Prothena Corp PLC (PRTA) Reports Q3 2023 Financial Results
Prothena Corp PLC (NASDAQ:PRTA) reported net income of $21.9 million for Q3 2023, compared to a net loss of $45.8 million for Q3 2022.
The company received a $55 million payment from Bristol Myers Squibb for exclusive worldwide license to PRX005.
Prothena's cash and restricted cash position at the end of the quarter was $673.1 million.
The company expects to deliver upcoming clinical milestones from wholly-owned and strategic partner programs over the next 15 months.
Prothena Corp PLC (NASDAQ:PRTA), a late-stage clinical biotechnology company, released its financial results for the third quarter and first nine months of 2023 on November 2, 2023. The company reported a net income of $21.9 million for Q3 2023, compared to a net loss of $45.8 million for the same period in 2022. For the first nine months of 2023, the company reported a net loss of $79.6 million, compared to a net loss of $123.3 million for the same period in 2022.
Financial Highlights
Prothena reported total revenue of $84.9 million for Q3 2023, primarily from collaboration revenue from Bristol Myers Squibb. This is a significant increase from the total revenue of $1.5 million reported for Q3 2022. The increase in collaboration revenue was primarily due to $72.9 million recognized for the tau Global License Agreement.
Research and development expenses totaled $57.9 million for Q3 2023, compared to $39.9 million for the same period in 2022. General and administrative expenses totaled $16.6 million for Q3 2023, compared to $12.0 million for Q3 2022.
As of September 30, 2023, Prothena had $673.1 million in cash, cash equivalents, and restricted cash, and no debt. The company expects the full year 2023 net cash used in operating and investing activities to be $148 to $161 million and expects to end the year with approximately $600 million in cash, cash equivalents, and restricted cash.
Business Highlights and Upcoming Milestones
During Q3 2023, Prothena received a $55 million payment from Bristol Myers Squibb for exclusive worldwide license to PRX005. The company also reported that it remains on track and expects to deliver upcoming clinical milestones from wholly-owned and strategic partner programs over the next 15 months.
Prothena's pipeline includes both wholly-owned and partnered programs being developed for the potential treatment of diseases including AL amyloidosis, ATTR amyloidosis, Alzheimers disease, Parkinsons disease, and a number of other neurodegenerative diseases.
Prothena Corporation plc is a late-stage clinical biotechnology company with expertise in protein dysregulation and a pipeline of investigational therapeutics with the potential to change the course of devastating neurodegenerative and rare peripheral amyloid diseases.
Explore the complete 8-K earnings release (here) from Prothena Corp PLC for further details.
This article first appeared on GuruFocus.
