Protagonist Therapeutics (PTGX) Q3 2026 earnings summary

Executive summary

• Q3 license and collaboration revenue was $274.4M and net income was $220.0M, largely reflecting Takeda payments; nine-month revenue was $544.3M and net income was $386.6M.

• FDA approval of MIMRYLO triggered $275.0M in Takeda payments, comprising a $200.0M opt-out payment and a $75.0M milestone; ICOTYDE continued international expansion.

Financial highlights

• Q3 license and collaboration revenue was $274.4M vs. $4.7M in Q3 2025; nine-month revenue was $544.3M vs. $38.6M.

• Q3 operating income was $218.3M vs. a $46.4M loss; nine-month operating income was $373.5M vs. a $107.8M loss.

• Q3 net income was $220.0M, or $3.07 diluted EPS; nine-month net income was $386.6M, or $5.43 diluted EPS.

• Q3 R&D and G&A expenses were $41.3M and $13.7M; nine-month expenses were $130.1M and $39.6M, respectively.

Outlook and guidance

• R&D expense is expected to rise for the remainder of 2026, reflecting PN-881 development, clinical manufacturing, discovery programs, headcount and stock-based compensation.

• PN-881 Phase 2b dose-ranging study is planned for early Q1 2027; oral PN-4770 Phase 1 is anticipated in H1 2027.

• PN-8047 Phase 1 is anticipated in Q1 2027 and PN-4580 Phase 1 in H2 2027; MIMRYLO extension work continues through Q1 2027, with remaining costs reimbursed by Takeda.

• Cash, cash equivalents and marketable securities are expected to fund operations for at least 12 months from the filing date; no near-term additional funding is anticipated.