Prothena Corporation plc reported its financial results for the third quarter and nine months ended September 30, 2024, highlighting significant changes in revenue, expenses, and overall financial position compared to the previous fiscal period.
For Q3 2024, Prothena generated total revenue of $970,000, a substantial decrease of 99% from $84.9 million in Q3 2023. This decline was primarily attributed to a significant drop in collaboration revenue, which fell from $84.9 million in Q3 2023 to $970,000 in Q3 2024. However, for the nine months ended September 30, 2024, total revenue increased by 46% to $133.0 million, compared to $91.0 million for the same period in 2023. This increase was driven by collaboration revenue of $133.0 million, which included $107.9 million from the PRX019 Global License Agreement.
Operating expenses for Q3 2024 totaled $67.5 million, down from $74.6 million in Q3 2023. For the nine-month period, total operating expenses rose to $222.7 million from $203.6 million in the prior year. Research and development (R&D) expenses for Q3 2024 decreased by 12% to $42.5 million, while for the nine months, R&D expenses increased by 9% to $151.3 million, reflecting ongoing investments in key programs such as PRX012 and Birtamimab.
Prothena reported a net loss of $59.0 million for Q3 2024, compared to a net income of $21.9 million in Q3 2023. For the nine months ended September 30, 2024, the net loss was $64.4 million, an improvement from a loss of $79.6 million in the same period in 2023. Basic net loss per share for Q3 2024 was $(1.10), compared to earnings of $0.41 per share in Q3 2023.
As of September 30, 2024, Prothena's cash and cash equivalents stood at $519.3 million, down from $618.8 million at the end of 2023. Total assets decreased to $595.3 million from $696.4 million, while total liabilities dropped significantly to $60.9 million from $135.0 million. Shareholders' equity also declined to $534.4 million from $561.4 million.
The company’s liquidity outlook remains stable, with management indicating that current cash reserves are sufficient for at least the next twelve months. However, future financing may be necessary to support increased R&D spending or potential acquisitions. Prothena continues to focus on its investigational therapeutics for neurodegenerative diseases, with key programs advancing through clinical trials.
About PROTHENA CORP PUBLIC LTD CO
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