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

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 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.

Previous wording

Fueled by our deep scientific expertise built over decades of research, we are advancing a pipeline of therapeutic candidates for a number of indications and novel targets for which our ability to integrate scientific insights around neurological dysfunction and the biology of misfolded proteins can be leveraged. The Company’s pipeline includes both wholly-owned and partnered programs being developed for the potential treatment of diseases including Parkinson’s disease, ATTR amyloidosis with cardiomyopathy, Alzheimer’s disease, Amyotrophic lateral sclerosis (ALS) and a number of other neurodegenerative diseases. Prothena is developing and applying CYTOPE® a novel technology that incorporates a cell-internalizing domain to drive efficient cytosolic delivery with highly specific marcomolecular effectors.

Current wording

Fueled by our deep scientific expertise built over decades of research, we are advancing a pipeline of therapeutic candidates for a number of indications and novel targets for which our ability to integrate scientific insights around neurological dysfunction and the biology of misfolded proteins can be leveraged. The Company’s pipeline includes both wholly-owned and partnered programs being developed for the potential treatment of diseases including Parkinson’s disease, ATTR amyloidosis with cardiomyopathy, Alzheimer’s disease and Amyotrophic lateral sclerosis (ALS). Prothena is developing and applying CYTOPE® a novel technology that incorporates a cell-internalizing domain to drive efficient cytosolic delivery with highly specific marcomolecular effectors.

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 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.

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, which highlighted a prespecified exploratory efficacy analysis of the difference in change from baseline measures at week 104 in change in MDS-UPDRS Part III off-medication score favored prasinezumab (nominal p=0.012 and a relative reduction in progression of 35%) and in the respective analysis in the levodopa subgroup, the difference in change from baseline at week 104 in MDS-UPDRS Part III off-medication score also favored prasinezumab (nominal p=0.018 and a relative reduction in progression of 40%). 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

A Phase 2 clinical trial of coramitug in 105 patients with ATTR amyloidosis with cardiomyopathy was conducted by Novo Nordisk (NCT05442047). Top-line results were presented as a late-breaking session at the American Heart Association (AHA) Scientific Sessions in November 2025 and simultaneously published in the AHA journal, Circulation. Treatment with coramitug 60 mg/kg resulted in a statistically significant reduction and improvement from baseline in NT-proBNP levels compared with placebo (–48%; p=0.0017) over 52 weeks and notably with a reduction at in NT-proBNP levels at 12 months from baseline. This favorable reduction was achieved on top of background use of standard-of-care TTR stabilizers in most patients (80% in the coramitug 60 mg/kg group and 85.7% in the placebo group). Coramitug 60 mg/kg showed an estimated treatment difference of 13.45 meters in the six-minute walk test (6MWT) vs. placebo. Statistical significance was not achieved on the 6MWT endpoint, however this was potentially due to the small sample size and relatively short study duration. In addition, across a wide range of echocardiographic parameters, including measures of left ventricle (LV) and right ventricle (RV) systolic function, diastolic function, and estimated pulmonary arterial pressures, coramitug 60 mg/kg was associated with improvements versus placebo, suggestive of favorable cardiac remodeling. Coramitug demonstrated an acceptable safety profile and was generally well tolerated.

Current wording

A Phase 2 clinical trial of coramitug in 105 patients with ATTR amyloidosis with cardiomyopathy was conducted by Novo Nordisk (NCT05442047). Top-line results were presented as a late-breaking session at the American Heart Association (AHA) Scientific Sessions in November 2025 and simultaneously published in the AHA journal, Circulation. Treatment with coramitug 60 mg/kg resulted in a statistically significant reduction and improvement from baseline in NT-proBNP levels compared with placebo (–48%; p=0.0017) over 52 weeks and notably with a reduction at in NT-proBNP levels at 12 months from baseline. This favorable reduction was achieved on top of background use of standard-of-care TTR stabilizers in most patients (80% in the coramitug 60 mg/kg group and 85.7% in the placebo group). Coramitug 60 mg/kg showed an estimated treatment difference of 13.45 meters in the six-minute walk test (6MWT) vs. placebo. Statistical significance was not achieved on the 6MWT endpoint, however this was potentially due to the small sample size and relatively short study duration. In addition, across a wide range of echocardiographic parameters, including measures of left ventricle (LV) and right ventricle (RV) systolic function, diastolic function, and estimated pulmonary arterial pressures, coramitug 60 mg/kg was associated with improvements versus placebo, suggestive of favorable cardiac remodeling. In October 2026, Novo Nordisk presented a post hoc exploratory analysis at the Heart Failure Society of America (HSFA) Annual Scientific Meeting from the Phase 2 clinical trial showing a favorable trajectory of the inflammatory biomarker high-sensitivity C-reactive protein (hsCRP) with a reduction of approximately 8% in hsCRP levels in the pooled coramitug dose groups (10 mg/kg and 60 mg/kg) at week 52 compared to an approximate 33% increase in hsCRP levels in the placebo group (treatment ratio versus placebo was 0.66; nominal p=0.0269). Coramitug demonstrated an acceptable safety profile and was generally well tolerated.

Previous wording

PRX019 is an investigational antibody for the potential treatment of neurodegenerative diseases in development in collaboration with BMS.

Current wording

PRX019 is an investigational antibody for the potential treatment of neurodegenerative diseases.

Previous wording

In November 2024, we announced that we had initiated a Phase 1 first-in-human clinical trial to evaluate the safety, tolerability, immunogenicity, and pharmacokinetics of single ascending and multiple doses in healthy adults.

Current wording

In December 2023, the FDA cleared the IND application for PRX019. In November 2024, we announced that we had initiated a Phase 1 first-in-human clinical trial to evaluate the safety, tolerability, immunogenicity, and pharmacokinetics of single ascending and multiple doses in healthy adults. In the first half of 2026, we completed the Phase 1 clinical trial which successfully demonstrated a benign safety and tolerability profile, no immunogenicity, and dose-dependent pharmacokinetics and pharmacodynamic effects meeting our prespecified pharmacodynamic targets.

Previous wording

In November 2025, we presented a poster titled Treatment with a Cell-Internalizing CYTOPE® Targeting pTDP-43 Reduces Intraneuronal Pathology in a Mouse Model of ALS at Neuroscience 2025, hosted by the Society for Neuroscience (SfN) and subsequently presented an encore at the 36 th International Symposium of ALS/MND. The scientific poster described our TDP-43 CYTOPE® developed using our new CYTOPE® technology. CYTOPE® enables precise targeting of intracellular disease pathways in the brain and periphery through an endosomal uptake and escape mechanism that preserves membrane and vesicle integrity following systemic administration. To demonstrate the potential of CYTOPE®we developed and investigated our TDP-43 CYTOPE® program in multiple preclinical models which was the basis of the scientific presentation.

Current wording

In November 2025, we presented a poster titled Treatment with a Cell-Internalizing CYTOPE® Targeting pTDP-43 Reduces Intraneuronal Pathology in a Mouse Model of ALS at Neuroscience 2025, hosted by the Society for Neuroscience (SfN) and subsequently presented encores at the 36 th International Symposium of ALS/MND 2025 and the 2026 European Network to Cure ALS (ENCALS). The scientific poster described our TDP-43 CYTOPE® developed using our new CYTOPE® technology. CYTOPE® enables precise targeting of intracellular disease pathways in the brain and periphery through an endosomal uptake and escape mechanism that preserves membrane and vesicle integrity following systemic administration. To demonstrate the potential of CYTOPE®we developed and investigated our TDP-43 CYTOPE® program in multiple preclinical models which was the basis of the scientific presentation.

Previous 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.

Current wording

There were no significant changes to our critical accounting policies and estimates during the nine months ended September 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 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.

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 nine months ended September 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 and six months ended June 30, 2026 and 2025

Current wording

Comparison of three and nine months ended September 30, 2026 and 2025

Previous 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.

Current wording

Total revenue was $0.6 million and $2.4 million for the three months ended September 30, 2026 and 2025, respectively, and $52.7 million and $9.7 million for the nine months ended September 30, 2026 and 2025, respectively.

Previous 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.

Current wording

Collaboration revenue was $0.6 million and $2.7 million for thethree and nine months ended September 30, 2026, compared to$2.4 million and $9.6 million for thethree and nine months ended September 30, 2025. Collaboration revenue forthree and nine months ended September 30, 2026 and 2025 was related to the partial performance of our PRX019 Phase 1 Clinical Trial Obliga tion.

Previous 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.

Current wording

As of September 30, 2026, the Company has no 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 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.

Current wording

Intellectual property revenue for thenine months ended September 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 thenine months ended September 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 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.

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 $19.4 million and $42.7 million for the three months ended September 30, 2026 and 2025, respectively, and $62.6 million and $200.1 million for thenine months ended September 30, 2026 and 2025, respectively.

Previous wording

Our research activities are aimed at developing new drug products. Our development activities involve the translation of our research into potential new drugs. Our R&D expenses primarily consist of personnel costs and related expenses, including share-based compensation and external costs associated with clinical activities and drug development related to our drug programs, and preclinical activities related to our discovery programs. We also incurred clinical trial wind down costs for programs that we are no longer advancing in clinical development, including birtamimab and PRX012.

Current wording

Our research activities are aimed at developing new drug products. Our development activities involve the translation of our research into potential new drugs. Our R&D expenses historically consisted primarily of personnel costs and related expenses, including share-based compensation and external costs associated with clinical activities and drug development related to our drug programs, and preclinical activities related to our discovery programs. We also incurred clinical trial wind down costs for programs that we are no longer advancing in clinical development, including birtamimab and PRX012.

Previous 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.

Current wording

Our R&D expense decreased by $20.5 million or 71% for thethree months ended September 30, 2026, and decreased by$90.4 million or 75% for the nine months ended September 30, 2026, compared to the same periods in the prior year. The decrease for the three and nine months ended September 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 and lower consulting 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 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):

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 nine months ended September 30, 2026, and 2025, (in thousands):

Previous 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.

Current wording

Our G&A expenses decreased by $2.6 million or 20% for thethree months ended September 30, 2026 and decreased $12.6 million or 27% for the nine months ended September 30, 2026, compared to the same periods in the prior year primarily due to lower personnel expenses and lower G&A consulting.

Previous 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.

Current wording

In June 2025, we commenced a restructuring plan following our decision in May 2025 to discontinue further development of birtamimab. For thethree months ended September 30, 2026, our restructuring costs were $0.4 million which primarily consisted of termination benefits. For thenine months ended September 30, 2026, there was $1.4 million of restructuring credit. The decline in restructuring costs for the nine months ended September 30, 2026 compared to the same period in the prior year was significantly lower due to lower contract termination costs and lower termination benefits as we conclude restructuring activities. See Note 11, “Restructuring” to the Condensed Consolidated Financial Statements for more information.

Previous wording

Interest income decreased by $1.2 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.

Current wording

Interest income decreased by $1.0 million or 31% for the three months ended September 30, 2026 and $4.2 million or 37% for the nine months ended September 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 and six months ended June 30, 2026, was primarily due to foreign exchange gains and losses from transactions with vendors denominated in euros.

Current wording

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

Previous 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.

Current wording

Provision for income taxes increased by$0.4 million for the three months ended September 30, 2026, and decreased by$43.2 million for the nine months ended September 30, 2026, compared to the same periods in the prior year. The income tax benefit for the three months ended September 30, 2025, was primarily due to the enactment of the One Big Beautiful Bill Act on July 4, 2025, which provided for the immediate expensing of U.S. research and development expenditures. The decrease in income tax expense for the nine months ended September 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 nine months ended September 30, 2025. The tax provision presented for the three and nine months ended September 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 $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.

Current wording

Working capital was $262.4 million as of September 30, 2026, a decrease of $11.9 million from working capital of $274.4 million as of December 31, 2025. This decrease in working capital during the nine months ended September 30, 2026, was primarily attributable to cash used in operating and financing activities offset in part by the $50.0 million milestone payment from Novo Nordisk.

Previous 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.

Current wording

As of September 30, 2026, we had $271.4 million in cash and cash equivalents. Based on our current business plans, we believe that our existing cash and cash equivalents at September 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 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.

Current wording

In managing our liquidity needs in Ireland, we do not rely on unrepatriated earnings as a source of funds. As of September 30, 2026, $237.5 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 $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.

Current wording

Net cash used in operating activities was$8.1 million for thenine months ended September 30, 2026, which was primarily due toongoing research and development activities, general and administrative expenses to support those activities (adjusted to exclude non-cash charges for share-based compensation expense), cash settlement of certain vested restricted stock units, and payments related to our restructuring activities, offset in part by $50.0 million milestone payment from Novo Nordisk and interest income.

Previous 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.

Current wording

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

Previous 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.

Current wording

Net cash used in financing activities was$27.3 million for the nine months ended September 30, 2026, which consisted primarily of cash used to repurchase our ordinary shares of $26.8 million and payments of payroll taxes of $0.5 million related to shares withheld for taxes from certain vested restricted stock units.

Previous 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.

Current wording

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

Previous 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.

Current wording

Our contractual obligations as of September 30, 2026, consisted of minimum cash payments under operating leases of $6.6 million, purchase obligations of $1.4 million (of which $0.4 million is included in current liabilities), cash obligations under our restructuring plan of $0.6 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.

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 $7.4 million remains outstanding as of June 30, 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 $6.6 million remains outstanding as of September 30, 2026.

Previous wording

In addition to the contractual obligations above, we also expect to have future material cash requirements related to our discovery and pre-clinical programs, human capital and intellectual property. Assuming no significant change in our business, we expect the full year 2026 net cash used in operating and investing activities to be approximately $18 million to $23 million.

Current wording

In addition to the contractual obligations above, we also expect to have future material cash requirements related to our discovery and pre-clinical programs, human capital and intellectual property. Assuming no significant change in our business, we expect the full year 2026 net cash used in operating and investing activities to be approxima tely $18 million to $23 million.