheimer’s patients is expected to report topline results by year-end 2023.

Prothena Corporation plc (NASDAQ:PRTA) announced a public offering of 3,250,000 ordinary shares at $56.50 each, aiming to raise approximately $172.4 million after expenses. The offering, closing on December 19, 2022, includes a 30-day option for underwriters to purchase an additional 487,500 shares. This offering is made under an automatic shelf registration statement filed with the SEC on March 23, 2021. Prothena focuses on developing therapeutics targeting neurodegenerative diseases.

Prothena Corporation plc (NASDAQ:PRTA) has announced an underwritten public offering of 3,000,000 ordinary shares, with a potential 15% additional share purchase option for underwriters. This offering is subject to market conditions and follows an automatic shelf registration statement filed with the SEC. Jefferies, Evercore ISI, and Cantor are acting as joint book-running managers. The proceeds are intended to advance its investigational therapeutics pipeline targeting neurodegenerative diseases. There is no guarantee regarding completion or terms of the offering.

Prothena Corporation (PRTA) announced promising results from its Phase 3 VITAL study on birtamimab, a treatment for Mayo Stage IV AL amyloidosis. A post hoc analysis indicated a significant survival benefit of 74% for birtamimab-treated patients at 9 months, compared to 49% for placebo (HR 0.413, p=0.021). The findings were presented at the American Society of Hematology Annual Meeting. Following these results, Prothena is advancing birtamimab into the confirmatory Phase 3 AFFIRM-AL study, with topline data expected in 2024.

Prothena Corporation plc (NASDAQ:PRTA) reported its financial results for Q3 and the first nine months of 2022. The company faced a net loss of $45.8 million for Q3 and $123.3 million year-to-date, a stark contrast to net income of $109.2 million in Q3 2021. Total revenue plummeted to $1.5 million in Q3 2022, down from $139.2 million in Q3 2021. R&D expenses rose significantly to $39.9 million for Q3 2022 due to increased manufacturing and clinical trial costs. Prothena's cash position remains strong at $497.0 million, and revised guidance predicts a net cash burn of $108 to $120 million for 2022.