Protagonist Therapeutics (PTGX) 8th Annual Wolfe Research Healthcare Conference summary

Icotrokinra launch and psoriasis data

• J&J partnership dates to 2017; launch enthusiasm and prescription trends were described as strong, with systemic-therapy-naive patients representing 60% and expanding use into first-line targeted therapy.

• Direct-to-consumer advertising is raising awareness; speakers emphasized placebo-like safety as a differentiator for long-term treatment of chronic psoriasis.

• ICONIC-ASCEND met PASI and IGA 0/1 co-primary endpoints and showed noninferiority to Stelara; superiority was not met overall, while the naive-patient subgroup achieved statistical significance versus Stelara.

• Psoriatic arthritis data showed improvements in joint and skin measures; ACR response levels were described as comparable in cross-trial comparisons with Tremfya and Skyrizi. Stelara was underpowered for efficacy comparison but showed numerical results favoring icotrokinra.

• Biologic-experienced pivotal study results are expected next year (2027); management noted a larger study population and potentially lower response rates than in biologic-naive patients.

IBD opportunity and combination strategy

• Phase II ulcerative colitis data showed 30% clinical remission; Phase III UC enrollment was complete, which management estimated was at least 9–12 months ahead of the enrollment timeline.

• Management sees combinations as most useful during 3–6 months of induction to control flares, with monotherapy potentially suitable for longer-term maintenance; icotrokinra was positioned as a potential maintenance pill and combination option.

• Management cited future potential across psoriatic arthritis, ulcerative colitis and Crohn’s disease as additional indications develop.

Oral IL-17 program

• Phase I exposure showed trough drug levels at 24 hours above the program’s IC90 benchmark; detailed Phase I data are expected at a medical conference in H1 2027.

• A comprehensive Phase IIb study is evaluating four doses against placebo; management expects to assess a potential second indication in H2 2027 based on blinded psoriasis data.

• Management expects to pursue a pharma partnership at the right stage and said financial flexibility allows time to seek suitable terms, potentially including co-development.