Company: PRTA
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001559053-25-000009
Chunk: 142

Company: PROTHENA CORP PUBLIC LTD CO
Filing Date: 2025-02-27
Form: 10-K
Item: Item 7
Chunk 142
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 8, 2021, we sold shares of one of our wholly-owned subsidiaries to Novo Nordisk. In connection with the transaction, Novo Nordisk acquired our ATTR amyloidosis business, including the clinical stage antibody coramitug (PRX004). Expenses incurred relate to certain close out activities and transition services provided to Novo Nordisk. 

(2)     R&D costs include the costs incurred from the date when PRX019 was separately tracked in preclinical development. 

(3)     Other R&D is comprised primarily of preclinical development and discovery programs that have not progressed to first patient dosing in a Phase 1 clinical trial and close out costs for programs that we are no longer advancing.

General and Administrative Expenses

Our G&A expenses increased by $5.4 million, for the year ended December 31, 2024, compared to the prior year primarily due to higher personnel expense.

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Other Income (Expense)

Year Ended December 31,Change20242023$%(Dollars in thousands)Interest income$25,816 $31,014 $(5,198)(17)%Other income (expense), net(185)(458)273 (60)%Total other income (expense), net$25,631 $30,556 $(4,925)(16)%

Interest income decreased by $5.2 million for the year ended December 31, 2024, compared to the prior year, primarily due to lower interest income from our cash and money market accounts resulting from lower interest rates and lower cash and money market balances.

Other income (expense), net for the year ended December 31, 2024, was primarily foreign exchange losses from transactions with vendors denominated in euros.

Provision for (benefit from) Income Taxes

Year Ended December 31,Change20242023$%(Dollars in thousands)Benefit from income taxes$(6,620)$(13,452)$6,832 (51)%

The benefit from income taxes decreased by $6.8 million for the year ended December 31, 2024, compared to the same period in the prior year. The decline in benefit from income taxes for the year ended December 31, 2024, compared to the prior year, was primarily due to a lower increase in deferred tax assets related to Section 174 R&D Capitalization.  

The tax provisions for all periods presented primarily reflect U.S. federal taxes associated