Protagonist Therapeutics (PTGX) investor relations material

Business overview and financial position

• Achieved approval for two first-in-class peptide drugs: ICOTYDE (oral IL-23) and MIMRYLO (hepcidin mimetic for polycythemia vera), both with strong commercial prospects.

• Ended Q2 with approximately $850 million in cash, boosted to over $1 billion after MIMRYLO approval milestone and opt-out fee.

• Announced a $300 million share buyback, reflecting confidence in future revenue and robust cash reserves.

• Prioritizing R&D investment, with no foreseeable need for equity raises due to strong financial position.

• Strategy aims to deliver new drugs, benefit patients, and create shareholder value while maintaining financial flexibility.

Product launches and commercial outlook

• ICOTYDE launched as the only oral IL-23 blocker, exceeding high expectations and showing strong real-world appeal due to convenience and efficacy.

• MIMRYLO approved with a broad, clean label for polycythemia vera, expected to see increasing adoption after initial slow uptake.

• Takeda forecasts $1–2 billion peak sales for MIMRYLO, with broad utility and symptom improvement claims in the label.

• No black box warning or carcinogenicity concerns for MIMRYLO; suitable for a wide patient population.

• Oral hepcidin in development to address long-term treatment preferences in chronic diseases.

Pipeline and R&D priorities

• R&D remains the top priority, with multiple programs advancing, including oral IL-17 (PN-881) and oral IL-4 blockers.

• Oral IL-17 program progressing to a comprehensive phase II-B study after promising phase I data.

• Oral IL-4 blocker (Dupixent-like) candidate expected to be announced next year.

• Platform enables development of oral peptides for chronic indications, aiming to replace injectables where possible.

• Exploring once-daily and once-weekly oral formulations for various targets, including obesity and I&I.