Company: PRTA
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001559053-25-000009
Chunk: 195

Company: PROTHENA CORP PUBLIC LTD CO
Filing Date: 2025-02-27
Form: 10-K
Item: Item 8
Chunk 195
---
103

Components of the provision for income taxes for each of the fiscal periods presented consisted of the following (in thousands):Year Ended December 31,202420232022Current:U.S. Federal$2,676 $2,200 $2,422 U.S. State 50 37 55 Ireland— — — Total current provision$2,726 $2,237 $2,477 Deferred:U.S. Federal$(9,298)$(15,647)$(11,039)U.S. State (48)(42)(94)Ireland— — — Total deferred benefit$(9,346)$(15,689)$(11,133)Benefit from income taxes$(6,620)$(13,452)$(8,656)The Company recorded a net tax shortfall (windfall) from stock option exercises of $1.0 million, $(3.5) million, and $(3.2) million for the years ended December 31, 2024, 2023 and 2022 respectively, all of which were recorded as part of its income tax provision in the Consolidated Statements of Operations.The provision for income taxes differs from the statutory tax rate of 12.5% applicable to Ireland primarily due to Irish net operating losses for which a tax provision benefit is not recognized, U.S. income taxed at different rates, adjustments to deferred tax assets for the deductibility of stock compensation and capitalization of research and development costs. Following is a reconciliation between income taxes computed at the Irish statutory tax rate and the provision for income taxes for each of the fiscal periods presented (in thousands):Year Ended December 31, 202420232022Taxes at the Irish statutory tax rate of 12.5%$(16,116)$(20,060)$(15,700)Income tax at rates other than applicable statutory rate(5,594)(7,072)(2,338)Change in valuation allowance18,760 22,406 22,681 Share-based payments7,533 615 518 Tax credits(8,769)(9,382)(8,949)Income not subject to tax(2,560)— (5,000)Other126 41 132 Benefit from income taxes$(6,620)$(13,452)$(8,656)Deferred income taxes reflect the net tax effect of temporary differences between the carrying amount of