Prothena is a late-stage clinical biotechnology company focused on discovering and developing antibody therapies for diseases caused by protein misfolding and aggregation, including Parkinson's disease, ATTR cardiomyopathy, and Alzheimer's disease. Prothena has no approved products; its value is tied entirely to the clinical and commercial outcomes of its pipeline. Prothena's core business model is to discover novel antibody programs internally, advance them through proof-of-concept, then license them to large pharma partners who fund Phase 3 development and commercialization in exchange for milestones and royalties back to Prothena. Prothena has four partnered clinical programs representing up to ~$3B in future milestones plus royalties. Prasinezumab, partnered with Roche, targets alpha-synuclein in Parkinson's disease and is in Phase 3. Coramitug, partnered with Novo Nordisk, targets amyloid deposits in the heart caused by transthyretin and is in Phase 3 for ATTR cardiomyopathy. BMS-986446, partnered with Bristol Myers Squibb, is an anti-tau antibody in Phase 2 for Alzheimer's disease. PRX019, also partnered with BMS, is an undisclosed neurodegenerative program in Phase 1. Wholly-owned preclinical assets include PRX012-TfR, a next-generation anti-amyloid beta antibody for Alzheimer's; PRX123, a dual Alzheimer's vaccine; and CYTOPE, a novel platform designed to target intracellular proteins, with an initial focus on TDP-43 in ALS.