Protagonist Therapeutics, Inc.
protagonist-inc.comWhat Do They Do?
Develops peptide drug candidates for inflammatory, blood and metabolic diseases, licensing or co-developing them with pharmaceutical companies.
10-K for FY2025, filed Feb 25, 2026Protagonist Therapeutics, Inc. (referred to as “Protagonist,” the “Company,” “we,” “our” or “us”) is an integrated discovery and…View ↗
Icotyde™ (icotrokinra) is a first-in-class investigational targeted oral peptide that selectively blocks the Interleukin-23 receptor…View ↗
PN-881. We are developing PN-881, a potential best-in-class oral peptide IL-17 antagonist, for the treatment of immune-mediated skin…View ↗
PN-477. In June 2025, we nominated PN-477, a potential best-in-class novel triple GLP-1, GIP and GCG receptor agonist peptide with oral…View ↗
How Do They Make Money?
Protagonist receives upfront and milestone payments from pharmaceutical partners, shares costs under collaboration agreements, and earns royalties on licensed products when sales occur; milestone payments are tied to development, regulatory or sales milestones.
10-K for FY2025, filed Feb 25, 2026The Company derives revenues from its collaboration partners, consisting of non-refundable upfront and milestone payments and cost sharing…View ↗
Milestone payments: At the inception of each arrangement or amendment that includes development, regulatory or commercial milestone…View ↗
Royalties: For arrangements that include sales-based royalties, including milestone payments based on the level of sales, where the license…View ↗
$46M
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10-K for FY2025, filed Feb 25, 2026
$46M ↗
Who Are Their Customers?
Its customers are pharmaceutical collaboration partners, including Johnson & Johnson and Takeda, which license drug candidates and work with Protagonist on development.
10-K for FY2025, filed Feb 25, 2026The Company derives revenues from its collaboration partners, consisting of non-refundable upfront and milestone payments and cost sharing…View ↗
Icotyde™ (icotrokinra) is a first-in-class investigational targeted oral peptide that selectively blocks the Interleukin-23 receptor…View ↗
In January 2024, we entered into a worldwide license and collaboration agreement for rusfertide with Takeda (the “Takeda Collaboration…View ↗
10-K for FY2025, filed Feb 25, 2026
The Company derives revenues from its collaboration partners, consisting of non-refundable upfront and milestone payments and cost sharing…View ↗
Do Revenues Turn Into Profits?
Not on paper. It lost $130.1M in FY2025, but brought in more cash than it spent: $56.1M of free cash flow.
10-K for FY2025, filed Feb 25, 2026
−$158.1MView ↗
10-K for FY2025, filed Feb 25, 2026
−$130.1MView ↗
10-K for FY2025, filed Feb 25, 2026
$56.1MView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Aug 5, 2026
$162.8MView ↗
- ▲ Now profitable
- vs −$34.8M in Q2 FY2025
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Aug 5, 2026
Takeda received exclusive worldwide rusfertide rights after Protagonist opted out
The election triggered a $200 million payment, with another $200 million opt-out fee and a $75 million milestone due upon FDA approval.
Sources
8-K, filed Aug 5, 2026
Takeda holds exclusive worldwide development and commercialization rights to rusfertide following Protagonist's opt-out election in April…View ↗
Growing. Revenue grew 68% in 4 years, from $27.4M in FY2021 to $46M in FY2025, about 14% a year.
Added obesity programs
The older report framed programs around blood disorders and inflammatory diseases. The latest report also includes metabolic disease programs, including peptide candidates for obesity.
10-K for FY2022, filed Mar 15, 2023 10-K for FY2025, filed Feb 25, 2026We are a biopharmaceutical company with peptide-based new chemical entities rusfertide and JNJ-2113 (formerly known as PN-235) in different…View ↗
Rusfertide partnership
Rusfertide was wholly owned in the older report; the latest report describes a collaboration with Takeda to develop and commercialize it, with shared profits and losses in the United States and royalties outside it.
10-K for FY2022, filed Mar 15, 2023 10-K for FY2025, filed Feb 25, 2026Our most advanced clinical asset, rusfertide (generic name for PTG-300), is an injectable hepcidin mimetic in development for the potential…View ↗
Who Do They Compete With?
Competes with Novartis, Eli Lilly, Bausch Health, Johnson & Johnson, AbbVie, UCB, Amgen, Pfizer, Bristol Myers Squibb, Alumis, MoonLake, PeptiDream, Ascletis Pharma, Incyte, Silence Therapeutics, Disc Medicine, Novo Nordisk, Viking Therapeutics, Structure Therapeutics, and Boehringer Ingelheim
10-K for FY2025, filed Feb 25, 2026In psoriasis and PsA, competition will come from companies with approved injectable agents in the IL-17 and IL-12/23 pathway, including…View ↗
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