Prothena Corporation plc announced that it has received a $50 million milestone payment from Novo Nordisk for meeting a prespecified enrollment target in the company’s Phase 3 CLEOPATTRA trial of coramitug (formerly PRX004) for ATTR amyloidosis with cardiomyopathy.
The payment is part of a $1.2 billion milestone structure that Novo has agreed to pay Prothena for clinical development and sales milestones. With this latest inflow, Prothena’s total milestone revenue has risen to $150 million, reinforcing the company’s cash runway and supporting its strategy of leveraging partnered programs to generate milestone cash before additional financing is required.
Prothena’s Q4 2025 results showed a decline in revenue to $9.7 million and a net loss of $244.1 million, while cash stood at $308.4 million. The $50 million milestone therefore represents a substantial boost to the company’s liquidity, reducing the need for new capital and allowing continued focus on cost‑cutting and strategic priorities.
Management has positioned Prothena in a “hibernation” mode after discontinuing the birtamimab program, cutting R&D expenses and relying on partner milestones to sustain operations. The coramitug milestone confirms progress in a first‑in‑class amyloid depleter and validates the partnership with Novo Nordisk, aligning with the company’s long‑term growth strategy.
Coramitug is a potential first‑in‑class antibody for ATTR‑CM; the Phase 3 CLEOPATTRA trial is a large study with primary completion expected in 2029. The milestone payment supports continued development and future sales potential, while Prothena also maintains other partnered programs with Roche and Bristol Myers Squibb that contribute to its pipeline and financial outlook.
Investors view the milestone as a positive development for Prothena’s cash position and as evidence of progress in its key clinical program, reinforcing confidence in the company’s partnership strategy and long‑term prospects.
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