Company: PRTA
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001559053-25-000044
Chunk: 25

Company: PROTHENA CORP PUBLIC LTD CO
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 1
Chunk 25
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 a material change in unrecognized tax benefits.

11. Restructuring

In June 2025, the Company commenced a restructuring plan following the Company’s May 23, 2025 announcement of its decision to discontinue further development of birtamimab.

The Company incurred aggregate restructuring charges of approximately$ 0.5 33.1 for the three and nine months endedSeptember 30, 2025. Restructuring charges primarily consisted of employee termination benefits in connection with the reduction in force announced in June 2025 and contract termination costs primarily associated with exit fees relating to third-party manufacturers that were contracted for commercial supplies of birtamimab. Employee termination benefits include severance costs, employee-related benefits, and non-cash share-based compensation expense related to the acceleration of the vesting of certain stock options. Charges and other costs related to the restructuring plan are presented as restructuring costs in the Condensed Consolidated Statements of Operations. Substantially all of the cash payments are expected to be paid out by the end of the fourth quarter of 2025. The Company may also incur additional costs not currently contemplated due to events that may occur as a result of, or that are associated with, the restructuring plan.

The following table summarizes the restructuring liability and utilization by cost type associated with the restructuring activities during the three and nine months ended September 30, 2025 (in thousands):

                                       Restructuring Liability                                                                                                      
                                       Termination Benefits                        Contract Termination Costs                  Other       Total                    
  Balance at March 31, 2025            $                                    —      $                                    —      $           $                     —  
  Restructuring Charges                                                18,342                                      14,097      170                          32,609  
  Adjustment for non-cash charges      ( 2,081)                                    ( 37)                                       ( 161)      ( 2,279)                 
  Balance at June 30, 2025             $                               16,261      $                               14,060      $           $                30,330  
  Restructuring Charges                ( 639)                                      921                                         197         479                      
  Adjustment for non-cash charges      —                                           —                                           ( 197)      ( 197)                   
  Reduction for cash payments                                       ( 12,944)      ( 38)                                       ( 9)                      ( 12,991)  
  Foreign Exchange                     —                                           ( 7)                                        —           ( 7)