Prothena Corporation plc (PRTA): modelo de negócios [Jan-2025 Atualizado]

No domínio de ponta da biotecnologia, a Prothena Corporation plc (PRTA) surge como uma força pioneira, revolucionando a pesquisa de doenças neurodegenerativas por meio de sua inovadora abordagem terapêutica incorreta de proteínas. Ao alavancar estrategicamente plataformas científicas avançadas e parcerias colaborativas, essa empresa dinâmica de biotecnologia está pronta para transformar a maneira como entendemos e potencialmente tratamos distúrbios neurológicos complexos, oferecendo esperança a pacientes e investidores através de suas estratégias inovadoras de pesquisa e desenvolvimento.

Prothena Corporation plc (PRTA) - Modelo de negócios: Parcerias -chave

Colaboração com empresas farmacêuticas para desenvolvimento de medicamentos

Prothena estabeleceu as principais parcerias farmacêuticas, incluindo:

Parceiro	Detalhes da parceria	Ano estabelecido
Roche	Colaboração no Prasinezumab para a doença de Parkinson	2018
Bristol Myers Squibb	Colaboração no anticorpo terapêutico PRX005	2021

Parcerias de pesquisa com instituições acadêmicas

Prothena mantém colaborações de pesquisa estratégica com:

• Universidade de Cambridge
• Hospital Geral de Massachusetts
• Universidade de Stanford

Alianças estratégicas com centros de pesquisa de biotecnologia

As parcerias do Centro de Pesquisa de Biotecnologia de Prothena incluem:

Centro de Pesquisa	Área de foco	Escopo de colaboração
Broad Institute	Pesquisa de doenças neurodegenerativas	Estudos de desdobramento de proteínas colaborativas
Van Andel Research Institute	Terapêutica incorreta de proteínas	Descoberta de medicamentos em estágio inicial

Acordos de licenciamento para possíveis tecnologias terapêuticas

Prothena garantiu acordos de licenciamento com:

• Clínica Mayo - Licenciamento de tecnologia de doenças neurológicas
• Universidade da Pensilvânia - Plataforma de desenvolvimento de anticorpos

Prothena Corporation plc (PRTA) - Modelo de negócios: Atividades -chave

Pesquisa e desenvolvimento de medicamentos para doenças neurodegenerativas

A partir de 2024, a Prothena se concentrou no desenvolvimento de programas terapêuticos direcionados a doenças neurodegenerativas com US $ 132,4 milhões alocados às despesas de pesquisa e desenvolvimento em 2023.

Foco na pesquisa	Estágio atual	Investimento
Doença de Parkinson	Ensaios clínicos de fase 2	US $ 45,2 milhões
Al amiloidose	Ensaios clínicos de fase 3	US $ 37,6 milhões

Descoberta terapêutica incapaz de proteínas

Prothena é especializada em descoberta terapêutica incorreta de proteínas com um pipeline proprietário direcionado a várias áreas de doenças.

• Experiência em engenharia de proteínas
• Tecnologias avançadas de modelagem computacional
• Desenvolvimento de anticorpos terapêuticos direcionados

Ensaios clínicos e testes pré -clínicos

Orçamento de desenvolvimento clínico para 2024 estimado em US $ 87,5 milhões, apoiando vários programas terapêuticos em vários estágios de desenvolvimento.

Programa	Estágio clínico	Orçamento estimado
Prx005 (Parkinson's)	Fase 2	US $ 32,3 milhões
Prx012 (Alzheimer's)	Pré -clínico	US $ 22,1 milhões

Gerenciamento de propriedade intelectual e proteção

A Prothena mantém um portfólio robusto de propriedade intelectual, com 78 patentes emitidas e 52 pedidos de patente pendente em dezembro de 2023.

• Estratégia global de proteção de patentes
• Expansão contínua do portfólio de IP
• Acordos de pesquisa colaborativa

Inovação de biotecnologia e desenvolvimento de plataformas terapêuticas

O investimento em plataformas inovadoras de biotecnologia totalizou US $ 56,7 milhões em 2023, com foco em tecnologias terapêuticas avançadas.

Plataforma de tecnologia	Status de desenvolvimento	Investimento
Engenharia de anticorpos de precisão	Operacional	US $ 24,5 milhões
Modelagem computacional de dobramento de proteínas	Pesquisa avançada	US $ 18,2 milhões

Prothena Corporation plc (PRTA) - Modelo de negócios: Recursos -chave

Capacidades avançadas de pesquisa científica

A partir do quarto trimestre de 2023, a Prothena Corporation investiu US $ 106,4 milhões em despesas de pesquisa e desenvolvimento. A empresa mantém as capacidades especializadas de pesquisa de dobramento de proteínas em várias áreas terapêuticas.

Área de foco de pesquisa	Nível de investimento
Doenças neurodegenerativas	US $ 42,3 milhões
Condições neurológicas raras	US $ 34,5 milhões
Distúrbios imunológicos de proteínas	US $ 29,6 milhões

Plataformas de tecnologia de desdobramento de proteínas proprietárias

Prothena segura 12 famílias de patentes distintas Relacionados às tecnologias de desdobramento de proteínas a partir de 2024.

• Plataformas de engenharia de anticorpos
• Tecnologias de inibição de agregação de proteínas
• Mecanismos de segmentação específicos de conformação

Equipe de pesquisa e desenvolvimento qualificada

Em 31 de dezembro de 2023, a Prothena empregou 168 funcionários totais, com 112 dedicados a funções de pesquisa e desenvolvimento.

Categoria de funcionários	Número de funcionários
Pesquisadores no nível de doutorado	47
Pesquisadores no nível do MD	12
Pessoal de apoio à pesquisa	53

Infraestrutura de laboratório especializada

A Prothena opera instalações de pesquisa no sul de São Francisco, Califórnia, com aproximadamente 55.000 pés quadrados de espaço de laboratório e escritório dedicado.

Portfólio de propriedade intelectual robusta

A partir de 2024, Prothena mantém um portfólio abrangente de propriedade intelectual com:

• 72 emitiram patentes globais
• 48 pedidos de patente pendente
• Proteção da propriedade intelectual em vários domínios terapêuticos

Categoria de patentes	Número de patentes
Tecnologias de doenças neurodegenerativas	32
Tecnologias de Transtorno Imunológico	24
Plataformas de desdobramento de proteínas	16

Prothena Corporation plc (PRTA) - Modelo de negócios: proposições de valor

Terapias inovadoras direcionando doenças neurodegenerativas

O oleoduto terapêutico de Prothena se concentra em distúrbios incorrentes de proteínas com potencial de mercado específico:

Alvo de doença	Estágio do pipeline	Potencial estimado de mercado
Doença de Parkinson	Fase 2	US $ 6,2 bilhões no mercado global até 2026
Al amiloidose	Fase 3	Mercado potencial de US $ 1,8 bilhão

Potenciais tratamentos inovadores para distúrbios de desdobramento de proteínas

Áreas de desenvolvimento terapêuticas -chave:

• PRX005 - Abordagem terapêutica da doença de Alzheimer
• PRX012 - Doença de Parkinson, intervenção direcionada
• Tecnologias de anticorpos monoclonais de precisão

Abordagens científicas avançadas para desafiar condições médicas

Métricas de investimento em pesquisa:

Categoria de pesquisa	Investimento anual	Pessoal de P&D
Pesquisa neurodegenerativa	US $ 78,4 milhões	62 cientistas especializados

Soluções de medicina de precisão para necessidades médicas não atendidas

Áreas de foco em desenvolvimento terapêutico:

• Distúrbios neurológicos raros
• Doenças de agregação de proteínas
• Terapêutica de anticorpos direcionados

Pesquisa e desenvolvimento de biotecnologia de ponta

Recursos de plataforma de tecnologia:

Plataforma de tecnologia	Recursos exclusivos	Portfólio de patentes
Engenharia de anticorpos de precisão	Direcionamento molecular personalizado	37 patentes ativas

Prothena Corporation plc (PRTA) - Modelo de negócios: relacionamentos com o cliente

Engajamento direto com parceiros farmacêuticos

A partir do quarto trimestre 2023, a Prothena estabeleceu parcerias estratégicas com as seguintes empresas farmacêuticas:

Empresa parceira	Foco de colaboração	Ano de parceria
Bristol Myers Squibb	Desenvolvimento terapêutico da neurociência	2022
Eli Lilly	Pesquisa de doença de Alzheimer	2020

Interações de pesquisa colaborativa

Métricas de colaboração de pesquisa para 2023:

• Acordos totais de pesquisa colaborativa: 3
• Financiamento total da pesquisa recebida: US $ 47,3 milhões
• Duração da colaboração ativa de pesquisa: 2-5 anos

Conferência Científica e Participação do Simpósio

Estatísticas de envolvimento da conferência para 2023:

Tipo de conferência	Número de apresentações	Os participantes chegaram
Conferências internacionais de neurociência	8	2,500+
Simpósios de biotecnologia	5	1,800+

Comunicação transparente do progresso da pesquisa

Canais de comunicação e métricas de engajamento:

• Chamadas trimestrais da conferência de investidores: 4 por ano
• Publicações científicas anuais: 12
• Comunicamentos de imprensa emitidos em 2023: 18

Abordagem de desenvolvimento terapêutico focado no paciente

Métricas de engajamento do paciente para 2023:

Iniciativa de envolvimento do paciente	Número de participantes	Área terapêutica
Programa de Apoio ao Paciente de Ensaios Clínicos	350	Doenças neurodegenerativas
Conselho Consultivo de Pacientes	25	Múltiplas áreas terapêuticas

Prothena Corporation plc (PRTA) - Modelo de negócios: canais

Comunicações científicas diretas

Prothena utiliza canais diretos de comunicação científica com as seguintes métricas -chave:

Canal de comunicação	Alcance anual	Público -alvo
Diretor de pesquisa direta	87 instituições científicas	Pesquisadores de doenças neurodegenerativas
Redes de pesquisa clínica	42 Parcerias de Pesquisa Global	Centros de Pesquisa Médica

Biotecnologia e conferências médicas

A estratégia de envolvimento da conferência inclui:

• Participação anual em 12-15 principais conferências de biotecnologia
• Apresentando em 8 simpósios de doenças neurológicas especializadas
• Apresentando pôsteres científicos em 22 conferências médicas internacionais

Publicações científicas revisadas por pares

Métricas de publicação para 2023:

Tipo de publicação	Número de publicações	Faixa de fatores de impacto
Artigos de pesquisa	17 publicações	5.2 - 12.4
Relatórios de ensaios clínicos	6 publicações	7.1 - 9.3

Plataformas de relações com investidores

Canais de comunicação de investidores:

• Webcast trimestral de ganhos
• Reunião Anual dos Acionistas
• Decks de apresentação do investidor
• Sec Comunicação de arquivamento

Redes de comunicação científica digital

Estatísticas de engajamento digital:

Plataforma digital	Engajamento mensal	Propósito primário
LinkedIn	37.500 seguidores	Networking profissional
Pesquisa	1.200 conexões científicas	Compartilhamento de pesquisas
Site corporativo	52.000 visitantes mensais únicos	Disseminação de informações científicas

Prothena Corporation plc (PRTA) - Modelo de negócios: segmentos de clientes

Empresas farmacêuticas

A Prothena tem como alvo empresas farmacêuticas com possíveis oportunidades de licenciamento e colaboração na pesquisa de doenças neurodegenerativas.

Principais parceiros farmacêuticos	Status de colaboração	Foco na pesquisa
Eli Lilly and Company	Colaboração ativa	Terapêutica da doença de Alzheimer
Bristol Myers Squibb	Parceria de pesquisa	Terapêutica neurodegenerativa

Instituições de pesquisa em neurologia

Prothena colabora com as principais instituições acadêmicas e de pesquisa em todo o mundo.

• Clínica Mayo
• Universidade de Stanford
• Escola de Medicina de Harvard
• Universidade da Califórnia, São Francisco

Provedores de saúde

Segmentos -alvo para ensaios clínicos e possíveis intervenções terapêuticas.

Tipo de prestador de serviços de saúde	Nível de engajamento
Clínicas de neurologia	Alto
Centros de atendimento à memória	Médio
Hospitais de pesquisa	Alto

Potencial populações de pacientes

Foco primário nos segmentos de pacientes com transtorno neurológico.

• Pacientes da doença de Parkinson: 1,2 milhão nos Estados Unidos
• Pacientes da doença de Alzheimer: 6,7 milhões nos Estados Unidos
• Pacientes com demência: 55 milhões globalmente

Comunidade de investimento em biotecnologia

Atrair investidores por meio de pesquisas terapêuticas inovadoras.

Categoria de investidores	Juros de investimento
Empresas de capital de risco	Alto interesse em pesquisa neurodegenerativa
Investidores institucionais	Interesse moderado a alto
Fundos focados em biotecnologia	Forte potencial de investimento

Prothena Corporation plc (PRTA) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2023, a Prothena Corporation registrou despesas de P&D de US $ 159,9 milhões, representando uma parcela significativa de seus custos operacionais.

Ano fiscal	Despesas de P&D	Porcentagem do total de despesas
2023	US $ 159,9 milhões	68.3%
2022	US $ 146,7 milhões	65.2%

Investimentos de ensaios clínicos

Os custos de ensaios clínicos para Prothena em 2023 foram de aproximadamente US $ 87,5 milhões, com foco em programas terapêuticos -chave.

• Ensaios clínicos de fase 2 e fase 3 para candidatos terapêuticos -chave
• Programas terapêuticos de doenças neurológicas
• Investimentos de pesquisa de transtornos imunológicos

Pessoal e recrutamento de talentos científicos

As despesas com pessoal de 2023 totalizaram US $ 52,3 milhões, com uma compensação média para pessoal científico que varia de US $ 120.000 a US $ 250.000 anualmente.

Categoria de pessoal	Compensação média anual	Total de despesas de pessoal
Cientistas de pesquisa	$185,000	US $ 37,2 milhões
Pesquisadores clínicos	$145,000	US $ 15,1 milhões

Manutenção e equipamento de laboratório

Os custos de manutenção de laboratório e equipamentos para 2023 foram de US $ 24,6 milhões, incluindo instrumentação científica especializada e manutenção de instalações.

• Equipamento avançado de pesquisa molecular
• Infraestrutura de laboratório especializada
• Manutenção de instalações de pesquisa

Custos de proteção de propriedade intelectual

As despesas de proteção da propriedade intelectual em 2023 totalizaram US $ 6,2 milhões, cobrindo estratégias de arquivamento, manutenção e proteção legal de patentes.

Categoria de proteção IP	Despesas
Registro de patentes	US $ 3,7 milhões
Manutenção de patentes	US $ 2,5 milhões

Prothena Corporation plc (PRTA) - Modelo de negócios: fluxos de receita

Acordos de licenciamento em potencial

A partir de 2023, a Prothena possui acordos de licenciamento ativos que geram receita, particularmente com a Bristol Myers Squibb (BMS).

Parceiro	Pagamento inicial	Potenciais pagamentos marcantes
Bristol Myers Squibb	US $ 80 milhões	Até US $ 1,2 bilhão

Financiamento de colaboração de pesquisa

As colaborações de pesquisa de Prothena fornecem fontes de financiamento significativas.

Parceiro de colaboração	Valor de financiamento (2023)
Bristol Myers Squibb	Financiamento anual de pesquisa anual de US $ 25 milhões

Pagamentos marcantes de parcerias farmacêuticas

Estrutura potencial de pagamentos em marcos:

• Desenvolvimento de pagamentos em marco
• Marcos de aprovação regulatória
• Marcos de lançamento comercial

Tipo de marco	Faixa de pagamento potencial
Marco pré-clínico	US $ 10-20 milhões
Marco do ensaio clínico	US $ 50-100 milhões
Milco de aprovação regulatória	US $ 100-250 milhões

Futura comercialização terapêutica de produtos

Receita potencial de produtos terapêuticos em desenvolvimento:

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

Concessão e financiamento de pesquisa governamental

Fontes de financiamento para iniciativas de pesquisa:

Fonte de financiamento	Financiamento anual aproximado
Institutos Nacionais de Saúde (NIH)	US $ 2-3 milhões
Michael J. Fox Foundation	US $ 1-2 milhões

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.