Prothena (PRTA) investor relations material

Executive summary

• Achieved net income of $32.7 million for Q1 2026, reversing a net loss of $60.2 million in Q1 2025, driven by a $50 million milestone payment from Novo Nordisk for coramitug's Phase 3 trial advancement.

• Total revenue rose to $51.1 million in Q1 2026 from $2.8 million in Q1 2025, primarily due to milestone and collaboration payments.

• Cash and cash equivalents increased to $330.3 million as of March 31, 2026, supporting at least 12 months of operations and with no debt.

• Operating expenses decreased 69% to $21.0 million, reflecting lower R&D and G&A costs following program wind-downs and restructuring.

• Initiated a share repurchase program for up to $100 million, with $7.3 million spent by March 31, 2026.

Financial highlights

• Revenue: $51.1 million for Q1 2026, up 1,706% from $2.8 million in Q1 2025.

• Net income: $32.7 million, compared to a net loss of $60.2 million year-over-year.

• R&D expenses: $12.6 million, down 75% from $50.8 million in Q1 2025, mainly due to lower clinical trial and personnel costs.

• G&A expenses: $12.7 million, down from $17.6 million in Q1 2025, mainly due to lower consulting and personnel expenses.

• Restructuring costs: Net reduction of $4.2 million in liabilities due to contract terminations and workforce reductions.

• Cash flow from operations: $28.9 million provided, compared to $53.4 million used in Q1 2025.

• Non-cash share-based compensation expense was $6.9 million in Q1 2026, down from $10.9 million in Q1 2025.

Outlook and guidance

• Cash reserves are expected to fund operations for at least the next twelve months; additional capital may be needed for expanded R&D or acquisitions.

• Full-year 2026 net cash used in operating and investing activities projected at $18–23 million, improved from prior guidance of $50–$55 million.

• Expects to end 2026 with approximately $273 million in cash (midpoint), up from previous guidance of $255 million.

• Guidance does not include a potential $55 million milestone payment from BMS for PRX019 advancement.

• Estimated full-year 2026 net loss revised to $25–$30 million, including $26 million in non-cash share-based compensation.