Protagonist Therapeutics (PTGX) 44th Annual J.P. Morgan Healthcare Conference summary

Strategic growth and pipeline expansion

• Next 12–24 months expected to bring significant growth, driven by two potential blockbuster approvals and launches, multiple clinical readouts, new discovery programs, and a strong cash position.

• Two mature partnered assets, Icotide (oral IL-23 blocker for psoriasis and IBD) and Rusfertide (RBC-centric therapy for PV), are nearing commercialization with anticipated launches this year.

• Pipeline includes fully owned assets: PN-881 (oral IL-17 antagonist), PN-477 (oral triple agonist for obesity), PN-458 (dual GLP-1/GIP agonist), and PN-8047 (oral hepcidin mimetic), with new discovery programs targeting IL-4 and amylin.

• Financial strength enables funding of all internal programs through 2028 and potential capital returns to shareholders.

Clinical and commercial highlights

• Icotide offers first-in-class oral IL-23 pathway blockade, aiming to set a new standard in psoriasis and IBD, with a potential $10B+ market opportunity and strong efficacy and safety data.

• Rusfertide demonstrated practice-changing results in PV, meeting all endpoints and offering rapid, consistent hematocrit control; approval and launch expected in the second half of the year.

• PN-881 targets the validated IL-17 pathway with best-in-class oral potential; Phase I completion expected mid-year, with Phase II in psoriasis planned by year-end.

• PN-8047, a small molecule oral hepcidin mimetic, complements Rusfertide and is entering Phase I by year-end.

• Obesity portfolio expanded with PN-477 (oral triple agonist), PN-458 (dual GLP-1/GIP agonist), and amylin agonist, all designed for oral and SubQ options.

Financial outlook and capital allocation

• Ended Q3 with $679M cash, sufficient to fund operations through 2028, excluding future milestones or royalties.

• Icotide partnership with J&J includes $600M in future milestones and 7.25–10% royalties, with potential for $400M–$2B annual pre-tax revenue depending on sales.

• Rusfertide partnership with Takeda offers a $400M opt-out fee, $100M in milestones, and 14–29% royalties, with a weighted average of 21% up to $1.5B sales.

• Over $1B in achievable sales milestones across both partnered assets; capital allocation will balance R&D investment and shareholder returns.