Company: PRTA
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001559053-25-000009
Chunk: 187

Company: PROTHENA CORP PUBLIC LTD CO
Filing Date: 2025-02-27
Form: 10-K
Item: Item 8
Chunk 187
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.Revenue and Expense RecognitionCollaboration revenue from BMS was $135.1 million, $91.3 million and $13.9 million for the year ended December 31, 2024, 2023 and 2022, respectively. For the year ended December 31, 2024, collaboration revenue included recognition of $110.1 million for the transfer of the PRX019 Global License and partial performance of the PRX019 Phase 1 Clinical Trial Obligation. In addition, the material rights for the US Rights and Global Rights for the TDP-43 Collaboration Target of $14.6 million and $10.4 million, respectively, expired unexercised on May 24, 2024 as a result of the expiration of the research term of the Collaboration Agreement. Accordingly, $25.0 million of deferred revenue was recognized as revenue on May 24, 2024. Collaboration revenue for the year ended December 31, 2023 included recognition of $72.9 million for the Tau Global License Obligation ($55.0 million tau global option exercise fee and $17.9 million of deferred revenue recognized for the Global Right for the tau Collaboration Product), $4.7 million under a supply agreement with BMS and the remainder was primarily recognized for Tau US Development Services Obligation. Collaboration revenue for the year ended December 31, 2022, included recognition of $13.9 million for Tau US Development Services Obligation. As of December 31, 2024, the aggregate amount of the transaction price allocated to the performance obligations that are unsatisfied was $12.3 million. The Company had nil and $5.2 million accounts receivable from BMS at December 31, 2024, and December 31, 2023, respectively.Deferred RevenueThe deferred revenue balance at the beginning of the fiscal year was $67.4 million and the $80.0 million global exercise fee was added during 2024. During the year ended December 31, 2024, $110.1 million of deferred revenue was recognized as collaboration revenue related to the PRX019 Global License and Phase 1 Clinical Trial Obligation performed, and $25.0 million was recognized for TDP-43 Collaboration Target which expired unexercised. As of December 31, 2024, the total deferred revenue balance of $12.3 million relates to outstanding performance obligations related to the PRX019 Phase 1 Clinical