Company: PRTA
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001559053-25-000023
Chunk: 8

Company: PROTHENA CORP PUBLIC LTD CO
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 1
Chunk 8
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 office space in Dublin, Ireland, which commenced in August 2021 and had an initial term of one year one year one year

Brisbane Facility

On October 28, 2022, the Company entered into a noncancelable operating sublease (the "Brisbane Sublease") to sublease approximately 31,157

Arcus Biosciences, Inc., (the "Sublandlord"). The Brisbane Sublease became effective on October 28,2022. The Brisbane Sublease provides that the Company's obligation to pay rent commenced on July 1, 2023, which is subject to abatement for the first six months following such date, with the exception of the seventh rent payment that was due upon execution of the Brisbane Sublease. The Company is obligated to make lease payments totaling approximately $ 14.9 3.5

The Brisbane Sublease is considered an operating lease and the accounting lease commencement date was on July 31, 2023 when the Company gained control over the Brisbane Facility. The Company recorded a right-of-use asset of approximately $ 11.4 3.6 5.76

The Company was entitled to an improvement allowance of up to$ 9.3, to be used for costs incurred by the Company to construct certain improvements to the Brisbane Facility and to prepare for the Company's occupancy of the Brisbane Facility. As of December 31, 2024, all of the $ 9.3

Total o perating lease cost for the Brisbane Sublease was$ 0.8 0.8 for the three months ended March 31, 2025 and 2024. Total cash paid against the operating lease liability was$ 0.7 0.5 for the three months ended March 31, 2025 and 2024, respectively.

In conjunction with the Brisbane Sublease, the Company obtained a standby letter of credit in the initial amount of $ 0.9 none 0.9

The following table sets out a maturity analysis of payments under the Company’s operating leases, including a reconciliation to the lease liabilities recognized in the Condensed Consolidated Balance Sheets as of March 31, 2025 (in thousands):

  Year Ended December 31,             Operating Leases              
  2025 (9 months)                     $                      2,382  
 ────────────────────────────────────────────────────────────────────
  2026                                                       3,158  
  2027                                                       3,