普罗西娜公司（PRTA）：令人失望但并不意外的III期AL淀粉样变性数据-转为持有

91.4-- 2024A2025E135.20.0-47.0-(3.50)(2.27)(3.63) 2026E0.082.7(3.64)(2.09) Dina Elmonshed * | Equity Associate+1 (212) 778-8388 | delmonshed@jefferies.comJenna Li * | Equity Associate(332) 236-6891 | jli9@jefferies.comKyle Yang, CFA * | Equity Associate(212) 284-2260 | kyle.yang@jefferies.comMatthew Hagood * | Equity Associate+1 (212) 778-8293 | mhagood@jefferies.comMadeleine Lee * | Equity Associate+1 (212) 778-8733 | mlee6@jefferies.com The Long View: Prothena CorporationInvestment Thesis / Where We DifferWe are HOLD rated on Prothena, as we see uncertainty around the pipelinegiven failure of the AL amyloidosis and risk into the Phase I Alzheimer's data.Company is undergoing restructuring and will have more updates until thenwe are on the sidelines.Base Case,$6, -9%Our $6 PT is based on 100% of cash value of$300M by YE:25 and does not take into accountany pipeline.Sustainability MattersTop Material Issue(s): (1) Drug Safety and Tolerability.PRTA is actively evaluating several early-stagemolecules in Alzheimer’s Disease, which has generally been a challenging disease to study. The first ADdrug approved within the last 20 years has not had much uptake by patients due to safety concerns.PRTA is actively working on a subcutaneous drug to allow for safer administration and minimize safetyconcerns for patients.(2) Access and Affordability.Alzheimer’s drugs have generally been known to beexpensive. PRTA continues to evaluate ways in which they can develop and bring affordable therapies tomarket. It is imperative medicines are priced accordingly to ensure access to all those in need.Company Target(s):N/AQs to Mgmt: (1)How do you plan to ensure an adequate patient population is enrolled in your trials?(2)What learnings have you learned from peers that are applicable to your clinical trials?ESG Sector Deep Dives: US Biotech, Pharma, and Specialty PharmaPlease see important disclosure information on pages 4 - 9 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Upside Scenario,$10, +52%Our $10 upside scenario PT assumes 100% ofYE cash value and a higher probability of successfor PRTA's Alzheimer's programs, which if they'reable to show strong abeta reduction would be bigupside from current levels. Downside Scenario,$3, -54%Our $3 downside scenario PT assigns minimalvalueto PRTA’s pipeline assets and includesongoing burn and, hence, estimated cash at YE:25.Catalysts•August:Initial data from cohort A(APOE4heterozygotes + non-carriers) for PRX012 in AD•H2:25:Topline data from Phase 2 ATTRcardiomyopathy data PRX004 (partnered withNVO).•2025:Initial data from cohort B(APOE4homozygotes) for PRX012 in AD 2 PRTA Income Statement.Fiscal Year (Ending in December)($ figures in MM, except per share)Revenues:Revenues from related party & license revMilestone and reimbursementTotal revenueCost of salesTotal Operating ExpensesResearch and developmentGeneral and AdministrativeRestructuring costIncome (loss) from operationsTotal other income/expensesIncome TaxNet incomeEPS (basic)EPS (diluted)BasicDilutedCash at end (incl. restricted cash)Source: Company Reports, Jefferies.Please see important disclosure information on pages 4 - 9 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Company DescriptionProthena CorporationProthena is a late-stage clinical company with experience in protein dysregulation and a pipeline of novel investigational therapeutics with the potentialto change the course of devastating rare peripheral amyloid and neurodegenerative diseases. Fueled by its deep scientific expertise built over decadesof research, Prothena is advancing a pipeline of therapeutic candidates for a number of indications and novel targets for which its ability to integratescientific insights around neurological dysfunction and the biology of misfolded proteins can be leveraged. Prothena’s pipeline includes both wholly-owned and partnered programs being developed for the potential treatment of diseases including AL amyloidosis, ATTR amyloidosis, Alzheimer’sdisease, Parkinson’s disease and a number of other neurodegenerative diseases.Company Valuation/RisksProthena CorporationOur price target is based on an SOTP valuation, including pipeline programs and estimated cash 12 months from today. Risks include clinical trialrisk, safety, and competition.Analyst Certification:I, Michael J. Yee, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.I, Dina Elmonshed, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my