Protagonist Therapeutics (PTGX) Corporate presentation summary

Commercial and partnered assets

• ICOTYDE (icotrokinra), an oral IL-23R antagonist, approved by FDA in March 2026 for moderate-to-severe plaque psoriasis, with positive EMA CHMP opinion in July 2026; partnered with J&J, offering 6-10% royalties and milestone payments, targeting over $10B peak sales.

• Rusfertide, a subcutaneous hepcidin mimetic for polycythemia vera, under FDA priority review with PDUFA in August 2026; partnered with Takeda, offering 14-29% royalties and milestone payments, with $1-2B peak sales potential.

• $912.5M in upfront and milestone payments earned through June 2026, with significant future milestone and royalty streams expected to finance R&D and potential capital return.

Wholly-owned pipeline and R&D progress

• PN-881, an oral IL-17A/F antagonist, completed Phase 1 and will initiate Phase 2b in psoriasis in early Q1 2027, targeting multiple inflammatory indications.

• PN-477, a novel triple GLP-1/GIP/GCG agonist, is in Phase 1 for subcutaneous dosing, with oral formulation entering Phase 1 in 1H 2027; demonstrates potent weight loss in preclinical models.

• PN-8047, an oral hepcidin mimetic, is IND-enabling with Phase 1 initiation planned for Q1 2027, aiming to expand hepcidin-based therapies for polycythemia vera.

• PN-458, an oral dual GLP-1/GIP agonist, is in IND-enabling studies, showing higher potency than tirzepatide and significant preclinical efficacy.

Financial position and business strategy

• $849.5M in cash as of Q2 2026, with no expected equity raise in the foreseeable future.

• Non-dilutive funding model supported by royalty streams and milestones from partnered assets.

• Potential share buyback program announcement anticipated by year-end.