Prothena Corporation PLC (PRTA): Business Model Canvas [Jan-2025 Mis à jour]

Dans le domaine de la biotechnologie de la biotechnologie, Prothena Corporation plc (PRTA) émerge comme une force pionnière, révolutionnant la recherche sur les maladies neurodégénératives à travers son approche thérapeutique innovante des protéines. En tirant stratégiquement les plateformes scientifiques avancées et les partenariats collaboratifs, cette entreprise biotechnure dynamique est prête à transformer la façon dont nous comprenons et potentiellement traiter les troubles neurologiques complexes, offrant de l'espoir aux patients et aux investisseurs grâce à ses stratégies de recherche et développement révolutionnaires.

Prothena Corporation PLC (PRTA) - Modèle d'entreprise: partenariats clés

Collaboration avec des sociétés pharmaceutiques pour le développement de médicaments

Prothena a établi des partenariats pharmaceutiques clés, notamment:

Partenaire	Détails du partenariat	Année établie
Roche	Collaboration sur le prasinezumab pour la maladie de Parkinson	2018
Bristol Myers Squibb	Collaboration sur les anticorps thérapeutiques PRX005	2021

Partenariats de recherche avec les établissements universitaires

Prothena maintient des collaborations de recherche stratégique avec:

• Université de Cambridge
• Hôpital général du Massachusetts
• Université de Stanford

Alliances stratégiques avec des centres de recherche en biotechnologie

Les partenariats du Prothena Biotechnology Research Center comprennent:

Centre de recherche	Domaine de mise au point	Portée de collaboration
Grand institut	Recherche de maladies neurodégénératives	Études de mauvais repliement des protéines collaboratives
Institut de recherche Van Andel	Thérapeutiques de repliement des protéines	Découverte de médicaments à un stade précoce

Accords de licence pour les technologies thérapeutiques potentielles

Prothena a obtenu des accords de licence avec:

• Clinique de mayo - Licence de technologie des maladies neurologiques
• Université de Pennsylvanie - Plateforme de développement d'anticorps

Prothena Corporation PLC (PRTA) - Modèle d'entreprise: activités clés

Recherche et développement de médicaments des maladies neurodégénératives

En 2024, Prothena s'est concentrée sur le développement de programmes thérapeutiques ciblant les maladies neurodégénératives avec 132,4 millions de dollars alloués aux dépenses de recherche et développement en 2023.

Focus de recherche	Étape actuelle	Investissement
Maladie de Parkinson	Essais cliniques de phase 2	45,2 millions de dollars
Al amylose	Essais cliniques de phase 3	37,6 millions de dollars

Découverte thérapeutique de repliement des protéines

Prothena est spécialisée dans la découverte thérapeutique de repliement des protéines avec un pipeline propriétaire ciblant plusieurs zones de maladie.

• Expertise en génie des protéines
• Technologies de modélisation informatique avancées
• Développement ciblé des anticorps thérapeutiques

Essais cliniques et tests précliniques

Le budget de développement clinique pour 2024 estimé à 87,5 millions de dollars, soutenant plusieurs programmes thérapeutiques à divers stades de développement.

Programme	Étape clinique	Budget estimé
PRX005 (Parkinson's)	Phase 2	32,3 millions de dollars
PRX012 (Alzheimer)	Préclinique	22,1 millions de dollars

Gestion et protection de la propriété intellectuelle

Prothena maintient un portefeuille de propriété intellectuelle robuste avec 78 brevets délivrés et 52 demandes de brevet en instance en décembre 2023.

• Stratégie mondiale de protection des brevets
• Extension continue du portefeuille IP
• Accords de recherche collaborative

Innovation en biotechnologie et développement de plate-forme thérapeutique

L'investissement dans des plateformes de biotechnologie innovantes a totalisé 56,7 millions de dollars en 2023, en se concentrant sur les technologies thérapeutiques avancées.

Plate-forme technologique	Statut de développement	Investissement
Ingénierie d'anticorps de précision	Opérationnel	24,5 millions de dollars
Modélisation de calcul de repliement des protéines	Recherche avancée	18,2 millions de dollars

Prothena Corporation PLC (PRTA) - Modèle d'entreprise: Ressources clés

Capacités de recherche scientifique avancées

Au quatrième trimestre 2023, Prothena Corporation a investi 106,4 millions de dollars dans les frais de recherche et de développement. La société maintient des capacités de recherche spécialisées de mauvais repliement des protéines dans plusieurs domaines thérapeutiques.

Domaine de mise au point de recherche	Niveau d'investissement
Maladies neurodégénératives	42,3 millions de dollars
Conditions neurologiques rares	34,5 millions de dollars
Troubles des protéines immunologiques	29,6 millions de dollars

Plateformes de technologie de repliement de la protéine propriétaire

Prothena tient 12 familles de brevets distinctes lié aux technologies de repliement des protéines en 2024.

• Plates-formes d'ingénierie d'anticorps
• Technologies d'inhibition de l'agrégation des protéines
• Mécanismes de ciblage spécifiques à la conformation

Équipe de recherche et développement qualifiée

Au 31 décembre 2023, Prothena employait 168 employés au total, avec 112 dédiés aux fonctions de recherche et développement.

Catégorie des employés	Nombre d'employés
Chercheurs au niveau du doctorat	47
Chercheurs de niveau MD	12
Personnel de soutien à la recherche	53

Infrastructure de laboratoire spécialisée

Prothena exploite des installations de recherche dans le sud de San Francisco, en Californie, avec environ 55 000 pieds carrés de laboratoire et de bureaux dédiés.

Portfolio de propriété intellectuelle robuste

En 2024, Prothena maintient un portefeuille complet de propriétés intellectuelles avec:

• 72 Brevets mondiaux délivrés
• 48 demandes de brevet en instance
• Protection de la propriété intellectuelle dans plusieurs domaines thérapeutiques

Catégorie de brevet	Nombre de brevets
Technologies de maladies neurodégénératives	32
Technologies de troubles immunologiques	24
Plates-formes de repliement des protéines	16

Prothena Corporation PLC (PRTA) - Modèle d'entreprise: propositions de valeur

Thérapies innovantes ciblant les maladies neurodégénératives

Le pipeline thérapeutique de Prothena se concentre sur les troubles du repliement des protéines avec un potentiel de marché spécifique:

Cible de la maladie	Étape du pipeline	Potentiel de marché estimé
Maladie de Parkinson	Phase 2	6,2 milliards de dollars sur le marché mondial d'ici 2026
Al amylose	Phase 3	Marché potentiel de 1,8 milliard de dollars

Traitements de percée potentiels pour les troubles de mauvais repliement des protéines

Zones de développement thérapeutique clés:

• PRX005 - Approche thérapeutique de la maladie d'Alzheimer
• PRX012 - Intervention ciblée de la maladie de Parkinson
• Technologies d'anticorps monoclonaux de précision

Approches scientifiques avancées pour remettre en question les conditions médicales

Métriques d'investissement de recherche:

Catégorie de recherche	Investissement annuel	Personnel de R&D
Recherche neurodégénérative	78,4 millions de dollars	62 scientifiques spécialisés

Solutions de médecine de précision pour les besoins médicaux non satisfaits

Domaines d'intervention en développement thérapeutique:

• Troubles neurologiques rares
• Maladies d'agrégation des protéines
• Thérapeutique d'anticorps ciblés

Recherche et développement de la biotechnologie de pointe

Capacités de plate-forme technologique:

Plate-forme technologique	Capacités uniques	Portefeuille de brevets
Ingénierie d'anticorps de précision	Ciblage moléculaire personnalisé	37 brevets actifs

Prothena Corporation PLC (PRTA) - Modèle d'entreprise: relations clients

Engagement direct avec les partenaires pharmaceutiques

Au quatrième trimestre 2023, Prothena a établi des partenariats stratégiques avec les sociétés pharmaceutiques suivantes:

Entreprise partenaire	Focus de la collaboration	Année de partenariat
Bristol Myers Squibb	Développement thérapeutique des neurosciences	2022
Eli Lilly	Recherche de la maladie d'Alzheimer	2020

Interactions de recherche collaborative

Métriques de collaboration de recherche pour 2023:

• Accords de recherche collaborative totale: 3
• Financement total de la recherche reçue: 47,3 millions de dollars
• Collaboration de recherche active Durée: 2-5 ans

Conférence scientifique et participation au symposium

Statistiques d'engagement de la conférence pour 2023:

Type de conférence	Nombre de présentations	Les participants ont atteint
Conférences internationales de neurosciences	8	2,500+
Symposiums de biotechnologie	5	1,800+

Communication transparente des progrès de la recherche

Canaux de communication et mesures d'engagement:

• Conférence téléphonique des investisseurs trimestriels: 4 par an
• Publications scientifiques annuelles: 12
• Communiqués de presse publiés en 2023: 18

Approche de développement thérapeutique axé sur les patients

Métriques d'engagement des patients pour 2023:

Initiative d'engagement des patients	Nombre de participants	Zone thérapeutique
Programme de soutien aux patients en essais cliniques	350	Maladies neurodégénératives
Conseil consultatif des patients	25	Plusieurs zones thérapeutiques

Prothena Corporation PLC (PRTA) - Modèle d'entreprise: canaux

Communications scientifiques directes

Prothena utilise des canaux de communication scientifiques directs avec les mesures clés suivantes:

Canal de communication	Portée annuelle	Public cible
Outre la recherche directe	87 institutions scientifiques	Rechercheurs de maladies neurodégénératives
Réseaux de recherche clinique	42 partenariats de recherche mondiaux	Centres de recherche médicale

Biotechnologie et conférences médicales

La stratégie d'engagement de la conférence comprend:

• Participation annuelle à 12 à 15 conférences de biotechnologie majeure
• Présenter à 8 symposiums spécialisés de maladies neurologiques
• Présentation des affiches scientifiques à 22 conférences médicales internationales

Publications scientifiques évaluées par des pairs

Métriques de publication pour 2023:

Type de publication	Nombre de publications	Plage du facteur d'impact
Articles de recherche	17 publications	5.2 - 12.4
Rapports d'essais cliniques	6 publications	7.1 - 9.3

Plateformes de relations avec les investisseurs

Canaux de communication des investisseurs:

• Webdication trimestriel
• Réunion des actionnaires annuelle
• Disques de présentation des investisseurs
• Communications de classement SEC

Réseaux de communication scientifique numérique

Statistiques de l'engagement numérique:

Plate-forme numérique	Engagement mensuel	Objectif principal
Liendin	37 500 abonnés	Réseautage professionnel
Researchgate	1 200 connexions scientifiques	Partage de recherche
Site Web de l'entreprise	52 000 visiteurs mensuels uniques	Diffusion scientifique de l'information

Prothena Corporation PLC (PRTA) - Modèle d'entreprise: segments de clientèle

Sociétés pharmaceutiques

Prothena cible les sociétés pharmaceutiques ayant des opportunités de licence et de collaboration potentielles dans la recherche sur les maladies neurodégénératives.

Top partenaires pharmaceutiques	Statut de collaboration	Focus de recherche
Eli Lilly et compagnie	Collaboration active	Thérapeutique de la maladie d'Alzheimer
Bristol Myers Squibb	Partenariat de recherche	Thérapeutique neurodégénérative

Institutions de recherche en neurologie

Prothena collabore avec les principaux institutions universitaires et de recherche dans le monde.

• Clinique de mayo
• Université de Stanford
• École de médecine de Harvard
• Université de Californie, San Francisco

Fournisseurs de soins de santé

Segments cibles pour les essais cliniques et les interventions thérapeutiques potentielles.

Type de prestataire de soins de santé	Niveau d'engagement
Cliniques de neurologie	Haut
Centres de soins de la mémoire	Moyen
Hôpitaux de recherche	Haut

Populations de patients potentiels

Focus primaire sur les segments des patients des troubles neurologiques.

• Patients de la maladie de Parkinson: 1,2 million aux États-Unis
• Patients de la maladie d'Alzheimer: 6,7 millions aux États-Unis
• Patients de démence: 55 millions à l'échelle mondiale

Communauté d'investissement en biotechnologie

Attirer les investisseurs grâce à des recherches thérapeutiques innovantes.

Catégorie d'investisseurs	Intérêt investisseur
Sociétés de capital-risque	Intérêt élevé pour la recherche neurodégénérative
Investisseurs institutionnels	Intérêt modéré à élevé
Fonds axés sur la biotechnologie	Potentiel d'investissement fort

Prothena Corporation PLC (PRTA) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2023, Prothena Corporation a déclaré des frais de R&D de 159,9 millions de dollars, ce qui représente une partie importante de leurs coûts opérationnels.

Exercice fiscal	Dépenses de R&D	Pourcentage des dépenses totales
2023	159,9 millions de dollars	68.3%
2022	146,7 millions de dollars	65.2%

Investissements d'essais cliniques

Les coûts des essais cliniques pour Prothena en 2023 étaient d'environ 87,5 millions de dollars, axés sur les principaux programmes thérapeutiques.

• Essais cliniques de phase 2 et de phase 3 pour les candidats thérapeutiques clés
• Programmes thérapeutiques de la maladie neurologique
• Investissements de recherche sur les troubles immunologiques

Recrutement du personnel et des talents scientifiques

Les dépenses de personnel pour 2023 ont totalisé 52,3 millions de dollars, avec une compensation moyenne pour le personnel scientifique allant de 120 000 $ à 250 000 $ par an.

Catégorie de personnel	Compensation annuelle moyenne	Total des dépenses du personnel
Chercheur	$185,000	37,2 millions de dollars
Chercheurs en clinique	$145,000	15,1 millions de dollars

Entretien et équipement de laboratoire

Les coûts de maintenance en laboratoire et en équipement pour 2023 étaient de 24,6 millions de dollars, y compris l'instrumentation scientifique spécialisée et l'entretien des installations.

• Équipement de recherche moléculaire avancée
• Infrastructure de laboratoire spécialisée
• Entretien des installations de recherche

Coûts de protection de la propriété intellectuelle

Les dépenses de protection de la propriété intellectuelle en 2023 s'élevaient à 6,2 millions de dollars, couvrant les stratégies de dépôt, de maintenance et de protection juridique des brevets.

Catégorie de protection IP	Dépenses
Dépôt de brevet	3,7 millions de dollars
Entretien de brevets	2,5 millions de dollars

Prothena Corporation PLC (PRTA) - Modèle d'entreprise: Strots de revenus

Accords de licence potentiels

En 2023, Prothena a des accords de licence actifs générant des revenus, en particulier avec Bristol Myers Squibb (BMS).

Partenaire	Paiement initial	Paiements de jalons potentiels
Bristol Myers Squibb	80 millions de dollars	Jusqu'à 1,2 milliard de dollars

Financement de collaboration de recherche

Les collaborations de recherche de Prothena fournissent des sources de financement importantes.

Partenaire de collaboration	Montant de financement (2023)
Bristol Myers Squibb	Financement de la recherche annuelle de 25 millions de dollars

Payments d'étape provenant des partenariats pharmaceutiques

Structure potentielle des paiements de jalons:

• Paiements d'étape de développement
• Jalons d'approbation réglementaire
• Jalons de lancement commercial

Type d'étape	Fourchette de paiement potentielle
Jalon préclinique	10-20 millions de dollars
Jalon d'essai clinique	50 à 100 millions de dollars
Jalon d'approbation réglementaire	100 à 250 millions de dollars

Future commercialisation des produits thérapeutiques

Revenus potentiels des produits thérapeutiques en développement:

• PRX005 (thérapie d'Alzheimer)
• PRX012 (thérapie de Parkinson)

Financement de la recherche sur les subventions et le gouvernement

Sources de financement pour les initiatives de recherche:

Source de financement	Financement annuel approximatif
National Institutes of Health (NIH)	2 à 3 millions de dollars
Fondation Michael J. Fox	1 à 2 millions de dollars

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.