PRTA

Net cash used in operating and investing activities was $25.7 million in the second quarter and net cash provided by operating and investing activities was $3.2 million for the first six months of 2026; quarter-end cash and restricted cash position was $289.1 million Guidance updated to include shares repurchased through July 30, 2026 and now expects to end the year with approximately $259 million (midpoint) in cash, cash equivalents and restricted cash Results from partner Roche evaluating prasinezumab in patients with early Parkinson’s disease from the Phase 2b PADOVA clinical trial published in The Lancet Multiple research collaborations with industry partners ongoing to explore the potential of our CYTOPE® technology over the next 12 to 24 months DUBLIN, August 06, 2026--(BUSINESS WIRE)--Prothena Corporation plc (NASDAQ:PRTA), a late-stage clinical biotechnology company with a robust pipeline of investigational therapeutics built on protein dysregulation expertise, today reported financial results for the second quarter and first six months of 2026 and provided business highlights. "During the quarter, we were excited to see Roche publish results in The Lancet from the Phase 2b PADOVA trial evaluating prasinezumab in patients with early Parkinson’s disease, further supporting prasinezumab’s potential as a disease-modifying therapy. Roche is currently evaluating prasinezumab in the Phase 3 PARAISO trial, with primary completion expected in 2029," said Gene Kinney, Ph.D., President and Chief Executive Officer, Prothena. "In addition, Novo Nordisk is conducting the Phase 3 CLEOPATTRA clinical trial evaluating coramitug in patients with ATTR amyloidosis with cardiomyopathy, with primary completion expected in 2029. We also expect our partner Bristol Myers Squibb to complete the ongoing Phase 2 TargetTau-1 clinical trial evaluating moponetug (BMS-986446) in patients with early Alzheimer’s disease in the first half of 2027. In total our partnered programs could generate up to approximately $3 billion in aggregate future milestone payments, plus potential royalties. We also remain actively engaged with industry partners in multiple research collaborations evaluating the potential of our CYTOPE® technology over the next 12 to 24 months. We believe these programs reinforce the potential of our proprietary CYTOPE® technology and our ability to generate additional research collaborations and licensing partnerships." Business Highlights and Upcoming Milestones Active Clinical Development Portfolio Prasinezumab, a potential first-in-class antibody for the treatment of Parkinson’s disease that is designed to target a key epitope within the C-terminus of alpha-synuclein and is the focus of a worldwide collaboration with Roche. PADOVA Phase 2b clinical trial results were published in The Lancet, which highlighted exploratory signals of the clinical and biological activity of prasinezumab in early-stage Parkinson’s disease. These findings were consistent across clinical and biomarker endpoints, supporting the potential of prasinezumab to modify the course of Parkinson’s disease Roche is conducting the Phase 3 PARAISO clinical trial in approximately 900 participants with early-stage Parkinson's disease; primary completion expected in 2029 (NCT07174310) Roche has stated that prasinezumab has peak sales potential greater than $3.5 billion (unadjusted) and could be the first disease-modifying treatment for Parkinson’s disease—a condition that affects 10 million people worldwide Coramitug (formerly PRX004), a potential best-in-class amyloid depleter antibody for the treatment of ATTR amyloidosis with cardiomyopathy (ATTR-CM) designed to deplete the pathogenic, non-native forms of the transthyretin (TTR) protein, is being developed by Novo Nordisk as part of its up to $1.2 billion acquisition of Prothena’s ATTR amyloidosis business and pipeline. Novo Nordisk is conducting the Phase 3 CLEOPATTRA clinical trial in approximately 1280 participants with ATTR-CM; primary completion expected in 2029 (NCT07207811) Open-label study ongoing to evaluate the biodistribution of 89Zr-coramitug and investigate the effects of coramitug on depleting TTR amyloid deposits in myocardial tissues using PET/CT imaging in participants with ATTR-CM; primary completion expected in 2027 (NCT07448623) Coramitug granted Fast Track designation from the U.S. FDA for the treatment of ATTR-CM Moponetug (formerly BMS-986446/PRX005), a potential best-in-class antibody for the treatment of Alzheimer’s disease that specifically targets a key epitope within the microtubule binding region (MTBR) of tau, a protein implicated in the causal pathophysiology of Alzheimer’s disease. Bristol Myers Squibb is conducting the Phase 2 TargetTau-1 clinical trial in approximately 310 patients with early Alzheimer’s disease; primary completion expected in 1H 2027 (NCT06268886) Bristol Myers Squibb conducted a Phase 1 open-label single-dose clinical trial to assess a subcutaneous administration (NCT06955741) Moponetug granted Fast Track designation by U.S. FDA as a treatment for Alzheimer’s disease PRX019, a potential treatment of neurodegenerative diseases in development in collaboration with Bristol Myers Squibb. Prothena has completed a Phase 1 study to evaluate the safety, tolerability, immunogenicity, and pharmacokinetics of single ascending and multiple doses in healthy adults Prothena could potentially earn a $55 million clinical milestone payment if Bristol Myers Squibb decides to advance the program; BMS decision expected by YE 2026 Active Preclinical Development Portfolio TDP-43 CYTOPE®, a wholly-owned proprietary preclinical program for precision intracellular targeting of TDP-43 pathology, a defining pathogenic feature of ALS and other TDP-43 proteinopathies. TDP-43 CYTOPE preclinical data demonstrates the potential of Prothena’s CYTOPE technology to target intracellular disease pathways. Prothena presented a poster at Neuroscience 2025 (Society for Neuroscience), as well as encore presentations at the International Symposium of ALS/MND 2025 and the 2026 European Network to Cure ALS (ENCALS) demonstrating the potential of TDP-43 CYTOPE in multiple preclinical models PRX012-TfR, a wholly-owned preclinical program combining PRX012, our single-injection, once-monthly antibody delivered subcutaneously with proprietary transferrin receptor technology to potentially improve its product profile. Preclinical studies ongoing to support potential efficacy of PRX012-TfR Second Quarter of 2026 Financial Results For the second quarter Prothena reported net loss of $18.6 million and net income of $14.1 million for the first six months of 2026, respectively, as compared to a net loss of $125.8 million and $186.0 million for the second quarter and first six months of 2025, respectively. Basic and dilutive net loss per share was $0.36 for the second quarter and basic and diluted net income per share was $0.27 and $0.26, respectively, for the first six months of 2026, as compared to a basic and dilutive net loss per share of $2.34 and $3.45, respectively, for the second quarter and first six months of 2025. Prothena reported total revenue of $1.0 million and $52.1 million, respectively, for the second quarter and first six months of 2026, respectively, as compared to total revenue of $4.4 million and $7.2 million for the second quarter and first six months of 2025, respectively. Total revenue for the first six months of 2026 was primarily from $50.0 million in milestone payment from Novo Nordisk related to ongoing Phase 3 clinical trial for coramitug and collaboration revenue from Bristol Myers Squibb related to the partial performance of our PRX019 Phase 1 clinical trial obligation. Total revenue for the second quarter and first six months of 2025 was primarily from collaboration revenue from Bristol Myers Squibb related to the partial performance of our PRX019 Phase 1 clinical trial obligation. Research and development (R&D) expenses totaled $8.8 million and $21.4 million for the second quarter and first six months of 2026, respectively, as compared to $40.5 million and $91.3 million for the second quarter and first six months of 2025, respectively. The decrease in R&D expenses for the second quarter and first six months of 2026 compared to the same periods in the prior year was primarily due to lower clinical trial expenses, lower personnel expenses, lower consulting expenses and lower manufacturing expenses. R&D expenses included non-cash share-based compensation expense of $1.7 million and $3.7 million for the second quarter and first six months of 2026, respectively, as compared to $4.7 million and $9.5 million for the second quarter and first six months of 2025, respectively. General and administrative (G&A) expenses totaled $10.9 million and $23.6 million for the second quarter and first six months of 2026, respectively as compared to $15.9 million and $33.5 million for the second quarter and first six months of 2025, respectively. The decrease in G&A expenses for the second quarter and first six months of 2026 compared to the same periods in the prior year was primarily due to lower consulting expenses and lower personnel expenses. G&A expenses included non-cash share-based compensation expense of $4.5 million and $9.4 million for the second quarter and first six months of 2026, respectively, as compared to $5.7 million and $11.8 million for the second quarter and first six months of 2025, respectively. Prothena recorded restructuring expenses of $2.4 million for the second quarter and an aggregate restructuring credit of $1.8 million for the first six months of 2026, respectively, as compared to $32.6 million for the second quarter and first six months of 2025, respectively. Restructuring expenses included non-cash share-based compensation expense of $1.7 million for the second quarter and first six months of 2026, as compared to $2.1 million for the second quarter and first six months of 2025. Total non-cash share-based compensation expense was $7.9 million and $14.8 million for the second quarter and first six months of 2026, respectively, as compared to $12.4 million and $23.4 million for the second quarter and first six months of 2025, respectively. As of June 30, 2026, Prothena had $289.1 million in cash, cash equivalents and restricted cash, and no debt. As of July 30, 2026, Prothena had approximately 51.3 million ordinary shares outstanding. 2026 Financial Guidance The Company continues to expect the full year 2026 net cash used in operating and investing activities to be $18 to $23 million. The Company is updating its projected year end cash balance to approximately $259 million (midpoint) in cash, cash equivalents and restricted cash, representing a decrease of $14 million from prior guidance of $273 million (midpoint). This decrease in cash position is primarily driven by cash utilized as part of the share repurchase program of approximately $12 million between May 1, 2026 and July 30, 2026. The estimated full year 2026 net cash used in operating and investing activities is primarily driven by an estimated net loss of $25 to $30 million, which includes an estimated $26 million of non-cash share-based compensation expense. This financial guidance does not include the potential to earn a $55 million clinical milestone payment in 2026 related to the advancement of PRX019 for neurodegenerative diseases by Bristol Myers Squibb or additional cash utilized as part of a share repurchase program. 2Q 2026 Share Repurchase Program Prothena repurchased 1,454,898 ordinary shares in the second quarter of 2026. Together with the 788,990 ordinary shares repurchased in the first quarter of 2026, Prothena repurchased an aggregate of 2,243,888 ordinary shares during the first half of 2026 with $22.3 million, excluding commissions and expenses, under its up to $100.0 million share repurchase program, which expires on December 31, 2026. About Prothena Prothena Corporation plc is a late-stage clinical biotechnology company with expertise in protein dysregulation with the potential to change the course of devastating neurodegenerative and rare peripheral amyloid diseases. Fueled by its deep scientific expertise built over decades of research, Prothena is advancing a pipeline of therapeutic candidates for a number of indications and novel targets for which its ability to integrate scientific insights around neurological dysfunction and the biology of misfolded proteins can be leveraged. Prothena’s pipeline includes both wholly-owned and partnered programs being developed for the potential treatment of diseases including Parkinson’s disease, ATTR amyloidosis with cardiomyopathy, Alzheimer’s disease, Amyotrophic lateral sclerosis (ALS) and a number of other neurodegenerative diseases. Prothena is developing and applying CYTOPE®, a novel technology that incorporates a cell-internalizing domain to drive efficient cytosolic delivery with highly specific marcomolecular effectors. For more information, please visit the Company’s website at www.prothena.com and follow the Company on X (formerly Twitter) @ProthenaCorp. Forward-Looking Statements This press release contains forward-looking statements. These statements relate to, among other things, the sufficiency of our cash position to fund advancement of our pipeline and completion of our ongoing clinical trials; the continued advancement of our preclinical and clinical pipeline, including the potential and advancement of our CYTOPE® technology and expected milestones in 2026, 2027, and beyond; the treatment potential, designs, proposed mechanisms of action, and potential administration of prasinezumab, coramitug, moponetug, PRX019, TDP-43 CYTOPE, and PRX012-TfR; plans for ongoing and future clinical trials of prasinezumab, coramitug, moponetug, and PRX019; the expected timing of reporting data from preclinical studies and clinical trials; projections regarding peak sales and patient population for prasinezumab; timing of and amounts we may receive under our collaborations with Novo Nordisk and Bristol Myers Squibb; our anticipated net cash burn from operating and investing activities for 2026 and expected cash balance at the end of 2026; our estimated net loss and non-cash share-based compensation expense for 2026; and the potential to return capital to shareholders via a share repurchase program or other permissible means. These statements are based on estimates, projections and assumptions that may prove not to be accurate, and actual results could differ materially from those anticipated due to known and unknown risks, uncertainties and other factors, including but not limited to those described in the "Risk Factors" sections of our Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission (SEC) on August 6, 2026, and discussions of potential risks, uncertainties, and other important factors in our subsequent filings with the SEC. We undertake no obligation to update publicly any forward-looking statements contained in this press release as a result of new information, future events, or changes in our expectations. View source version on businesswire.com: https://www.businesswire.com/news/home/20260806855960/en/ Contacts Mark Johnson, CFASenior Vice President, Head of Investor Relations and Corporate [email protected] [email protected]

Prothena Corporation plc (NASDAQ:PRTA) last week reported its latest quarterly results, which makes it a good time for investors to dive in and see if the business is performing in line with expectations. This is an important time for investors, as they can track a company's performance in its report, look at what experts are forecasting for next year, and see if there has been any change to expectations for the business. With this in mind, we've gathered the latest statutory forecasts to see what the analysts are expecting for next year. Trump has pledged to "unleash" American oil and gas and these 15 US stocks have developments that are poised to benefit. Taking into account the latest results, the current consensus from Prothena's six analysts is for revenues of US$83.3m in 2026. This would reflect a major 44% increase on its revenue over the past 12 months. Earnings are expected to improve, with Prothena forecast to report a statutory profit of US$0.047 per share. In the lead-up to this report, the analysts had been modelling revenues of US$92.0m and earnings per share (EPS) of US$0.25 in 2026. From this we can that sentiment has definitely become more bearish after the latest results, leading to lower revenue forecasts and a large cut to earnings per share estimates. View our latest analysis for Prothena The analysts made no major changes to their price target of US$21.40, suggesting the downgrades are not expected to have a long-term impact on Prothena's valuation. That's not the only conclusion we can draw from this data however, as some investors also like to consider the spread in estimates when evaluating analyst price targets. Currently, the most bullish analyst values Prothena at US$36.00 per share, while the most bearish prices it at US$8.00. With such a wide range in price targets, analysts are almost certainly betting on widely divergent outcomes in the underlying business. As a result it might not be a great idea to make decisions based on the consensus price target, which is after all just an average of this wide range of estimates. These estimates are interesting, but it can be useful to paint some more broad strokes when seeing how forecasts compare, both to the Prothena's past performance and to peers in the same industry. For example, we noticed that Prothena's rate of growth is expected to accelerate meaningfully, with revenues forecast to exhibit 62% growth to the end of 2026 on an annualised basis. That is well above its historical decline of 11% a year over the past five years. By contrast, our data suggests that other companies (with analyst coverage) in the industry are forecast to see their revenue grow 22% per year. Not only are Prothena's revenues expected to improve, it seems that the analysts are also expecting it to grow faster than the wider industry. The biggest concern is that the analysts reduced their earnings per share estimates, suggesting business headwinds could lay ahead for Prothena. They also downgraded Prothena's revenue estimates, but industry data suggests that it is expected to grow faster than the wider industry. There was no real change to the consensus price target, suggesting that the intrinsic value of the business has not undergone any major changes with the latest estimates. Following on from that line of thought, we think that the long-term prospects of the business are much more relevant than next year's earnings. We have estimates - from multiple Prothena analysts - going out to 2028, and you can see them free on our platform here. You can also see our analysis of Prothena's Board and CEO remuneration and experience, and whether company insiders have been buying stock. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Net cash provided by operating and investing activities was $28.9 million for the first quarter of 2026; quarter-end cash and restricted cash position was $330.3 million Prothena updates projected full year 2026 net cash used in operating and investing actives to be $18 to $23 million (versus prior guidance $50 to $55 million) and expects to end the year with approximately $273 million (midpoint) in cash, cash equivalents and restricted cash Novo Nordisk obtained Fast Track designation from the U.S. FDA for coramitug (PRX004) for the treatment of ATTR amyloidosis with cardiomyopathy and paid Prothena a $50 million clinical milestone payment related to Phase 3 enrollment Roche presented several clinical updates supporting the potential of prasinezumab for the treatment of Parkinson’s disease at the International Conference on Alzheimer's and Parkinson's Diseases and Related Neurological Disorders (AD/PD™ 2026) Prothena has completed the Phase 1 study for PRX019. Prothena could potentially earn a $55 million clinical milestone payment if Bristol Myers Squibb decides to advance the program; BMS decision expected by year-end 2026 Prothena initiated a share repurchase program to be conducted in 2026 for up to $100 million if deemed appropriate DUBLIN, May 07, 2026--(BUSINESS WIRE)--Prothena Corporation plc (NASDAQ:PRTA), a late-stage clinical biotechnology company with a robust pipeline of investigational therapeutics built on protein dysregulation expertise, today reported financial results for the first quarter of 2026 and provided business highlights. "In the quarter we were encouraged by updates on our partnered Phase 3 clinical programs. Roche delivered several presentations highlighting the potential of prasinezumab for Parkinson’s disease at AD/PD 2026, including a ‘time saved’ analysis demonstrating approximately two years in delay of disease progression over a five year period from the PASADENA open-label extension study, longer-term data from the PADOVA open-label extension study showing a sustained effect of prasinezumab on disease progression, and exploratory biomarker analyses of the PADOVA trial suggesting that prasinezumab may impact the underlying disease biology. Novo Nordisk recently obtained Fast Track designation from the U.S. FDA for coramitug in ATTR-CM and delivered $50 million to Prothena upon achievement of a Phase 3 clinical milestone," said Gene Kinney, Ph.D., President and Chief Executive Officer, Prothena. "In addition, we are engaged in multiple research collaborations with industry partners exploring the potential of our CYTOPE® technology. Finally, our team continues to explore additional research collaborations and licensing partnerships to further advance our programs." Business Highlights and Upcoming Milestones Active Clinical Development Portfolio Prasinezumab, a potential first-in-class antibody for the treatment of Parkinson’s disease that is designed to target a key epitope within the C-terminus of alpha-synuclein and is the focus of a worldwide collaboration with Roche. Partner Roche presented several clinical updates from the Phase 2b PADOVA trial and open-label extension (OLE) and the PASADENA OLE study supporting the potential of prasinezumab for the treatment of Parkinson’s disease at AD/PD™ 2026 Oral Presentation – Modeling Parkinson’s Disease Progression to Quantify Long-Term Treatment Effects via the Concept of ‘Time Saved’ Oral Presentation – Prasinezumab in Early-Stage Parkinson’s Disease: Additional Data from the PADOVA Study Poster Presentation – Prasinezumab’s Impact on Neuromelanin- and Iron-Sensitive MRI Biomarkers in Parkinson’s Disease: Findings from the PADOVA Phase IIb Study Poster Presentation – Sustained Effect on Prasinezumab on Parkinson’s Disease Motor Progression in the Open-Label Extension of the PASADENA Trial, 5-Year Update Poster Presentation – Digital Health Technology Detects Group Differences in Practically-Defined OFF L-DOPA State: Results of PADOVA Phase IIb Study of Prasinezumab Roche is conducting the Phase 3 PARAISO clinical trial in approximately 900 participants with early-stage Parkinson's disease; primary completion expected in 2029 (NCT07174310) Roche has stated that prasinezumab has peak sales potential greater than $3.5 billion (unadjusted) and could be the first disease-modifying treatment for a condition that affects 10 million people worldwide Coramitug (formerly PRX004), a potential best-in-class amyloid depleter antibody for the treatment of ATTR amyloidosis with cardiomyopathy (ATTR-CM) designed to deplete the pathogenic, non-native forms of the transthyretin (TTR) protein, is being developed by Novo Nordisk as part of its up to $1.2 billion acquisition of Prothena’s ATTR amyloidosis business and pipeline. Novo Nordisk is conducting the Phase 3 CLEOPATTRA clinical trial in approximately 1280 participants with ATTR-CM; primary completion expected in 2029 (NCT07207811) Coramitug granted Fast Track designation from the U.S. FDA for the treatment of ATTR-CM Novo Nordisk initiated an open-label study to evaluate the biodistribution of 89Zr-coramitug and investigate the effects of coramitug on depleting TTR amyloid deposits in myocardial tissues using PET/CT imaging in participants with ATTR-CM; primary completion expected in 2027 (NCT07448623) Prothena received a $50 million clinical milestone payment related to Phase 3 enrollment BMS-986446 (formerly PRX005), a potential best-in-class antibody for the treatment of Alzheimer’s disease that specifically targets a key epitope within the microtubule binding region (MTBR) of tau, a protein implicated in the causal pathophysiology of Alzheimer’s disease. Bristol Myers Squibb is conducting the Phase 2 TargetTau-1 clinical trial in approximately 310 patients with early Alzheimer’s disease; primary completion expected in 1H 2027 (NCT06268886) Bristol Myers Squibb conducted a Phase 1 open-label single-dose clinical trial to assess a subcutaneous administration (NCT06955741) BMS-986446 granted Fast Track designation by U.S. FDA as a treatment for Alzheimer’s disease PRX019, a potential treatment of neurodegenerative diseases in development in collaboration with Bristol Myers Squibb. Prothena has completed a Phase 1 study to evaluate the safety, tolerability, immunogenicity, and pharmacokinetics of single ascending and multiple doses in healthy adults Prothena could potentially earn a $55 million clinical milestone payment if Bristol Myers Squibb decides to advance the program; BMS decision expected by YE 2026 Active Preclinical Development Portfolio TDP-43 CYTOPE®, a wholly-owned proprietary preclinical program for precision intracellular targeting of TDP-43 pathology, a defining pathogenic feature of ALS and other TDP-43 proteinopathies. TDP-43 CYTOPE preclinical data demonstrates the potential of Prothena’s CYTOPE® technology to target intracellular disease pathways. Prothena presented a poster at Neuroscience 2025 (Society for Neuroscience) and the International Symposium of ALS/MND demonstrating the potential of TDP-43 CYTOPE in multiple preclinical models PRX012-TfR, a wholly-owned preclinical program combining PRX012, our single-injection, once-monthly antibody delivered subcutaneously with proprietary transferrin receptor technology to potentially improve its product profile. Preclinical studies ongoing to support potential efficacy of PRX012-TfR Upcoming Investor Conference Members of the senior management team will participate in 1 on 1 investor meetings at the following upcoming investor conference: H.C. Wainwright 4th Annual BioConnect Investor Conference on Tuesday, May 19, 2026 in New York, NY First Quarter of 2026 Financial Results For the first quarter of 2026, Prothena reported net income of $32.7 million, as compared to a net loss of $60.2 million for the first quarter of 2025. Basic net income per share was $0.61 and fully dilutive net income per share was $0.60 for the first quarter of 2026, as compared to a basic and dilutive net loss per share of $1.12 for the first quarter of 2025. Prothena reported total revenue of $51.1 million for the first quarter of 2026, as compared to total revenue of $2.8 million for the first quarter of 2025. Total revenue for the first quarter of 2026 was primarily from $50.0 million in milestone payment from Novo Nordisk related to ongoing Phase 3 clinical trial for coramitug and collaboration revenue from Bristol Myers Squibb related to the partial performance of our PRX019 Phase 1 clinical trial obligation. Total revenue for the first quarter of 2025, was primarily from collaboration revenue from Bristol Myers Squibb related to the partial performance of our PRX019 Phase 1 clinical trial obligation. Research and development (R&D) expenses totaled $12.6 million for the first quarter of 2026, as compared to $50.8 million for the first quarter of 2025. The decrease in R&D expenses for the first quarter of 2026 compared to the same periods in the prior year was primarily due to lower clinical trial expenses, lower personnel expenses, lower manufacturing expenses and lower consulting expenses. R&D expenses included non-cash share-based compensation expense of $2.0 million for the first quarter of 2026, as compared to $4.8 million for the first quarter of 2025. General and administrative (G&A) expenses totaled $12.7 million for the first quarter of 2026, as compared to $17.6 million for the first quarter of 2025. The decrease in G&A expenses for the first quarter of 2026 compared to the same periods in the prior year was primarily due to lower consulting expenses and lower personnel expenses. G&A expenses included non-cash share-based compensation expense of $4.9 million for the first quarter of 2026, as compared to $6.1 million for the first quarter of 2025. Prothena recorded an aggregate restructuring credit of approximately $4.2 million for the three months ended March 31, 2026 primarily related to a reduction in contract termination costs associated with one or more third-party vendors. Total non-cash share-based compensation expense was $6.9 million for the first quarter of 2026, as compared to $10.9 million for the first quarter of 2025. As of March 31, 2026, Prothena had $330.3 million in cash, cash equivalents and restricted cash, and no debt. As of April 30, 2026, Prothena had approximately 52.4 million ordinary shares outstanding. 2026 Financial Guidance Prothena is updating its projected full year 2026 net cash used in operating and investing actives, and expects it to be $18 to $23 million (versus prior guidance $50 to $55 million) and expects to end the year with approximately $273 million (midpoint) in cash, cash equivalents and restricted cash, representing an increase of $18 million from prior guidance of $255 million (midpoint). This increase in cash position is primarily driven by a $50 million milestone payment from Novo Nordisk related to the advancement of coramitug offset by cash utilized as part of share repurchase program activities of approximately $15 million through April 30, 2026, the settlement of liabilities related to discontinued programs, and an increased investment in our preclinical programs. The updated estimated full year 2026 net cash used from operating and investing activities is primarily driven by an updated estimated net loss of $25 to $30 million (versus prior guidance of $67 to $72 million), which includes an estimated $26 million of non-cash share-based compensation expense. This financial guidance does not include the potential to earn a $55 million clinical milestone payment in 2026 related to the advancement of PRX019 for neurodegenerative diseases by Bristol Myers Squibb or additional cash utilized as part of a share repurchase program. 1Q 2026 Share Repurchase Program Prothena repurchased a total of 788,990 ordinary shares with $7.3 million, exclusive of commissions and expenses, as of March 31, 2026, from its up to $100.0 million share repurchase program, which expires December 31, 2026. About Prothena Prothena Corporation plc is a late-stage clinical biotechnology company with expertise in protein dysregulation with the potential to change the course of devastating neurodegenerative and rare peripheral amyloid diseases. Fueled by its deep scientific expertise built over decades of research, Prothena is advancing a pipeline of therapeutic candidates for a number of indications and novel targets for which its ability to integrate scientific insights around neurological dysfunction and the biology of misfolded proteins can be leveraged. Prothena’s pipeline includes both wholly-owned and partnered programs being developed for the potential treatment of diseases including Parkinson’s disease, ATTR amyloidosis with cardiomyopathy, Alzheimer’s disease, Amyotrophic lateral sclerosis (ALS) and a number of other neurodegenerative diseases. Prothena is developing and applying CYTOPE®, a novel technology that incorporates a cell-internalizing domain to drive efficient cytosolic delivery with highly specific marcomolecular effectors. For more information, please visit the Company’s website at www.prothena.com and follow the Company on X (formerly Twitter) @ProthenaCorp. Forward-Looking Statements This press release contains forward-looking statements. These statements relate to, among other things, the sufficiency of our cash position to fund advancement of our pipeline and completion of our ongoing clinical trials; the continued advancement of our preclinical and clinical pipeline, including the potential and advancement of our CYTOPE technology and expected milestones in 2026, 2027, and beyond; the treatment potential, designs, proposed mechanisms of action, and potential administration of prasinezumab, coramitug, BMS-986446, PRX019, TDP-43 CYTOPE, and PRX012-TfR; plans for ongoing and future clinical trials of prasinezumab, coramitug, BMS-986446, and PRX019; the expected timing of reporting data from preclinical studies and clinical trials; projections regarding peak sales and patient population for prasinezumab; timing of and amounts we may receive under our collaborations with Novo Nordisk and Bristol Myers Squibb; our anticipated net cash burn from operating and investing activities for 2026 and expected cash balance at the end of 2026; our estimated net loss and non-cash share-based compensation expense for 2026; and the potential to return capital to shareholders via a share repurchase program or other permissible means. These statements are based on estimates, projections and assumptions that may prove not to be accurate, and actual results could differ materially from those anticipated due to known and unknown risks, uncertainties and other factors, including but not limited to those described in the "Risk Factors" sections of our Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission (SEC) on May 7, 2026, and discussions of potential risks, uncertainties, and other important factors in our subsequent filings with the SEC. We undertake no obligation to update publicly any forward-looking statements contained in this press release as a result of new information, future events, or changes in our expectations. View source version on businesswire.com: https://www.businesswire.com/news/home/20260507030808/en/ Contacts Mark Johnson, CFA Senior Vice President, Head of Investor Relations and Corporate Communications 650-837-8550 [email protected] [email protected]

Prothena Corporation PRTA reported first-quarter 2026 adjusted earnings per share (excluding restructuring costs) of 52 cents. The Zacks Consensus Estimate was a loss of 31 cents per share. In the year-ago quarter, the company had incurred a loss of $1.12 per share. The bottom line was boosted by higher revenues resulting from a milestone payment from Novo Nordisk NVO. Revenues totaled $51.1 million compared with $2.8 million in the year-ago quarter. The top line primarily comprises collaboration revenues and milestone payments. First-quarter 2026 revenues were primarily driven by a $50.0 million milestone payment from NVO tied to the ongoing late-stage study of coramitug, along with collaboration revenues from Bristol Myers Squibb BMY related to the partial fulfillment of the company’s phase I study obligations for PRX019. Prothena’s shares have gained 10.1% in the year so far against the industry’s decline of 0.2%. Image Source: Zacks Investment Research Research and development (R&D) expenses decreased 75.2% to $12.6 million from $50.8 million in the prior-year period, primarily driven by lower clinical trial, personnel, manufacturing and consulting expenses. General and administrative (G&A) expenses decreased 28% to $12.7 million from $17.6 million in the year-ago period, mainly due to lower consulting and personnel expenses. As of March 31, 2026, Prothena had $330.3 million in cash, cash equivalents and restricted cash, compared with $308.4 million as of Dec. 31, 2025. The company had no debt at the end of the first quarter. Prothena Corporation plc price-consensus-eps-surprise-chart | Prothena Corporation plc Quote Prothena lowered its guidance for full-year 2026 net cash used in operating and investing activities to $18-$23 million from $50-$55 million. The company now expects to end 2026 with approximately $273 million in cash, cash equivalents and restricted cash at the midpoint, up $18 million from the previous midpoint guidance of $255 million. The improved cash outlook was primarily driven by the milestone payment from Novo Nordisk tied to the advancement of coramitug, partially offset by approximately $15 million used for share repurchases through April 30, 2026, liabilities related to discontinued programs and increased investment in preclinical programs. The updated outlook for net cash used in operating and investing activities is primarily based on a revised projected net loss of $25-$30 million, down from the prior guidance of net loss $67-$72 million. The updated net loss projection includes approximately $26 million in non-cash share-based compensation expense. The company’s financial guidance does not include the potential receipt of a $55 million clinical milestone payment tied to BMY’s advancement of PRX019 for neurodegenerative diseases, nor does it factor in any additional cash that may be used under the share repurchase program. Prothena is developing prasinezumab in collaboration with Roche RHHBY for the treatment of Parkinson’s disease. Roche is evaluating prasinezumab in an ongoing late-stage PARAISO study for early-stage Parkinson's disease, with primary completion expected in 2029. Roche expects prasinezumab to have peak sales potential of more than $3.5 billion (unadjusted). Novo Nordisk had earlier acquired Prothena’s clinical-stage antibody, Coramitug (formerly PRX004), a potential first-in-class amyloid depleter antibody for the treatment of ATTR amyloidosis with cardiomyopathy (ATTR-CM). NVO is evaluating the candidate under a late-stage CLEOPATTRA study for ATTR-CM. The study is expected to be completed by 2029. The company initiated an open-label study evaluating the biodistribution of 89Zr-coramitug and assessing coramitug’s ability to reduce TTR amyloid deposits in myocardial tissue using PET/CT imaging in patients with ATTR-CM, with primary completion expected in 2027 (NCT07448623). Prothena also received a $50 million clinical milestone payment tied to phase III enrollment progress. It is advancing an early-stage pipeline of programs for several potential neurological indications with Bristol Myers. BMS-986446 (formerly PRX005) is a best-in-class anti-tau, MTBR-specific antibody for the potential treatment of Alzheimer’s Disease. Bristol Myers is conducting the phase II TargetTau-1 study in approximately 310 patients with early Alzheimer’s disease and the primary completion is expected in the first half of 2027. Bristol Myers Squibb also conducted a phase I open-label single-dose clinical study to assess subcutaneous administration. PRX019, a potential treatment for neurodegenerative diseases, is also being developed in collaboration with Bristol Myers. BMY in-licensed exclusive global rights to PRX019 in 2024. Prothena completed a phase I study evaluating the safety, tolerability, immunogenicity and pharmacokinetics of single-ascending and multiple-dose administration in healthy volunteers. The company could receive a potential $55 million clinical milestone payment if BMY elects to advance the program, with a decision expected by year-end 2026. PRTA carries a Zacks Rank #3 (Hold) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Roche Holding AG (RHHBY) : Free Stock Analysis Report Bristol Myers Squibb Company (BMY) : Free Stock Analysis Report Novo Nordisk A/S (NVO) : Free Stock Analysis Report Prothena Corporation plc (PRTA) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

It has been about a month since the last earnings report for Sarepta Therapeutics (SRPT). Shares have added about 24.2% in that time frame, outperforming the S&P 500. Will the recent positive trend continue leading up to its next earnings release, or is Sarepta Therapeutics due for a pullback? Well, first let's take a quick look at the most recent earnings report in order to get a better handle on the recent drivers for Sarepta Therapeutics, Inc. before we dive into how investors and analysts have reacted as of late. Sarepta reported a fourth-quarter 2025 adjusted loss of $3.58 per share, wider than the Zacks Consensus Estimate of a loss of 71 cents. This higher-than-anticipated loss was attributed to an increase in operating expenses incurred during the quarter. In the year-ago period, the company posted an adjusted EPS of $1.91. The adjusted figures exclude depreciation and amortization costs, stock-based compensation expenses, gains on strategic investments, losses on debt extinguishment and restructuring charges. Including these items, the loss during the quarter was $3.93 against an EPS of $1.50 in the year-ago period. Sarepta recorded total revenues of $442.9 million, down nearly 33% year over year. This downtick was due to lower sales of Elevidys. The reported figure beat the Zacks Consensus Estimate of $408.5 million. Product revenues fell 42% year over year to $369.6 million. The company recorded $259 million from the product sales of its three PMO therapies, up 2% year over year. The figure missed the Zacks Consensus Estimate of $270 million. Sarepta generated $110 million from Elevidys sales, down more than 71% year over year, primarily due to its decision to suspend shipments to non-ambulatory patients in June 2025 amid safety concerns. The therapy’s sales missed the Zacks Consensus Estimate of $114 million. SRPT recorded approximately $73.3 million in collaboration and other revenues, compared to $20.3 million in the year-ago period. This uptick was mainly due to higher contract manufacturing revenues, driven by higher volume of shipments of Elevidys to Roche. Adjusted research and development (R&D) expenses totaled $308.1 million, up 78% year over year. This upside is primarily due to an increase in milestone expenses made toward pipeline development during the quarter. Adjusted selling, general & administrative (SG&A) expenses declined 20% to $105.4 million, primarily due to the company’s restructuring plan launched in July 2025. Sarepta reported total revenues of $2.2 billion, up 16% year over year. The adjusted loss in 2025 stood at $5.05 per share against adjusted EPS of $3.71 in the year-ago period. At the conference call, management issued fresh guidance for net product revenue projection for full-year 2026. It expects figures between $1.2 billion and $1.4 billion. The company projects total collaboration, contract manufacturing and royalty revenues to be between $450 million and $550 million. Sarepta reiterated its guidance for expenses. It expects the combined adjusted R&D and SG&A expenses to be in the $800-$900 million range. Since the earnings release, investors have witnessed a downward trend in estimates revision. The consensus estimate has shifted 9.79% due to these changes. At this time, Sarepta Therapeutics has a great Growth Score of A, though it is lagging a lot on the Momentum Score front with an F. However, the stock has a score of A on the value side, putting it in the top quintile for this investment strategy. Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in. Estimates have been broadly trending downward for the stock, and the magnitude of these revisions looks promising. Interestingly, Sarepta Therapeutics has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months. Sarepta Therapeutics is part of the Zacks Medical - Biomedical and Genetics industry. Over the past month, Prothena (PRTA), a stock from the same industry, has gained 10.2%. The company reported its results for the quarter ended December 2025 more than a month ago. Prothena reported revenues of $0.02 million in the last reported quarter, representing a year-over-year change of -99.1%. EPS of -$0.44 for the same period compares with -$1.08 a year ago. Prothena is expected to post a loss of $0.37 per share for the current quarter, representing a year-over-year change of +67%. Over the last 30 days, the Zacks Consensus Estimate has changed +4.1%. Prothena has a Zacks Rank #2 (Buy) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of D. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Sarepta Therapeutics, Inc. (SRPT) : Free Stock Analysis Report Prothena Corporation plc (PRTA) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

It has been about a month since the last earnings report for Jazz Pharmaceuticals (JAZZ). Shares have lost about 3.9% in that time frame, outperforming the S&P 500. But investors have to be wondering, will the recent negative trend continue leading up to its next earnings release, or is Jazz due for a breakout? Well, first let's take a quick look at its latest earnings report in order to get a better handle on the recent catalysts for Jazz Pharmaceuticals PLC before we dive into how investors and analysts have reacted as of late. Jazz Pharmaceuticals reported fourth-quarter 2025 adjusted earnings per share (EPS) of $6.64, which beat the Zacks Consensus Estimate of $6.62. Earnings rose 2% year over year. Total revenues rose 10% year over year to $1.2 billion, which beat the Zacks Consensus Estimate of $1.18 billion. Net product sales increased 10.5% year over year to $1.13 billion. The reported figure beat both the Zacks Consensus Estimate and our model estimate, each of which stood at $1.11 billion. Jazz recorded about $56 million in royalty revenues from high-sodium oxybate authorized generic (AG), up 1% year over year. The metric beat the Zacks Consensus Estimate of $53 million and our model estimate of $51 million. Other royalties and contract revenues were about $10 million, up 28% from the year-ago period levels. Sales of Jazz’s neuroscience products rose more than 8% year over year to $792 million. Net product sales for the combined oxybate business (Xyrem + Xywav) rose 12% to $503 million. This combined figure beat both the Zacks Consensus Estimate of $481 million and our model estimates of $485 million. Sales of Xyrem declined more than 23% year over year to $37.8 million, primarily due to patients switching to Xywav and the launch of AGs in 2023. Xywav recorded sales of more than $465 million in the quarter, reflecting 16% year-over-year growth. This upside can be attributed to the encouraging uptake of the drug in narcolepsy and IH indications. This drug is currently Jazz’s most extensive product by net sales. Sales of Epidiolex/Epidyolex rose 4% to $287 million. Per Jazz, the drug’s sales growth was negatively impacted by higher-than-normal inventory levels in the year-ago period. This likely caused Epidiolex sales to miss the Zacks Consensus Estimate of $297 million and our model estimate of $300 million. Despite this soft performance, the drug achieved blockbuster status in 2025. Cannabis-based mouth spray Sativex recorded sales of $1.5 million in the quarter, down 71% year over year. Oncology product sales rose 16% to over $337 million. Rylaze/Enrylaze posted sales of more than $108 million, up nearly 7% year over year. This figure beat both the Zacks Consensus Estimate of $106 million and our model estimate of $107 million. Zepzelca recorded sales over $90 million, up 15% year over year. This upside was primarily driven by initial demand for the drug in the recently approved front-line SCLC setting. Vyxeos generated sales of about $35 million, down 35% from the year-ago period’s level. Defitelio sales rose 2% to $59 million. Ziihera added $8.5 million to the top line compared with $8.3 million in the previous quarter. Jazz recorded revenues worth $36.5 million from the sales of its recently launched brain tumor drug Modeyso, compared to $11 million in the previous quarter. Adjusted selling, general and administrative expenses (SG&A) rose about 12% year over year to $360.5 million. This uptick was primarily attributed to higher compensation-related expenses incurred during the quarter. Adjusted research and development (R&D) expenses declined 14% to $190 million, mainly due to lower clinical program costs incurred during the quarter. Jazz reported adjusted EPS of $8.38 for the full year, down 54% year over year. Total revenues rose 5% year over year to $4.3 billion. The top line included neuroscience and oncology net product sales of $2.9 billion and $1.1 billion, respectively. Jazz issued financial guidance for the full year. Total revenues are expected to be in the range of $4.25-$4.50 billion, suggesting 2.5% year-over-year growth at the midpoint compared with 2025 level. The Zacks Consensus Estimate for this metric is pinned at $4.54 billion. While the company expects double-digit growth across its combined epilepsy and oncology franchises, Xywav sales are projected to either remain flat or rise by a mid-single-digit percentage. While adjusted SG&A expenses are anticipated to be between $1.26 billion and $1.32 billion, adjusted R&D expenses are expected to be in the range of $725-$775 million. The effective tax rate is expected to be between 11.5% and 13.5%. The company expects 2025 adjusted EPS to be in the range of $7.65-$8.45, representing a significant increase from the previous guidance of $4.80 to $5.60. In the past month, investors have witnessed a flat trend in fresh estimates. The consensus estimate has shifted 7.35% due to these changes. Currently, Jazz has a average Growth Score of C, though it is lagging a bit on the Momentum Score front with a D. However, the stock has a score of A on the value side, putting it in the top quintile for value investors. Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in. Jazz has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months. Jazz is part of the Zacks Medical - Biomedical and Genetics industry. Over the past month, Prothena (PRTA), a stock from the same industry, has gained 4.8%. The company reported its results for the quarter ended December 2025 more than a month ago. Prothena reported revenues of $0.02 million in the last reported quarter, representing a year-over-year change of -99.1%. EPS of -$0.44 for the same period compares with -$1.08 a year ago. For the current quarter, Prothena is expected to post a loss of $0.37 per share, indicating a change of +67% from the year-ago quarter. The Zacks Consensus Estimate has changed +4.1% over the last 30 days. The overall direction and magnitude of estimate revisions translate into a Zacks Rank #2 (Buy) for Prothena. Also, the stock has a VGM Score of D. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Jazz Pharmaceuticals PLC (JAZZ) : Free Stock Analysis Report Prothena Corporation plc (PRTA) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Prothena Corporation PRTA reported fourth-quarter 2025 adjusted loss per share (excluding restructuring costs) of 45 cents, in line with the Zacks Consensus Estimate. In the year-ago quarter, the company had incurred a loss of $1.08 per share. Revenues totaled $0.02 million, missing the Zacks Consensus Estimate of $3.0 million. Prothena had recorded revenues of $2.1 million in the year-ago quarter. The top line primarily comprises collaboration revenues from Bristol Myers Squibb BMY. Over the past year, Prothena’s shares have lost 42% against the industry’s growth of 18.8%. Image Source: Zacks Investment Research Research and development expenses plunged 71% year over year to $14.6 million, driven by reduced clinical trial, manufacturing, personnel and consulting costs. General and administrative expenses were $12.6 million, down 25% year over year. As of Dec. 31, 2025, Prothena had $308.4 million in cash, cash equivalents and restricted cash, compared with $331.7 million as of Sept. 30, 2025. It had no debt. For 2025, Prothena reported total revenues of $9.7 million, which declined 93% year over year. For full-year 2025, the company recorded a net loss of $3.97 per share, wider than a loss of $2.27 per share in 2024. The company expects 2026 net cash burn from operating and investing activities to be in the range of $50 million-$55 million. It expects the year-end cash, cash equivalents and restricted cash midpoint to be approximately $255 million. Net loss for 2026 is projected to be in the $67 million to $72 million range. Prothena expects to earn up to $105 million as clinical milestone payments tied to the advancement of coramitug by Novo Nordisk NVO and PRX019 by BMY in 2026. Prothena Corporation plc price-consensus-chart | Prothena Corporation plc Quote Prothena is developing prasinezumab in collaboration with Roche RHHBY for the treatment of Parkinson’s disease. Roche is evaluating prasinezumab in an ongoing late-stage PARAISO study for early-stage Parkinson's disease, with primary completion expected in 2029. Roche expects peak sales potential of greater than $3.5 billion (unadjusted) of prasinezumab. Novo Nordisk had earlier acquired Prothena’s clinical-stage antibody, Coramitug (formerly PRX004), a potential first-in-class amyloid depleter antibody for the treatment of ATTR amyloidosis with cardiomyopathy (ATTR-CM). NVO is evaluating the candidate under a late-stage CLEOPATTRA study for ATTR-CM. The study is expected to be completed by 2029. Prothena announced the publication of data from Novo Nordisk’s phase II study evaluating coramitug for the treatment of patients with ATTR-CM in November. The phase II data for coramitug supports the ongoing phase III CLEOPATTRA study. PRTA expects to earn a clinical milestone in the first half of 2026 if the prespecified enrollment criteria are met in the ongoing phase III study by Novo Nordisk. The candidate could earn Prothena up to $1.23 billion in development and sales milestones, including $100 million already received, with additional payments tied to phase III enrollment targets. Prothena is advancing an early-stage pipeline of programs for several potential neurological indications with Bristol Myers. BMS-986446 (formerly PRX005) is a best-in-class anti-tau, MTBR-specific antibody for the potential treatment of Alzheimer’s Disease. BMS-986446 was granted Fast Track designation by the FDA as a treatment for Alzheimer’s disease previously. Bristol Myers is conducting the phase II TargetTau-1 study in approximately 310 patients with early Alzheimer’s disease and the primary completion is expected in 2027. Bristol Myers Squibb also conducted a phase I open-label single-dose clinical study to assess subcutaneous administration. PRX019, a potential treatment for neurodegenerative diseases, is also being developed in collaboration with Bristol Myers. BMY in-licensed exclusive global rights to PRX019 in 2024. Prothena expects to earn a milestone payment by the end of 2026 if Bristol Myers decides to further develop PRX019. PRTA carries a Zacks Rank #3 (Hold) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Roche Holding AG (RHHBY) : Free Stock Analysis Report Bristol Myers Squibb Company (BMY) : Free Stock Analysis Report Novo Nordisk A/S (NVO) : Free Stock Analysis Report Prothena Corporation plc (PRTA) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

This article first appeared on GuruFocus. Net Cash Used in Operating and Investing Activities: $163.7 million, favorable to guidance range of $170 to $178 million. Net Loss: $244.1 million, in line with guidance range of $240 to $248 million. Cash and Restricted Cash: $308.4 million as of December 31, 2025, favorable to guidance of $298 million. Ordinary Shares Outstanding: 53.8 million as of February 12, 2026. Debt: Zero debt, maintaining a simple capital structure. 2026 Financial Guidance - Net Cash Used: Expected to be between $50 to $55 million. 2026 Financial Guidance - Year-End Cash: Approximately $255 million in cash and restricted cash. 2026 Estimated Net Loss: $67 to $72 million, including $24 million of non-cash share-based compensation expenses. Potential 2026 Milestone Payments: Up to $105 million from strategic partners. Warning! GuruFocus has detected 3 Warning Signs with PRTA. Is PRTA fairly valued? Test your thesis with our free DCF calculator. Release Date: February 19, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Prothena Corp PLC (NASDAQ:PRTA) advanced two partner programs, pacilizumab andrame, into phase 3 clinical trials in 2025. Roche's phase 3 Pariio trial for Parkinson's disease and Novo Nordisk's phase 3 Cleopatra trial for ATTRCM are significant advancements. Prothena's collaborations with Bristol-Myers Squibb progressed, with BMS 986-446 obtaining fast track designation from the US FDA for Alzheimer's treatment. The company has a strong cash position with $308.4 million in cash and restricted cash as of year-end 2025. Prothena is eligible for up to $105 million in clinical milestone payments in 2026 from its partnerships with large pharmaceutical companies. Primary completion dates for key partnered program trials, such as Pariio and Cleopatra, are not expected until 2029, indicating a long wait for potential results. The company's net loss for 2025 was $244.1 million, which is substantial despite being in line with guidance. Prothena's PRX 12 showed non-competitive RAE rates compared to FDA-approved anti-A beta antibodies. The company faces significant competition in the Alzheimer's treatment space, with larger and more advanced competitors. Prothena's 2026 financial guidance does not include potential milestone payments, indicating uncertainty in revenue realization. Q: With the primary completion dates for the partnered program trials for ESO and Cleopatra not expected until 2029, could you walk us through some of the key milestones to look out for in 2026 and 2027? A: Gene Kinney, President and CEO, highlighted several key milestones, including sharing more information on their emerging technologies, particularly the TDP 43 site program, through scientific presentations in 2026. In 2027, they expect data from their partner Tal program with Bristol-Myers Squibb. Additionally, they plan to implement a share redemption program in 2026 and potentially earn up to $105 million in clinical milestones from partners. Q: How do you plan to keep the PRX 012 story alive against larger competitors, and what would make a transferrin receptor platform ideal for partnership? A: Gene Kinney explained that PRX 012's potential lies in its once-monthly subcutaneous administration and robust amyloid removal capabilities. They aim to enhance its profile by adding transferrin receptor technology, which could improve its competitive edge. Brandon Smith, COO, added that there is significant market interest in their approach, and they are actively engaged in business development discussions. Q: For the phase one study of PRX 019, expected to complete this year, do you plan to share data from the study, and what do you want to see for this program to advance? A: Gene Kinney stated that PRX 019 is partnered with Bristol-Myers Squibb, and while they will share data with their partner, it will be up to Bristol-Myers Squibb to decide on public dissemination. Tran Nguyen, CFO, added that any advancement of PRX 019 could lead to milestone payments, contributing to the potential $105 million in 2026. Q: What data would be necessary to secure a partnership for the Cyto platform, or if you decide to advance it into the clinic yourselves? A: Gene Kinney emphasized the promising pre-clinical data for the Cyto platform, particularly in targeting TDP 43 in ALS. Brandon Smith noted that the technology's broad applications beyond neuroscience make it attractive for partnerships, and they are already engaged in research collaborations to explore its potential further. Q: Based on pre-clinical experiments, what might be the mechanistic hypothesis for why the transferrin modification reduces ARIA risk, and will PRX 012 still be subcutaneously delivered? A: Gene Kinney suggested that the transferrin modification might alter the route of entry into the brain, potentially reducing ARIA risk. He confirmed that PRX 012 is expected to remain subcutaneously delivered, leveraging its potency to achieve biological effects at lower doses. For the complete transcript of the earnings call, please refer to the full earnings call transcript.