Protagonist Therapeutics, Inc

Protagonist Therapeutics is a U.S.-based biopharmaceutical company focused on discovering and developing peptide-based medicines for inflammatory and immunologic diseases, hematology, and metabolic disorders. Its pipeline includes internally discovered programs and partnered assets developed with large pharmaceutical collaborators.

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12.71

12.71

— Protagonist Therapeutics, Inc
%
Partnered development programs55% Licensed and collaboration-based drug candidates advanced with pharmaceutical partners.
Internal clinical pipeline35% Company-discovered therapeutic candidates in clinical development across I&I and hematology.
Discovery research programs10% Early-stage peptide discovery efforts targeting validated biology in new disease areas.

Protagonist does not sell commercial products directly; its economic counterparties are pharmaceutical partners that...

  • Pharmaceutical collaboration partnersprimary

    Partners such as JNJ and Takeda fund development, pay milestones, and may commercialize assets.

  • Specialty prescriberssecondary

    Dermatologists, hematologists, and other specialists who would prescribe approved therapies.

  • Patients in targeted disease areassecondary

    Patients with psoriasis, polycythemia vera, and other immune-mediated or metabolic diseases.

  • Payers and reimbursement systemssecondary

    Insurers and health systems that determine access and uptake for approved specialty drugs.

Protagonist is headquartered in the United States and conducts its research and development from a U.S. operating base...

  • •Headquartered and operated from the United States
  • •Clinical and discovery work centered in the U.S.
  • •Partner filings include the FDA and EMA for Icotyde
  • •Future commercialization depends on partner launch footprints
  • •Global exposure is driven by partnered drug approvals

The company’s strategy is to build value through differentiated peptide therapeutics against biologically validated...

01
Advance partnered late-stage assetsshort-term

Partnered programs can convert clinical progress into milestone and royalty economics without building a full commercial organization.

02
Broaden the internal pipelinemedium-term

Multiple programs reduce dependence on any single asset and create future partnering opportunities.

03
Preserve partnering optionalitymedium-term

Collaboration structures can provide non-dilutive funding and commercialization leverage.

Protagonist is highly dependent on clinical success, regulatory approval, and partner execution, because it has no...

critical

Dependence on clinical development success

The company’s value is tied to product candidates that must prove safety and efficacy in trials.

Scope
All pipeline programs
Materiality
high
high

Regulatory approval risk

FDA and EMA decisions determine whether partnered and internal assets can reach market.

Scope
Icotyde, rusfertide, other candidates
Materiality
high
high

Partner concentration and execution risk

Revenue and commercialization depend on a small number of collaboration partners.

Scope
JNJ, Takeda
Materiality
high
high

Capital funding risk

Ongoing R&D and pre-commercial work require external funding if collaboration cash is insufficient.

Scope
Clinical and discovery programs
Materiality
high
medium

Competitive therapeutic landscape

Competing drugs may offer better efficacy, convenience, or pricing in target indications.

Scope
Psoriasis, PV, obesity, I&I
Materiality
medium
License and collaboration revenue recognition
Can create large quarter-to-quarter swings in revenue
Deferred revenue
Affects balance sheet liabilities and future revenue recognition
Stock-based compensation
Impacts reported operating loss and comparability
Clinical trial accruals and estimates
Can shift expense recognition between periods

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: 29/04/2026