Prothena Updates 2026 Cash Use Projection to $18M to $23M
Written by Emily J. Thompson, Senior Investment Analyst
Updated: May 07 2026
0mins
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.
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Analyst Views on PRTA
Wall Street analysts forecast PRTA stock price to rise
5 Analyst Rating
4 Buy
0 Hold
1 Sell
Moderate Buy
Current: 10.060
Low
8.00
Averages
22.20
High
36.00
Current: 10.060
Low
8.00
Averages
22.20
High
36.00
About PRTA
Prothena Corporation plc is an Ireland-based late-stage clinical biotechnology company. The Company is engaged in protein dysregulation and a pipeline of investigational therapeutics for rare peripheral amyloid diseases. The Company is advancing a pipeline of therapeutic candidates for a range of indications and targets to integrate scientific insights around neurological dysfunction and the biology of misfolded proteins. The Company’s pipeline includes both wholly owned and partnered programs being developed for the potential treatment of diseases, including AL amyloidosis, ATTR amyloidosis, Alzheimer’s disease, Parkinson’s disease and a range of other neurodegenerative diseases. Its clinical programs include birtamimab for the potential treatment of AL amyloidosis, prasinezumab for the potential treatment of Parkinson’s disease, NNC6019/PRX004 for the potential treatment of ATTR amyloidosis, and PRX005 and PRX012 for the potential treatment of Alzheimer’s disease.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Coramitug Receives FDA Fast Track Designation for ATTR Amyloidosis
- FDA Fast Track Designation: Prothena announced that its potential best-in-class amyloid depleter antibody, Coramitug, has received Fast Track Designation from the FDA, aimed at expediting treatment for patients with ATTR amyloidosis, highlighting the seriousness of the condition and the unmet medical need.
- Clinical Trial Progress: Coramitug is currently being evaluated in Novo Nordisk's CLEOPATTRA clinical trial with approximately 1,280 participants, with primary completion expected in 2029, indicating the drug's potential in treating ATTR-CM.
- Economic Incentives: Under the agreement with Novo Nordisk, Prothena is eligible to receive up to $1.2 billion in payments, including $150 million earned to date, reflecting the market potential and future revenue of the drug.
- Significant Clinical Effects: In an early Phase 2 clinical trial, Coramitug at a dose of 60 mg/kg significantly reduced NT-proBNP levels and improved multiple echocardiographic parameters of cardiac function, demonstrating its potential as an amyloid-clearing immunotherapy.
See More
Prothena Corporation Announces Leadership Changes
- Leadership Changes: Prothena Corporation has promoted Annie Kingston to Chief Strategy Officer and Michael Isaacs to General Counsel, with Kingston focusing on driving the company's growth strategy and Isaacs overseeing corporate legal functions to ensure compliance.
- Strategic Focus: Kingston's promotion aims to enhance Prothena's sustainable value creation, while Isaacs' role will ensure efficient management of legal affairs, supporting the company's clinical programs and technology investments.
- Succession Planning: Isaacs succeeds Michael Malecek, who has served Prothena for seven years, successfully implementing a succession plan that ensures a smooth transition in leadership and strengthens corporate governance stability.
- Talent Background: Kingston joined Prothena in 2023 from ClearView Healthcare Partners, where she was a project leader, while Isaacs joined in 2020 from Arnold & Porter Kaye Scholer LLP, both bringing extensive industry experience to support the execution of the company's long-term strategy.
See More
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- Clinical Update Announcement: Prothena presented clinical updates on prasinezumab and BMS-986446 at the 2026 International Conference on Alzheimer's and Parkinson's Diseases, highlighting their potential in treating neurodegenerative diseases, which may drive further advancements in the biotech sector.
- Parkinson's Disease Research Findings: The study indicates that prasinezumab effectively slows disease progression in early-stage Parkinson's patients, potentially providing a longer asymptomatic period when combined with effective symptomatic therapies, thereby enhancing Prothena's competitive position in the market.
- Alzheimer's Disease Clinical Trials: BMS-986446 demonstrated good safety and tolerability in healthy participants, supporting its application in ongoing clinical studies, which could offer new treatment options for Alzheimer's patients and further solidify Prothena's product pipeline.
- Technological Innovation and Market Outlook: Prothena's CYTOPE technology is expected to enhance the efficiency of intracellular drug delivery, and combined with its deep expertise in neurodegenerative diseases, it may open new market opportunities and drive future growth.
See More
Prothena Authorizes $100 Million Share Buyback Plan
- Share Buyback Plan: Prothena's board has authorized a share repurchase plan allowing for the buyback of up to $100 million in outstanding shares, aimed at enhancing shareholder value and boosting market confidence, which is expected to positively impact the stock price.
- Strong Cash Position: As of December 31, 2025, Prothena reported $308.4 million in cash and cash equivalents with no debt, indicating robust financial health that supports the buyback initiative.
- Future Cash Expectations: Excluding the buyback plan, Prothena anticipates ending 2026 with approximately $255 million in cash and cash equivalents, ensuring operational flexibility for future investments and initiatives.
- Clinical Milestone Potential: The company expects to earn up to $105 million in clinical milestone payments in 2026, linked to strategic partnerships with Novo Nordisk and Bristol Myers Squibb, highlighting its potential in treating ATTR amyloidosis and neurodegenerative diseases.
See More
Prothena Board Approves $100 Million Share Repurchase Plan
- Repurchase Plan Initiated: Prothena's board has authorized a share repurchase plan of up to $100 million, aimed at enhancing shareholder value and boosting market confidence, which is expected to have a positive impact on the stock price.
- Strong Financial Position: As of December 31, 2025, the company reported $308.4 million in cash and cash equivalents with no debt, indicating robust financial health that supports the repurchase plan.
- Future Cash Projections: Excluding any purchases under the plan, Prothena expects to end 2026 with approximately $255 million in cash, providing a stable financial foundation for future R&D and operations.
- Clinical Milestone Potential: The company anticipates earning up to $105 million in aggregate clinical milestone payments in 2026, which will further enhance its financial flexibility and support collaborative projects with Novo Nordisk and Bristol Myers Squibb.
See More
Prothena Q4 Earnings Report Analysis
- Earnings Performance: Prothena reported a Q4 GAAP EPS of -$0.40, beating expectations by $0.16, indicating some improvement in cost management; however, the continued losses highlight ongoing financial pressures.
- Revenue Decline: The company generated only $0.02 million in revenue, a staggering 99.1% year-over-year decline, missing market expectations by $0.65 million, which signals severe challenges in product sales and market demand that could impact future liquidity.
- Investor Conference Participation: Prothena presented at the Evercore 8th Annual Healthcare Conference, and while the financial performance was disappointing, such events can enhance visibility among investors and potentially create future financing opportunities.
- Historical Financial Data: Historical earnings data for Prothena shows significant volatility in performance over recent quarters, with ongoing losses and declining revenues likely to affect its long-term strategy and market confidence.
See More
Coramitug Receives FDA Fast Track Designation for ATTR Amyloidosis
- FDA Fast Track Designation: Prothena announced that its potential best-in-class amyloid depleter antibody, Coramitug, has received Fast Track Designation from the FDA, aimed at expediting treatment for patients with ATTR amyloidosis, highlighting the seriousness of the condition and the unmet medical need.
- Clinical Trial Progress: Coramitug is currently being evaluated in Novo Nordisk's CLEOPATTRA clinical trial with approximately 1,280 participants, with primary completion expected in 2029, indicating the drug's potential in treating ATTR-CM.
- Economic Incentives: Under the agreement with Novo Nordisk, Prothena is eligible to receive up to $1.2 billion in payments, including $150 million earned to date, reflecting the market potential and future revenue of the drug.
- Significant Clinical Effects: In an early Phase 2 clinical trial, Coramitug at a dose of 60 mg/kg significantly reduced NT-proBNP levels and improved multiple echocardiographic parameters of cardiac function, demonstrating its potential as an amyloid-clearing immunotherapy.
See More
Prothena Corporation Announces Leadership Changes
- Leadership Changes: Prothena Corporation has promoted Annie Kingston to Chief Strategy Officer and Michael Isaacs to General Counsel, with Kingston focusing on driving the company's growth strategy and Isaacs overseeing corporate legal functions to ensure compliance.
- Strategic Focus: Kingston's promotion aims to enhance Prothena's sustainable value creation, while Isaacs' role will ensure efficient management of legal affairs, supporting the company's clinical programs and technology investments.
- Succession Planning: Isaacs succeeds Michael Malecek, who has served Prothena for seven years, successfully implementing a succession plan that ensures a smooth transition in leadership and strengthens corporate governance stability.
- Talent Background: Kingston joined Prothena in 2023 from ClearView Healthcare Partners, where she was a project leader, while Isaacs joined in 2020 from Arnold & Porter Kaye Scholer LLP, both bringing extensive industry experience to support the execution of the company's long-term strategy.
See More
Prothena Announces Clinical Updates on Parkinson's and Alzheimer's Treatments
- Clinical Update Announcement: Prothena presented clinical updates on prasinezumab and BMS-986446 at the 2026 International Conference on Alzheimer's and Parkinson's Diseases, highlighting their potential in treating neurodegenerative diseases, which may drive further advancements in the biotech sector.
- Parkinson's Disease Research Findings: The study indicates that prasinezumab effectively slows disease progression in early-stage Parkinson's patients, potentially providing a longer asymptomatic period when combined with effective symptomatic therapies, thereby enhancing Prothena's competitive position in the market.
- Alzheimer's Disease Clinical Trials: BMS-986446 demonstrated good safety and tolerability in healthy participants, supporting its application in ongoing clinical studies, which could offer new treatment options for Alzheimer's patients and further solidify Prothena's product pipeline.
- Technological Innovation and Market Outlook: Prothena's CYTOPE technology is expected to enhance the efficiency of intracellular drug delivery, and combined with its deep expertise in neurodegenerative diseases, it may open new market opportunities and drive future growth.
See More
Prothena Authorizes $100 Million Share Buyback Plan
- Share Buyback Plan: Prothena's board has authorized a share repurchase plan allowing for the buyback of up to $100 million in outstanding shares, aimed at enhancing shareholder value and boosting market confidence, which is expected to positively impact the stock price.
- Strong Cash Position: As of December 31, 2025, Prothena reported $308.4 million in cash and cash equivalents with no debt, indicating robust financial health that supports the buyback initiative.
- Future Cash Expectations: Excluding the buyback plan, Prothena anticipates ending 2026 with approximately $255 million in cash and cash equivalents, ensuring operational flexibility for future investments and initiatives.
- Clinical Milestone Potential: The company expects to earn up to $105 million in clinical milestone payments in 2026, linked to strategic partnerships with Novo Nordisk and Bristol Myers Squibb, highlighting its potential in treating ATTR amyloidosis and neurodegenerative diseases.
See More
Prothena Board Approves $100 Million Share Repurchase Plan
- Repurchase Plan Initiated: Prothena's board has authorized a share repurchase plan of up to $100 million, aimed at enhancing shareholder value and boosting market confidence, which is expected to have a positive impact on the stock price.
- Strong Financial Position: As of December 31, 2025, the company reported $308.4 million in cash and cash equivalents with no debt, indicating robust financial health that supports the repurchase plan.
- Future Cash Projections: Excluding any purchases under the plan, Prothena expects to end 2026 with approximately $255 million in cash, providing a stable financial foundation for future R&D and operations.
- Clinical Milestone Potential: The company anticipates earning up to $105 million in aggregate clinical milestone payments in 2026, which will further enhance its financial flexibility and support collaborative projects with Novo Nordisk and Bristol Myers Squibb.
See More
Prothena Q4 Earnings Report Analysis
- Earnings Performance: Prothena reported a Q4 GAAP EPS of -$0.40, beating expectations by $0.16, indicating some improvement in cost management; however, the continued losses highlight ongoing financial pressures.
- Revenue Decline: The company generated only $0.02 million in revenue, a staggering 99.1% year-over-year decline, missing market expectations by $0.65 million, which signals severe challenges in product sales and market demand that could impact future liquidity.
- Investor Conference Participation: Prothena presented at the Evercore 8th Annual Healthcare Conference, and while the financial performance was disappointing, such events can enhance visibility among investors and potentially create future financing opportunities.
- Historical Financial Data: Historical earnings data for Prothena shows significant volatility in performance over recent quarters, with ongoing losses and declining revenues likely to affect its long-term strategy and market confidence.
See More
