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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 Earnings Report Reflects Strategic Progress and Future Catalysts

Prothena reported a net operating loss of $525 million to $585 million for 2025, with a cash balance of $550 million to $650 million. This financial position underscores the company's commitment to advancing its pipeline, particularly in neurodegenerative and rare diseases. Notably, Prothena received an $80 million payment from Bristol Myers Squibb for the exclusive global license of PRX019, highlighting its strategic partnerships. The company's financial guidance indicates a focus on clinical development and preparing for potential commercial launches, with a significant portion of expenses allocated to research and development.

Publication Date: Feb -24

📋 Highlights
  • Business Progress and Upcoming Milestones:: Prothena highlighted significant progress in its clinical programs, with birtamimab for AL amyloidosis nearing pivotal Phase 3 AFFIRM-AL trial results in Q2 2025. If successful, a BLA submission is expected by mid-2026, positioning birtamimab as a potential first-line therapy with a multi-billion dollar market opportunity.
  • Financial Health and Guidance:: Prothena reported 2024 financial results in-line with expectations and provided 2025 guidance, anticipating net operating losses of $525-$585 million and a cash balance of $550-$650 million. The company also received an $80 million payment from BMS for the PRX019 license.
  • Commercial Strategy and Market Opportunity:: Prothena plans to independently commercialize birtamimab in the U.S., leveraging a focused sales force targeting a consolidated prescriber base. The company estimates over 20,000 diagnosed Mayo Stage IV AL amyloidosis patients across major markets, with high peak penetration expected due to significant unmet need and favorable regulatory designations.
  • Alzheimer’s Disease Pipeline Progress:: Prothena’s Alzheimer’s portfolio, including PRX012 and PRX123, is advancing with Phase 1 results for PRX012 expected mid-2025. PRX012 is positioned as a once-monthly subcutaneous treatment, addressing a significant unmet need for patient-friendly administration in early Alzheimer’s disease.
  • Clinical Partnerships and Strategic Collaborations:: Prothena emphasized its partnerships with large pharmaceutical companies, including Roche, Novo Nordisk, and BMS, which provide additional revenue streams and diversification. Prasinezumab for early Parkinson’s disease showed promising results in the Phase 2b PADOVA trial, further enhancing Prothena’s pipeline potential.

Clinical Progress and Pipeline Advancements

The company's Alzheimer's portfolio includes PRX012, with Phase 1 data expected mid-2025, and PRX123, targeting both amyloid and tau pathologies. These programs aim to address early and presymptomatic Alzheimer's disease, leveraging a vaccine-like approach for PRX123 to promote amyloid clearance and block tau transmission.

Valuation and Strategic Positioning

Looking ahead, Prothena's transformational year in 2025 is expected to yield significant clinical readouts and commercial preparations, setting the stage for substantial revenue growth and strategic expansion. Analysts anticipate a 113.7% revenue growth next year, driven by the potential success of birtamimab and advancements in Alzheimer's treatments. Prothena's strategic execution and pipeline progress position it as a compelling investment opportunity in the biotechnology sector.

3. NewsRoom

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Prothena Announces Poster Presentation on its TDP-43 CYTOPE® Program at Neuroscience 2025

Nov -19

Source: businesswire.com

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Prothena Highlights Phase 2 Data for Coramitug (Formerly PRX004) Published in Circulation, Official Journal of AHA

Nov -11

Source: businesswire.com

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Prothena Q3 Earnings Miss Estimates, Pipeline Progress in Focus

Nov -07

Source:

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Prothena (PRTA) Reports Q3 Loss, Lags Revenue Estimates

Nov -06

Source: zacks.com

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Prothena Reports Third Quarter 2025 Financial Results and Business Highlights

Nov -06

Source: businesswire.com

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Prothena's Partner Bristol Myers Squibb Obtains Fast Track Designation from the U.S. FDA for BMS-986446 (PRX005), an Anti-MTBR-Tau-Targeting Antibody, for the Treatment of Alzheimer's Disease

Oct -01

Source: businesswire.com

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Prothena Down 40% Year to Date: What Lies Ahead for the Stock?

Sep -11

Source:

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Prothena to Participate in the Cantor Fitzgerald Global Healthcare Conference

Aug -28

Source: businesswire.com

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: 3.2

Growth: 3.9

Quality: 4.3

Yield: 0.0

Momentum: 10.0

Volatility: 1.0

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Oxford Biomedica

A-Score: 3.7/10

Value: 6.4

Growth: 2.0

Quality: 3.1

Yield: 0.0

Momentum: 9.0

Volatility: 1.7

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Oxford Nanopore Technologies

A-Score: 3.6/10

Value: 6.6

Growth: 3.8

Quality: 4.3

Yield: 0.0

Momentum: 6.0

Volatility: 1.0

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Prothena

A-Score: 3.0/10

Value: 7.0

Growth: 1.8

Quality: 4.4

Yield: 0.0

Momentum: 5.0

Volatility: 0.0

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Evogene

A-Score: 3.0/10

Value: 9.0

Growth: 3.0

Quality: 5.6

Yield: 0.0

Momentum: 0.5

Volatility: 0.0

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Affimed

A-Score: 2.2/10

Value: 8.2

Growth: 0.9

Quality: 4.2

Yield: 0.0

Momentum: 0.0

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

11.07$

Current Price

11.07$

Potential

-0.00%

Expected Cash-Flows