Protagonist Therapeutics (PTGX) Company presentation summary

Commercial and late-stage assets

• ICOTYDE, an oral IL-23R antagonist, received FDA approval for moderate-to-severe plaque psoriasis in March 2026, supported by four successful phase 3 trials and a favorable safety profile in 2,500 patients.

• Rusfertide, a first-in-class hepcidin mimetic for polycythemia vera (PV), completed phase 3 VERIFY study with significant efficacy and safety, NDA submitted, and potential FDA approval and launch expected in Q3 2026.

• Both assets are partnered with major pharmaceutical companies (ICOTYDE with J&J, Rusfertide with Takeda), providing substantial milestone and royalty revenue streams.

• ICOTYDE is positioned for expansion into additional indications including psoriatic arthritis, ulcerative colitis, and Crohn's disease, with ongoing and planned phase 3 studies.

• Rusfertide is expected to address significant unmet needs in PV, with peak revenue potential of $1–2 billion.

Pipeline and R&D programs

• PN-881, a wholly owned oral IL-17 antagonist, is in phase 1 with phase 2 initiation for plaque psoriasis planned for late 2026.

• PN-8047, an oral hepcidin mimetic, is advancing through IND-enabling studies with phase 1 initiation expected by year-end.

• PN-477 (triple GLP-1R/GIPR/GCGR agonist) and PN-458 (dual GLP-1R/GIPR agonist) are novel anti-obesity peptides in IND-enabling studies, with phase 1 trials for injectable and oral formulations planned for 2026–2027.

• The pipeline leverages a proprietary peptide technology platform, enabling oral delivery and targeting validated pathways in inflammation, hematology, and metabolic diseases.

• Additional discovery programs include oral IL-4Rα antagonists and amylin-based agonists.

Financials and business model

• Strong cash position of $620M as of Q1 2026, with no planned equity raise and potential share buyback program by year-end.

• Non-dilutive funding model supported by milestone and royalty payments from partnered assets.

• ICOTYDE partnership economics include $387.5M received to date, up to $580M in future milestones, and 6–10% tiered royalties (up to 10% for sales ≥$4B).

• Rusfertide partnership includes $325M received, up to $950M in future milestones, and 14–29% tiered royalties (up to 29% for sales ≥$1.5B).

• Internal programs are fully funded to clinical proof-of-concept.