Prothena authorizes $100 million share repurchase program

Prothena Corporation plc (NASDAQ: PRTA) announced its board of directors authorized a share repurchase program allowing the company to buy back up to $100 million of its outstanding ordinary shares.

The Dublin-based biotechnology company reported cash, cash equivalents and restricted cash of $308.4 million with no debt as of December 31, 2025. The company projects ending 2026 with approximately $255 million in cash, excluding potential share purchases under the repurchase plan.

Prothena may conduct repurchases through open market transactions in accordance with Rule 10b-18 of the Securities Exchange Act and may establish Rule 10b5-1 plans to facilitate purchases. The timing, number of shares, and prices will depend on market conditions, share prices and other factors.

The repurchase plan expires December 31, 2026, and may be suspended or discontinued at any time. The company is not obligated to purchase any specific amount of shares under the program.

Prothena expects to potentially receive up to $105 million in clinical milestone payments from strategic partners in 2026. These payments relate to the advancement of coramitug for ATTR amyloidosis with cardiomyopathy by Novo Nordisk and PRX019 for neurodegenerative diseases by Bristol Myers Squibb.

The company focuses on developing therapeutics for neurodegenerative and rare peripheral amyloid diseases, with a pipeline targeting conditions including Parkinson's disease, ATTR amyloidosis, Alzheimer's disease and amyotrophic lateral sclerosis.

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