Protagonist Therapeutics (PTGX) Q2 2026 earnings summary

Executive summary

• Achieved net income of $162.8 million for Q2 2026, reversing a net loss of $34.8 million in Q2 2025, driven by major milestone and opt-out payments from collaboration agreements.

• ICOTYDE received FDA approval in March 2026 for moderate-to-severe plaque psoriasis, with first full quarter of commercial sales and strong early adoption.

• Exercised opt-out right under Takeda Collaboration Agreement, resulting in a $200 million payment and eligibility for further milestone and royalty payments.

• Rusfertide NDA for polycythemia vera under FDA Priority Review, with PDUFA date in August 2026.

• Advanced R&D pipeline with PN-881 moving to Phase 2b for psoriasis and PN-477sc entering Phase 1 for obesity.

Financial highlights

• Q2 2026 license and collaboration revenue was $213.5 million, up from $5.5 million in Q2 2025, mainly due to Takeda opt-out and JNJ milestone payments.

• Net income for Q2 2026 was $162.8 million ($2.47 per basic share, $2.29 per diluted share), compared to a net loss of $34.8 million ($0.55 per share) in Q2 2025.

• Operating expenses increased 15% year-over-year to $54.7 million, reflecting higher R&D and G&A costs.

• Cash, cash equivalents, and marketable securities totaled $849.5 million as of June 30, 2026, up from $646.0 million at year-end 2025.

• Working capital as of June 30, 2026: $770.0 million.

Outlook and guidance

• Existing cash and investments expected to fund operations for at least the next twelve months.

• Anticipates significant increases in R&D expenses in the second half of 2026 due to advancement of clinical programs and new trials.

• PN-881 Phase 2b psoriasis program to initiate in early Q1 2027; Phase 1 for oral PN-477 anticipated in H1 2027.

• IND-enabling studies ongoing for PN-4580 and PN-8047, with Phase 1 starts expected in late 2027 and Q1 2027, respectively.

• Eligible for substantial future milestone and royalty payments from JNJ and Takeda, contingent on regulatory approvals and commercial launches.