Prothena Announces Corporate Restructuring

DUBLIN, June 19, 2025 — Prothena Corporation plc (NASDAQ:PRTA) today announced that the Company has initiated an approximate 63% reduction in its workforce to substantially reduce its operating costs to those necessary to support its remaining wholly owned programs, its obligations to partnered programs, and its anticipated business development activities.

“We have incredible Prothenians who are among the industry’s most talented professionals and have dedicated their careers to advancing new treatments for patients,” said Gene Kinney, Ph.D., President and Chief Executive Officer, Prothena. “I want to express my sincere gratitude to each Prothenian being affected by today’s announcement and thank them for their passion toward our mission to treat diseases caused by protein dysregulation.”

The board, management, and Company’s financial advisors are collectively evaluating a comprehensive range of business options to best serve the interest of its shareholders that consider the implications of multiple recent and upcoming milestones, including:

Earlier this week Roche announced that it will advance prasinezumab into Phase 3 development for early-stage Parkinson’s disease
Company expects initial data in August from Phase 1 ASCENT clinical trials of its wholly owned PRX012 program in Alzheimer’s disease
Novo Nordisk expects to share data from its Phase 2 clinical trial evaluating coramitug for ATTR-CM in the second half of 2025
Company expects to complete a Phase 1 clinical trial for PRX019 in collaboration with Bristol Myers Squibb in 2026
Bristol Myers Squibb expects to complete a Phase 2 TargetTau-1 clinical trial evaluating BMS-986446 in Alzheimer’s disease in 2027
Company has potential to receive up to $105 million in 2026 for clinical milestones from various partnered programs.
Revised 2025 Financial Guidance

Based on this reorganization, the Company 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.

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