Protagonist Therapeutics (PTGX) Jefferies Global Healthcare Conference 2025 summary

ASCO conference highlights

• Plenary session at ASCO featured detailed efficacy and subgroup analyses for a new PV drug, showing strong results across all patient groups and significant symptom improvement, marking a first in clinical PV studies.

• Safety profile was favorable, with no unexpected concerns, and the drug was described as well-tolerated in placebo-controlled comparisons.

• Independent discussant at ASCO called the study "practice-changing" and recommended the drug become standard of care, highlighting its unique, RBC-specific mechanism and broad utility across the PV treatment paradigm.

Partnership and commercialization strategy

• Partnership with Takeda involves co-development and co-commercialization, with Takeda taking over regulatory responsibilities and leading the NDA filing.

• The opt-out scenario offers a $400M fee and up to $900M in milestones, with royalties ranging from 17%-29% globally, making it an attractive option.

• Decision on opt-in or opt-out will be made up to a year after NDA filing, allowing flexibility and strategic planning.

Pipeline and platform development

• Second lead program, an oral IL-23 peptide (ICO), is advancing with positive phase III psoriasis data, NDA filing, and pivotal studies in psoriatic arthritis and IBD, in partnership with J&J.

• Early pipeline includes an oral IL-17 agent with high potency, an oral obesity franchise, and an oral hepcidin mimetic, all leveraging the proprietary peptide platform.

• The oral IL-17 candidate is set for phase I in Q4, obesity program details will be announced soon, and the oral hepcidin is in preclinical development.