The fundamental inflection to profitability and raised guidance reduce cash runway risk. The $100M buyback signals management confidence. Watch for BMS' decision on PRX019 by year-end 2026, which could trigger a $55M milestone. Partner programs (prasinezumab, coramitug) continue de-risking.
Price Chart
Executive Summary
Prothena reported a transformative Q1 2026: net income of $32.7M (diluted EPS $0.60) vs. consensus loss of -$0.31, driven by a $50M milestone from Novo Nordisk and improved cost discipline. Revenue surged to $51.1M from $2.8M YoY. Guidance was raised significantly, with expected full-year net loss reduced to $25-30M (from $67-72M) and cash balance projected at $273M (up $18M from prior guidance). The company also initiated a $100M share repurchase program.
Key Financial Metrics
Key Facts
- Net income of $32.7M vs. net loss of $60.2M in Q1 2025; diluted EPS $0.60 vs. consensus -$0.31
- Total revenue of $51.1M, up from $2.8M, including a $50M milestone from Novo Nordisk for coramitug
- Updated guidance: FY2026 net cash used $18-23M (prior $50-55M), net loss $25-30M (prior $67-72M), ending cash ~$273M
- Initiated up to $100M share repurchase program; $7.3M repurchased in Q1
- Cash position $330.3M at quarter-end, zero debt
Financial Impact
EPS surprise of +$0.91 vs consensus, revenue grew 18x YoY, guidance improvement worth +$18M cash
Risk Factors
- Continued reliance on milestone payments for revenue; non-recurring $50M boosts current quarter
- Phase 3 trial outcomes for prasinezumab (2029) and coramitug (2029) remain binary
- Share repurchase may not be fully executed if cash needs change
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001559053-26-000016 |
| Document: prta-20260507.htm | 0001559053-26-000016 |
| Document: 0001559053-26-000016-index-headers.html | 0001559053-26-000016 |
| Document: 0001559053-26-000016-index.html | 0001559053-26-000016 |
| Document: 0001559053-26-000016.txt | 0001559053-26-000016 |
| 8-K Data (Synthetic) | 0001559053-26-000016 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 3, 2026 28d ago | Insider Buy | $9.82 $8.86 | ▼ −9.78% | ▼ −8.57% | $8.44 (−14.05%) |
Aug 21, 2026 6w ago | Insider Buy | $9.45 $9.33 | ▼ −1.27% | ▼ −1.74% | $8.44 (−10.69%) |
Aug 10, 2026 7w ago | Insider Buy | $9.12 $8.88 | ▼ −2.63% | ▼ −2.58% | $8.44 (−7.46%) |
Jul 31, 2026 9w ago | Insider Cluster | $8.12 $8.76 | ▲ +7.88% | ▲ +4.37% | $8.44 (+3.94%) |
Jun 18, 2026 15w ago | Insider Buy | $8.93 $9.27 | ▲ +3.81% | ▲ +5.47% | $8.44 (−5.49%) |
Jun 12, 2026 15w ago | Insider Buy | $8.15 $9.15 | ▲ +12.27% | ▲ +13.65% | $8.44 (+3.56%) |
May 14, 2026 20w ago | 3 | $9.76 $9.83 | ▲ +0.72% | ▼ −0.25% | $8.44 (−13.52%) |
May 7, 2026 21w ago | 8-K | $10.73 $9.86 | ▼ −8.11% | ▼ −9.57% | $8.44 (−21.34%) |
Mar 27, 2026 26w ago | DEFA14A | $9.25 $10.36 | ▲ +12.00% | ▲ +7.70% | $8.44 (−8.76%) |
Mar 3, 2026 30w ago | EFFECT | $9.36 $9.77 | ▲ +4.38% | ▲ +4.86% | $8.44 (−9.83%) |
US Market Status
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