Prothena Corporation plc (PRTA): Business Model Canvas [Dec-2025 Updated]

You're assessing a clinical-stage biotech where the science is complex, but the financial structure tells a clear story about risk management, and Prothena Corporation plc is a prime example. Honestly, looking at their model, the core tension is how they fund a massive scientific undertaking-spending $120.3 million on R&D in the first nine months of 2025-while relying on strategic partnerships with firms like Roche and Novo Nordisk to shoulder the commercialization burden. This Business Model Canvas unpacks exactly how Prothena Corporation plc is deploying its $331.7 million cash reserve to push novel therapies for devastating diseases like Parkinson's and ATTR amyloidosis. Keep reading to see the nine building blocks that define their path to potential value creation.

Prothena Corporation plc (PRTA) - Canvas Business Model: Key Partnerships

You're looking at the core of Prothena Corporation plc (PRTA)'s strategy: relying on deep, value-accretive partnerships to fund and advance its pipeline through late-stage development. This structure lets Prothena Corporation plc focus its capital, like the expected year-end 2025 cash position of approximately $298 million, on its wholly-owned assets while external partners shoulder the massive costs of Phase 3 trials and commercialization for others.

The financial structure of these deals is critical, as milestone payments provide significant, non-dilutive funding. For instance, the company expects to receive up to $105 million in aggregate clinical milestone payments in 2026 from its collaborations with Novo Nordisk and Bristol Myers Squibb alone. This external funding helps manage the projected 2025 net cash burn from operating and investing activities, which is guided to be between $170 million and $178 million.

Here's a breakdown of the most significant external relationships:

The collaboration revenue stream is tangible, too. Total revenue for the first nine months of 2025 was $9.7 million, primarily sourced from collaboration revenue related to the partial performance of the PRX019 Phase 1 clinical trial obligation with Bristol Myers Squibb. This contrasts sharply with the first nine months of 2024, which saw $133.0 million in total revenue, largely from license fees under the Roche agreement.

Regarding operational support, Prothena Corporation plc is managing its internal spend carefully, revising its 2025 R&D expenses down to $120.3 million for the first nine months of 2025, compared to $172.3 million for the same period in 2024. This decrease was explicitly attributed to lower clinical trial expenses, personnel costs, manufacturing, and lower consulting expenses.

The reliance on external expertise for trial management and discovery is evident in the cost structure, even if specific CRO contract values aren't itemized. You can see the impact on the bottom line:

• Lower clinical trial expenses contributed to the R&D expense reduction in the first nine months of 2025.
• Lower consulting expenses were also cited as a factor in the reduced R&D spend year-over-year.
• Academic and research institution work is foundational, as seen by the initial license fee revenue from Roche in Q1 2024, suggesting upfront payments for early-stage assets.

The progression of these partnered assets directly impacts Prothena Corporation plc's financial flexibility. For example, the advancement of prasinezumab into Phase 3 by Roche suggests a high probability of achieving those remaining $620 million milestones.

Prothena Corporation plc (PRTA) - Canvas Business Model: Key Activities

You're looking at the core engine of Prothena Corporation plc-the things they absolutely must do well to move their pipeline forward, especially after the significant strategic shifts made in mid-2025. These activities are centered on high-stakes science, complex regulatory navigation, and managing high-value partnerships.

Conducting and managing complex, multi-national clinical trials (Phase 1 to 3)

Managing trials across multiple phases and indications is a primary activity, demanding significant capital and scientific oversight. The company is focused on data readouts from its wholly-owned and partnered assets throughout 2025.

Key clinical trial milestones and expectations around late 2025 include:

• Initial data expected in August 2025 from Phase 1 ASCENT clinical trials for PRX012 in Alzheimer\'s disease.
• Roche advancing prasinezumab into Phase 3 development for early-stage Parkinson\'s disease, with initiation expected by the end of 2025.
• Novo Nordisk expecting to share data from its Phase 2 clinical trial evaluating coramitug for ATTR-CM in the second half of 2025.
• Bristol Myers Squibb (BMS) expecting completion of a Phase 1 clinical trial evaluating a subcutaneous formulation of BMS-986446 in the second half of 2025.

The financial impact of these activities is reflected in the R&D spend, though post-restructuring, expenses are being managed tightly. For the first quarter of 2025, Research and Development (R&D) expenses totaled $50.8 million, a decrease from $64.1 million in the first quarter of 2024.

Deep, proprietary research and development (R&D) in protein dysregulation

Prothena Corporation plc's foundation is its deep scientific expertise in protein dysregulation, which drives the discovery of its therapeutic candidates. This activity underpins the entire pipeline, including wholly-owned and partnered programs targeting diseases like Alzheimer\'s and Parkinson\'s.

The company is also advancing its preclinical pipeline, showcasing its discovery engine at scientific forums. For instance, Prothena presented preclinical data on its TDP-43 CYTOPE technology, which showed significant reductions in TDP-43 pathology in an ALS mouse model at the Neuroscience 2025 event.

Strategic management of global pharmaceutical collaborations

Managing the complex, multi-year agreements with major pharmaceutical partners is crucial for funding development and securing future revenue streams. These collaborations validate the science and share the burden of late-stage development and commercialization.

Prothena Corporation plc has active strategic collaborations with Roche and Bristol Myers Squibb, plus the development of coramitug with Novo Nordisk.

Collaboration revenue is a key component of the top line; Total revenue for the first nine months of 2025 was $9.7 million, primarily from collaboration revenue from BMS related to the PRX019 Phase 1 trial obligation.

Intellectual property (IP) protection and portfolio expansion

Protecting the proprietary science through patents is fundamental to securing future value from both wholly-owned assets and licensed programs. The value of this IP is realized through upfront payments, milestone achievements, and royalties from partners.

For example, the exclusive global license to PRX019 granted to BMS included an upfront payment of $80 million (in 2024) and makes Prothena Corporation plc eligible to receive additional development, regulatory, and sales milestone payments of up to $617.5 million plus tiered royalties on net sales. The company's ability to protect these assets directly impacts its ability to secure future financing and partnerships.

Corporate restructuring and cost management following pipeline adjustments

Following pipeline adjustments, including the discontinuation of birtamimab development, Prothena Corporation plc initiated a major cost-control measure in June 2025. This activity is critical for extending the cash runway.

The key financial impacts and revised guidance for 2025 are:

• Announced an approximate 63% reduction in workforce.
• Discontinuation of birtamimab development is expected to decrease annualized net cash burn by approximately $96 million (midpoint).
• Restructuring costs totaled $32.6 million for the second quarter and first six months of 2025.
• Revised full year 2025 net cash burn from operating and investing activities is expected to be $170 to $178 million.
• Expected year-end 2025 cash, cash equivalents, and restricted cash: approximately $298 million (midpoint).
• Estimated full year 2025 net loss is $240 to $248 million.

The company is also planning a shareholder vote in November 2025 to approve a share capital reduction to create distributable reserves to support a potential share redemption program in 2026.

Prothena Corporation plc (PRTA) - Canvas Business Model: Key Resources

You're looking at the foundation of Prothena Corporation plc's value creation, which, as a clinical-stage biotech, is almost entirely tied up in its intellectual property and its cash runway to fund development. Honestly, for a company like Prothena, the Key Resources section is where the real assets-the science and the money to prove it-live.

The bedrock of Prothena Corporation plc is its deep scientific expertise. This isn't just general biology; it's a highly specialized focus on protein dysregulation, which is the mechanism behind several devastating neurodegenerative and rare peripheral amyloid diseases. This expertise is built on a scientific legacy that includes foundational discoveries related to Alzheimer's disease, specifically elucidating the roles of amyloid, gamma secretase, and beta secretase in that condition.

Financially, you need to know the burn rate versus the bank balance. As of the end of the third quarter of 2025, Prothena Corporation plc held $331.7 million in cash, cash equivalents, and restricted cash. That number is critical because it funds the ongoing work, especially after the company terminated the birtamimab program following the Phase 3 AFFIRM-AL trial results in May 2025.

The pipeline itself is a key resource, a collection of high-potential investigational antibodies. While the birtamimab program is now discontinued, the remaining assets are strategically important, relying heavily on partnerships for late-stage funding and commercialization.

Here's a look at the pipeline assets that represent the core of the company's near-term value drivers:

• PRX012: Targets Aβ for Alzheimer's disease; Phase 1 ASCENT data reported in August 2025.
• Prasinezumab: Targets $\alpha$-synuclein for Parkinson's disease; Phase 3 initiation expected by end of 2025.
• Coramitug: Targets TTR protein for ATTR amyloidosis; Phase 3 CLEOPATTRA trial initiated by Novo Nordisk.
• PRX019: Targets neurodegenerative diseases; partnered with Bristol Myers Squibb.

The intellectual property backing these candidates is extensive, residing in a portfolio of novel therapeutic antibodies. This portfolio is the legal moat around their scientific discoveries. For example, the PRX012 program, targeting early symptomatic Alzheimer's disease, showed promising plaque clearance in its Phase 1 trials.

Let's map out some of the quantifiable data points associated with these key pipeline resources:

The market opportunity for some of these indications is massive, even when targeting specific subpopulations. For instance, the Alzheimer's Disease market in the 8 major markets is projected to reach $19.3 billion by 2033, and Prothena Corporation plc is targeting the early-symptomatic segment, believed to be between 5% to 6% of AD patients.

Also, consider the financial milestones tied to the partnered assets. The potential to earn up to $105 million in aggregate clinical milestone payments by the end of 2026 across coramitug and PRX019 is a direct, quantifiable resource derived from successful development execution by partners.

Finance: draft 13-week cash view by Friday.

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:

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:

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.

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.

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:

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:

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:

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.