Prothena Corp. (PRTA) Tops Q2 EPS by $2.28, provides guidance

Prothena Corp. (NASDAQ: PRTA) reported Q2 EPS of $1.22, $2.28 better than the analyst estimate of ($1.06). Revenue for the quarter came in at $132.01 million versus the consensus estimate of $10.73 million.

2024 Financial Guidance

The Company is updating it projected full year 2024 net cash used in operating and investing actives, and expects it to be $148 to $160 million (versus prior guidance $208 to $225 million) and expects to end the year with approximately $468 million (midpoint) in cash, cash equivalents and restricted cash, representing an increase of $63 million from prior guidance of $405 million (midpoint). This increase in cash position is primarily driven by Bristol Myers Squibb obtaining the $80 million exclusive worldwide rights for PRX019, offset by increased spend on our clinical stage programs including PRX019. The updated estimated full year 2024 net cash used from operating and investing activities is primarily driven by an updated estimated net loss of $120 to $135 million (versus prior guidance of $229 to $255 million), which includes an estimated $48 million of non-cash share-based compensation expense.

For earnings history and earnings-related data on Prothena Corp. (PRTA) click here.

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