Protagonist Reports Fourth Quarter and Full Year 2024 Financial Results and Provides Corporate Update $165.0 million icotrokinra (formerly JNJ-2113) milestone earned in Q4 2024, received in January 2025 PN-881, a potenti

Reports Fourth Quarter and Full Year 2024 Financial Results and Provides Corporate Update

million icotrokinra (formerly JNJ-2113) milestone earned in Q4 2024, received in January 2025

a potential best-in-class oral IL-17 receptor antagonist peptide nominated as a development candidate in Q4 2024

Topline results for rusfertide Phase 3 VERIFY clinical trial in polycythemia vera expected in March 2025

Topline results for icotrokinra Phase 2b ANTHEM clinical trial in moderate to severe ulcerative colitis expected in March 2025

cash equivalents, and marketable securities of $559.2 million as of December 31, 2024, combined with $165.0 million milestone payment,

anticipated to provide cash runway through at least end of 2028

Calif., February 21, 2025 - Protagonist Therapeutics (Nasdaq: PTGX) ("Protagonist" or "the

Company") today reported financial results for the fourth quarter and full year ended December 31, 2024, and provided a corporate

is quickly approaching multiple late-stage transformational events expected in the first quarter of this year, including the topline

results from the VERIFY Phase 3 study of rusfertide in polycythemia vera and from the ANTHEM Phase 2b ulcerative colitis study of icotrokinra",

said Dinesh V. Patel, Ph.D., the Company's President and CEO. "In addition, we look forward to progressing oral IL-17 peptide

antagonist PN-881 in clinical studies and nominating new development candidates from the oral obesity and oral hepcidin programs

this year. We are fortunate to be in a strong cash position, enabling the flexibility to progress these early-stage peptide drug candidates

independently into pre-clinical and clinical proof-of-concept studies over the coming years."

Worldwide License and Collaboration

Agreement for Rusfertide with Takeda

articles published in the New England Journal of Medicine ("NEJM") in February 2024

Icotrokinra: Oral IL-23 Receptor

ICONIC-LEAD (NCT06095115) and ICONIC-TOTAL (NCT06095102)

of PN-881, a potential best-in-class oral peptide IL-17 antagonist development candidate; additional discovery programs announced

of a $165.0 million milestone

the terms of the icotrokinra license and collaboration agreement with JNJ, as amended in November 2024, the Company earned a $165.0

million milestone during Q4 2024. The $165.0 million was received in January 2025.

and Upcoming Milestones

VERIFY (NCT05210790)

ANTHEM (NCT06049017)

ICONIC-ADVANCE 1 (NCT06143878) and ICONIC-ADVANCE 2 (NCT06220604)

Fourth Quarter and Full Year 2024

Cash, Cash Equivalents,

and Marketable Securities: Cash, cash equivalents and marketable securities as of December 31, 2024, were $559.2 million as compared

to $341.6 million in the previous year.

and collaboration revenue is derived from the Company's License and Collaboration Agreement with Johnson & Johnson

(JNJ), as amended in November 2024 (the "JNJ Agreement"), and its Worldwide License and Collaboration Agreement for

Rusfertide with Takeda which became effective in March 2024 (the "Takeda Agreement"). Total License and collaboration

revenue increased by $374.4 million from $60.0 million for the year ended December 31, 2023, to $434.4 million for the year ended

December 31, 2024. The increase was attributable to:

Research and Development

("R&D") Expenses: Increased by $6.0 million and $18.0 million for the fourth quarter and full year 2024, respectively,

from the prior year periods. The increases were due primarily to increases in drug discovery and pre-clinical research expenses.

General and Administrative

("G&A") Expenses: Increased by $0.9 million for the three months ended December 31, 2024, from the prior year period

primarily due to an increase in stock-based compensation. The increase of $10.0 million for the full year 2024 as compared to the prior

year was primarily due to $4.6 million in one-time advisory and legal fees related to the Takeda Collaboration Agreement and an increase

of $4.4 million in stock-based compensation and other personnel-related expenses.

Net income was $131.7 million, or $2.11 per basic share and $1.98 per diluted share, for the fourth quarter of 2024 as compared to net

income of $27.3 million, or $0.45 per basic and $0.44 per diluted share, for the fourth quarter of 2023. Net income was $275.2 million,

or $4.47 per basic share and $4.23 per diluted share, for the full year 2024, as compared to a net loss of $(79.0) million, or ($1.39)

per share, for the full year 2023.

Therapeutics is a discovery through late-stage development biopharmaceutical company. Two novel peptides derived from Protagonist's

proprietary discovery platform are currently in advanced Phase 3 clinical development, with New Drug Application submissions to the FDA

potentially in 2025. Icotrokinra (formerly, JNJ-2113) is a first-in-class investigational targeted oral peptide that selectively blocks

the Interleukin-23 receptor ("IL-23R") which is licensed to JNJ Innovative Medicines ("JNJ"), formerly Janssen

Biotech, Inc. Following icotrokinra's joint discovery by Protagonist and JNJ scientists pursuant to the companies' IL-23R

collaboration, Protagonist was primarily responsible for development of icotrokinra through Phase 1, with JNJ assuming responsibility

for development in Phase 2 and beyond. Rusfertide, a mimetic of the natural hormone hepcidin, is currently in Phase 3 development for

the rare blood disorder polycythemia vera (PV). Rusfertide is being co-developed and will be co-commercialized with Takeda Pharmaceuticals

pursuant to a worldwide collaboration and license agreement entered into in 2024 under which the Company remains primarily responsible

for development through NDA filing. The Company also has a number of pre-clinical stage oral drug discovery programs addressing clinically

and commercially validated targets, including IL-17 oral peptide antagonist PN-881, oral hepcidin program, and oral obesity program.

information on Protagonist, its pipeline drug candidates and clinical studies can be found on the Company's website at https://www.protagonist-inc.com/.

Note on Forward-Looking Statements

contains forward-looking statements for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

Forward-looking statements include statements regarding the potential benefits of icotrokinra and rusfertide, the timing of icotrokinra

and rusfertide clinical trials, and timing of developments and announcements in our discovery programs. In some cases, you can identify

these statements by forward-looking words such as "anticipate," "believe," "may," "will," "expect,"

or the negative or plural of these words or similar expressions. Forward-looking statements are not guarantees of future performance

and are subject to risks and uncertainties that could cause actual results and events to differ materially from those anticipated, including,

but not limited to, our ability to develop and commercialize our product candidates, our ability to earn milestone payments under our

collaboration agreements with Janssen and Takeda, our ability to use and expand our programs to build a pipeline of product candidates,

our ability to obtain and maintain regulatory approval of our product candidates, our ability to operate in a competitive industry and

compete successfully against competitors that have greater resources than we do, and our ability to obtain and adequately protect intellectual

property rights for our product candidates. Additional information concerning these and other risk factors affecting our business can

be found in our periodic filings with the Securities and Exchange Commission, including under the heading "Risk Factors" contained

in our most recently filed periodic reports on Form 10-K and Form 10-Q filed with the Securities and Exchange Commission. Forward-looking

statements are not guarantees of future performance, and our actual results of operations, financial condition and liquidity, and the

development of the industry in which we operate, may differ materially from the forward-looking statements contained in this press release.

Any forward-looking statements that we make in this press release speak only as of the date of this press release. We assume no obligation

to update our forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this

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Statements of Operations

in thousands except share and per share data)

includes non-cash stock-based compensation expense.

Consolidated Balance Sheet Data