Company: PRTA
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001559053-25-000023
Chunk: 37

Company: PROTHENA CORP PUBLIC LTD CO
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 2
Chunk 37
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 2 to the Condensed Consolidated Financial Statements under the heading “ Recent Accounting Pronouncements”, there have been no new accounting pronouncements or changes to accounting pronouncements during the three months ended March 31, 2025, as compared to the recent accounting pronouncements described in our 2024 Form 10-K, that are of significance or potential significance to us.

Results of Operations

Comparison of three months ended March 31, 2025 and 2024

Revenue

                                                      Three Months Ended                           Change             
                                                      March 31,                                                       
                                                      2025                               2024      $                  
 ──────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  (Dollars in thousands)                                                                                              
  Collaboration revenue                               $                       2,778      $         $           2,778  
  Revenue from license and intellectual property      50                                 50        —                  
  Total revenue                                       $                       2,828      $         $           2,778  

___________

n/m = not meaningful

Total revenue was $2.8 million and $0.1 million for the three months ended March 31, 2025, and 2024, respectively.

Collaboration revenue was $2.8 million for the three months ended March 31, 2025, compared to nil for the three months ended March 31, 2024. Collaboration revenue for three months ended March 31, 2025 was related to the partial performance of our PRX019 Phase 1 Clinical Trial Obligation.

As of March 31, 2025, the Company has $9.5 million of deferred revenue related to the remaining performance obligations under the PRX019 Global License Agreement related to PRX019 Phase 1 Clinical Trial Obligations. See Note 7, “ Significant Agreements” to the Condensed Consolidated Financial Statements regarding the Collaboration Agreement with BMS for more information.

License and intellectual property revenue for the three months ended March 31, 2025, and 2024 included $50,000 in each period, respectively, in license fees recognized under the License Agreement entered into on March 1, 2020, between the Company's wholly owned subsidiary, Prothen a Biosciences Limited, and F. Hoffmann-La Roche Ltd.

Operating Expenses

                                  Three Months Ended                                        Change                          
                                  March 31,                                                                                 
                                  2025                                2024                  $                            %  
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