Prothena | 8-K: FY2026 Q2 Revenue Beats Estimate at USD 1.01 M

Revenue: As of FY2026 Q2, the actual value is USD 1.01 M, beating the estimate of USD 421.67 K.

EPS: As of FY2026 Q2, the actual value is USD -0.36, beating the estimate of USD -0.39.

EBIT: As of FY2026 Q2, the actual value is USD -18.58 M.

Financial Performance Summary for Prothena Corporation plc

Net Income (Loss)

Prothena Corporation plc reported a net loss of - $18.6 million for the second quarter of 2026, compared to a net loss of - $125.8 million for the same period in 2025. For the first six months of 2026, the company reported a net income of $14.1 million, a significant improvement from a net loss of - $186.0 million for the first six months of 2025.

Total Revenue

Total revenue for the second quarter of 2026 was $1.0 million, down from $4.4 million in the second quarter of 2025. For the first six months of 2026, total revenue was $52.1 million, a substantial increase from $7.2 million in the first six months of 2025. Revenue for the first six months of 2026 was primarily driven by a $50.0 million milestone payment from Novo Nordisk related to the ongoing Phase 3 clinical trial for coramitug, as well as collaboration revenue from Bristol Myers Squibb for the partial performance of the PRX019 Phase 1 clinical trial obligation. Revenue for both the second quarter and first six months of 2025 primarily stemmed from collaboration revenue from Bristol Myers Squibb related to the PRX019 Phase 1 clinical trial obligation.

Operating Expenses

• Research and Development (R&D) Expenses: R&D expenses totaled $8.8 million for the second quarter of 2026, a decrease from $40.5 million in the second quarter of 2025. For the first six months of 2026, R&D expenses were $21.4 million, down from $91.3 million in the comparable period of 2025. This decrease was primarily attributed to lower clinical trial expenses, personnel expenses, consulting expenses, and manufacturing expenses. Non-cash share-based compensation expense included in R&D was $1.7 million for Q2 2026 and $3.7 million for H1 2026, compared to $4.7 million for Q2 2025 and $9.5 million for H1 2025.
• General and Administrative (G&A) Expenses: G&A expenses were $10.9 million for the second quarter of 2026, compared to $15.9 million for the second quarter of 2025. For the first six months of 2026, G&A expenses amounted to $23.6 million, down from $33.5 million in the first six months of 2025. This reduction was mainly due to lower consulting and personnel expenses. Non-cash share-based compensation expense included in G&A was $4.5 million for Q2 2026 and $9.4 million for H1 2026, compared to $5.7 million for Q2 2025 and $11.8 million for H1 2025.
• Restructuring Costs: Prothena Corporation plc recorded restructuring expenses of $2.4 million for the second quarter of 2026, compared to $32.6 million for the same period in 2025. For the first six months of 2026, the company reported an aggregate restructuring credit of - $1.8 million, compared to expenses of $32.6 million for the first six months of 2025. Restructuring expenses included non-cash share-based compensation expense of $1.7 million for both Q2 and H1 2026, compared to $2.1 million for both Q2 and H1 2025.

Total Non-Cash Share-Based Compensation Expense

Total non-cash share-based compensation expense was $7.9 million for the second quarter of 2026 and $14.8 million for the first six months of 2026, compared to $12.4 million and $23.4 million for the respective periods in 2025.

Cash Flow and Cash Position

Net cash used in operating and investing activities was - $25.7 million in the second quarter of 2026. For the first six months of 2026, net cash provided by operating and investing activities was $3.2 million. As of June 30, 2026, Prothena Corporation plc had $289.1 million in cash, cash equivalents, and restricted cash, with no debt.

Share Repurchase Program

Prothena Corporation plc repurchased 1,454,898 ordinary shares in the second quarter of 2026. In total, the company repurchased 2,243,888 ordinary shares for $22.3 million during the first half of 2026 under its up to $100.0 million share repurchase program, which expires on December 31, 2026.

Operational Metrics & Partnered Programs

Prothena Corporation plc’s partnered programs have the potential to generate up to approximately $3 billion in aggregate future milestone payments, plus potential royalties. Roche has stated that prasinezumab, a Parkinson’s disease treatment, has peak sales potential greater than $3.5 billion (unadjusted) and could be the first disease-modifying treatment for Parkinson’s disease. Prothena Corporation plc could also earn a $55 million clinical milestone payment in 2026 if Bristol Myers Squibb advances the PRX019 program for neurodegenerative diseases.

2026 Financial Guidance

Prothena Corporation plc anticipates full-year 2026 net cash used in operating and investing activities to be between - $18 million and - $23 million. The company expects to end 2026 with approximately $259 million (midpoint) in cash, cash equivalents, and restricted cash, which is a decrease of $14 million from prior guidance due to cash utilized for share repurchases. This guidance is based on an estimated net loss of - $25 million to - $30 million, including an estimated $26 million of non-cash share-based compensation expense, and excludes the potential $55 million clinical milestone payment for PRX019 or additional share repurchases.