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1. Company Snapshot

1.a. Company Description

Prothena Corporation plc, a late-stage clinical company, focuses on discovery and development of novel therapies for life-threatening diseases in the United States.The company is involved in developing Birtamimab, an investigational humanized antibody that is in Phase III clinical trial for the treatment of AL amyloidosis; Prasinezumab, a humanized monoclonal antibody, which is in Phase IIb clinical trial for the treatment of Parkinson's disease; PRX004 that completed Phase I clinical trial for the treatment of Transthyretin amyloidosis; and PRX005, which is in Phase I clinical trial for the treatment of Alzheimer's disease.Its discovery and preclinical programs include PRX012 for the treatment of Alzheimer's disease; and dual Aß-Tau vaccine for the treatment and prevention of Alzheimer's disease.


Prothena Corporation plc has a license, development, and commercialization agreement with F.Hoffmann-La Roche Ltd.and Hoffmann-La Roche Inc.


to develop and commercialize antibodies that target alpha-synuclein; and a collaboration agreement with Bristol-Myers Squibb to develop antibodies.The company was founded in 2012 and is based in Dublin, Ireland.

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1.b. Last Insights on PRTA

Prothena Corporation plc's recent performance has been driven by positive business highlights and financial guidance. The company's Q4 2024 earnings release reported a narrower-than-expected loss, and pipeline progress, including encouraging results from Roche's Phase IIb study of prasinezumab in early-stage Parkinson's disease. Additionally, Prothena's board of directors update, with Oleg Nodelman stepping down, may signal a refresh of the company's leadership. The company's 2025 financial guidance and business highlights also suggest a positive outlook.

1.c. Company Highlights

2. Prothena's 2025 Earnings: A Deeper Dive into Financials and Pipeline Progress

Prothena reported a net loss of $244.1 million for 2025, in line with guidance, and a net cash used in operating and investing activities of $163.7 million, favorable to the guidance range. The company's cash and cash equivalents stood at $308.4 million as of December 31, 2025. Earnings per share (EPS) came in at -$0.44, beating estimates of -$0.45. Revenue growth for the next year is estimated to be -77.3%, indicating a significant decline.

Publication Date: 09:27

📋 Highlights

Financial Performance and Guidance

The company's 2026 financial guidance indicates net cash used in operating and investing activities to be between $50 million and $55 million, with an expected cash balance of approximately $255 million at the end of 2026. This guidance does not include potential aggregate clinical milestone payments of up to $105 million from strategic partners.

Valuation Metrics

Prothena's current valuation metrics show a P/E Ratio of -2.07, P/B Ratio of 1.8, and P/S Ratio of 52.25. The EV/EBITDA ratio stands at -1.17, indicating that the company's enterprise value is not significantly higher than its EBITDA, considering its negative EBITDA. The ROE and ROIC are both negative, at -73.0% and -76.11%, respectively, suggesting that the company is not generating profits from its equity and invested capital.

Pipeline Progress and Upcoming Milestones

The company has made significant progress in its clinical pipeline, with partner programs advancing into Phase III clinical trials. Prasinezumab, being developed by Roche, has shown consistent slowing of disease progression in Parkinson's disease. Coramitug, being developed by Novo Nordisk, has demonstrated positive results in ATTR-CM. BMS-986446, being developed by Bristol Myers Squibb, is expected to complete its Phase II trial in early Alzheimer's disease in the first half of 2027. Prothena is also making progress in its preclinical portfolio, including the TDP-43 CYTOPE program for ALS, which has shown promising results in targeting TDP-43 dysfunction.

Preclinical Programs and Technology

The TDP-43 CYTOPE technology has demonstrated the ability to specifically bind and degrade intracellular phosphorylated TDP-43 aggregates, addressing both gain and loss of function pathology. The company is exploring the potential applications of this technology beyond neuroscience. Additionally, the PRX012 program, with the addition of transferrin receptor binding technology, has shown improved amyloid reduction and lower ARIA-E risk.

3. NewsRoom

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Prothena: A Hold With 2 Late-Stage Programs Underway But With Caution

18:50

Source: seekingalpha.com

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Wall Street Analysts Believe Prothena (PRTA) Could Rally 118.09%: Here's is How to Trade

15:56

Source: zacks.com

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Prothena Announces up to $100 Million Share Repurchase Plan

Feb -27

Source: businesswire.com

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Prothena Q4 Earnings Meet Estimates, Pipeline Progress in Focus

Feb -20

Source:

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Prothena Corporation plc (PRTA) Q4 2025 Earnings Call Transcript

Feb -20

Source: seekingalpha.com

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Prothena (PRTA) Reports Q4 Loss, Lags Revenue Estimates

Feb -19

Source: zacks.com

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Prothena Reports Fourth Quarter and Full Year 2025 Financial Results, and Provides Financial Guidance and Business Highlights

Feb -19

Source: businesswire.com

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Prothena Stock Tumbles 36.8% Year Over Year: What Lies Ahead?

Feb -16

Source:

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (10.43%)

6. Segments

Collaboration

Expected Growth: 10.43%

Prothena Corporation plc's 10.43% growth is driven by its strategic collaboration, leveraging its neuroscience expertise to develop novel therapies. This partnership enables access to new markets, shared R&D costs, and accelerated product development. Additionally, Prothena's strong pipeline, including its lead candidate prasinezumab, and increasing investment in neurodegenerative disease research contribute to its growth momentum.

License and Intellectual Property

Expected Growth: 10.47%

Prothena Corporation plc's 10.47% growth in License and Intellectual Property is driven by increasing demand for its neuroscience-focused therapies, strategic partnerships, and successful patent applications. The company's robust R&D pipeline, coupled with its strong intellectual property portfolio, has enabled it to capitalize on emerging opportunities in the biotech industry.

7. Detailed Products

Birtamimab

A monoclonal antibody designed to treat amyloid light chain (AL) amyloidosis, a rare and debilitating disease.

Prasinezumab

A monoclonal antibody designed to treat Parkinson's disease, a neurodegenerative disorder.

PRX004

A monoclonal antibody designed to treat ATTR amyloidosis, a rare and debilitating disease.

PRX012

A monoclonal antibody designed to treat Alzheimer's disease, a neurodegenerative disorder.

8. Prothena Corporation plc's Porter Forces

Forces Ranking

Threat Of Substitutes

Prothena Corporation plc has a moderate threat of substitutes due to the availability of alternative treatments for neurodegenerative diseases.

Bargaining Power Of Customers

Prothena Corporation plc has a low bargaining power of customers due to the lack of negotiating power of individual patients and the high demand for effective treatments.

Bargaining Power Of Suppliers

Prothena Corporation plc has a moderate bargaining power of suppliers due to the presence of multiple suppliers of raw materials and equipment.

Threat Of New Entrants

Prothena Corporation plc has a high threat of new entrants due to the growing interest in neurodegenerative disease research and the availability of funding for biotech startups.

Intensity Of Rivalry

Prothena Corporation plc operates in a highly competitive industry with multiple players, leading to a high intensity of rivalry.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 2.06%
Debt Cost 3.95%
Equity Weight 97.94%
Equity Cost 5.45%
WACC 5.42%
Leverage 2.11%

11. Quality Control: Prothena Corporation plc passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Pharming

A-Score: 3.7/10

Value: 1.7

Growth: 3.9

Quality: 5.6

Yield: 0.0

Momentum: 10.0

Volatility: 1.0

1-Year Total Return ->

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Oxford Biomedica

A-Score: 3.6/10

Value: 6.4

Growth: 2.0

Quality: 3.1

Yield: 0.0

Momentum: 8.5

Volatility: 1.3

1-Year Total Return ->

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Prothena

A-Score: 3.2/10

Value: 7.0

Growth: 1.8

Quality: 4.3

Yield: 0.0

Momentum: 5.5

Volatility: 0.7

1-Year Total Return ->

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Evogene

A-Score: 3.2/10

Value: 9.0

Growth: 3.0

Quality: 5.1

Yield: 0.0

Momentum: 1.5

Volatility: 0.3

1-Year Total Return ->

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Oxford Nanopore Technologies

A-Score: 3.0/10

Value: 6.8

Growth: 3.8

Quality: 4.3

Yield: 0.0

Momentum: 2.0

Volatility: 1.0

1-Year Total Return ->

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Stock-Card
Affimed

A-Score: 2.3/10

Value: 8.0

Growth: 0.9

Quality: 4.3

Yield: 0.0

Momentum: 0.5

Volatility: 0.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

9.36$

Current Price

9.36$

Potential

-0.00%

Expected Cash-Flows