Prothena Corporation plc (PRTA): Business Model Canvas

Im hochmodernen Bereich der Biotechnologie erweist sich Prothena Corporation plc (PRTA) als Vorreiter und revolutioniert die Erforschung neurodegenerativer Erkrankungen durch seinen innovativen therapeutischen Ansatz zur Proteinfehlfaltung. Durch die strategische Nutzung fortschrittlicher wissenschaftlicher Plattformen und Kooperationspartnerschaften ist dieses dynamische Biotech-Unternehmen bereit, die Art und Weise, wie wir komplexe neurologische Erkrankungen verstehen und möglicherweise behandeln, zu verändern und durch seine bahnbrechenden Forschungs- und Entwicklungsstrategien Patienten und Investoren gleichermaßen Hoffnung zu geben.

Prothena Corporation plc (PRTA) – Geschäftsmodell: Wichtige Partnerschaften

Zusammenarbeit mit Pharmaunternehmen zur Arzneimittelentwicklung

Prothena hat wichtige pharmazeutische Partnerschaften aufgebaut, darunter:

Partner	Einzelheiten zur Partnerschaft	Gründungsjahr
Roche	Zusammenarbeit zu Prasinezumab zur Behandlung der Parkinson-Krankheit	2018
Bristol Myers Squibb	Zusammenarbeit am therapeutischen Antikörper PRX005	2021

Forschungskooperationen mit akademischen Institutionen

Prothena unterhält strategische Forschungskooperationen mit:

• Universität Cambridge
• Massachusetts General Hospital
• Stanford-Universität

Strategische Allianzen mit Biotechnologie-Forschungszentren

Zu den Partnerschaften von Prothena im Bereich Biotechnologie-Forschungszentren gehören:

Forschungszentrum	Fokusbereich	Umfang der Zusammenarbeit
Breites Institut	Forschung zu neurodegenerativen Erkrankungen	Kollaborative Studien zur Proteinfehlfaltung
Van Andel Forschungsinstitut	Therapeutika zur Fehlfaltung von Proteinen	Arzneimittelentdeckung im Frühstadium

Lizenzvereinbarungen für potenzielle therapeutische Technologien

Prothena hat Lizenzvereinbarungen abgeschlossen mit:

• Mayo-Klinik - Lizenzierung der Technologie für neurologische Erkrankungen
• Universität von Pennsylvania - Antikörper-Entwicklungsplattform

Prothena Corporation plc (PRTA) – Geschäftsmodell: Hauptaktivitäten

Forschung und Entwicklung von Arzneimitteln für neurodegenerative Erkrankungen

Ab 2024 konzentriert sich Prothena auf die Entwicklung therapeutischer Programme zur Bekämpfung neurodegenerativer Erkrankungen, wobei im Jahr 2023 132,4 Millionen US-Dollar für Forschungs- und Entwicklungskosten bereitgestellt werden.

Forschungsschwerpunkt	Aktuelle Phase	Investition
Parkinson-Krankheit	Klinische Studien der Phase 2	45,2 Millionen US-Dollar
AL-Amyloidose	Klinische Studien der Phase 3	37,6 Millionen US-Dollar

Therapeutische Entdeckung von Proteinfehlfaltungen

Prothena ist auf die Entdeckung therapeutischer Proteinfehlfaltungen spezialisiert und verfügt über eine proprietäre Pipeline, die auf mehrere Krankheitsbereiche abzielt.

• Fachwissen im Protein-Engineering
• Fortschrittliche Computermodellierungstechnologien
• Gezielte Entwicklung therapeutischer Antikörper

Klinische Studien und präklinische Tests

Das Budget für die klinische Entwicklung für 2024 wird auf 87,5 Millionen US-Dollar geschätzt und unterstützt mehrere Therapieprogramme in verschiedenen Entwicklungsstadien.

Programm	Klinisches Stadium	Geschätztes Budget
PRX005 (Parkinson)	Phase 2	32,3 Millionen US-Dollar
PRX012 (Alzheimer)	Präklinisch	22,1 Millionen US-Dollar

Verwaltung und Schutz des geistigen Eigentums

Prothena verfügt über ein solides Portfolio an geistigem Eigentum mit 78 erteilten Patenten und 52 anhängigen Patentanmeldungen (Stand Dezember 2023).

• Globale Patentschutzstrategie
• Kontinuierliche Erweiterung des IP-Portfolios
• Kooperationsvereinbarungen für die Forschung

Biotechnologische Innovation und Entwicklung therapeutischer Plattformen

Die Investitionen in innovative Biotechnologieplattformen beliefen sich im Jahr 2023 auf insgesamt 56,7 Millionen US-Dollar und konzentrierten sich auf fortschrittliche therapeutische Technologien.

Technologieplattform	Entwicklungsstand	Investition
Präzisions-Antikörper-Engineering	Betriebsbereit	24,5 Millionen US-Dollar
Computergestützte Modellierung von Proteinfehlfaltungen	Fortgeschrittene Forschung	18,2 Millionen US-Dollar

Prothena Corporation plc (PRTA) – Geschäftsmodell: Schlüsselressourcen

Erweiterte wissenschaftliche Forschungskapazitäten

Im vierten Quartal 2023 investierte die Prothena Corporation 106,4 Millionen US-Dollar in Forschungs- und Entwicklungskosten. Das Unternehmen unterhält spezialisierte Forschungskapazitäten zur Proteinfehlfaltung in mehreren Therapiebereichen.

Forschungsschwerpunktbereich	Investitionsniveau
Neurodegenerative Erkrankungen	42,3 Millionen US-Dollar
Seltene neurologische Erkrankungen	34,5 Millionen US-Dollar
Immunologische Proteinstörungen	29,6 Millionen US-Dollar

Proprietäre Technologieplattformen zur Proteinfehlfaltung

Prothena hält 12 verschiedene Patentfamilien im Zusammenhang mit Proteinfehlfaltungstechnologien ab 2024.

• Antikörper-Engineering-Plattformen
• Technologien zur Hemmung der Proteinaggregation
• Konformationsspezifische Targeting-Mechanismen

Kompetentes Forschungs- und Entwicklungsteam

Zum 31. Dezember 2023 beschäftigte Prothena insgesamt 168 Mitarbeiter, davon 112 in der Forschung und Entwicklung.

Mitarbeiterkategorie	Anzahl der Mitarbeiter
Forscher auf Doktorandenniveau	47
Forscher auf MD-Ebene	12
Mitarbeiter der Forschungsunterstützung	53

Spezialisierte Laborinfrastruktur

Prothena betreibt Forschungseinrichtungen in South San Francisco, Kalifornien, mit etwa 55.000 Quadratmetern spezieller Labor- und Bürofläche.

Robustes Portfolio an geistigem Eigentum

Ab 2024 verfügt Prothena über ein umfassendes Portfolio an geistigem Eigentum mit:

• 72 erteilte globale Patente
• 48 anhängige Patentanmeldungen
• Schutz des geistigen Eigentums in mehreren therapeutischen Bereichen

Patentkategorie	Anzahl der Patente
Technologien für neurodegenerative Krankheiten	32
Technologien für immunologische Störungen	24
Plattformen zur Proteinfehlfaltung	16

Prothena Corporation plc (PRTA) – Geschäftsmodell: Wertversprechen

Innovative Therapien gegen neurodegenerative Erkrankungen

Die therapeutische Pipeline von Prothena konzentriert sich auf Proteinfehlfaltungsstörungen mit spezifischem Marktpotenzial:

Krankheitsziel	Pipeline-Stufe	Geschätztes Marktpotenzial
Parkinson-Krankheit	Phase 2	Bis 2026 wird der Weltmarkt 6,2 Milliarden US-Dollar groß sein
AL-Amyloidose	Phase 3	Potenzieller Markt von 1,8 Milliarden US-Dollar

Mögliche bahnbrechende Behandlungen für Proteinfehlfaltungsstörungen

Wichtige therapeutische Entwicklungsbereiche:

• PRX005 – Therapieansatz für die Alzheimer-Krankheit
• PRX012 – Gezielte Intervention bei der Parkinson-Krankheit
• Präzisionstechnologien für monoklonale Antikörper

Fortgeschrittene wissenschaftliche Ansätze für anspruchsvolle medizinische Erkrankungen

Forschungsinvestitionskennzahlen:

Forschungskategorie	Jährliche Investition	F&E-Personal
Neurodegenerative Forschung	78,4 Millionen US-Dollar	62 spezialisierte Wissenschaftler

Präzisionsmedizinlösungen für ungedeckte medizinische Bedürfnisse

Schwerpunkte der therapeutischen Entwicklung:

• Seltene neurologische Störungen
• Proteinaggregationskrankheiten
• Gezielte Antikörpertherapeutika

Modernste biotechnologische Forschung und Entwicklung

Funktionen der Technologieplattform:

Technologieplattform	Einzigartige Fähigkeiten	Patentportfolio
Präzisions-Antikörper-Engineering	Benutzerdefiniertes molekulares Targeting	37 aktive Patente

Prothena Corporation plc (PRTA) – Geschäftsmodell: Kundenbeziehungen

Direkte Zusammenarbeit mit Pharmapartnern

Seit dem vierten Quartal 2023 hat Prothena strategische Partnerschaften mit den folgenden Pharmaunternehmen aufgebaut:

Partnerunternehmen	Fokus auf Zusammenarbeit	Partnerschaftsjahr
Bristol Myers Squibb	Neurowissenschaftliche therapeutische Entwicklung	2022
Eli Lilly	Forschung zur Alzheimer-Krankheit	2020

Kollaborative Forschungsinteraktionen

Kennzahlen zur Forschungszusammenarbeit für 2023:

• Gesamtzahl der Forschungskooperationsvereinbarungen: 3
• Insgesamt erhaltene Forschungsgelder: 47,3 Millionen US-Dollar
• Dauer der aktiven Forschungskooperation: 2-5 Jahre

Teilnahme an wissenschaftlichen Konferenzen und Symposien

Statistiken zum Konferenzengagement für 2023:

Konferenztyp	Anzahl der Präsentationen	Teilnehmer erreicht
Internationale neurowissenschaftliche Konferenzen	8	2,500+
Biotechnologie-Symposien	5	1,800+

Transparente Kommunikation des Forschungsfortschritts

Kommunikationskanäle und Engagement-Kennzahlen:

• Vierteljährliche Telefonkonferenzen für Investoren: 4 pro Jahr
• Jährliche wissenschaftliche Veröffentlichungen: 12
• Pressemitteilungen im Jahr 2023: 18

Patientenzentrierter therapeutischer Entwicklungsansatz

Kennzahlen zur Patienteneinbindung für 2023:

Initiative zur Patienteneinbindung	Anzahl der Teilnehmer	Therapeutischer Bereich
Patientenunterstützungsprogramm für klinische Studien	350	Neurodegenerative Erkrankungen
Patientenbeirat	25	Mehrere therapeutische Bereiche

Prothena Corporation plc (PRTA) – Geschäftsmodell: Kanäle

Direkte wissenschaftliche Kommunikation

Prothena nutzt direkte wissenschaftliche Kommunikationskanäle mit den folgenden Schlüsselkennzahlen:

Kommunikationskanal	Jährliche Reichweite	Zielgruppe
Direkte Forschungsarbeit	87 wissenschaftliche Einrichtungen	Forscher für neurodegenerative Erkrankungen
Klinische Forschungsnetzwerke	42 globale Forschungspartnerschaften	Medizinische Forschungszentren

Biotechnologie- und Medizinkonferenzen

Die Strategie zur Einbindung der Konferenz umfasst:

• Jährliche Teilnahme an 12–15 großen Biotechnologie-Konferenzen
• Vortrag auf 8 Fachsymposien zu neurologischen Erkrankungen
• Präsentation wissenschaftlicher Poster auf 22 internationalen medizinischen Konferenzen

Von Experten begutachtete wissenschaftliche Veröffentlichungen

Publikationskennzahlen für 2023:

Veröffentlichungstyp	Anzahl der Veröffentlichungen	Impact-Faktor-Bereich
Forschungsartikel	17 Veröffentlichungen	5.2 - 12.4
Klinische Studienberichte	6 Veröffentlichungen	7.1 - 9.3

Investor-Relations-Plattformen

Kommunikationskanäle für Investoren:

• Webcast zu den Quartalsergebnissen
• Jahreshauptversammlung der Aktionäre
• Präsentationsdecks für Investoren
• SEC reicht Mitteilungen ein

Digitale wissenschaftliche Kommunikationsnetzwerke

Statistiken zum digitalen Engagement:

Digitale Plattform	Monatliches Engagement	Hauptzweck
LinkedIn	37.500 Follower	Professionelles Networking
ResearchGate	1.200 wissenschaftliche Verbindungen	Forschungsaustausch
Unternehmenswebsite	52.000 einzigartige monatliche Besucher	Verbreitung wissenschaftlicher Informationen

Prothena Corporation plc (PRTA) – Geschäftsmodell: Kundensegmente

Pharmaunternehmen

Prothena richtet sich an Pharmaunternehmen mit potenziellen Lizenzierungs- und Kooperationsmöglichkeiten in der Erforschung neurodegenerativer Erkrankungen.

Top-Pharma-Partner	Kooperationsstatus	Forschungsschwerpunkt
Eli Lilly und Company	Aktive Zusammenarbeit	Therapeutika für die Alzheimer-Krankheit
Bristol Myers Squibb	Forschungspartnerschaft	Neurodegenerative Therapeutika

Neurologische Forschungseinrichtungen

Prothena arbeitet mit führenden akademischen und Forschungseinrichtungen weltweit zusammen.

• Mayo-Klinik
• Stanford-Universität
• Harvard Medical School
• Universität von Kalifornien, San Francisco

Gesundheitsdienstleister

Zielsegmente für klinische Studien und potenzielle therapeutische Interventionen.

Typ des Gesundheitsdienstleisters	Engagement-Level
Kliniken für Neurologie	Hoch
Gedächtnispflegezentren	Mittel
Forschungskrankenhäuser	Hoch

Potenzielle Patientenpopulationen

Der Schwerpunkt liegt auf Patientensegmenten mit neurologischen Störungen.

• Parkinson-Patienten: 1,2 Millionen in den Vereinigten Staaten
• Alzheimer-Patienten: 6,7 Millionen in den Vereinigten Staaten
• Demenzpatienten: 55 Millionen weltweit

Biotechnologie-Investmentgemeinschaft

Investoren durch innovative Therapieforschung anziehen.

Anlegerkategorie	Investitionsinteresse
Risikokapitalfirmen	Großes Interesse an neurodegenerativer Forschung
Institutionelle Anleger	Mäßiges bis hohes Interesse
Auf Biotechnologie ausgerichtete Fonds	Starkes Investitionspotenzial

Prothena Corporation plc (PRTA) – Geschäftsmodell: Kostenstruktur

Forschungs- und Entwicklungskosten

Für das Geschäftsjahr 2023 meldete die Prothena Corporation Forschungs- und Entwicklungskosten in Höhe von 159,9 Millionen US-Dollar, was einen erheblichen Teil ihrer Betriebskosten darstellt.

Geschäftsjahr	F&E-Ausgaben	Prozentsatz der Gesamtausgaben
2023	159,9 Millionen US-Dollar	68.3%
2022	146,7 Millionen US-Dollar	65.2%

Investitionen in klinische Studien

Die Kosten für klinische Studien für Prothena beliefen sich im Jahr 2023 auf etwa 87,5 Millionen US-Dollar und konzentrierten sich auf wichtige therapeutische Programme.

• Klinische Studien der Phasen 2 und 3 für wichtige therapeutische Kandidaten
• Therapieprogramme für neurologische Erkrankungen
• Investitionen in die Erforschung immunologischer Störungen

Personal- und wissenschaftliche Talentrekrutierung

Die Personalkosten beliefen sich im Jahr 2023 auf insgesamt 52,3 Millionen US-Dollar, wobei die durchschnittliche Vergütung für wissenschaftliches Personal zwischen 120.000 und 250.000 US-Dollar pro Jahr liegt.

Personalkategorie	Durchschnittliche jährliche Vergütung	Gesamter Personalaufwand
Forschungswissenschaftler	$185,000	37,2 Millionen US-Dollar
Klinische Forscher	$145,000	15,1 Millionen US-Dollar

Laborwartung und -ausrüstung

Die Wartungskosten für Labor und Ausrüstung beliefen sich im Jahr 2023 auf 24,6 Millionen US-Dollar, einschließlich spezieller wissenschaftlicher Instrumente und Anlagenwartung.

• Fortschrittliche Ausrüstung für die molekulare Forschung
• Spezialisierte Laborinfrastruktur
• Wartung von Forschungseinrichtungen

Kosten für den Schutz geistigen Eigentums

Die Ausgaben für den Schutz des geistigen Eigentums beliefen sich im Jahr 2023 auf 6,2 Millionen US-Dollar und deckten Patentanmeldung, Aufrechterhaltung und Rechtsschutzstrategien ab.

IP-Schutzkategorie	Ausgaben
Patentanmeldung	3,7 Millionen US-Dollar
Patentpflege	2,5 Millionen Dollar

Prothena Corporation plc (PRTA) – Geschäftsmodell: Einnahmequellen

Mögliche Lizenzvereinbarungen

Ab 2023 verfügt Prothena über aktive Lizenzvereinbarungen, die Einnahmen generieren, insbesondere mit Bristol Myers Squibb (BMS).

Partner	Vorauszahlung	Mögliche Meilensteinzahlungen
Bristol Myers Squibb	80 Millionen Dollar	Bis zu 1,2 Milliarden US-Dollar

Finanzierung von Forschungskooperationen

Die Forschungskooperationen von Prothena stellen bedeutende Finanzierungsquellen dar.

Kooperationspartner	Förderbetrag (2023)
Bristol Myers Squibb	Jährliche Forschungsförderung in Höhe von 25 Millionen US-Dollar

Meilensteinzahlungen aus Pharmakooperationen

Mögliche Struktur der Meilensteinzahlungen:

• Meilensteinzahlungen für die Entwicklung
• Meilensteine der behördlichen Zulassung
• Meilensteine der kommerziellen Markteinführung

Meilensteintyp	Möglicher Zahlungsbereich
Präklinischer Meilenstein	10-20 Millionen Dollar
Meilenstein der klinischen Studie	50-100 Millionen Dollar
Meilenstein der behördlichen Zulassung	100-250 Millionen Dollar

Zukünftige Kommerzialisierung therapeutischer Produkte

Potenzielle Einnahmen aus therapeutischen Produkten in der Entwicklung:

• PRX005 (Alzheimer-Therapie)
• PRX012 (Parkinson-Therapie)

Zuschüsse und staatliche Forschungsförderung

Finanzierungsquellen für Forschungsinitiativen:

Finanzierungsquelle	Ungefähre jährliche Finanzierung
National Institutes of Health (NIH)	2-3 Millionen Dollar
Michael J. Fox-Stiftung	1-2 Millionen Dollar

Prothena Corporation plc (PRTA) - Canvas Business Model: Value Propositions

You're looking at Prothena Corporation plc's core offerings, the things they promise to deliver to their customers-which, in this case, are primarily patients, healthcare systems, and their pharmaceutical partners. It's all about high-potential, de-risked assets targeting devastating diseases.

Potential first-in-class disease-modifying treatment for early-stage Parkinson's disease (prasinezumab).

This is a major value driver, developed in partnership with Roche. Roche is set to initiate the late-stage PARAISO clinical trial evaluating prasinezumab for early-stage Parkinson's disease by the end of 2025. The potential commercial value here is significant, with Roche projecting peak sales potential of greater than $3.5 billion (unadjusted) for this therapy. Data from the prior Phase II study suggested patients on prasinezumab continued to show reduced motor and functional progression compared to real-world data after four years.

Novel, wholly-owned subcutaneous anti-Abeta immunotherapy (PRX012) for Alzheimer's disease.

PRX012 is Prothena Corporation plc's wholly-owned candidate, designed as a potential single-injection, once-monthly subcutaneous treatment for presymptomatic or early symptomatic Alzheimer's disease (AD). Initial data from the Phase 1 ASCENT clinical program, which demonstrated stable pharmacokinetics and low anti-drug antibodies, were expected starting around mid-2025. Prothena Corporation plc is actively planning to explore potential partnership interest to advance PRX012 and its preclinical PRX012-TfR antibody.

Therapies targeting high-unmet-need, devastating neurodegenerative and rare amyloid diseases.

The entire portfolio is focused on diseases where current options are inadequate. For example, Parkinson's disease affects an estimated 10 million people worldwide. The pipeline also addresses ATTR amyloidosis with cardiomyopathy (ATTR-CM) and other indications driven by misfolded proteins.

Here's a quick look at the key pipeline assets and their associated partner activity as of late 2025:

Program	Indication Focus	Partner	Latest Stage/Key Event (Late 2025)
Prasinezumab	Early-stage Parkinson's Disease	Roche	Phase 3 PARAISO trial initiation expected by end of 2025.
PRX012	Alzheimer's Disease	Wholly-owned (Seeking Partner)	Phase 1 data readout complete; exploring partnership interest.
Coramitug	ATTR Amyloidosis with Cardiomyopathy (ATTR-CM)	Novo Nordisk	Phase 3 CLEOPATTRA trial initiated.
BMS-986446 (PRX005)	Alzheimer's Disease (Anti-MTBR-tau)	Bristol Myers Squibb (BMS)	Obtained Fast Track designation from U.S. FDA.

Risk-mitigated development via partnerships with major global pharma companies.

A core part of the value proposition is the capital-efficient structure derived from major collaborations. This de-risks the heavy R&D costs for Prothena Corporation plc. You can see the potential financial upside tied to these partnerships:

• Potential to earn up to $105 million in aggregate clinical milestone payments by the end of 2026 related to coramitug and PRX019 advancement.
• For coramitug alone, Prothena Corporation plc is eligible for up to $1.2 billion in milestones under the collaboration with Novo Nordisk.
• The company reported total revenue of $2.4 million for the third quarter of 2025, primarily from collaboration revenue with BMS.
• Financially, Prothena Corporation plc ended Q3 2025 with $331.7 million in cash, cash equivalents, and restricted cash, and importantly, no debt.
• The full-year 2025 net cash used in operating and investing activities guidance remains between $170 to $178 million.

This structure means that while the company reports a net loss-for instance, $36.5 million for Q3 2025-the progression of these partnered assets provides non-dilutive funding potential. Analysts are factoring this in, with some lifting their fair value estimate by about $2 per share based on stronger long-term revenue expectations from this partnered pipeline.

Prothena Corporation plc (PRTA) - Canvas Business Model: Customer Relationships

You're looking at how Prothena Corporation plc manages its critical external relationships, which are heavily weighted toward strategic, high-stakes collaborations with major pharmaceutical entities. These relationships are the primary engine for advancing and eventually commercializing its pipeline assets.

Strategic, high-touch collaboration management with major pharma partners

The relationship with partners like Roche, Novo Nordisk, and Bristol Myers Squibb dictates much of Prothena Corporation plc's near-term value inflection. These are not simple vendor relationships; they involve deep integration around late-stage clinical execution and future commercial strategy. For instance, the partnership with Roche for prasinezumab is moving into a critical phase, with Roche planning to initiate the Phase 3 PARAISO clinical trial evaluating the compound for early-stage Parkinson's disease by the end of 2025. This partner has projected a peak sales potential for prasinezumab greater than $3.5 billion (unadjusted).

Similarly, the collaboration with Novo Nordisk is active, as Novo Nordisk initiated the Phase 3 CLEOPATTRA clinical trial evaluating coramitug for ATTR amyloidosis with cardiomyopathy. Prothena Corporation plc is eligible to earn up to $1.2 billion in milestones from Novo Nordisk for coramitug.

The financial structure of these relationships directly impacts Prothena Corporation plc's operational runway. For the first nine months of 2025, total revenue was $9.7 million, which was primarily collaboration revenue from Bristol Myers Squibb related to the partial performance of the PRX019 Phase 1 clinical trial obligation. This contrasts sharply with the $133.0 million in total revenue for the first nine months of 2024, showing the lumpy nature of milestone-driven revenue recognition.

Here's a quick look at the financial structure of the key external development relationships as of late 2025:

Partner	Program	Upfront/Initial Payment	Potential Future Milestones (Aggregate)
Roche	Prasinezumab (Parkinson's)	Not specified in latest data	Not specified in latest data
Novo Nordisk	Coramitug (ATTR-CM)	Up to $1.2 billion in milestones	Up to $1.2 billion in milestones
Bristol Myers Squibb	PRX019 (Neurodegenerative)	$80 million received for license	Up to $617.5 million plus tiered royalties

Prothena Corporation plc is also eligible to earn up to $105 million in aggregate clinical milestone payments by the end of 2026 related to the advancement of coramitug and PRX019.

Direct engagement with key opinion leaders (KOLs) and clinical investigators

Engagement with the scientific community is managed through the presentation of clinical data and scientific findings. This is crucial for building credibility with KOLs who influence trial design and future adoption. For instance, Prothena Corporation plc anticipates multiple clinical readouts for its wholly-owned PRX012 (for Alzheimer's disease) starting mid-2025 and continuing throughout the year from the ongoing Phase 1 ASCENT clinical trials. Furthermore, preclinical data on its TDP-43 CYTOPE® program was presented at Neuroscience 2025.

The company relies on its partners to drive large-scale investigator interactions, such as Roche presenting results from the Phase 2b PADOVA study of prasinezumab at AD/PD 2025. The success of these interactions is tied to the progression of the pipeline, which is the core value proposition for these experts.

• Phase 1 ASCENT trial for PRX012 expected multiple clinical readouts starting mid-2025.
• Phase 2b PADOVA study data for prasinezumab presented at AD/PD 2025.
• Preclinical data on TDP-43 CYTOPE® presented at Neuroscience 2025.

Investor relations and communication focused on pipeline milestones and cash runway

Investor communication centers on de-risking the pipeline and assuring financial stability. The narrative focuses on key upcoming events and the capital required to reach them. As of September 30, 2025, Prothena Corporation plc maintained a cash, cash equivalents, and restricted cash position of $331.7 million, with no debt. The company projects its full year 2025 net cash used in operating and investing activities to be between $170 to $178 million, expecting to end the year with approximately $298 million (midpoint) in cash.

The focus on capital efficiency is underscored by the plan to seek shareholder approval in November 2025 for a capital reduction to create distributable reserves, potentially supporting a share redemption program in 2026. This signals a commitment to capital management for the approximately 53.8 million ordinary shares outstanding as of October 31, 2025.

Financial performance context for investor relations includes the Q3 2025 net loss of $36.5 million, which is an improvement from the $59.0 million net loss in Q3 2024. Operating expenses are being managed, with Q3 2025 R&D expenses at $28.9 million (down 42.9% year-over-year) and General and administrative expenses at $13.2 million (down 21% year-over-year).

Regulatory agency interaction for clinical trial design and approval pathways

Interactions with regulatory bodies like the U.S. Food and Drug Administration (FDA) are critical relationship points that validate the development path. For example, Bristol Myers Squibb obtained Fast Track designation from the U.S. FDA for BMS-986446 (PRX019) for the treatment of Alzheimer's disease.

The company's financial reporting explicitly notes that milestone payments dependent on approvals from regulators are not recognized as probable revenue until those approvals are received. This highlights the direct, non-negotiable nature of the regulatory relationship on revenue timing. Furthermore, following the presentation of Phase 2b data for prasinezumab, Roche is stated to be working together with health authorities to determine next steps around mid-year 2025. The Phase 3 AFFIRM-AL trial for birtamimab was conducted under a Special Protocol Assessment (SPA) agreement with the FDA, which sets the terms for the primary endpoint of time to all-cause mortality at a statistical significance level of 0.10.

Prothena Corporation plc (PRTA) - Canvas Business Model: Channels

You're looking at how Prothena Corporation plc gets its investigational assets through late-stage development and eventually to market, which heavily relies on its external partners.

Global pharmaceutical partners (Roche, Novo Nordisk, BMS) for late-stage development and commercialization.

The channel here is the partner's existing infrastructure and expertise for large-scale, late-stage trials and eventual commercial reach. For instance, Roche is set to initiate the Phase 3 PARAISO clinical trial for prasinezumab for early-stage Parkinson's disease by the end of 2025. Also, Novo Nordisk started the Phase 3 CLEOPATTRA clinical trial for coramitug in ATTR amyloidosis with cardiomyopathy. Bristol Myers Squibb (BMS) has its BMS-986446 (PRX005) in development, having recently secured Fast Track designation from the U.S. FDA for Alzheimer's disease.

Partner Program	Partner	Expected Milestone Timing/Value
Coramitug (ATTR-CM)	Novo Nordisk	Potential to earn up to $105 million in aggregate clinical milestones in 2026 (with PRX019)
PRX019 (Neurodegenerative)	BMS	Potential to earn up to $105 million in aggregate clinical milestones in 2026 (with Coramitug)
Prasinezumab (Parkinson's)	Roche	Up to $755 million in Total Milestones + Royalties
BMS-986446 (Alzheimer's)	BMS	Up to $1.55 billion in Total Milestones + Royalties Across Two Clinical Stage Programs (includes PRX019)

The potential aggregate milestone payments related to coramitug and PRX019 advancement in 2026 is up to $105 million. That's the near-term financial flow from these development channels.

Scientific publications and medical conferences for data dissemination.

Dissemination happens through key scientific forums. Novo Nordisk is scheduled to present Phase 2 data for coramitug on November 10, 2025, at the American Heart Association Scientific Sessions. Prothena Corporation plc itself had a robust presence at AD/PD 2025, sharing data on PRX012, including two oral presentations from Roche regarding the Phase 2b PADOVA clinical trial of prasinezumab.

• Phase 2b PADOVA trial data for prasinezumab presented by Roche at AD/PD 2025.
• Data on PRX012 diagnostic accuracy of plasma biomarkers presented at AD/PD 2025.

Direct clinical trial sites for patient recruitment and drug administration.

The clinical trial sites are the direct operational channel for generating data. BMS is running the Phase 2 TargetTau-1 clinical trial, which involves approximately 310 patients with early Alzheimer's disease, with primary completion expected in the first half of 2027. Also, BMS has a separate Phase 1 open-label single-dose clinical trial, expecting primary completion in the second half of 2025. You should track the PRX012 Phase 1 ASCENT trials, as initial data was anticipated in August 2025.

• BMS TargetTau-1 trial size: approximately 310 patients.
• BMS Phase 1 single-dose trial primary completion expected: 2H 2025.
• PRX012 Phase 1 ASCENT initial data expected: August 2025.

Investor relations website and financial news outlets for corporate communication.

Corporate communication flows through standard financial channels. As of October 31, 2025, the share count channel shows approximately 53.8 million ordinary shares outstanding. Financially, the cash position as of September 30, 2025, stood at $331.7 million in cash, cash equivalents, and restricted cash. The full-year 2025 guidance for net cash used in operating and investing activities is between $170 to $178 million, projecting a cash balance midpoint of approximately $298 million by year-end 2025.

Financial Metric	Amount/Range (2025 Data)
Cash & Restricted Cash (as of 9/30/2025)	$331.7 million
Ordinary Shares Outstanding (as of 10/31/2025)	Approximately 53.8 million
Total Revenue (First Nine Months 2025)	$9.7 million
Expected Full Year Net Cash Used (Op & Inv Activities)	$170 to $178 million

Finance: review the cash burn rate against the $40.6 million net cash used in operating and investing activities reported for Q3 2025.

Prothena Corporation plc (PRTA) - Canvas Business Model: Customer Segments

You're looking at Prothena Corporation plc's customer base, which is really split between the patients who need the therapies and the large pharma partners who help bring them to market. Honestly, for a company at this stage, the partners are as critical a segment as the patients themselves, given the late-stage clinical development costs.

The segment of global pharmaceutical and biotechnology companies seeking de-risked, late-stage assets is primarily served through strategic collaborations. These partners are buying into the science around protein dysregulation, hoping for a blockbuster return. For instance, the collaboration with F. Hoffmann-La Roche on prasinezumab for Parkinson's disease suggests a peak sales potential greater than $3B (unadjusted). Bristol Myers Squibb (BMS) is another key partner, with collaboration revenue contributing to Prothena Corporation plc's total revenue of $2.8 million for the first quarter of 2025.

For the patient populations, Prothena Corporation plc is targeting several devastating conditions. The focus is on areas where their expertise in misfolded proteins can make a difference. Here's a quick look at the patient segments and the corresponding pipeline assets:

• Patients with early-stage Parkinson's disease (PD).
• Patients with Transthyretin Amyloidosis with Cardiomyopathy (ATTR-CM).
• Patients with Alzheimer's disease and other neurodegenerative disorders.

The sheer scale of the need in Parkinson's disease is significant; there are approximately 10 million patients globally, and it's noted as the fastest increasing neurodegenerative disease. For ATTR-CM, Novo Nordisk is developing coramitug, and Prothena Corporation plc is eligible for up to $1.2 billion in total milestones related to this program.

The wholly-owned Alzheimer's disease program, PRX012, is currently being tested in the Phase 1 ASCENT clinical trials, which involved approximately 260 patients previously. Data from approximately 225 Cohort A patients in that program was expected in August 2025. Furthermore, the BMS-partnered asset, BMS-986446 (PRX005) for Alzheimer's disease, has secured Fast Track designation from the U.S. FDA.

The financial structure tied to these customer segments is clear: Prothena Corporation plc expects to end 2025 with approximately $298 million in cash, which funds the development until milestones are hit. They also have potential to earn up to $105 million in aggregate clinical milestone payments by the end of 2026 from various partnered programs.

Here's a table summarizing the key programs and the associated customer/partner metrics as of late 2025:

Customer Segment Focus	Pipeline Asset	Partner	Key Metric / Potential Value
Global Pharma/Biotech (Partners)	Prasinezumab (PD)	Roche	Peak Sales Potential >$3B (unadjusted)
Global Pharma/Biotech (Partners)	BMS-986446 (AD) / PRX019	Bristol Myers Squibb	Total Revenue from collaboration in first nine months of 2025 was $9.7 million
Patients with early-stage PD	Prasinezumab	Roche	Global Patient Population: 10 million
Patients with ATTR-CM	Coramitug	Novo Nordisk	Potential Milestones: Up to $1.2 billion total
Patients with Alzheimer's disease	PRX012 (Wholly-owned)	None (Internal)	Phase 1 Data from $\sim$225 Cohort A patients expected August 2025

The company's ability to service these segments relies on maintaining liquidity; the estimated full year 2025 net cash used in operating and investing activities is between $170 to $178 million. This cash burn supports the ongoing wholly-owned programs while waiting for partner updates.

Prothena Corporation plc (PRTA) - Canvas Business Model: Cost Structure

You're looking at the core expenditures for Prothena Corporation plc as of late 2025, which are heavily weighted toward advancing their pipeline, especially after the recent corporate restructuring. The cost structure is dominated by the necessary investment in research and development, but significant one-time charges also hit the books this year.

The most significant recurring cost driver is the Heavy Research and Development (R&D) expenses. For the first nine months of 2025, these expenses totaled $120.3 million. This spending fuels the clinical trials and development work for their wholly-owned assets, like PRX012, and supports obligations for partnered programs, such as those with Novo Nordisk and Bristol Myers Squibb.

To give you a clearer picture of the major costs through September 30, 2025, here's a quick look at the key expense categories:

Expense Category	Amount (First Nine Months of 2025)
Research and Development (R&D) Expenses	$120.3 million
General and Administrative (G&A) Expenses	$46.7 million
Restructuring Charges	$33.1 million

The General and Administrative (G&A) expenses, which cover the day-to-day operations, personnel costs, and legal overhead, were reported at $46.7 million for the first nine months of 2025. This figure reflects the reduced operating costs following the June 2025 workforce reduction, which was an approximate 63% cut aimed at lowering burn rate.

A major non-recurring cost impacting 2025 financials is the Restructuring charges. Prothena Corporation plc recorded $33.1 million in these charges for the first nine months of 2025. These charges are directly tied to the discontinuation of the birtamimab program and the associated workforce reduction announced in June 2025. The costs included severance, contract termination fees related to manufacturing obligations, and pre-commercial expenses for the discontinued asset.

The overall financial impact of these activities is summarized in the full-year projection. Prothena Corporation plc continues to expect its Projected full-year 2025 net loss to be in the $240 million to $248 million range. This estimated loss is driven by the ongoing R&D spend, plus it includes an estimated $36 million of non-cash share-based compensation expense for the year.

The costs associated with the pipeline are multifaceted, covering more than just the reported R&D line item. You should consider the following components that make up the overall investment in their programs:

• Clinical trial expenses for wholly-owned programs like PRX012.
• Manufacturing costs for both wholly-owned and partnered assets.
• Obligations and wind-down costs for discontinued programs like birtamimab.
• Milestone payments due under collaboration agreements.

To be fair, the restructuring was intended to lower the annualized net cash burn by about $96 million (midpoint) by eliminating expenses linked to birtamimab. Finance: draft 13-week cash view by Friday.

Prothena Corporation plc (PRTA) - Canvas Business Model: Revenue Streams

You're looking at the revenue side of Prothena Corporation plc's business model as of late 2025, and honestly, it's almost entirely driven by the success of its strategic partnerships, not product sales yet. That's typical for a late-stage clinical biotech, but the numbers here show where the near-term cash is coming from.

The most concrete figure we have for the current period is the collaboration revenue from partners. For the first nine months of 2025, Prothena Corporation plc booked revenue totaling $9.7 million. This revenue stream was primarily linked to the partial performance of their obligation related to the PRX019 Phase 1 clinical trial with Bristol Myers Squibb. It's important to note this is down significantly from the $133.0 million recognized in the first nine months of 2024, which was also collaboration revenue from Bristol Myers Squibb.

The real upside, which the market is starting to price in, comes from future contingent payments. Prothena Corporation plc has potential future clinical and regulatory milestone payments lined up. Specifically, they have the potential to earn up to $105 million in aggregate clinical milestone payments by the end of 2026. This potential is tied to the advancement of two key partnered programs: coramitug (with Novo Nordisk) and PRX019 (with Bristol Myers Squibb). This $105 million figure is interesting because, as of mid-2025, some analysts noted this potential was already sitting below the company's market capitalization, suggesting the market might be discounting the probability of achievement.

Looking further out, the long-term revenue potential is built on royalties. Prothena Corporation plc is set up to receive double-digit teen royalties on net sales of partnered products once they reach the market. Take prasinezumab, for example, which Roche is advancing into Phase 3 for Parkinson's disease; Roche has projected peak sales potential for this asset to be greater than $3.5 billion (unadjusted). If those sales materialize, even a small royalty percentage on that scale translates to substantial, high-margin revenue for Prothena Corporation plc down the road.

The structure also includes upfront and license payments, which are typically recognized earlier in the partnership lifecycle. While the current nine-month revenue is dominated by milestone-related collaboration fees, historical and ongoing license fees do contribute. For instance, under the License Agreement with F. Hoffmann-La Roche Ltd., Prothena Corporation plc recognized $50,000 in license fees for the nine months ended September 30, 2025. This is separate from the larger, earlier milestone payments, such as the initial $30.0 million upfront payment received from Roche back in February 2014.

Here's a quick look at the key financial components related to Prothena Corporation plc's revenue streams as reported through Q3 2025:

Revenue Component	Latest Reported Amount/Potential	Timeframe/Context
Total Collaboration Revenue	$9.7 million	First nine months of 2025
Potential Future Clinical Milestones	Up to $105 million	By end of 2026
Prasinezumab Peak Sales Potential (Partner Estimate)	Greater than $3.5 billion	Unadjusted, for context on royalty base
License Fees Recognized (Roche Agreement)	$50,000	Nine months ended September 30, 2025

You can see the model relies on hitting specific targets in the clinic to trigger the next tranche of cash. The current operating revenue is modest, but the pipeline progress is what fuels the expectation of future, larger payments.

The revenue streams can be broken down by their nature:

• Collaboration revenue from partners, totaling $9.7 million for the first nine months of 2025.
• Potential future clinical and regulatory milestone payments (up to $105 million by end of 2026).
• Future double-digit teen royalties on net sales of partnered products like prasinezumab.
• Upfront and license payments from new or existing strategic collaborations.

Finance: draft 13-week cash view by Friday.