Biotech firm Prothena's Q2 net loss narrows on lower expenses

Prothena

06/08/2026 21:43

Overview
US biotech firm's Q2 revenue declined sharply from prior year
Q2 net loss narrowed yr/yr, reflecting lower R&D and G&A expenses
Company repurchased 1.45 mln shares in Q2, lowering year-end cash guidance

Outlook
Prothena now expects to end 2026 with about $259 mln in cash, down from $273 mln prior guidance
Company continues to expect 2026 net cash used in operating and investing activities of $18-23 mln
2026 guidance excludes a potential $55 mln milestone payment from Bristol Myers Squibb

Result Drivers
LOWER R&D COSTS - Q2 R&D expenses fell due to reduced clinical trial, personnel, consulting and manufacturing costs
LOWER G&A EXPENSES - Q2 G&A expenses declined, mainly from lower consulting and personnel costs

Company press release: ID:nBwbHnWmva

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q2 Collaboration Revenue
 
$1.01 mln
 
Q2 Net Loss
 
$18.58 mln
 
Q2 Operating Expenses
 
$22.11 mln
 
Q2 Pretax Loss
 
$18.58 mln
 

Analyst Coverage
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 3 "strong buy" or "buy", 2 "hold" and 1 "sell" or "strong sell"
The average consensus recommendation for the biotechnology & medical research peer group is "buy."
Wall Street's median 12-month price target for Prothena Corporation PLC is $20.00, about 135.6% above its August 5 closing price of $8.49

Reuters Recommended Reads
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Aug 5 - Entrada Therapeutics Q2 net loss narrows on lower costs

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)