Prothena Corporation plc has released its financial results for the first quarter of 2025, reporting a net loss of $60.2 million, which is an improvement compared to the $72.2 million net loss reported for the same period in 2024. The company's total revenue for the first quarter of 2025 increased significantly to $2.8 million from $0.1 million in the first quarter of 2024. This increase in revenue was primarily attributed to collaboration revenue from Bristol Myers Squibb, related to the partial performance of the PRX019 Phase 1 clinical trial obligation. Research and development expenses also decreased, totaling $50.8 million in Q1 2025, compared to $64.1 million in Q1 2024. As of March 31, 2025, Prothena reported having $418.8 million in cash, cash equivalents, and restricted cash, with no debt. Prothena has provided an update on its business operations, anticipating topline results from the confirmatory Phase 3 AFFIRM-AL clinical trial of birtamimab for AL amyloidosis in the second quarter of 2025. Additionally, multiple clinical readouts for PRX012, a potential treatment for Alzheimer's disease, are expected to begin around mid-2025 and continue throughout the year. The company remains on track to becoming a commercial-stage biotech firm, with significant developments anticipated throughout the year.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.