Protagonist Therapeutics (PTGX) Corporate presentation summary

Commercial and partnered assets

• ICOTYDE (icotrokinra), an oral IL-23R antagonist, is FDA approved for moderate-to-severe plaque psoriasis and partnered with J&J, with >$10B peak sales potential and 6-10% royalties plus milestone payments.

• MIMRYLO (rusfertide), a hepcidin mimetic for polycythemia vera, is FDA approved and partnered with Takeda, with $1-2B peak sales potential and 14-29% royalties plus milestone payments.

• Both assets drive a revenue engine supporting R&D and target combined addressable markets exceeding $100B.

Financial position and funding model

• $849.5M in cash, cash equivalents, and marketable securities as of June 30, 2026.

• Additional $275M in payments triggered by MIMRYLO approval, with $1.5B in potential future milestone payments from partnerships.

• Royalty streams from ICOTYDE (6-10%) and MIMRYLO (14-29%) expected, with no anticipated equity raise and a $300M share buyback announced.

R&D pipeline and clinical development

• Wholly-owned pipeline includes PN-881 (oral IL-17A/F antagonist), PN-477 (triple GLP-1/GIP/GCG agonist), PN-458 (dual GLP-1/GIP agonist), and PN-8047 (oral hepcidin mimetic).

• PN-881 completed Ph1, with Ph2b in psoriasis to initiate in Q1 2027; targets a >$55B market opportunity.

• PN-477 and PN-458 are advancing as oral and injectable anti-obesity therapies, showing significant preclinical weight loss and favorable potency profiles.

• PN-8047, an oral hepcidin mimetic, is entering Ph1 in Q1 2027 for polycythemia vera.