Protagonist Therapeutics (PTGX) TD Cowen 46th Annual Health Care Conference summary

Strategic vision and financial independence

• Transitioned from a platform company to developing and commercializing assets through partnerships, achieving financial independence to fund future R&D without shareholder dilution.

• Focus remains on addressing unmet needs with strong product differentiation, scaling R&D for greater impact across short, medium, and long-term horizons.

Icotrokinra (Iko) and market potential

• Iko, an oral IL-23 blocker, is positioned as a first- and only-in-class therapy with placebo-like safety and strong efficacy, especially in psoriasis.

• J&J's marketing research indicates significant patient willingness to switch from injectables to oral therapy, with potential to capture and expand the market.

• Consensus analyst estimates for Iko's market opportunity range from $10–12 billion, with potential to rival leading injectable competitors.

• Psoriatic arthritis market is estimated at 10–15% of the broader psoriasis/IBD market, with high optimism for efficacy translation.

IBD and clinical development

• Phase II UC data for Iko showed 30% clinical remission, with balanced efficacy in both biologic-naive and experienced patients.

• Phase III studies maintain similar inclusion criteria, with expectations for strong performance based on receptor targeting and preclinical data.

• Iko is anticipated to be used across the treatment spectrum, including as a first-line therapy and in combination regimens.