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

Growth and value creation outlook

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

• Two key partnered assets, Icotide (with J&J) and Rusfertide (with Takeda), are approaching commercialization.

• Pipeline expansion includes new fully owned assets and discovery programs targeting high-priority areas like IL-4 and amylin.

• Financial strength supports both internal R&D and potential shareholder returns.

Key assets and clinical progress

• Icotide is positioned as the first oral IL-23 pathway blocker, targeting psoriasis and other IL-23-mediated diseases, with a potential $10B+ market opportunity.

• Phase III data for Icotide show high efficacy and placebo-like safety, supporting NDA filing and anticipated commercial launch in psoriasis this year.

• Rusfertide, a synthetic hepcidin mimetic for PV, demonstrated practice-changing results in Phase III and is expected to launch in the second half of the year.

• Both assets have comprehensive clinical data packages and expedited regulatory pathways.

Pipeline innovation and new announcements

• PN-881, a best-in-class oral IL-17 antagonist, is in Phase I with Phase II in psoriasis planned by year-end.

• PN-8047, an oral hepcidin mimetic small molecule, complements Rusfertide and is expected to enter Phase I by year-end.

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

• IL-4 added as a new high-priority discovery target for I&I indications.