Protagonist Therapeutics, Inc
PTGX evidence brief
What we can confirm
- BioSniper Score:
- 5.1 / 10
- Market Cap:
- $9.12B
- Lead Asset:
- Icotyde (BLA Filed)
What it means
What to watch
Prepared research question
What matters most for PTGX—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · PTGX
Protagonist Therapeutics is a discovery-through-late-stage-development biopharmaceutical company focused on peptide therapeutics for inflammation, hematology, and metabolic diseases, with two partnered NDAs filed and a preclinical pipeline of wholly owned obesity and hepcidin candidates.
Key risk: Partnered asset dependency
BioSniper Score
Based on 5 of 6 signals
Financial data as of Jun 30, 2026.
Tracking 2 pipeline candidates · 2 clinical trials · 1 catalyst for Protagonist Therapeutics, Inc.
Protagonist Therapeutics is a discovery-through-late-stage-development biopharmaceutical company focused on peptide therapeutics for inflammation, hematology, and metabolic diseases, with two partnered NDAs filed and a preclinical pipeline of wholly owned obesity and hepcidin candidates.
- Cash & equivalents of $420.1M, total revenue of $213.5M, net income of $162.8M, and shareholders' equity of $841.5M as of 2026-06-30 [sec].
- NDA for rusfertide (injectable hepcidin mimetic) submitted to FDA, with potential approval and launch in 2026 [news · published 2026-02-25].
- NDA for ICOTYDE (icotrokinra, oral IL-23R antagonist) submitted by JNJ in July 2025 for plaque psoriasis; U.S. regulatory decision anticipated in 2026 [news · published 2026-02-25] [sec_mda · as of 2025-11-06].
- Wholly owned preclinical pipeline includes PN-477 (oral and s.c. triple GLP-GIP-GCG agonist) and PN-458 (oral and s.c. dual GLP-1/GIP agonist) for obesity, with IND-enabling studies ongoing [sec · filed 2026-04-28] [sec_mda · as of 2026-05-05].
- Company expects to opt-out of the 50:50 profit/loss sharing arrangement for rusfertide with Takeda during a 90-day window expected to open in Q2 2026 [news · published 2026-02-25].
What works
- Two partnered assets (rusfertide and icotrokinra) have completed Phase 3 and had NDAs filed, de-risking late-stage regulatory pathway [news · published 2026-02-25].
- Strong cash position ($420.1M as of 2026-06-30) provides runway to fund wholly owned programs to clinical proof-of-concept [sec] [news · published 2026-02-25].
- Proprietary peptide discovery platform has generated multiple wholly owned development candidates (PN-477, PN-458, PN-8047) targeting large markets (obesity, polycythemia vera) [sec · filed 2026-04-28] [sec_mda · as of 2026-05-05].
What to weigh
- Both NDA-stage assets (rusfertide, icotrokinra) are partnered, meaning Protagonist shares economics and may not retain full profit from potential launches [news · published 2026-02-25].
- Wholly owned pipeline candidates (PN-477, PN-458, PN-8047) are still in preclinical or IND-enabling stages, with Phase 1 starts not expected until mid-2026 or later, carrying inherent clinical risk [sec · filed 2026-04-28] [sec_mda · as of 2026-08-05].
- Company's revenue ($213.5M as of 2026-06-30) is likely tied to partnership milestones and royalties, which may be lumpy and dependent on partner execution [sec].
From the filings
Quoted directly from source documents.
NDA submission for rusfertide
“NDA for rusfertide submitted to the US Food and Drug Administration (FDA), with potential approval and launch this year”
News · February 25, 2026
ICOTYDE NDA submission and regulatory decision timing
“U.S. regulatory decision for ICOTYDE ™ (icotrokinra) anticipated in 2026 with potential launch this year”
News · February 25, 2026
Wholly owned obesity candidate PN-477
“IND-enabling studies of PN-477 are underway and the initiation of Phase 1 clinical studies in PN-477sc and PN-477o are anticipated by mid-2026 and in the second half of 2026, respectively”
SEC filings · April 28, 2026
Catalyst timeline
- 2041-11-19 · Patent_Expiry · ICOTROKINRA HYDROCHLORIDE — Patent_Expiry: NDA220149 — Patent expiry for icotrokinra; long-term milestone that may affect exclusivity.
Risks & what to watch (3)›
Key risks
- Partnered asset dependency — Both late-stage assets are partnered; Protagonist may not retain full profit share and opt-out window for rusfertide is pending [news · published 2026-02-25]
- Preclinical pipeline uncertainty — Wholly owned candidates (PN-477, PN-458, PN-8047) are preclinical; Phase 1 starts are 1-2 years away, with no guarantee of success [sec · filed 2026-04-28] [sec_mda · as of 2026-08-05]
- Revenue concentration risk — Revenue ($213.5M as of 2026-06-30) likely tied to partnership milestones; lumpy and dependent on partner execution [sec]
What to watch
- FDA approval decision for rusfertide in 2026 [news · published 2026-02-25]
- U.S. regulatory decision for ICOTYDE (icotrokinra) in 2026 [news · published 2026-02-25]
- Opt-out decision for rusfertide profit-sharing with Takeda in Q2 2026 [news · published 2026-02-25]
- Initiation of Phase 1 studies for PN-477 (mid-2026) and PN-458 (second half of 2027) [sec · filed 2026-04-28] [sec_mda · as of 2026-08-05]
Sources: News · SEC filings · SEC MD&A · Generated September 30, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 5 of 6 signals · derived from public data
Cash runway data unavailable
D/E 0.05 · 8% dilution
Lead: BLA Filed
2 candidates
1 upcoming, next in ~5515d
0 buys · 11 sells (180d)
Catalysts
Pipeline
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
317
Total value held
$8.05B
| Holder | Shares | Value |
|---|---|---|
| blackrock, inc. | 9,779,369 | $1.03B |
| farallon capital management llc | 6,348,906 | $669.2M |
| ubs group ag | 5,177,796 | $545.7M |
| rtw investments, lp | 5,059,053 | $533.2M |
| wellington management group llp | 3,599,644 | $379.4M |
| vanguard portfolio management llc | 3,481,211 | $366.9M |
| state street corp | 3,116,749 | $328.5M |
| janus henderson group plc | 2,891,527 | $304.9M |
| vanguard capital management llc | 2,805,896 | $295.7M |
| johnson & johnson | 2,449,183 | $258.1M |
Showing top 10 of 317 institutional holders of Protagonist Therapeutics, Inc. Open the full 13F history after sign-in.
Short Interest
as of May 22, 2026- % of float
- 13.6%
- Days to cover
- 10.7
- Shares short
- 7,540,996
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
PTGX short interestGovernance
Frequently asked questions
What is the AI investment thesis for Protagonist Therapeutics, Inc?
Protagonist Therapeutics is a discovery-through-late-stage-development biopharmaceutical company focused on peptide therapeutics for inflammation, hematology, and metabolic diseases, with two partnered NDAs filed and a preclinical pipeline of wholly owned obesity and hepcidin candidates.
What is Protagonist Therapeutics, Inc's lead drug candidate?
Protagonist Therapeutics, Inc's most advanced tracked candidate is Icotyde (BLA Filed) for Moderate-to-severe plaque psoriasis, psoriatic arthritis, inflammatory bowel disease.
What is Protagonist Therapeutics, Inc's next catalyst?
Protagonist Therapeutics, Inc's next tracked catalyst is a Patent_Expiry event — "Patent_Expiry: NDA220149" — expected November 19, 2041.
Who is the CEO of Protagonist Therapeutics, Inc?
Dr. Dinesh V. Patel Ph.D. is the chief executive officer of Protagonist Therapeutics, Inc (PTGX).
Where is Protagonist Therapeutics, Inc headquartered?
Protagonist Therapeutics, Inc (PTGX) is headquartered in Newark, CA, United States.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.