Prothena Guides $50–55M 2026 Cash Burn and Advances Two Phase 3 Trials
Prothena used $163.7M cash in 2025, ended year with $308.4M and no debt, now expects net cash use of $50–55M in 2026 excluding up to $105M potential partner milestones. Partner programs advanced to Phase 3 include Roche’s prasinezumab PARAISO (900 patients, 2029 completion) and Novo Nordisk’s coramitug CLEOPATTRA (1,280 patients).
1. Q4 Financial Performance
Prothena reported a fourth-quarter net loss of $21.6 million, or $0.40 per share, with adjusted losses of $0.44 per share versus consensus of $0.45. Revenue for the period was $21,000, reflecting minimal commercial sales and primarily partner-driven operations.
2. Cash Position and Guidance
The company ended 2025 with $308.4 million in cash and no debt after using $163.7 million in operations and investing. Management now guides to $50–55 million of net cash burn in 2026, excluding up to $105 million of potential partner clinical milestones.
3. Partner Program Progress
Roche’s prasinezumab entered the Phase 3 PARAISO trial enrolling approximately 900 early Parkinson’s patients with primary completion in 2029, following a 40% MDS-UPDRS part 3 reduction in a levodopa subgroup. Novo Nordisk’s coramitug advanced into the Phase 3 CLEOPATTRA trial in ATTR-CM with about 1,280 participants.
4. Wholly Owned Pipeline Updates
Prothena’s CYTOPE intracellular-targeting platform showed preclinical CNS activity for its anti-phospho TDP-43 ALS program, and the anti-Aβ PRX012 candidate achieved amyloid reductions but prompted a TfR-targeted redesign due to ARIA-E rates. Discussions with partners are underway to progress these wholly owned assets.