Thu, Feb 27, 10:08 PM (52 days ago)
Prothena Corporation plc (NASDAQ: PRTA) reported a total revenue of $135.2 million for the year ended December 31, 2024, a 48% increase from $91.4 million in 2023. This growth was driven primarily by collaboration revenue, particularly from Bristol Myers Squibb (BMS), which included $110.1 million from the PRX019 Global License Agreement. Research and development (R&D) expenses slightly increased to $222.5 million, primarily due to clinical trial costs for birtamimab and PRX012. General and administrative expenses rose by 9% to $67.2 million. The net loss narrowed to $122.3 million from $147.0 million in the previous year, with a basic and diluted loss per share of $2.27. Prothena continues to focus on its late-stage clinical pipeline targeting neurodegenerative diseases, with ongoing trials for birtamimab and other candidates. The company holds significant cash reserves of $471.4 million, expected to fund operations for at least 12 months, but anticipates needing additional capital for future R&D and commercialization efforts. Key risks include reliance on partnerships, regulatory hurdles, and competition in the biotech sector.