Prothena sees 2025 net cash burn from operating/investing at $170M-$178M

Based on the reorganization, Prothena (PRTA) is “revising its full year 2025 financial guidance and expects its 2025 net cash burn from operating and investing activities to be $170 to $178 million and to end the year with approximately $298 million (midpoint) in cash, cash equivalents, and restricted cash. The estimated 2025 net cash burn from operating and investing activities is primarily driven by an estimated net loss of $240 to $248 million, which includes an estimated $36 million of non-cash share-based compensation expense and a $45 million non-cash income tax expense to book a full valuation allowance against its U.S. deferred tax assets. The estimated 2025 net loss includes $105 to $110 million of operating expenses associated with birtamimab and the Company’s reorganization, including research, development, manufacturing and pre-commercial expenses, severance costs and contract termination fees related to manufacturing obligations, and approximately $12 million of non-cash share-based compensation expense. Therefore, the Company expects the discontinuation of birtamimab development will result in an approximate decrease of $96 million (midpoint) in annualized net cash burn.”