Last updated
Revenue
R&D Expenses
Operating CF
Total Assets
Total Liabilities
Equity
Shares Out.
D/E Ratio
Dilution Watch
Financials
52W LOW $73.0852W HIGH $160.81
Volume
763.10 K
Value Traded
81.55 M
Short % Float
13.3%
+2.2%Week
-2.74%1 Month
+10.66%3 Month
+47.31%6 Month
+197.96%5 Year
+726.58%All Time
Cash Data
- Monthly Burn
- Burn Trend
- Dilution Risk
- SEC Filing
Key Stats
Market Cap
9.30 B
EPS (TTM)
1.28
P/E Ratio
112.18
Ent. Value
8.45 B
Total Shares
64.70 M
Float Shares
61.22 M
Insiders
5.39%
Institutions
114.68%
Upcoming Catalysts
FDA decisions, readouts and PDUFA dates · scored by probability of approval
PTGX Catalyst Timeline
Dated clinical, regulatory and corporate events for Protagonist Therapeutics, Inc.
Catalyst Timeline
Dated clinical, regulatory & corporate events for Protagonist Therapeutics, Inc.
392Total events
15Upcoming
112Tier-1 (high impact)
2016 to 2028Coverage
Upcoming catalysts 2
Event history 50
▲FDA ApprovalRusfertideApprovedFDA Decision
FDA approval of MIMRYLO (rusfertide) for erythrocytosis in adults with PV
polycythemia verasource ↗
▲FDA ApprovalRusfertideApprovedFDA Decision
US FDA Approval of MIMRYLO™(rusfertide) for Treatment of Erythrocytosis in Adults with Polycythemia Vera (PV)
Erythrocytosis in Adults with Polycythemia Vera (PV)source ↗
▲FDA ApprovalRusfertideApprovedFDA Decision
FDA approval of MIMRYLO (rusfertide) for erythrocytosis in adults with polycythemia vera
polycythemia verasource ↗
▲Milestone PaymentRusfertideApprovedCorporate
FDA approval triggers $275 million in payments to Protagonist
▲Topline ReadoutRusfertideApprovedClinical Data
Phase 3 VERIFY results showing 76.9% response rate
polycythemia verasource ↗
▲Product LaunchRusfertideApprovedPost-Market
MIMRYLO to be commercialized by Takeda
polycythemia verasource ↗
▲Milestone PaymentRusfertideApprovedCorporate
$75 million milestone payment earned under Takeda collaboration
polycythemia verasource ↗
◆Primary Endpoint MeticotrokinraApprovedClinical Data
ICONIC-PsA 1 primary endpoint met
psoriatic arthritissource ↗
▲Partnership / LicenseRusfertideApprovedCorporate
Protagonist exercised opt-out right under Takeda collaboration for rusfertide
▲Partnership / LicenseRusfertideApprovedCorporate
Company expects to opt-out of 50:50 profit/loss sharing with Takeda for rusfertide
polycythemia verasource ↗
●NDA SubmissionRusfertideApprovedRegulatory Filing
Takeda assumed responsibility for NDA submission following Protagonist's opt-out election
polycythemia verasource ↗
▲FDA ApprovalICOTYDEApprovedFDA Decision
ICOTYDE approved in the U.S. for adults and pediatric patients 12+ years
moderate-to-severe plaque psoriasissource ↗
▲Milestone PaymentICOTYDEApprovedCorporate
$50 million milestone payment triggered by ICOTYDE approval
▲Oral PresentationICOTYDEApprovedPresentation
One-year Phase 3 data for ICOTYDE presented at AAD 2026
moderate-to-severe plaque psoriasissource ↗
▲FDA ApprovalICOTYDEApprovedFDA Decision
FDA approval of ICOTYDE for moderate-to-severe plaque psoriasis
moderate-to-severe plaque psoriasissource ↗
▲FDA Filing AcceptedRusfertideApprovedRegulatory Filing
FDA accepted NDA for rusfertide and granted Priority Review
polycythemia verasource ↗
▲Product LaunchICOTYDEApprovedPost-Market
ICOTYDE launched in the U.S.
moderate-to-severe plaque psoriasissource ↗
▲FDA ApprovalICOTYDEApprovedFDA Decision
ICOTYDE launched in the U.S. in March 2026
moderate-to-severe plaque psoriasissource ↗
▲Milestone PaymentICOTYDEApprovedCorporate
$50 million milestone payment from JNJ upon FDA approval of ICOTYDE
◆Primary Endpoint MeticotrokinraApprovedClinical Data
ICONIC-ASCEND primary endpoint met
psoriasissource ↗
▲Product LaunchicotrokinraApprovedPost-Market
ICOTYDE (icotrokinra) launched in the U.S.
moderate-to-severe plaque psoriasissource ↗
●Development Candidate NominationPN-458Preclinical
New development candidate PN-458, a dual GLP-GIP agonist for obesity
obesitysource ↗
●Development Candidate NominationPN-8047Preclinical
New wholly-owned development candidate PN-8047 (oral hepcidin functional mimetic) announced
●NDA SubmissionICOTYDEApprovedRegulatory Filing
NDA for ICOTYDE (icotrokinra) under FDA review
▲FDA Filing AcceptedICOTYDEApprovedRegulatory Filing
FDA filing acceptance for ICOTYDE (icotrokinra) NDA
▲Milestone PaymenticotrokinraApprovedCorporate
Potential $50M milestone upon marketing approval for icotrokinra
▲Milestone PaymentRusfertideApprovedCorporate
Potential $75M milestone upon FDA approval for rusfertide
●NDA SubmissionRusfertideApprovedRegulatory Filing
NDA submitted for rusfertide in polycythemia vera
polycythemia verasource ↗
▲Oral PresentationRusfertideApprovedPresentation
52-week results from VERIFY presented at ASH 2025
polycythemia verasource ↗
▲Full ResultsRusfertideApprovedClinical Data
52-week data from VERIFY released
polycythemia verasource ↗
▲Long Term DataRusfertideApprovedClinical Data
Four-year analysis from THRIVE extension study presented
polycythemia verasource ↗
●Timing GuidanceRusfertideApprovedPresentation
NDA submission expected by end of 2025
polycythemia verasource ↗
◆Oral PresentationRusfertideApprovedPresentation
52-week results of VERIFY Phase 3 study at ASH
Polycythemia Vera (PV)source ↗
◆Oral PresentationicotrokinraApprovedPresentation
Phase 2b trial data of icotrokinra in ulcerative colitis scheduled for oral presentation at UEGW
ulcerative colitissource ↗
●NDA SubmissionRusfertideApprovedRegulatory Filing
NDA filing for rusfertide in PV
Polycythemia Verasource ↗
Past FDA Catalysts and PDUFA Decisions
How PTGX actually traded into and out of each decision
| Date | Drug | Catalyst | Stage | Reaction | Event Move % | Best Trade % |
|---|---|---|---|---|---|---|
| 2026-08-28 | rusfertide | PDUFA Date Approved | PDUFA |
Reaction: 30 trading days around the event · Event Move: close to close on decision day · Best Trade: peak run-up from entry 10 days before the decision
Drug Pipeline Intelligence
C42 / 100
Pipeline Score
$259M
Pipeline Value
$1.2B
Commercial Value
Richly Valued
Valuation Signal
5
Drugs Scored
0.0x
rNPV / MCap
Top 34%
Small Cap(rank 224 of 657)
Percentile Rank
Protagonist Therapeutics, Inc. carries a moderate pipeline score (42/100), with $399M risk-adjusted pipeline value, led by PN-943 in Ulcerative Colitis Chronic Moderate (Phase 2).
Commercial products (revenue basis: trailing 4 quarters of total revenue (10-Q), to Jun 2026) Revenue $282M x 4.4 = $1.2B
| Drug | Indication | Phase | PTRS | rNPV | Status | Enroll | Velocity | Design | Est. Completion | ML Signal | Last Change |
|---|---|---|---|---|---|---|---|---|---|---|---|
| PN-943 Small moleculeCompletedNCT04504383 | Ulcerative Colitis Chronic Moderate | Phase 2 | COMPLETED | 169 | Feb 16, 2023 |
Clinical Trial Results
Readouts, endpoints and source filings for every PTGX program
| Drug Name | Indication | Phase | Date | Trial Results Summary | Title | Source |
|---|---|---|---|---|---|---|
| ICOTYDE | moderate-to-severe plaque psoriasis | Phase 3 | 2026-03-30 | Rates of PASI 100 increased from Week 24 to Week 52; Nearly 60% of adolescents treated with ICOTYDE achieved completely clear skin at one year; 86% achieved PASI 90; 92% maintaining that response from Week 24 to Week 52Read More | Protagonist Announces Presentation of One-Year Phase 3 Data for ICOTYDE(TM) in Moderate-to-Severe Plaque Psoriasis at the 2026 American Academy of Dermatology (AAD) Annual MeetingRead More |
Inside Trades
| Insider | Side | Shares | Price | Value | Date |
|---|---|---|---|---|---|
| Ali AsifOfficer (Chief Financial Officer) | Option | 9,229 68,232 held | $38.98 | 09/30/2026 |
Hedge Fund 13F Activity
Hedge Funds invested in PTGX
| Fund | % of Portfolio | Current MV | Shares Owned | Activity |
|---|---|---|---|---|
| RTW INVESTMENTS, LP | 5.3 % | 620.40 M | 5.06 M | 0.04% ( 2.12 K) |
PTGX Institutional Ownership Trends
Options Data
Option Volume
Open Interest
Call OI
Put OI
Put-Call Ratio
OI 30-day avg
Today vs avg
Option Volume
Call Vol
Put Vol
Put-Call Ratio
Vol 30-day avg
Today vs avg
Option Chain Statistics
| Expiry | Call Vol | Put Vol | Vol P/C | Call OI | Put OI | OI P/C | IV Call | IV Call OI-Wtd | IV Call Vol-Wtd | IV Put | IV Put OI-Wtd | IV Put Vol-Wtd |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2027-01-15 | ||||||||||||
Real-Time Option Chain
| Calls | Strike | Puts | ||||
|---|---|---|---|---|---|---|
| Last | Vol | OI | Last | Vol | OI | |
| No data available | ||||||
Calls vs Puts by Expiry
CallsPutsLog scale
Competitive positioning
How PTGX ranks across every disease it competes in
Competitive Position is a premium feature
See how PTGX ranks against every competitor across each disease it develops in: phase, best drug, trials and likelihood of approval.
Start free trialPTGX News
PTGXProtagonist Therapeutics Announces $300 Million Share Repurchase Program
Protagonist Therapeutics has announced a $300 million share repurchase program, funded by its substantial cash reserves and expected royalties from collaborations with Takeda and Johnson & Johnson. The company has $849.5 million in cash and equivalents, positioning it well for this initiative. However, the program's execution will depend on market conditions and other factors.
Read more →PTGXProtagonist Therapeutics to Participate in Two Investment Bank Conferences in September 2026
Protagonist Therapeutics announced participation in two investment bank conferences in September 2026. CEO Dinesh V. Patel will engage in fireside chats at both the Citi Biopharma Back to School Conference and the Cantor Global Healthcare Conference. The company has recently launched ICOTYDE, a targeted oral peptide for plaque psoriasis, and has several promising pipeline candidates.
Read more →PTGXProtagonist Therapeutics Announces U.S. FDA Approval of Hepcidin Mimetic Peptide MIMRYLO(TM) (rusfertide) for Polycythemia Vera
Protagonist Therapeutics has received FDA approval for MIMRYLO (rusfertide), the first hepcidin mimetic peptide for treating erythrocytosis in adults with polycythemia vera. The approval is based on positive Phase 3 VERIFY trial results, showing significant patient response rates. This milestone triggers $275 million in payments to Protagonist and opens the door for future royalties and milestone payments.
Read more →PTGXUS FDA Approval of MIMRYLO™(rusfertide) for Treatment of Erythrocytosis in Adults with Polycythemia Vera (PV)
Protagonist has received FDA approval for MIMRYLO™ (rusfertide), a treatment for erythrocytosis in adults with Polycythemia Vera (PV). This approval marks a significant milestone in addressing the medical needs of PV patients. The company emphasizes its commitment to diversity and inclusion within its workforce, which it views as essential for innovation and success.
Read more →PTGXU.S. FDA Approves MIMRYLO™ (rusfertide)
Protagonist has received FDA approval for its drug MIMRYLO™ (rusfertide), marking a significant achievement for the company. The approval highlights Protagonist's commitment to innovation and its diverse corporate culture, which includes a significant representation of underrepresented communities. The company emphasizes the importance of a supportive workplace that fosters growth and inclusivity.
Read more →PTGXProtagonist Therapeutics to Participate in Two Investment Bank Conferences in June 2026
Protagonist Therapeutics announced its participation in two investment bank conferences in June 2026, where CEO Dinesh V. Patel will engage in fireside chats. The conferences include the Jefferies Global Healthcare Conference in New York and the Goldman Sachs Annual Global Healthcare Conference in Miami. The company also highlighted its successful product ICOTYDE, which is now approved for plaque psoriasis treatment.
Read more →PTGXProtagonist Reports First Quarter 2026 Financial Results and Provides Corporate Update
Protagonist Therapeutics reported strong financial results for Q1 2026, highlighted by the FDA approval of ICOTYDE for moderate-to-severe plaque psoriasis, which triggered a $50 million milestone payment. The company also announced that the NDA for rusfertide was accepted and granted Priority Review by the FDA. Protagonist's robust cash position of $620 million is expected to sustain operations through at least 2028, supporting ongoing clinical programs and future milestones.
Read more →PTGXProtagonist Therapeutics Reports Granting of Inducement Awards - April 16, 2026
Protagonist Therapeutics announced the issuance of inducement awards to two new employees, which includes options and restricted stock units. The awards were granted under the company's Amended and Restated Inducement Plan and are intended to incentivize new hires. Protagonist is known for its peptide technology platform and has several drug candidates in development, including ICOTYDE and rusfertide.
Read more →PTGXProtagonist Announces Presentation of One-Year Phase 3 Data for ICOTYDE(TM) in Moderate-to-Severe Plaque Psoriasis at the 2026 American Academy of Dermatology (AAD) Annual Meeting
Protagonist Therapeutics presented one-year Phase 3 data for ICOTYDE at the AAD 2026 meeting, showcasing its effectiveness in achieving skin clearance for moderate-to-severe plaque psoriasis. The results support ICOTYDE's profile as a differentiated oral therapy with a favorable safety profile. The data indicate sustained efficacy and a strong safety record, reinforcing the potential of Protagonist's peptide discovery platform.
Read more →PTGXCORRECTION: Protagonist Reports Fourth Quarter and Full Year 2025 Financial Results and Provides Corporate Update
Protagonist Therapeutics reported its financial results for Q4 and full year 2025, highlighting the submission of an NDA for rusfertide to the FDA. The company anticipates significant growth driven by upcoming regulatory decisions and has expanded its pre-clinical pipeline. However, it also reported a decrease in collaboration revenue and a net loss for the year.
Read more →PTGXProtagonist Reports Fourth Quarter and Full Year 2025 Financial Results and Provides Corporate Update
Protagonist Therapeutics reported its financial results for Q4 and full year 2025, highlighting the submission of an NDA for rusfertide to the FDA. The company anticipates significant growth driven by regulatory milestones and has successfully completed multiple Phase 3 studies. However, it also faced a notable decrease in collaboration revenue and reported a net loss for the year.
Read more →PTGXCOMPANY OVERVIEW Dinesh V. Patel, Ph.D. President & CEO
Protagonist Therapeutics, Inc. is advancing its clinical pipeline with noteworthy programs focused on immunology, particularly icotrokinra and rusfertide, which are approaching important regulatory milestones. Collaborations with Johnson & Johnson and Takeda are positioned to drive potential financial benefits through milestone payments and royalties. The company's diversified strategy and innovative candidates indicate a strong focus on addressing unmet medical needs in inflammation, hematology, and metabolic diseases.
Read more →PTGXProtagonist and Takeda Present Longer-Term Data at ASH 2025 Showing Rusfertide Delivers Durable Response and Hematocrit Control in Polycythemia Vera
Protagonist Therapeutics and Takeda presented new 52-week data from the Phase 3 VERIFY study on rusfertide for polycythemia vera at the ASH Annual Meeting. The results indicate that 61.9% of patients maintained absence of phlebotomy eligibility, demonstrating the treatment's durability and safety. The findings suggest rusfertide could become a new standard of care for patients with PV.
Read more →PTGXProtagonist Reports Third Quarter 2025 Financial Results and Provides Corporate Update
Protagonist Therapeutics reported its financial results for Q3 2025, highlighting a cash position of $678.8 million that can sustain operations through at least the end of 2026. The company has submitted NDAs for its psoriasis treatment icotrokinra to both the FDA and EMA. Significant advancements are noted in collaborative programs, particularly with Johnson & Johnson in expanding the ICONIC program and upcoming presentations at the ASH meeting. However, the company faces ongoing losses, with a reported net loss of $39.3 million for the quarter.
Read more →PTGXSecond Quarter 2025 Financial Results and Provides Corporate Update
Protagonist Therapeutics reported its second-quarter financial results for 2025, indicating significant corporate advancements, including the submission of a New Drug Application (NDA) for icotrokinra, aimed at treating moderate to severe plaque psoriasis. The company highlighted promising data from ongoing trials and upcoming presentations that may bolster its pipeline. However, financial results showed a rising net loss and a considerable decline in collaboration revenue compared to the previous year. As it approaches further NDA filings, Protagonist's strong cash position could be crucial for its continued development efforts.
Read more →PTGX▼ -5.1%on this news
Protagonist Reports First Quarter 2025 Financial Results and Provides Corporate Update
Protagonist Therapeutics reported its first quarter 2025 financial results, highlighting positive outcomes from its rusfertide Phase 3 VERIFY trial in polycythemia vera. The results will be presented at the ASCO plenary session on June 1st. The company also provided updates on its ongoing studies with icotrokinra, which showed favorable results in ulcerative colitis. Despite a reported net loss, Protagonist's cash reserves are expected to support its operations through at least 2028.
Read more →PTGX▲ +45.9%on this news
Icotrokinra Clinical Study Results Demonstrate its Potential to Shift Treatment Paradigm and Set a New Standard for Treatment in Plaque Psoriasis
Protagonist Therapeutics announced promising results from the Phase 3 ICONIC studies for icotrokinra (JNJ-2113), showing that nearly 50% of patients with moderate-to-severe plaque psoriasis achieved completely clear skin at Week 24. The studies demonstrated that icotrokinra was superior to deucravacitinib, indicating its potential to change the treatment landscape for psoriasis. These results also set the stage for the upcoming ICONIC-ASCEND study, which will conduct a head-to-head comparison between icotrokinra and the injectable ustekinumab. Icotrokinra is aimed at providing a more convenient oral treatment option for patients.
Read more →PTGXProtagonist and Takeda Announce Positive Topline Results from Phase 3 VERIFY Study of Rusfertide in Patients with Polycythemia Vera
Protagonist Therapeutics and Takeda announced positive topline results from the Phase 3 VERIFY study for rusfertide in patients with polycythemia vera. The study met its primary endpoint and all key secondary endpoints, showcasing the drug's potential efficacy. Rusfertide, a hepcidin mimetic, has received both Orphan Drug and Fast Track designations from the FDA, further facilitating its development. The promising results position rusfertide as a potential breakthrough for patients with uncontrolled hematocrit levels.
Read more →PTGXProtagonist Reports Fourth Quarter and Full Year 2024 Financial Results and Provides Corporate Update
Protagonist Therapeutics has reported its financial results for Q4 and the full year 2024, highlighting a milestone payment of $165 million earned in Q4 from its collaboration on icotrokinra. The company maintains a solid financial position, with cash and equivalents totaling $559.2 million, anticipated to support operations through 2028. Key clinical trial results for both rusfertide and icotrokinra are expected in March 2025, alongside the advancement of the oral IL-17 receptor antagonist PN-881 into clinical studies.
Read more →PTGXProtagonist announces positive topline results from Phase 3 ICONIC studies of icotrokinra (JNJ-2113) in plaque psoriasis, a first-in-class investigational targeted oral peptide that selectively blocks the IL-23 receptor
Protagonist Therapeutics announced positive topline results from two pivotal Phase 3 studies, ICONIC-LEAD and ICONIC-TOTAL, evaluating icotrokinra (JNJ-2113) in patients with moderate to severe plaque psoriasis. The drug met its co-primary endpoints, demonstrating significant skin clearance compared to placebo. Protagonist has earned $165 million in milestone payments from Johnson & Johnson under an amended agreement, reinforcing its collaboration and progress in the pipeline. Upcoming clinical studies and potential regulatory submissions are anticipated in 2025.
Read more →About Protagonist Therapeutics, Inc.
Headquarters7707 GATEWAY BLVD., SUITE 140, NEWARK, CA, 94560-1160
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