Company: PRTA
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001559053-25-000023
Chunk: 19

Company: PROTHENA CORP PUBLIC LTD CO
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 1
Chunk 19
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 remaining development costs for PRX019, and the estimated time to commercialization of PRX019 using a discount rate of 13 106.3 16.1

Significant Payment Terms

The upfront payment of $ 100.0 30

The Collaboration Agreement does not have a significant financing component since a substantial amount of consideration promised by BMS to the Company is variable and the amount of such variable consideration varies based upon the occurrence or non-occurrence of future events that are not within the control of either BMS or the Company. Variable considerations related to clinical and regulatory milestone payments and option fees are constrained due to the likelihood of a significant revenue reversal.

Revenue and Expense Recognition

Collaboration revenue from BMS was $ 2.8 and nil

As of March 31, 2025, the aggregate amount of the transaction price allocated to the performance obligations that are unsatisfied was$ 9.5 he Company had nil nil

Deferred Revenue

The deferred revenue balance at the beginning of the quarter endedMarch 31, 2025 was $ 12.3 During the quarter endedMarch 31, 2025, $ 2.8 9.5 7.9 1.6 balance will be recognized as revenue over the remaining service period.

Milestone and Royalties Accounting

Under the Tau Global License Agreement, the Company is eligible to receive milestone payments of up to $ 187.5 375.0 242.5 375.0

The Company excluded the milestone payments and royalties in the initial transaction price because such payments are considered to be variable considerations with constraint. Such milestone payments and royalties will be recognized as revenue at a point in time when the Company can conclude it is probable that a significant revenue reversal will not occur in future periods.

The Company did not achieve any clinical and regulatory milestones under the Collaboration Agreement during the three months ended March 31, 2025 and 2024, respectively.

Novo Nordisk Share Purchase Agreement

On July 8, 2021, the Company together with its wholly owned subsidiary, PBL, entered into a definitive share purchase agreement with Novo Nordisk A/S and Novo Nordisk Region Europe A/S (each an unrelated party). Under the terms of such agreement, Novo Nordisk acquired PBL’s wholly-owned subsidiary, Neotope Neuroscience Limited (“ NNL”) and gained full worldwide rights to the intellectual property and related rights to the Company’s ATTR amyloidosis business and pipeline. Upon consummation of