Protagonist Therapeutics (PTGX) investor relations material

Introduction and purpose

• ICOTYDE (icotrokinra) received FDA approval for moderate-to-severe plaque psoriasis in adults and adolescents 12 years and older weighing at least 40 kg who are candidates for systemic therapy or phototherapy.

• ICOTYDE is the first and only oral peptide therapy targeting the IL-23 receptor, offering a new treatment modality compared to injectable biologics.

• The approval marks a significant milestone after 13 years of research and validates the peptide technology platform.

Details of approval or decision

• FDA approval was based on four phase III studies involving about 2,500 patients, all meeting primary endpoints and demonstrating a favorable safety profile.

• The label is broad, covering both adults and adolescents, and includes head-to-head superiority data versus Sotyktu and comparisons with other therapies.

• ICOTYDE offers once-daily oral dosing with efficacy comparable to injectable biologics.

• FDA approval in March 2026 triggers a $50 million milestone payment, with up to $580 million in future milestones and 6–10% royalties for annual sales over $4 billion.

Impact on industry and stakeholders

• ICOTYDE is positioned as a first-in-class oral IL-23R antagonist, potentially transforming the plaque psoriasis treatment landscape and appealing to patients averse to injections.

• The exclusive partnership with Johnson & Johnson covers the IL-23 program, with no rights to other pipeline assets.

• Ongoing and future studies may expand ICOTYDE’s use to psoriatic arthritis, ulcerative colitis, and Crohn’s disease.