Protagonist Reports Third Quarter 2022 Financial Results and Provides Corporate Update Continued execution of Phase 3 VERIFY study of rusfertide in polycythemia vera Arturo Molina, M.D., M.S. named Chief Medical Officer,

Third Quarter 2022 Financial Results and Provides Corporate Update

Continued execution of Phase 3 VERIFY study

of rusfertide in polycythemia vera

Arturo Molina, M.D., M.S. named Chief Medical

Officer, providing medical, clinical development, and strategic leadership to the rusfertide clinical development program

Three rusfertide poster presentations to be

shared at the 64th Annual Meeting and Exposition of the American Society of Hematology (ASH) in December

Calif., Nov. 8, 2022 - Protagonist Therapeutics (Nasdaq: PTGX) ("Protagonist" or

"the Company") today reported financial results for the third quarter ended September 30, 2022 and provided a corporate

"Continued execution

of the Phase 3 VERIFY global clinical development program of rusfertide in polycythemia vera remains our top corporate priority,"

said Dinesh V. Patel, Ph.D., President and Chief Executive Officer of Protagonist. "Rusfertide has the potential to transform the

current treatment paradigm for PV, dramatically improving patients' lives. The enthusiasm we have observed around rusfertide, among

patients and physicians alike, reinforces our commitment to advancing this important drug candidate as rapidly as possible."

Dr. Patel continued, "We

are pleased to have recently announced a new Chief Medical Officer, Dr. Arturo Molina, a renowned hematologist-oncologist and a

successful drug developer. Dr. Molina will focus on providing medical and operational leadership to our rusfertide clinical development

Janssen-partnered asset, PN-235 (JNJ-77242113), an oral peptide interleukin 23 receptor (IL-23R) antagonist, is currently in

multiple Phase 2 clinical studies to assess safety and efficacy in moderate-to-severe plaque psoriasis. We look forward to

decision-driving results from these studies in the first half of next year. With important pending readouts for both rusfertide and

PN-235, we expect the first half of 2023 to be a period of potential transformational value creation for Protagonist."

Third Quarter 2022 and Recent Developments

Rusfertide: Subcutaneous Injectable Hepcidin Mimetic for Polycythemia

Vera (PV) and Other Potential Indications

Title: VERIFY: A Phase 3 Study of the Hepcidin Mimetic Rusfertide (PTG-300) in Patients with Polycythemia Vera

Session Name: 634. Myeloproliferative Syndromes: Clinical

and Epidemiological: Poster I

Session Date: Saturday, December 10, 2022

Presentation Time: 5:30 PM - 7:30 PM CT.

Title: Subgroup Analysis of Adverse Events Following Rusfertide Dosing in REVIVE: A Phase 2 Study of Patients with Polycythemia Vera

Session Name: 634. Myeloproliferative Syndromes: Clinical and Epidemiological: Poster II

Session Date: Sunday, December 11, 2022

Presentation Time: 6:00 PM - 8:00 PM CT.

Analog-PN23114 as a Hepcidin Mimetic Provides Efficacy Benefits in Conjunction with Phlebotomy in Mouse Model for Hereditary Hemochromatosis

Session Name: 102. Iron Homeostasis

and Biology: Poster II

Session Date: Sunday, December 11, 2022

Presentation Time: 6:00 PM - 8:00 PM CT.

PN-235: Oral IL-23 Receptor Antagonist

PN-943: Oral, Gut-Restricted, alpha-4-beta-7

Integrin Antagonist for Ulcerative Colitis (UC)

Management and Operational Updates

Third Quarter 2022 Financial Results

Therapeutics is a biopharmaceutical company with peptide-based new chemical entities rusfertide and PN-235 in advanced stages of clinical

development, both derived from the Company's proprietary technology platform. Rusfertide, a mimetic of the natural hormone hepcidin,

is the Company's lead drug candidate currently in a global Phase 3 stage of development. The VERIFY (Phase 3) and REVIVE (Phase

2) studies of rusfertide in polycythemia vera are ongoing. Protagonist owns all marketing rights to rusfertide.

has partnered with Janssen Biotech, Inc. on the development of PN-235 (JNJ-77242113) in moderate-to-severe psoriasis and inflammatory

bowel disease. PN-235 is currently in multiple studies in psoriasis, led by Janssen.

is headquartered in Newark, California. For more information on Protagonist, please visit the Company's website at www.protagonist-inc.com.

Cautionary Note on Forward-Looking Statements

press release 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 our intentions or current expectations concerning, among other things,

our expectations regarding enrollment in the rusfertide VERIFY Phase 3 trial, the potential benefits of rusfertide to patients, timing

of PN-235 clinical trials and potential milestones related to PN-235, and our expected cash runway. 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, delays

or difficulties in enrolling or completing clinical studies, the potential that results from clinical or non-clinical studies indicate

our compounds or product candidates are unsafe or ineffective, dependence on third parties to conduct clinical studies and manufacture

our products, our ability to earn milestone payments under our collaboration agreement with Janssen Biotech, the impact of the

current COVID-19 pandemic on our discovery and development efforts, the impact of the ongoing military conflict in Ukraine and Russia

on any future studies, 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

Jami Taylor - j.taylor@ptgx-inc.com

PROTAGONIST THERAPEUTICS, INC.

Condensed Consolidated Statements of Operations

(Amounts in thousands except share and per share data)

PROTAGONIST THERAPEUTICS, INC.

Stock-based Compensation (Unaudited)

PROTAGONIST THERAPEUTICS, INC.

Selected Consolidated Balance Sheet Data