Protagonist Therapeutics (PTGX) Barclays 28th Annual Global Healthcare Conference summary

Company overview and innovation focus

• Focused on novel peptide therapeutics, with expertise in both injectable and oral peptides since 2008.

• Two lead assets, icotrokinra (oral IL-23 blocker) and rusfertide (injectable hepcidin mimetic), showed strong phase III data and are expected to receive approval in 2024.

• Icotrokinra targets psoriasis and other indications, partnered with J&J since preclinical stage.

• Rusfertide, partnered with Takeda in 2024, targets polycythemia vera and recently received priority review.

• Pipeline includes oral IL-17 and IL-4 programs, and a portfolio of obesity and hematology assets.

Clinical development and differentiation

• Icotrokinra is the first oral IL-23 blocker, with phase III studies in multiple indications and strong head-to-head data versus competitors.

• Rusfertide is positioned as the first erythrocyte-specific agent for polycythemia vera, with no expected overlap with future oral hepcidin assets.

• Oral IL-17 (PN-881) is in phase I, aiming for bimekizumab-like potency and dual isoform activity, with phase II in psoriasis planned if phase I is successful.

• Obesity pipeline includes an oral triple GLP-GIP-GCG, dual agonists, and amylin programs, with clinical studies starting in the second half of the year.

• Preclinical evaluation emphasizes oral bioavailability and potency, with extended timelines to ensure optimal candidate selection.

Business strategy and partnerships

• Prefers to take assets to clinical proof-of-concept before partnering, leveraging pharma partners for large indications.

• Financially positioned to self-fund studies but values pharma partnerships for scale and expertise.

• Partnership models may evolve to include higher participation or creative cost-sharing for future programs.

• For rare diseases, plans to retain full control and bring assets to market independently.

• Expects not to require external fundraising, aiming to avoid shareholder dilution.