Protagonist Therapeutics, Inc
PTGX evidence brief
What we can confirm
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 biopharmaceutical company focused on discovering and developing peptide-based therapies for hematology, immunology/inflammation, and metabolic diseases, with a lead product candidate rusfertide (for polycythemia vera) and a partnered oral IL-17 program.
Key risk: Dependence on partners
BioSniper Score
Based on 6 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 biopharmaceutical company focused on discovering and developing peptide-based therapies for hematology, immunology/inflammation, and metabolic diseases, with a lead product candidate rusfertide (for polycythemia vera) and a partnered oral IL-17 program.
- As of June 30, 2026, Protagonist reported cash and equivalents of $420.4M, total revenue of $213.5M, net income of $162.8M, and shareholders' equity of $668.0M [sec].
- The company's lead candidate, rusfertide, is being developed for polycythemia vera, and its commercialization depends on collaboration partners [sec_mda · as of 2026-08-05].
- Protagonist has an oral IL-17 peptide antagonist program targeting three IL-17 dimers for conditions like hidradenitis suppurativa and plaque psoriasis [sec_mda · as of 2024-11-07].
- The company's discovery pipeline focuses on hematology/blood disorders, immunology/inflammation (I&I) diseases, and metabolic diseases including obesity [sec_mda · as of 2024-11-07].
- As of December 31, 2025, Protagonist had an accumulated deficit of $470.7 million [sec_mda · as of 2026-02-25].
What works
- Protagonist has a strong cash position of $420.4M as of June 30, 2026, providing runway for ongoing development [sec].
- The company achieved profitability in the latest reported period, with net income of $162.8M as of June 30, 2026 [sec].
- The oral IL-17 program targets multiple dimers (AA, AF, FF) and could address large markets like hidradenitis suppurativa and psoriasis [sec_mda · as of 2024-11-07].
What to weigh
- Protagonist has an accumulated deficit of $470.7 million as of December 31, 2025, indicating historical losses [sec_mda · as of 2026-02-25].
- Commercialization of key assets like rusfertide and ICOTYDE depends on collaboration partners, limiting direct control [sec_mda · as of 2026-08-05].
- The company may require additional funding to advance early discovery pipeline and in-license other candidates [sec_mda · as of 2025-11-06].
From the filings
Quoted directly from source documents.
Protagonist's cash position and accumulated deficit as of year-end 2025
“As of December 31, 2025, we had $646.0 million of cash, cash equivalents and marketable securities and an accumulated deficit of $470.7 million.”
SEC MD&A · February 25, 2026
The oral IL-17 program targets three IL-17 dimers for inflammatory diseases
“In January 2024, we announced a new oral Interleukin-17 ("IL-17") peptide antagonist program targeting three IL-17 dimers (IL-17 AA, AF and FF) which may offer potential treatment options for hidradenitis suppurativa, spondyloarthritis, plaque psoriasis and psoriatic arthritis.”
SEC MD&A · November 7, 2024
Commercialization of ICOTYDE and rusfertide depends on collaboration partners
“the commercialization of our product candidates, if approved, which for ICOTYDE and rusfertide depends largely on the efforts of our collaboration partners”
SEC MD&A · August 5, 2026
Protagonist's pipeline includes hematology, I&I, and metabolic diseases
“Our discovery pipeline has strategically focused on i) hematology and blood disorders, ii) I&I diseases and iii) metabolic diseases, including obesity.”
SEC MD&A · November 7, 2024
Catalyst timeline
- 2041-11-19 · Patent_Expiry · ICOTYDE — Patent/Exclusivity Expiry: ICOTYDE — The patent/exclusivity expiry for ICOTYDE could affect market exclusivity and competitive positioning.
Risks & what to watch (4)›
Key risks
- Dependence on partners — Commercialization of rusfertide and ICOTYDE relies on collaboration partners, reducing control over timelines and revenue [sec_mda · as of 2026-08-05].
- Clinical and regulatory uncertainty — Forward-looking statements highlight risks in clinical trial enrollment, costs, and regulatory approvals [sec_mda · as of 2026-08-05].
- Need for additional funding — Protagonist may require extra capital to advance early discovery and in-license candidates [sec_mda · as of 2025-11-06].
- Accumulated deficit — As of December 31, 2025, the company had an accumulated deficit of $470.7 million [sec_mda · as of 2026-02-25].
What to watch
- Progress of rusfertide clinical trials and regulatory submissions [sec_mda · as of 2026-08-05].
- Advancement of the oral IL-17 program into IND-enabling studies [sec_mda · as of 2024-11-07].
- Milestone payments and royalties from collaboration partners [sec_mda · as of 2026-08-05].
- Patent expiry for ICOTYDE on November 19, 2041 [catalyst].
Sources: Catalysts · SEC MD&A · Generated August 27, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 6 of 6 signals · derived from public data
Profitable (positive operating cash flow)
D/E 0.05 · 8% dilution
Lead: BLA Filed
2 candidates
1 upcoming, next in ~5560d
0 buys · 16 sells (180d)
Catalysts
Pipeline
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
320
Total value held
$8.15B
| Holder | Shares | Value |
|---|---|---|
| blackrock, inc. | 9,779,369 | $1.03B |
| farallon capital management llc | 6,348,906 | $669.2M |
| janus henderson group plc | 5,783,054 | $609.7M |
| 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 |
| woodline partners lp | 2,828,346 | $298.1M |
| vanguard capital management llc | 2,805,896 | $295.7M |
| perceptive advisors llc | 2,461,758 | $259.5M |
Showing top 10 of 320 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 biopharmaceutical company focused on discovering and developing peptide-based therapies for hematology, immunology/inflammation, and metabolic diseases, with a lead product candidate rusfertide (for polycythemia vera) and a partnered oral IL-17 program.
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/Exclusivity Expiry: ICOTYDE" — 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.