Protagonist Therapeutics (PTGX) investor relations material

Executive summary

• Achieved FDA approval for ICOTYDE (icotrokinra) in March 2026 for moderate-to-severe plaque psoriasis, triggering a $50M milestone payment from JNJ and future royalties of 6%–10%.

• NDA for rusfertide in polycythemia vera under priority review, with a PDUFA target action date in Q3 2026.

• Opted out of U.S. profit-sharing for rusfertide with Takeda in April 2026, triggering a $200M payment and eligibility for up to $1.05B in milestones and up to 29% royalties.

• Ended Q1 2026 with $620.3M in cash, cash equivalents, and marketable securities.

• Advanced clinical pipeline with PN-881 Phase 1 completion expected mid-2026 and Phase 2 initiation by year-end; PN-477 Phase 1 initiation expected mid-2026 and Q1 2027.

Financial highlights

• Q1 2026 revenue: $56.4M, up 99% year-over-year, driven by the $50M ICOTYDE milestone and Takeda collaboration revenue.

• Net income for Q1 2026: $3.8M ($0.06 basic EPS, $0.05 diluted EPS), compared to a net loss of $11.7M ($0.19 per share) in Q1 2025.

• Research and development expenses increased 30% year-over-year to $46.7M, mainly due to new clinical and preclinical programs.

• General and administrative expenses rose 13% year-over-year to $13.3M, primarily from higher personnel costs.

• Cash used in operating activities: $48.9M; cash provided by investing activities: $90.9M; cash from financing: $23.4M.

Outlook and guidance

• Cash runway expected through at least 2028 based on current cash position and anticipated milestone payments.

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

• Research and development expenses projected to increase as multiple clinical and preclinical programs advance.

• Anticipates efficient capital return strategy implementation at an appropriate time.

• PN-881 and PN-477 clinical milestones targeted for mid-2026 through Q1 2027.