Prothena sees 2023 cash burn $148M-$161M

The Company is updating its projected full year 2023 net cash burn from operating and investing activities, and expects it to be $148 to $161 million versus prior guidance of $213 to $229 million, and expects to end the year with approximately $600 million (midpoint) in cash, cash equivalents and restricted cash, representing an increase of $88 million from prior guidance of $512 million (midpoint). This increase in cash position is primarily driven by Bristol Myers Squibb obtaining the $55 million exclusive worldwide rights for PRX005, and to a lesser extent financing proceeds received in the first half of 2023 and higher interest income. The updated estimated full year 2023 net cash burn from operating and investing activities is primarily driven by an updated estimated net loss of $153 to $171 million (versus prior guidance of $250 to $275 million), which includes an estimated $42 million of non-cash share-based compensation expense.