Protagonist Therapeutics (PTGX) Corporate presentation summary

Strategic partnerships and financial outlook

• Multiple collaborations with Johnson & Johnson and Takeda provide significant milestone and royalty opportunities, with up to $1.2B in potential sales milestones from icotrokinra and rusfertide, and strong cash reserves to fund internal programs and consider shareholder returns.

• Icotrokinra collaboration includes $337.5M received, up to $630M in future milestones, and 6–10% royalties, with additional sales-based payments.

• Rusfertide partnership with Takeda offers up to $1.675B in milestones and up to 29% royalties in the opt-out scenario, with a 50:50 US profit/loss share if opted in.

Pipeline and clinical development

• Robust pipeline includes late-stage assets icotrokinra (oral IL-23R antagonist) and rusfertide (hepcidin mimetic), both with NDAs submitted and potential blockbuster status.

• Icotrokinra targets psoriasis, psoriatic arthritis, ulcerative colitis, and Crohn's disease, with multiple Phase 3 trials completed or ongoing and regulatory submissions in 2025.

• Rusfertide addresses polycythemia vera, with Phase 3 VERIFY study meeting all endpoints and NDA submitted in December 2025; approval and launch expected in 2H 2026.

• Additional pipeline assets include PN-881 (oral IL-17 antagonist), PN-8047 (oral hepcidin mimetic), and anti-obesity candidates PN-477 and PN-458, all advancing toward clinical development.

Clinical efficacy and safety highlights

• Icotrokinra demonstrated high rates of skin clearance and durable response in psoriasis, with safety comparable to placebo and strong efficacy in ulcerative colitis versus benchmarks.

• Rusfertide showed durable hematocrit control, reduced phlebotomy needs, and improved patient-reported outcomes in PV, with a favorable safety profile and regulatory designations for expedited review.

• Preclinical and early clinical data for PN-881, PN-8047, PN-477, and PN-458 indicate potent activity, oral bioavailability, and promising efficacy in relevant disease models.