Company: PRTA
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001559053-25-000009
Chunk: 172

Company: PROTHENA CORP PUBLIC LTD CO
Filing Date: 2025-02-27
Form: 10-K
Item: Item 8
Chunk 172
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 (RSU)6 25 23 Total11,113 9,891 9,503 

90

6.Commitments and Contingencies

Lease CommitmentsAs of December 31, 2024, the Company currently has four leases relating to its facilities in the United States and Dublin, Ireland.South San Francisco Facility The Company had a noncancelable operating sublease (the “SSF Lease”) covering 128,751 square feet of office and laboratory space in South San Francisco, California, U.S. (the “SSF Facility”), which expired on December 31, 2023.Total operating lease cost was nil, $6.3 million and $6.3 million for the years ended December 31, 2024, 2023 and 2022, respectively. Total cash paid against the operating lease liability was nil, $6.5 million, and $6.3 million for the years ended December 31, 2024, 2023 and 2022, respectively. The Company obtained a standby letter of credit which could be drawn down by the sublandlord in the event the Company failed to fully and faithfully perform all of its obligations under the SSF Lease and to compensate the sublandlord for all losses and damages the sublandlord may have suffered as a result of the occurrence of any default on the part of Company not cured within the applicable cure period. This standby letter of credit was collateralized by a certificate of deposit of the same amount which was classified as restricted cash as of December 31, 2023. The remaining standby letter of credit amount of $1.4 million was released to the Company in May 2024.Sub-Sublease of South San Francisco Facility The Company had a Sub-Sublease Agreement (the “Sub-Sublease”) with Assembly Biosciences, Inc. covering approximately 46,641 square feet of office and laboratory space of the SSF Facility. The Sub-Sublease expired on December 15, 2023, in connection with the expiration of the SSF Lease. The Sub-Sublease was considered an operating lease under ASC 842. For the years ended December 31, 2024, 2023 and 2022, the Company recorded nil, $2.8 million, and $2.9 million respectively, of sub-lease rental income as an offset to its operating expenses.DublinIn June 2021, the Company entered into a lease agreement for office space in Dublin