Company: PRTA
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001559053-25-000023
Chunk: 40

Company: PROTHENA CORP PUBLIC LTD CO
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 2
Chunk 40
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023      (46)  

The benefit from income taxes decreased by $1.0 millionor 46% fo r the three months ended March 31, 2025, compared to the same period in the prior year. The decline in benefit from income taxes for the three months ended March 31, 2025, compared to the same period in the prior year, was primarily due to a decrease in the amount capitalized, net of amortization, as deferred tax assets related to Section 174 R& D Capitalization.

No tax benefit has been recorded related to tax losses recognized in Ireland and any deferred tax assets for those losses are offset by a valuation allowance.

Liquidity and Capital Resources

Overview

                                  March 31,      December 31,  
                                       2025              2024  
 ───────────────────────────────────────────────────────────────
  Working capital                  $387,714          $436,911  
  Cash and cash equivalents        $417,935          $471,388  
  Total assets                     $495,336          $547,108  
  Total liabilities                 $57,656           $60,182  
  Total shareholders’ equity       $437,680          $486,926  

Working capital was$387.7 million as ofMarch 31, 2025, a decrease of $49.2 million from working capital of$436.9 million as ofDecember 31, 2024. This decrease in working capital during the three months ended March 31, 2025, was primarily attributable to ca sh used in operating activities of $53.4 million.

As of March 31, 2025, we had$417.9 million in cash a nd cash equivalents. Based on our current business plans, we believe that our existing cash and cash equivalents at March 31, 2025 are sufficient to meet our obligations for at least the next twelve months. To operate beyond such period, or if we elect to increase our spending on research and development programs significantly above current long-term plans or enter into potential licenses and/or other acquisitions of complementary technologies, products or companies, we may need additional capital. Additionally, in order to develop and obtain regulatory approval for our potential products we will need to raise substantial additional capital. We expect to continue to finance future capital needs that exceed our existing cash and cash equivalents, payments pursuant to our agreements with Roche, BMS, and Novo Nordisk, and, to the extent necessary, other collaboration agreements with corporate partners