PROTHENA CORP PUBLIC LTD CO

Previous wording

In addition to historical information, this Quarterly Report on Form 10-Q contains forward-looking statements which may cause our actual results to differ materially from expectations, plans and anticipated results discussed in forward-looking statements. Factors that could cause our actual results to differ materially include, but are not limited to, the risks and uncertainties set forth in the “Summary of Risks Affecting Our Business” at the beginning of this Quarterly Report on Form 10-Q, Part II Item 1A “Risk Factors” of this Quarterly Report on Form 10-Q, and in our other filings with the U.S. Securities and Exchange Commission.

Current wording

In addition to historical information, this Quarterly Report on Form 10-Q contains forward-looking statements which may cause our actual results to differ materially from expectations, plans and anticipated results discussed in forward-looking statements. Factors that could cause our actual results to differ materially include, but are not limited to, the risks and uncertainties set forth in the “Summary of Risks Affecting Our Business” at the beginning of this Quarterly Report on Form

Previous wording

In December 2024, topline results were announced from the Phase 2b clinical trial (PADOVA) conducted by partner Roche investigating prasinezumab in 586 people with early-stage Parkinson’s disease, treated for a minimum of 18 months while on stable symptomatic treatment. Prasinezumab showed potential clinical effect in the primary endpoint of time to confirmed motor progression, as assessed by ≥5 point increase in Movement Disorder Society – Unified Parkinson’s Disease Rating Scale (“MDS-UPDRS”) Part III score from baseline, with a HR=0.84 [0.69-1.01] and p=0.0657. The effect of prasinezumab was more pronounced in a pre-specified analysis in the population treated with levodopa (75% of participants), HR=0.79 [0.63-0.99] and nominal p=0.0431. Pre-specified supplementary covariate-adjusted analyses of these endpoints demonstrated nominally significant effects on the primary endpoint (HR=0.81 [0.67-0.98]; nominal p=0.0334) and in the levodopa subgroup (HR=0.76 [0.61-0.95]; nominal p=0.0175). Covariates used for adjustment: medication at baseline, H&Y stage, DaT-SPECT, age, sex, baseline dependent parameter. Consistent positive trends across multiple secondary and exploratory endpoints were also observed. Prasinezumab continues to be well tolerated and no new safety signals were observed in the study. In March 2026, Roche presented an analysis from the ongoing PADOVA open-label extension (OLE)

Current wording

In December 2024, topline results were announced from the Phase 2b clinical trial (PADOVA) conducted by partner Roche investigating prasinezumab in 586 people with early-stage Parkinson’s disease, treated for a minimum of 18 months while on stable symptomatic treatment. Prasinezumab showed potential clinical effect in the primary endpoint of time to confirmed motor progression, as assessed by ≥5 point increase in Movement Disorder Society – Unified Parkinson’s Disease Rating Scale (“MDS-UPDRS”) Part III score from baseline, with a HR=0.84 [0.69-1.01] and p=0.0657. The effect of prasinezumab was more pronounced in a pre-specified analysis in the population treated with levodopa (75% of participants), HR=0.79 [0.63-0.99] and nominal p=0.0431. Pre-specified supplementary covariate-adjusted analyses of these endpoints demonstrated nominally significant effects on the primary endpoint (HR=0.81 [0.67-0.98]; nominal p=0.0334) and in the levodopa subgroup (HR=0.76 [0.61-0.95]; nominal p=0.0175). Covariates used for adjustment: medication at baseline, H&Y stage, DaT-SPECT, age, sex, baseline dependent parameter. Consistent positive trends across multiple secondary and exploratory endpoints were also observed. Prasinezumab continues to be well tolerated and no new safety signals were observed in the study. In June 2026, Roche published the results from the Phase 2b PADOVA trial in The Lancet, a leading peer-reviewed medical journal. In March 2026, Roche presented an analysis from the ongoing PADOVA open-label extension (OLE) study at the International Conference on Alzheimer’s and Parkinson’s Diseases and Related Neurological Disorders (“AD/PD 2026”). Longer term data from the PADOVA OLE study in early-stage PD showed a sustained effect of prasinezumab in slowing Parkinson’s progression on top of effective symptomatic therapies. The totality of the evidence suggests a possible clinical benefit of prasinezumab and informed the initiation of the Phase 3 PARAISO study.

Previous wording

BMS-986446 is designed to be a best-in-class anti-tau antibody that specifically binds with high affinity the R1, R2, and R3 repeats within the microtubule binding region (“MTBR”) of tau and targets both 3R and 4R tau isoforms. MTBR-tau has been shown in preclinical studies to be involved in the pathological spread of tau. Neurofibrillary tangles composed of misfolded tau proteins, along with amyloid beta plaques, are pathological hallmarks of Alzheimer’s disease. Cell-to-cell transmission of pathogenic extracellular tau and the accumulation of pathogenic tau also correlate with the progression of symptomatology and clinical decline in patients with Alzheimer’s disease. Recent publications suggest that during the course of Alzheimer’s disease progression, tau appears to spread throughout the brain via synaptically-connected pathways; this propagation of pathology is thought to be mediated by tau “seeds” containing the MTBR of tau. Additionally, it has been recently reported that the presence of MTBR fragments in cerebrospinal fluid correlate with dementia stages and tau tangles in Alzheimer’s disease to a higher degree than fragments of other tau regions. In preclinical research, antibodies targeting this region of tau were superior in blocking tau uptake and neurotoxicity, which has been associated with efficacy in relevant animal models. In these preclinical models, BMS-986446 demonstrated significant reduction of intraneuronal tau pathology and progression protection against behavioral deficit in a tau transgenic mouse model and complete blockade of neuronal tau internalization in vitro.

Current wording

Moponetug is designed to be a best-in-class anti-tau antibody that specifically binds with high affinity the R1, R2, and R3 repeats within the microtubule binding region (“MTBR”) of tau and targets both 3R and 4R tau isoforms. MTBR-tau has been shown in preclinical studies to be involved in the pathological spread of tau. Neurofibrillary tangles composed of misfolded tau proteins, along with amyloid beta plaques, are pathological hallmarks of Alzheimer’s disease. Cell-to-cell transmission of pathogenic extracellular tau and the accumulation of pathogenic tau also correlate with the progression of symptomatology and clinical decline in patients with Alzheimer’s disease. Recent publications suggest that during the course of Alzheimer’s disease progression, tau appears to spread throughout the brain via synaptically-connected pathways; this propagation of pathology is thought to be mediated by tau “seeds” containing the MTBR of tau. Additionally, it has been recently reported that the presence of MTBR fragments in cerebrospinal fluid correlate with dementia stages and tau tangles in Alzheimer’s disease to a higher degree than fragments of other tau regions. In preclinical research, antibodies targeting this region of tau were superior in blocking tau uptake and neurotoxicity, which has been associated with efficacy in relevant animal models. In these preclinical models, moponetug demonstrated significant reduction of intraneuronal tau pathology and progression protection against behavioral deficit in a tau transgenic mouse model and complete blockade of neuronal tau internalization in vitro.

Previous wording

In October 2025, we announced that Bristol Myers Squibb obtained Fast Track designation from the U.S. FDA for BMS-986446 for the treatment of Alzheimer’s disease. The FDA’s Fast Track designation program is designed to expedite the development and review of drugs intended to treat a serious condition with evidence demonstrating the potential to address an unmet medical need.

Current wording

In October 2025, we announced that Bristol Myers Squibb obtained Fast Track designation from the U.S. FDA for moponetug for the treatment of Alzheimer’s disease. The FDA’s Fast Track designation program is designed to expedite the development and review of drugs intended to treat a serious condition with evidence demonstrating the potential to address an unmet medical need.

Previous wording

In the first quarter of 2024, BMS advanced the anti-tau program BMS-986446 with the initiation of a Phase 2 TargetTau-1 clinical trial (NCT06268886). This is a randomized, double-blind, placebo-controlled, global, Phase 2 clinical trial designed to evaluate the efficacy, safety, and tolerability of BMS-986446, an anti-MTBR tau monoclonal antibody, in approximately 310 participants with early Alzheimer's disease. Participants will be randomized into one of three treatment arms including placebo, BMS-986446 Dose A, and BMS-986446 Dose B. The primary outcome measure is change from baseline to week 76 in brain tau deposition as measured by tau positron emission tomography (PET). Secondary endpoints include change from baseline to week 76 in Clinical Dementia Rating Scale Sum of Boxes (CDR-SB) score and in the integrated Alzheimer’s Disease Rating Scale (iADRS) score.

Current wording

In the first quarter of 2024, BMS advanced the anti-tau program moponetug with the initiation of a Phase 2 TargetTau-1 clinical trial (NCT06268886). This is a randomized, double-blind, placebo-controlled, global, Phase 2 clinical trial designed to evaluate the efficacy, safety, and tolerability of moponetug, an anti-MTBR tau monoclonal antibody, in approximately 310 participants with early Alzheimer's disease. Participants will be randomized into one of three treatment arms including placebo, moponetug Dose A, and moponetug Dose B. The primary outcome measure is change from baseline to week 76 in brain tau deposition as measured by tau positron emission tomography (PET). Secondary endpoints include change from baseline to week 76 in Clinical Dementia Rating Scale Sum of Boxes (CDR-SB) score and in the integrated Alzheimer’s Disease Rating Scale (iADRS) score.

Previous wording

In this first-in-human, randomized, placebo controlled, single ascending dose (“SAD”) clinical trial, healthy volunteers (n=19) were enrolled into three BMS-986446 dose level cohorts (low, medium or high dose) and randomized in a 3:1 drug to placebo ratio. Trial participants received a single dose of BMS-986446 or placebo intravenously (“IV”) and were followed for up to two months. The results of the trial found all three dose level cohorts of BMS-986446 to be generally safe and well tolerated, meeting the Phase 1 SAD trial primary objective. None of the treatment emergent adverse events (“TEAE”) were serious. No clinically relevant changes were observed in other safety parameters. BMS-986446 also met key pharmacokinetic (“PK”) and immunogenicity secondary endpoints. Plasma drug concentrations of BMS-986446 increased in a dose-proportional manner. Furthermore, BMS-986446 exposure in cerebrospinal fluid (“CSF”) was measured in the high dose cohort and based on the robust exposure of BMS-986446 in the CSF (day 29 CSF:Plasma ratio=0.2%), substantial target engagement is expected in the CNS. BMS-986446 had a desirable immunogenicity profile with no persistent BMS-986446-induced antidrug antibodies (“ADA”s) observed.

Current wording

In this first-in-human, randomized, placebo controlled, single ascending dose (“SAD”) clinical trial, healthy volunteers (n=19) were enrolled into three moponetug dose level cohorts (low, medium or high dose) and randomized in a 3:1 drug to placebo ratio. Trial participants received a single dose of moponetug or placebo intravenously (“IV”) and were followed for up to two months. The results of the trial found all three dose level cohorts of moponetug to be generally safe and well tolerated, meeting the Phase 1 SAD trial primary objective. None of the treatment emergent adverse events (“TEAE”) were serious. No clinically relevant changes were observed in other safety parameters. Moponetug also met key pharmacokinetic (“PK”) and immunogenicity secondary endpoints. Plasma drug concentrations of moponetug increased in a dose-proportional manner. Furthermore, moponetug exposure in cerebrospinal fluid (“CSF”) was measured in the high dose cohort and based on the robust exposure of moponetug in the CSF (day 29 CSF:Plasma ratio=0.2%), substantial target engagement is expected in the CNS. Moponetug had a desirable immunogenicity profile with no persistent moponetug-induced antidrug antibodies (“ADA”s) observed.

Previous wording

A multiple ascending dose (MAD) portion of the Phase 1 clinical trial was ongoing at the time BMS acquired the global rights to the program and control of the Phase 1 trial. All program updates going forward, including results from ongoing and any future BMS-986446 clinical trials, will be reported by BMS.

Current wording

A multiple ascending dose (MAD) portion of the Phase 1 clinical trial was ongoing at the time BMS acquired the global rights to the program and control of the Phase 1 trial. All program updates going forward, including results from ongoing and any future moponetug clinical trials, will be reported by BMS.

Previous wording

In 2025, BMS completed a Phase 1 clinical trial to assess drug levels, tolerability and absolute biological availability of single subcutaneous dose of BMS-986446 in healthy participants. This was a Phase 1, randomized, open-label, parallel, single-dose clinical trial to assess the pharmacokinetics, tolerability, and absolute bioavailability of subcutaneous administration of BMS-986446, an anti-MTBR tau monoclonal antibody, in approximately 46 healthy participants.

Current wording

In 2025, BMS completed a Phase 1 clinical trial to assess drug levels, tolerability and absolute biological availability of single subcutaneous dose of moponetug in healthy participants. This was a Phase 1, randomized, open-label, parallel, single-dose clinical trial to assess the pharmacokinetics, tolerability, and absolute bioavailability of subcutaneous administration of moponetug, an anti-MTBR tau monoclonal antibody, in approximately 46 healthy participants.

Previous wording

In July 2021, we entered into an exclusive US license agreement for BMS-986446 and we received an associated option exercise fee of $80 million. In July 2023, we entered into an exclusive global license agreement for BMS-986446, which supersedes and replaces the US license agreement in its entirety and we received an associated option exercise fee of $55 million. We are eligible to receive regulatory and sales milestone payments of up to $563 million, as well as tiered royalties on annual, worldwide net sales. In October 2025, we announced that Bristol Myers Squibb obtained Fast Track designation from the U.S. FDA for BMS-986446 for the potential treatment of Alzheimer’s disease.

Current wording

In July 2021, we entered into an exclusive US license agreement for moponetug and we received an associated option exercise fee of $80 million. In July 2023, we entered into an exclusive global license agreement for moponetug, which supersedes and replaces the US license agreement in its entirety and we received an associated option exercise fee of $55 million. We are eligible to receive regulatory and sales milestone payments of up to $563 million, as well as tiered royalties on annual, worldwide net sales. In October 2025, we announced that Bristol Myers Squibb obtained Fast Track designation from the U.S. FDA for moponetug for the potential treatment of Alzheimer’s disease.

Previous wording

There were no significant changes to our critical accounting policies and estimates during the three months ended March 31, 2026, from the critical accounting policies and estimates disclosed in Management's Discussion and Analysis of Financial Condition and Results of Operations in our 2025 Form 10-K.

Current wording

There were no significant changes to our critical accounting policies and estimates during the six months ended June 30, 2026, from the critical accounting policies and estimates disclosed in Management's Discussion and Analysis of Financial Condition and Results of Operations in our 2025 Form 10-K.

Previous wording

Except as described in Note 2 to the Condensed Consolidated Financial Statements under the heading “Recent Accounting Pronouncements”, there have been no new accounting pronouncements or changes to accounting pronouncements during the three months ended March 31, 2026, as compared to the recent accounting pronouncements described in our 2025 Form 10-K, that are of significance or potential significance to us.

Current wording

Except as described in Note 2 to the Condensed Consolidated Financial Statements under the heading “Recent Accounting Pronouncements”, there have been no new accounting pronouncements or changes to accounting pronouncements during the six months ended June 30, 2026, as compared to the recent accounting pronouncements described in our 2025 Form 10-K, that are of significance or potential significance to us.

Previous wording

Comparison of three months ended March 31, 2026 and 2025

Current wording

Comparison of three and six months ended June 30, 2026 and 2025

Previous wording

Total revenue was $51.1 million and $2.8 million for the three months ended March 31, 2026 and 2025, respectively.

Current wording

Total revenue was $1.0 million and $4.4 million for the three months ended June 30, 2026 and 2025, respectively, and $52.1 million and $7.2 million for the six months ended June 30, 2026 and 2025, respectively.

Previous wording

Collaboration revenue was $1.0 million for thethree months ended March 31, 2026, compared to $2.8 million for thethree months ended March 31, 2025. Collaboration revenue forthree months ended March 31, 2026 and 2025 was related to the partial performance of our PRX019 Phase 1 Clinical Trial Obliga tion.

Current wording

Collaboration revenue was $1.0 million and $2.0 million for thethree and six months ended June 30, 2026, compared to $4.4 million and $7.2 million for thethree and six months ended June 30, 2025. Collaboration revenue forthree and six months ended June 30, 2026 and 2025 was related to the partial performance of our PRX019 Phase 1 Clinical Trial Obliga tion.

Previous wording

As of March 31, 2026, the Company has$1.6 million of deferred revenue related to the remaining performance obligations under the PRX019 Global License Agreement relatedto PRX019 Phase 1 Clinical Trial Obligations. See Note 7, “Significant Agreements” to the Condensed Consolidated Financial Statements regarding the Collaboration Agreement with BMS for more information.

Current wording

As of June 30, 2026, the Company has $0.6 million of deferred revenue related to the remaining performance obligations under the PRX019 Global License Agreement related to PRX019 Phase 1 Clinical Trial Obligations. See Note 7, “Significant Agreements” to the Condensed Consolidated Financial Statements regarding the Collaboration Agreement with BMS for more information.

Previous wording

Intellectual property revenue for thethree months ended March 31, 2026, included$50.0 million in a milestone payment from Novo Nordiskfor the continued advancement of coramitug in the Phase 3 CLEOPATTRA clinical trial. See Note 7, “Significant Agreements” to the Condensed Consolidated Financial Statements regarding the Novo Nordisk Share Purchase Agreement for more information. For thethree months ended March 31, 2026, and 2025, license revenue included $50 thousand in each period, respectively, in license fees recognized under the License Agreement entered into on March 1, 2020, between the Company's wholly owned subsidiary, Prothena Biosciences Limited, and F. Hoffmann-La Roche Ltd.

Current wording

Intellectual property revenue for thesix months ended June 30, 2026, included$50.0 million in a milestone payment from Novo Nordiskfor the continued advancement of coramitug in the Phase 3 CLEOPATTRA clinical trial. See Note 7, “Significant Agreements” to the Condensed Consolidated Financial Statements regarding the Novo Nordisk Share Purchase Agreement for more information. For thesix months ended June 30, 2026, and 2025, license revenue included $50 thousand in each period, respectively, in license fees recognized under the License Agreement entered into on March 1, 2020, between the Company's wholly owned subsidiary, Prothena Biosciences Limited, and F. Hoffmann-La Roche Ltd.

Previous wording

Total opera ting expenses consist of research and development (“R&D”) expenses, general and administrative (“G&A”) expenses, and restructuring costs. Our operating expenses were $21.0 million and $68.4 million for thethree months ended March 31, 2026 and 2025, respectively.

Current wording

Total operating expenses consist of research and development (“R&D”) expenses, general and administrative (“G&A”) expenses, and restructuring costs. Our operating expenses were $22.1 million and $89.0 million for the three months ended June 30, 2026 and 2025, respectively, and $43.2 million and $157.4 million for thesix months ended June 30, 2026 and 2025, respectively.

Previous wording

Our R&D expense decreased by $38.2 million or(75)% for thethree months ended March 31, 2026, compared to the same period in the prior year. The decrease for the three months ended March 31, 2026, compared to the same period in the prior year, was primarily due to lower clinical trial expenses primarily related to PRX012 and birtamimab wind down, lower personnel expenses, lower manufacturing, and lower consulting expenses .

Current wording

Our R&D expense decreased by $31.7 million or 78% for thethree months ended June 30, 2026, and decreased by$69.9 million or 77% for the six months ended June 30, 2026, compared to the same periods in the prior year. The decrease for the three and six months ended June 30, 2026, compared to the same periods in the prior year, was primarily due to lower clinical trial expenses primarily related to PRX012 and birtamimab wind down, lower personnel expenses, lower consulting expenses and lower manufacturing expenses.

Previous wording

The following table sets forth the R&D expenses for our major programs (specifically, programs with successful first dosing in a Phase 1 clinical trial and have material expenditures in the periods presented), which were birtamimab, PRX012, PRX019, and other R&D expenses for the three months ended March 31, 2026, and 2025, (in thousands):

Current wording

The following table sets forth the R&D expenses for our major programs (specifically, programs with successful first dosing in a Phase 1 clinical trial and that have material expenditures in the periods presented), which were birtamimab, PRX012, PRX019, and other R&D expenses for the three and six months ended June 30, 2026, and 2025, (in thousands):

Previous wording

Our G&A expenses decreasedby $4.9 million or(28)% for thethree months ended March 31, 2026, compared to the same period in the prior year primarily due to lower G&A consulting and lower personnel expense.

Current wording

Our G&A expenses decreased by $5.0 million or (31)% for thethree months ended June 30, 2026 and decreased $9.9 million or (30)% for the six months ended June 30, 2026, compared to the same periods in the prior year primarily due to lower G&A consulting and lower personnel expenses.

Previous wording

In June 2025, we commenced a restructuring plan following our decision in May 2025 to discontinue further development of birtamimab. Our restructuring liability has reduced by approximately $4.2 million for the three months ended March 31, 2026, primarily due to a reduction in estimated contract termination costs associated with one or more third-party vendors.

Current wording

In June 2025, we commenced a restructuring plan following our decision in May 2025 to discontinue further development of birtamimab. For the three months ended June 30, 2026, our restructuring costs were $2.4 million which primarily consisted of termination benefits, including $1.7 million ofnon-cash share-based compensation expense related to contractual acceleration of vesting of certain stock options and RSUs. For the six months ended June 30, 2026, there was$1.8 million of restructuring credit primarily due to a reduction in estimated contract termination costs associated with one or more third-party vendors, offset in part by additional termination benefits. These restructuring expenditures are significantly lower compared to $32.6 million for the three and six months ended June 30, 2025, as we conclude restructuring activities. See Note 11, “Restructuring” to the Condensed Consolidated Financial Statements for more information.

Previous wording

Interest income decreased by $1.9 million or(44)% for thethree months ended March 31, 2026, compared to the same period in the prior year primarily due to lower interest income from our cash and money market accounts resulting from lower cash balances and lower yields.

Current wording

Interest income decreased by $1.2 million or (33)% for the three months ended June 30, 2026 and $3.2 million or (39)% for the six months ended June 30, 2026, compared to the same periods in the prior year primarily due to lower interest income from our cash and money market accounts resulting from lower cash balances and lower yields.

Previous wording

Other income (expense), net for thethree months ended March 31, 2026, was primarily due to foreign exchange gains from transactions with vendors denominated in euros.

Current wording

Other income (expense), net for thethree and six months ended June 30, 2026, was primarily due to foreign exchange gains and losses from transactions with vendors denominated in euros.

Previous wording

Provision for income taxes increased by$1.2 million for thethree months ended March 31, 2026, compared to the same period in the prior year, primarily dueto Section 174 R&D Capitalization tax change in the One Big Beautiful Act that was enacted on July 4, 2025 offset in part by a full valuation allowance against our deferred taxes in the current period. The tax provision presented for the period ended March 31, 2026, reflects U.S. state taxes associated with recurring profits attributable to intercompany services that our U.S. subsidiary performs for the Company.

Current wording

Provision for income taxes decreased by $44.8 million for the three months ended June 30, 2026, and decreased by $43.6 millionfor the six months ended June 30, 2026, compared to the same periods in the prior year. The decrease in income tax expense for the three and six months ended June 30, 2026, compared to the same periods in the prior year, was primarily due to recording a valuation allowance for the federal deferred tax assets during the three and six months ended June 30, 2025. The tax provision presented for the three and six months ended June 30, 2026, reflects U.S. state taxes associated with recurring profits attributable to intercompany services that our U.S. subsidiary performs for the Company.

Previous wording

Working capital was $306.7 million as of March 31, 2026, an increase of $32.3 million from working capital of $274.4 million as of March 31, 2025. This increase in working capital during the quarter ended March 31, 2026, was primarily attributable to the$50.0 million milestone payment from Novo Nordisk.

Current wording

Working capital was $280.4 million as of June 30, 2026, an increase of $6.0 million from working capital of $274.4 million as of December 31, 2025. This increase in working capital during the six months ended June 30, 2026, was primarily attributable to the $50.0 million milestone payment from Novo Nordisk.

Previous wording

As of March 31, 2026, we had $329.5 million in cash and cash equivalents. Based on our current business plans, we believe that our existing cash and cash equivalents at March 31, 2026 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, or other arrangements, and through proceeds from public or private equity or debt financings, and loans. We cannot assume that such additional financings will be available on acceptable terms, if at all, and such financings may only be available on terms dilutive to our shareholders.

Current wording

As of June 30, 2026, we had $288.2 million in cash and cash equivalents. Based on our current business plans, we believe that our existing cash and cash equivalents at June 30, 2026 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, or other arrangements, and through proceeds from public or private equity or debt financings, and loans. We cannot assume that such additional financings will be available on acceptable terms, if at all, and such financings may only be available on terms dilutive to our shareholders.

Previous wording

In managing our liquidity needs in Ireland, we do not rely on unrepatriated earnings as a source of funds. As of March 31, 2026, $224.0 million of our outstanding cash and cash equivalents related to U.S. operations are considered permanently reinvested. We do not intend to repatriate these funds. However, if these funds were repatriated back to Ireland, we would incur a withholding tax from the dividend distribution.

Current wording

In managing our liquidity needs in Ireland, we do not rely on unrepatriated earnings as a source of funds. As of June 30, 2026, $230.3 million of our outstanding cash and cash equivalents related to U.S. operations are considered permanently reinvested. We do not intend to repatriate these funds. However, if these funds were repatriated back to Ireland, we would incur a withholding tax from the dividend distribution.

Previous wording

Net cash provided by operating activities was$28.9 million for thethree months ended March 31, 2026, which was primarily due to $50 million milestone payment from Novo Nordisk, interest income, partially offset by ongoing research and development activities, general and administrative expenses to support those activities (adjusted to exclude non-cash charges for share-based compensation expense) and payments related to our restructuring activities.

Current wording

Net cash provided by operating activities was $3.8 million for thesix months ended June 30, 2026, which was primarily due to$50.0 million milestone payment from Novo Nordisk, interest income, partially offset by ongoing research and development activities, general and administrative expenses to support those activities (adjusted to exclude non-cash charges for share-based compensation expense) and payments related to our restructuring activities.

Previous wording

Net cash used in investing activities was null for the three months ended March 31, 2026.

Current wording

Net cash used in investing activities was $0.7 million for the six months ended June 30, 2026 which consisted of expenditures to purchase property and equipment.

Previous wording

Net cash used in financing activities was$6.9 million for the three months ended March 31, 2026, which consisted of cash used to repurchase our ordinary shares.

Current wording

Net cash used in financing activities was $22.5 million for the six months ended June 30, 2026, which consisted of cash used to repurchase our ordinary shares.

Previous wording

Refer to “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations — Liquidity and Capital Resources” in our first quarter 2025 Quarterly Report on Form 10-Q for a discussion of the cash flows for the three months ended March 31, 2025.

Current wording

Refer to “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations — Liquidity and Capital Resources” in our second quarter 2025 Quarterly Report on Form 10-Q for a discussion of the cash flows for the six months ended June 30, 2025.

Previous wording

Our contractual obligations as of March 31, 2026, consisted of minimum cash payments under operating leases of $8.3 million, purchase obligations of $2.3 million (of which $2.0 million is included in current liabilities), cash obligations under our restructuring plan of $8.6 million (of which all of it is included in current liabilities), and contractual obligations under license agreements of $35,000. Purchase obligations consist of non-cancelable purchase commitments to suppliers. Operating leases represent our future minimum rental commitments under our non-cancelable operating leases. For additional information regarding the timing for our contractual obligations see Note 6, “Commitments and Contingencies” to Condensed Consolidated Financial Statements.

Current wording

Our contractual obligations as of June 30, 2026, consisted of minimum cash payments under operating leases of$7.5 million, purchase obligations of $1.6 million (of which $0.2 million is included in current liabilities), cash obligations under our restructuring plan of $0.3 million (of which all of it is included in current liabilities), and contractual obligations under license agreements of $35,000. Purchase obligations consist of non-cancelable purchase commitments to suppliers. Operating leases represent our future minimum rental commitments under our non-cancelable operating leases. For additional information regarding the timing for our contractual obligations see Note 6, “Commitments and Contingencies” to Condensed Consolidated Financial Statements.

Previous wording

In June 2021, we entered into a lease agreement for office space in Dublin, Ireland, which commenced in August 2021 and had an initial term of one year. In addition, we entered into a lease agreement for additional office space in Dublin, Ireland, which commenced in August 2023 and had an initial term of one year. Both leases have an automatic renewal clause, pursuant to which each agreement will be extended automatically for successive periods equal to their current terms, unless each agreement is cancelled by us. In April 2026, we renewed the August 2023 lease for another one year term. The August 2021 lease was not renewed and will terminate pursuant to its terms on July 31, 2026. We do not consider the renewals in the lease term as we do not believe it to be reasonably certain that we will renew these leases, as our real estate needs are subject to change based on our business needs.

Current wording

In June 2021, we entered into a lease agreement for office space in Dublin, Ireland, which commenced in August 2021 and had an initial term of one year. In addition, we entered into a lease agreement for additional office space in Dublin, Ireland, which commenced in August 2023 and had an initial term of one year. Both leases have an automatic renewal clause, pursuant to which each agreement will be extended automatically for successive periods equal to their current terms, unless each agreement is cancelled by us. In April 2026, we renewed the August 2023 lease for another one year term. The lease that commenced in August 2021 was not renewed and terminated pursuant to its terms on July 31, 2026. We do not consider the renewals in the lease term as we do not believe it to be reasonably certain that we will renew these leases, as our real estate needs are subject to change based on our business needs.

Previous wording

In October 2022, we entered into a noncancelable operating sublease to lease approximately 31,157 square feet of office and laboratory space in Brisbane, California. We are obligated to make lease payments totaling approximately $14.9 million over the lease term, which expires on September 30, 2028, unless terminated earlier. Of this obligation, approximately $8.2 million remains outstanding as of March 31, 2026.

Current wording

In October 2022, we entered into a noncancelable operating sublease to lease approximately 31,157 square feet of office and laboratory space in Brisbane, California. We are obligated to make lease payments totaling approximately $14.9 million over the lease term, which expires on September 30, 2028, unless terminated earlier. Of this obligation, approximately $7.4 million remains outstanding as of June 30, 2026.

Previous wording

(3) Includes cash obligations under our restructuring plan. For additional information, see Note 11, “Restructuring” to our Condensed Consolidated Financial Statements. As of the filing date, there were no material changes to our cash obligations under the restructuring plan subsequent to March 31, 2026 other than an increase related to termination benefits of $0.8 million.

Current wording

(3) Includes cash obligations under our restructuring plan. For additional information, see Note 11, “Restructuring” to our Condensed Consolidated Financial Statements. As of the filing date, there were no material changes to our cash obligations under the restructuring plan subsequent to June 30, 2026.