Protagonist Therapeutics Reports Fourth Quarter and Full Year 2020 Financial Results and Corporate Update -- Regulatory guidance anticipated in the first half of 2021 for registrational clinical development plan of inves

Protagonist Therapeutics Reports Fourth Quarter and Full

Results and Corporate Update

-- Regulatory guidance anticipated in

the first half of 2021 for registrational clinical development plan of investigational drug, rusfertide (PTG-300), for polycythemia

-- Company expects to share findings

from ongoing hereditary hemochromatosis study for rusfertide (PTG-300) in the second half of 2021 --

-- Strong cash position to fund planned

operations through the first half of 2024 --

-- Management to host conference call

today at 4:30 p.m. EST --

NEWARK, Calif., March 10,

2021 -- Protagonist Therapeutics, Inc. ("Protagonist" or the "Company") (Nasdaq: PTGX) today reported

financial results and provided a corporate update for the fourth quarter and full year ended December 31, 2020.

year 2020 marked a significant period of growth for Protagonist as we focused on expanding the scope of our pipeline and advancing

different development molecules in multiple clinical programs and indications," commented Dinesh V. Patel, Ph.D., Protagonist

President and Chief Executive Officer. "In December, we released compelling interim data from our ongoing Phase 2 trial with

our most advanced candidate, rusfertide, which has received orphan drug designation and Fast Track designation for the treatment

of polycythemia vera, a rare disease that affects about 100,000 treated patients in the U.S. alone. In the first half of 2021,

we expect to complete our planned regulatory interactions and finalize the registrational clinical development plan, which represents

an important turning point for the Company as rusfertide has the potential to become

a new therapeutic treatment option for polycythemia vera patients. Continuing with the momentum of building our rusfertide portfolio,

we expect to announce initial results of the hereditary hemochromatosis proof-of-concept trial in the second half of 2021 and select

an additional indication for this candidate in 2021."

Dr. Patel added, "This

past year, we continued to make progress with our ongoing 150-patient, Phase 2 IDEAL trial in ulcerative colitis with the gut-restricted

alpha-4-beta-7 integrin blocker PN-943 and expect to complete this study in 2022. During the year, we also added two new clinical

development stage assets to the ongoing oral IL-23 receptor antagonist program with our partner, Janssen. With a strong cash position

through mid-2024, we look forward to focusing our capital to continue building value across our portfolio."

PRODUCT DEVELOPMENT AND

Disorders of Red Blood Cells

Rusfertide (PTG-300)

Investigational, injectable,

hepcidin mimetic discovered through our peptide technology platform. Hepcidin regulates iron homeostasis and controls the absorption,

storage, and distribution of iron in the body. Rusfertide is currently being evaluated for disorders associated with iron overload

and excessive erythrocytosis (red blood cell production).

Inflammatory Bowel Diseases

Investigational, orally

delivered, gut-restricted alpha-4-beta-7 specific integrin antagonist for inflammatory bowel diseases.

Oral IL-23 Receptor Antagonists

PTG-200; PN-235; PN-232

Investigational, orally

delivered, IL-23 receptor antagonists.

Conference Call and Webcast

access the live call, dial 1-844-515-9178 (U.S./Canada) or 1-614-999-9313 (International) and refer to conference ID #: 7756175.

A live webcast of the call will also be accessible on the Investors section of the Company's website at www.protagonist-inc.com.

The replay will be available on the company's website approximately two hours after the call and will remain available for

About Protagonist Therapeutics

Protagonist Therapeutics is a clinical

stage biopharmaceutical company with multiple peptide-based new chemical entities in different stages of development. Rusfertide

(PTG-300) is an injectable hepcidin mimetic in a Phase 2 proof-of-concept clinical trial for polycythemia vera, and a separate

Phase 2 clinical study for hereditary hemochromatosis. PN-943 is an orally delivered, gut-restricted alpha-4-beta-7 integrin specific

antagonist peptide in a 150 patient Phase 2 study for the potential treatment of inflammatory bowel disease, with ulcerative colitis

as the initial targeted indication. PTG-200 is an orally delivered, gut-restricted, interleukin-23 receptor specific antagonist

peptide in a Phase 2 clinical trial for Crohn's disease. Two additional second-generation oral interleukin-23 receptor antagonist

candidates PN-235 and PN-232, are in early stages of clinical development. The Company has developed a proprietary technology

platform to discover and develop novel peptide-based therapeutics to address significant unmet medical needs and transform existing

treatment paradigms.

is headquartered in Newark, California. For further information, please visit www.protagonist-inc.com.

Cautionary Note on Forward-Looking

This 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,

the timing of our discussions with regulatory authorities, our expectations regarding enrollment in, and announcement of data from,

our ongoing clinical trials and our plans to evaluate rusfertide for an additional indication. 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 agreement with Janssen, the impact of the current COVID-19 pandemic on our discovery

and development efforts, 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 Annual Report on Form 10-K for the year ended December 31, 2020, 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 press release.

PROTAGONIST THERAPEUTICS, INC.

Condensed Consolidated Statements of Operations

(Amounts in thousands except share and per share data)

include non-cash stock-based compensation expense.

PROTAGONIST THERAPEUTICS, INC.

Selected Consolidated Balance Sheet Data