Prothena Corporation plc (PRTA): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el ámbito de la biotecnología de la vanguardia, Prothena Corporation PLC (PRTA) surge como una fuerza pionera, revolucionando la investigación de enfermedades neurodegenerativas a través de su innovador enfoque terapéutico de plegamiento de proteínas. Al aprovechar estratégicamente las plataformas científicas avanzadas y las asociaciones colaborativas, esta empresa dinámica de biotecnología está preparada para transformar cómo entendemos y potencialmente tratamos trastornos neurológicos complejos, ofreciendo esperanza a pacientes e inversores por igual a través de sus innovadoras estrategias de investigación y desarrollo.

Prothena Corporation PLC (PRTA) - Modelo de negocios: asociaciones clave

Colaboración con compañías farmacéuticas para el desarrollo de medicamentos

Prothena ha establecido asociaciones farmacéuticas clave que incluyen:

Pareja	Detalles de la asociación	Año establecido
Roche	Colaboración en prasinezumab para la enfermedad de Parkinson	2018
Bristol Myers Squibb	Colaboración en anticuerpo terapéutico PRX005	2021

Asociaciones de investigación con instituciones académicas

Prothena mantiene colaboraciones de investigación estratégica con:

• Universidad de Cambridge
• Hospital General de Massachusetts
• Universidad de Stanford

Alianzas estratégicas con centros de investigación de biotecnología

Las asociaciones del Centro de Investigación de Biotecnología de Prothena incluyen:

Centro de investigación	Área de enfoque	Alcance de colaboración
Instituto amplio	Investigación de enfermedades neurodegenerativas	Estudios de plegamiento de proteínas colaborativas
Instituto de Investigación Van Andel	Terapéutica de plegamiento de proteínas	Descubrimiento de drogas en etapa temprana

Acuerdos de licencia para posibles tecnologías terapéuticas

Prothena ha asegurado acuerdos de licencia con:

• Clínica de mayonesa - Licencias de tecnología de enfermedades neurológicas
• Universidad de Pensilvania - Plataforma de desarrollo de anticuerpos

Prothena Corporation PLC (PRTA) - Modelo de negocio: actividades clave

Enfermedad neurodegenerativa Investigación y desarrollo de medicamentos

A partir de 2024, Prothena se ha centrado en desarrollar programas terapéuticos dirigidos a enfermedades neurodegenerativas con $ 132.4 millones asignados a los gastos de investigación y desarrollo en 2023.

Enfoque de investigación	Etapa actual	Inversión
Enfermedad de Parkinson	Ensayos clínicos de fase 2	$ 45.2 millones
Al Amiloidosis	Ensayos clínicos de fase 3	$ 37.6 millones

Descubrimiento terapéutico mal plegado de proteínas

Prothena se especializa en el descubrimiento terapéutico mal plegable de proteínas con una tubería patentada dirigida a múltiples áreas de enfermedades.

• Experiencia de ingeniería de proteínas
• Tecnologías avanzadas de modelado computacional
• Desarrollo de anticuerpos terapéuticos dirigidos

Ensayos clínicos y pruebas preclínicas

Presupuesto de desarrollo clínico para 2024 estimado en $ 87.5 millones, lo que respalda múltiples programas terapéuticos en varias etapas de desarrollo.

Programa	Estadio clínico	Presupuesto estimado
PRX005 (Parkinson)	Fase 2	$ 32.3 millones
PRX012 (Alzheimer)	Preclínico	$ 22.1 millones

Gestión y protección de la propiedad intelectual

Prothena mantiene una sólida cartera de propiedades intelectuales con 78 patentes emitidas y 52 solicitudes de patentes pendientes a diciembre de 2023.

• Estrategia global de protección de patentes
• Expansión de cartera IP continua
• Acuerdos de investigación colaborativos

Innovación biotecnología y desarrollo de plataforma terapéutica

La inversión en plataformas de biotecnología innovadoras totalizó $ 56.7 millones en 2023, centrándose en tecnologías terapéuticas avanzadas.

Plataforma tecnológica	Estado de desarrollo	Inversión
Ingeniería de anticuerpos de precisión	Operacional	$ 24.5 millones
Modelado computacional de plegamiento de proteínas	Investigación avanzada	$ 18.2 millones

Prothena Corporation PLC (PRTA) - Modelo de negocio: recursos clave

Capacidades avanzadas de investigación científica

A partir del cuarto trimestre de 2023, Prothena Corporation invirtió $ 106.4 millones en gastos de investigación y desarrollo. La compañía mantiene las capacidades especializadas de investigación de proteínas mal pliegues en múltiples áreas terapéuticas.

Área de enfoque de investigación	Nivel de inversión
Enfermedades neurodegenerativas	$ 42.3 millones
Condiciones neurológicas raras	$ 34.5 millones
Trastornos de proteínas inmunológicas	$ 29.6 millones

Plataformas de tecnología de plegamiento de proteínas propietarios

Prothena sostiene 12 familias de patentes distintas Relacionado con las tecnologías de plegamiento de proteínas a partir de 2024.

• Plataformas de ingeniería de anticuerpos
• Tecnologías de inhibición de la agregación de proteínas
• Mecanismos de orientación específica de conformidad

Equipo calificado de investigación y desarrollo

Al 31 de diciembre de 2023, Prothena empleaba a 168 empleados totales, con 112 dedicados a las funciones de investigación y desarrollo.

Categoría de empleado	Número de empleados
Investigadores a nivel de doctorado	47
Investigadores de nivel de MD	12
Personal de apoyo de investigación	53

Infraestructura de laboratorio especializada

Prothena opera instalaciones de investigación en el sur de San Francisco, California, con aproximadamente 55,000 pies cuadrados de espacio dedicado de laboratorio y oficinas.

Cartera de propiedad intelectual robusta

A partir de 2024, Prothena mantiene una cartera integral de propiedad intelectual con:

• 72 Patentes globales emitidas
• 48 solicitudes de patentes pendientes
• Protección de propiedad intelectual en múltiples dominios terapéuticos

Categoría de patente	Número de patentes
Tecnologías de enfermedad neurodegenerativa	32
Tecnologías de desorden inmunológico	24
Plataformas de plegamiento de proteínas	16

Prothena Corporation PLC (PRTA) - Modelo de negocio: propuestas de valor

Terapias innovadoras dirigidas a enfermedades neurodegenerativas

La tubería terapéutica de Prothena se centra en los trastornos de plegamiento de proteínas con potencial de mercado específico:

Objetivo de enfermedad	Etapa de tubería	Potencial de mercado estimado
Enfermedad de Parkinson	Fase 2	Mercado global de $ 6.2 mil millones para 2026
Al Amiloidosis	Fase 3	Mercado potencial de $ 1.8 mil millones

Posibles tratamientos innovadores para los trastornos de plegamiento de proteínas mal

Áreas clave de desarrollo terapéutico:

• PRX005 - Enfoque terapéutico de la enfermedad de Alzheimer
• PRX012 - La enfermedad de Parkinson dirigida a la intervención
• Tecnologías de anticuerpos monoclonales de precisión

Enfoques científicos avanzados para afecciones médicas desafiantes

Investigación de métricas de inversión:

Categoría de investigación	Inversión anual	Personal de I + D
Investigación neurodegenerativa	$ 78.4 millones	62 científicos especializados

Soluciones de medicina de precisión para necesidades médicas no satisfechas

Áreas de enfoque de desarrollo terapéutico:

• Trastornos neurológicos raros
• Enfermedades de agregación de proteínas
• Terapéutica de anticuerpos dirigido

Investigación y desarrollo de biotecnología de vanguardia

Capacidades de la plataforma tecnológica:

Plataforma tecnológica	Capacidades únicas	Cartera de patentes
Ingeniería de anticuerpos de precisión	Orientación molecular personalizada	37 patentes activas

Prothena Corporation Plc (PRTA) - Modelo de negocios: relaciones con los clientes

Compromiso directo con socios farmacéuticos

A partir del cuarto trimestre de 2023, Prothena ha establecido asociaciones estratégicas con las siguientes compañías farmacéuticas:

Empresa asociada	Enfoque de colaboración	Año de asociación
Bristol Myers Squibb	Desarrollo terapéutico de neurociencia	2022
Eli Lilly	Investigación de enfermedades de Alzheimer	2020

Interacciones de investigación colaborativa

Investigación de métricas de colaboración para 2023:

• Acuerdos de investigación de colaboración total: 3
• Financiación total de investigación recibida: $ 47.3 millones
• Duración de colaboración de investigación activa: 2-5 años

Conferencia científica y participación del simposio

Estadísticas de participación de la conferencia para 2023:

Tipo de conferencia	Número de presentaciones	Los asistentes llegaron
Conferencias internacionales de neurociencia	8	2,500+
Simposios de biotecnología	5	1,800+

Comunicación transparente del progreso de la investigación

Canales de comunicación y métricas de compromiso:

• Llamadas de conferencia de inversores trimestrales: 4 por año
• Publicaciones científicas anuales: 12
• Comunicados de prensa emitidos en 2023: 18

Enfoque de desarrollo terapéutico centrado en el paciente

Métricas de participación del paciente para 2023:

Iniciativa de participación del paciente	Número de participantes	Área terapéutica
Programa de apoyo al paciente de ensayo clínico	350	Enfermedades neurodegenerativas
Junta Asesora de Pacientes	25	Áreas terapéuticas múltiples

Prothena Corporation Plc (PRTA) - Modelo de negocios: canales

Comunicaciones científicas directas

Prothena utiliza canales de comunicación científica directa con las siguientes métricas clave:

Canal de comunicación	Alcance anual	Público objetivo
Alcance directo de investigación	87 instituciones científicas	Investigadores de enfermedades neurodegenerativas
Redes de investigación clínica	42 asociaciones de investigación global	Centros de investigación médica

Biotecnología y conferencias médicas

La estrategia de participación de la conferencia incluye:

• Participación anual en 12-15 conferencias de biotecnología importantes
• Presentación en 8 simposios de enfermedad neurológica especializada
• Presentar carteles científicos en 22 conferencias médicas internacionales

Publicaciones científicas revisadas por pares

Métricas de publicación para 2023:

Tipo de publicación	Número de publicaciones	Rango de factores de impacto
Artículos de investigación	17 publicaciones	5.2 - 12.4
Informes de ensayos clínicos	6 publicaciones	7.1 - 9.3

Plataformas de relaciones con los inversores

Canales de comunicación de inversores:

• Transmisión web de ganancias trimestrales
• Reunión anual de accionistas
• Mazos de presentación de inversores
• SEC presentando comunicaciones

Redes de comunicación científica digital

Estadísticas de compromiso digital:

Plataforma digital	Compromiso mensual	Propósito principal
LinkedIn	37,500 seguidores	Redes profesionales
Investigador	1.200 conexiones científicas	Intercambio de investigaciones
Sitio web corporativo	52,000 visitantes mensuales únicos	Difusión de información científica

Prothena Corporation PLC (PRTA) - Modelo de negocio: segmentos de clientes

Compañías farmacéuticas

Prothena apunta a compañías farmacéuticas con posibles oportunidades de licencia y colaboración en la investigación de enfermedades neurodegenerativas.

Los principales socios farmacéuticos	Estado de colaboración	Enfoque de investigación
Eli Lilly and Company	Colaboración activa	Terapéutica de la enfermedad de Alzheimer
Bristol Myers Squibb	Asociación de investigación	Terapéutica neurodegenerativa

Instituciones de investigación de neurología

Prothena colabora con las principales instituciones académicas y de investigación a nivel mundial.

• Clínica de mayonesa
• Universidad de Stanford
• Escuela de Medicina de Harvard
• Universidad de California, San Francisco

Proveedores de atención médica

Segmentos objetivo para ensayos clínicos y posibles intervenciones terapéuticas.

Tipo de proveedor de atención médica	Nivel de compromiso
Clínicas de neurología	Alto
Centros de cuidado de la memoria	Medio
Investigar hospitales	Alto

Populaciones de pacientes potenciales

Enfoque primario en los segmentos de los pacientes con trastorno neurológico.

• Pacientes de la enfermedad de Parkinson: 1.2 millones en Estados Unidos
• Pacientes de la enfermedad de Alzheimer: 6.7 millones en Estados Unidos
• Pacientes de demencia: 55 millones a nivel mundial

Comunidad de inversión en biotecnología

Atraer a los inversores a través de una investigación terapéutica innovadora.

Categoría de inversionista	Interés de inversión
Empresas de capital de riesgo	Alto interés en la investigación neurodegenerativa
Inversores institucionales	Interés moderado a alto
Fondos centrados en biotecnología	Fuerte potencial de inversión

Prothena Corporation PLC (PRTA) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2023, Prothena Corporation reportó gastos de I + D de $ 159.9 millones, lo que representa una parte significativa de sus costos operativos.

Año fiscal	Gastos de I + D	Porcentaje de gastos totales
2023	$ 159.9 millones	68.3%
2022	$ 146.7 millones	65.2%

Inversiones de ensayos clínicos

Los costos de ensayos clínicos para Prothena en 2023 fueron de aproximadamente $ 87.5 millones, centrándose en programas terapéuticos clave.

• Ensayos clínicos de fase 2 y fase 3 para candidatos terapéuticos clave
• Programas terapéuticas de la enfermedad neurológica
• Inversiones de investigación de trastorno inmunológico

Personal y reclutamiento de talento científico

Los gastos de personal para 2023 totalizaron $ 52.3 millones, con una compensación promedio por el personal científico que oscila entre $ 120,000 y $ 250,000 anuales.

Categoría de personal	Compensación anual promedio	Gastos totales de personal
Investigar científicos	$185,000	$ 37.2 millones
Investigadores clínicos	$145,000	$ 15.1 millones

Mantenimiento y equipo de laboratorio

Los costos de mantenimiento de laboratorio y equipos para 2023 fueron de $ 24.6 millones, incluida la instrumentación científica especializada y el mantenimiento de las instalaciones.

• Equipo de investigación molecular avanzado
• Infraestructura de laboratorio especializada
• Mantenimiento de instalaciones de investigación

Costos de protección de propiedad intelectual

Los gastos de protección de la propiedad intelectual en 2023 ascendieron a $ 6.2 millones, cubriendo la presentación de patentes, el mantenimiento y las estrategias de protección legal.

Categoría de protección de IP	Gastos
Presentación de patentes	$ 3.7 millones
Mantenimiento de patentes	$ 2.5 millones

Prothena Corporation Plc (PRTA) - Modelo de negocios: flujos de ingresos

Posibles acuerdos de licencia

A partir de 2023, Prothena tiene acuerdos de licencia activos que generan ingresos, particularmente con Bristol Myers Squibb (BMS).

Pareja	Pago por adelantado	Pagos potenciales de hitos
Bristol Myers Squibb	$ 80 millones	Hasta $ 1.2 mil millones

Financiación de la colaboración de investigación

Las colaboraciones de investigación de Prothena proporcionan importantes fuentes de financiación.

Socio de colaboración	Monto de financiación (2023)
Bristol Myers Squibb	Financiación de investigación anual de $ 25 millones

Pagos de hitos de asociaciones farmacéuticas

Estructura de pagos de hitos potenciales:

• Pagos de hitos de desarrollo
• Hitos de aprobación regulatoria
• Hitos comerciales de lanzamiento

Tipo de hito	Rango de pago potencial
Hito preclínico	$ 10-20 millones
Hito del ensayo clínico	$ 50-100 millones
Hito de aprobación regulatoria	$ 100-250 millones

Comercialización de productos terapéuticos futuros

Ingresos potenciales de productos terapéuticos en desarrollo:

• PRX005 (terapia de Alzheimer)
• PRX012 (Terapia de Parkinson)

Financiación de la investigación de subvenciones y gubernamentales

Fuentes de financiación para iniciativas de investigación:

Fuente de financiación	Financiación anual aproximada
Institutos Nacionales de Salud (NIH)	$ 2-3 millones
Fundación Michael J. Fox	$ 1-2 millones

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.