Protagonist Therapeutics (PTGX) Corporate presentation summary

Business model and financial position

• $834.6M in cash, equivalents and marketable securities as of Sept. 30, 2026; $275M received in October following MIMRYLO approval, including a $200M opt-out payment and $75M FDA milestone.

• Partnerships offer ~ $1.5B in potential future milestones, plus tiered worldwide royalties of 6–10% on ICOTYDE and 14–29% on MIMRYLO.

• $300M share buyback announced in September 2026; presentation cited no expected equity raise in the foreseeable future.

• Partnered commercial assets and wholly owned programs target combined addressable markets exceeding $100B.

ICOTYDE

• FDA-approved in March 2026 for moderate-to-severe plaque psoriasis; China approval followed in August and EC approval/marketing authorization in September 2026.

• More than 20,000 U.S. patients initiated treatment through nearly 9,000 prescribers; ~60% were systemic-naïve, and coverage extended across all national plans.

• Four Phase 3 studies supported approval, meeting all primary endpoints and showing a favorable safety profile in 2,500+ patients.

• J&J partnership economics include $387.5M in payments earned, $580M in potential future milestones, 6–10% tiered royalties and >$10B peak-sales potential.

• Phase 3 studies are ongoing in psoriatic arthritis and ulcerative colitis; Crohn’s disease is in Phase 2/3, with listed primary completion dates from 2027 to 2028.

MIMRYLO

• FDA-approved in August 2026 for erythrocytosis in adults with polycythemia vera; the VERIFY Phase 3 study met its primary and all four key secondary endpoints.

• 76.9% of patients achieved response between Weeks 20–32; treatment maintains hematocrit control, reduces phlebotomy burden and improves fatigue.

• Takeda partnership includes $800M in payments earned to date, $875M in potential future milestones and 14–29% tiered worldwide royalties; Takeda-guided peak sales are $1–2B.

• Takeda reported rapid incorporation into NCCN guidelines in September 2026 as the only Category 1 option for both low- and high-risk PV.