10-K · February 27, 2026
Prothena positions itself as a late‑stage, biology‑directed biotech focused on therapies for protein dysregulation (e.g., Parkinson’s, ATTR amyloidosis, Alzheimer’s, ALS) and is advancing multiple partnered late‑stage…
Earnings analysis · 10-Q
PRTA earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
Prothena Corporation reported a strong Q1 2026 with revenues of $51.08 million and earnings per share (EPS) of $0.60, significantly beating estimates of $2 million and -$0.31, respectively. The company has reduced its…
Read full summary
Prothena Corporation reported a strong Q1 2026 with revenues of $51.08 million and earnings per share (EPS) of $0.60, significantly beating estimates of $2 million and -$0.31, respectively. The company has reduced its net cash used guidance for 2026 to between $18 million and $23 million, following progress in cash inflows from milestone payments.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.6
What stood out
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Significant Revenue Beat
Q1 revenue reached $51.1 million, substantially surpassing the estimated revenue of $2 million.
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Positive EPS Surprise
Actual EPS of $0.60 exceeded the estimated EPS of -$0.31.
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Improved Cash Guidance
Projected net cash used for the year has been lowered to $18-23 million from a prior estimate of $50-55 million.
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Milestone Payment from Novo Nordisk
Received a key milestone payment of $50 million from Novo Nordisk.
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Strong Net Income
Net income for Q1 was reported at $32.7 million.
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Cash Reserves
End of quarter cash and cash equivalents totaled $329.5 million.
What to watch
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Ongoing Cash Burn Risks
Despite revenue growth, the company projects continued net cash burn, raising concerns in the longer term.
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Dependence on Milestone Payments
Future liquidity heavily relies on milestone payments from collaborations, which may not be guaranteed.
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Restructuring Credit
The company faces potential investor concerns regarding restructuring efforts and financial stability.
Management's outlook
Guidance reflects improved financial projections following milestone payments.
Earlier filings 4
10-Q · August 4, 2025
Prothena reported Q2 revenue of $4.42 million and a GAAP net loss of $125.8 million (loss per share $2.34) driven by R&D, G&A and a $32.6 million restructuring charge. Cash and cash equivalents were $371.4 million at…
10-Q · May 4, 2023
Prothena reported total revenue of $2,169 (in thousands) for the quarter ended March 31, 2023, up from $1,153 (in thousands) in the prior-year quarter, while R&D spend rose to $44,756 (in thousands) driving a larger…
10-K · February 28, 2023
Prothena positions itself as a biology-directed discovery company focused on protein dysregulation with a diversified pipeline (including five therapeutic antibody programs) and multiple partner collaborations (Roche,…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.