PTGX Filings — Protagonist Therapeutics, Inc. - FilingSpy
PTGX
Protagonist Therapeutics, Inc.
A biotechnology company that designs oral and injectable peptide drugs for chronic conditions like psoriasis, blood disorders, and obesity. Founded in 2006 on peptide technology from the University of Pennsylvania, it was incubated in Australia before moving to California. Its name was chosen to suggest a central role in peptide medicine, and its psoriasis pill Icotyde is licensed to Johnson & Johnson.
Protagonist swings to $162.8M net income as $200M Takeda opt-out payment hits Q2 2026 revenue.
The Takeda partnership restructured, and it reshaped the quarter. rose to $213.5M from $5.5M a year ago and reached $162.8M, or $2.29 per share, driven by a $200M payment after the company opted out of U.S. profit-sharing on rusfertide. Protagonist is now a royalty-only biotech with $849.5M in cash, awaiting two drug approvals.
Key takeaways
License and collaboration rose to $213.5M in Q2 2026 from $5.5M in Q2 2025, primarily from proportional recognition of a $200M payment triggered when Protagonist exercised its opt-out right under the Takeda agreement.
was $162.8M, or $2.29 , compared with a $34.8M net loss in the same quarter last year, as the opt-out payment more than offset a 14% increase in R&D expenses.
R&D expenses rose 14% to $42.1M, as an $8.6M increase in spending on the oral IL-17 candidate PN-881 and an $8.4M increase in pre-clinical and discovery costs were partly offset by a $12.0M decline in rusfertide program costs following the completion of the Phase 3 VERIFY trial.
Section summaries
Management's Discussion and Analysis
Net income reached $162.8M in Q2 2026 driven by a $200M Takeda opt-out payment, while R&D spend shifted from rusfertide to PN-881 and earlier-stage programs.
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License and collaboration surged to $213.5M in Q2 2026 from $5.5M in Q2 2025, primarily due to proportional recognition of a $200M opt-out payment from Takeda.
Research and development expenses rose 14% to $42.1M, as a $12.0M decline in rusfertide costs was more than offset by $8.6M in new PN-881 spending and an $8.4M increase in pre-clinical and drug discovery.
Cash, cash equivalents, and marketable securities reached $849.5M at June 30, 2026, up from $646.0M at year-end 2025, bolstered by the $200M Takeda opt-out payment and a $50M milestone from Johnson & Johnson for the FDA approval of ICOTYDE.
Following the opt-out, Protagonist is now entitled to tiered of 14% to 29% on worldwide rusfertide sales and up to $775M in sales milestones, but is no longer sharing in U.S. profits and is dependent on Takeda's commercialization efforts.
A new risk factor flags that U.S. tariffs of up to 100% on imported patented pharmaceuticals and active ingredients, effective July 31, 2026, create uncertainty around clinical supply costs and trial timelines.
What changed
The Takeda opt-out flagged in the FY 2025 10-K as expected in Q2 2026 was exercised, triggering a $200M payment and shifting the company to a royalty-only model for rusfertide.
The rusfertide NDA submitted by Takeda in December 2025 and the ICOTYDE NDA submitted by JNJ in mid-2025 are both under FDA review, with launches targeted for 2026 subject to approval; no FDA acceptance or review delays have been reported.
Cash and marketable securities rose to $849.5M from $646.0M at year-end 2025, exceeding the $620.3M reported at the end of Q1 2026, as the $200M opt-out payment and a $50M JNJ milestone were received.
R&D spending shifted further from rusfertide to early-stage assets, with PN-881 costs rising $8.6M and pre-clinical spending up $8.4M, while rusfertide costs fell $12.0M, consistent with the trajectory noted in Q3 2025 and FY 2025.
The company now expects R&D expenses to increase significantly in the second half of 2026, driven by advancing PN-881 into a Phase 2b program, a step beyond the Phase 1 initiation previously flagged.
What to watch
FDA approval decisions and launch timelines for rusfertide (NDA filed December 2025) and ICOTYDE (NDA filed mid-2025), and any impact from the newly flagged tariff policy on supply chains.
Recognition of any remaining Takeda and new milestone payments from JNJ (up to $630M remaining) or Takeda (up to $775M in sales milestones).
Cash and marketable securities balance against $849.5M as R&D expenses increase significantly in H2 2026 with the PN-881 Phase 2b program.
Progress of the PN-881 Phase 2b program and any new development candidates from the discovery platform, given the increased pre-clinical spending.
General and administrative expenses increased 20% to $12.6M, driven mainly by higher personnel-related costs including wages, benefits, and .
Cash, cash equivalents, and marketable securities grew to $849.5M as of June 30, 2026, up from $646.0M at year-end 2025, bolstered by the Takeda opt-out payment and a $50M JNJ milestone.
The company expects R&D expenses to increase significantly in the second half of 2026, driven by the advancement of PN-881 into a Phase 2b program and investments in other pipeline candidates.
Management states existing cash is sufficient to fund operations for at least the next twelve months based on current operating plans.
From time to time, we may become subject to litigation and claims arising in the ordinary course of business. We are not currently a party to any material legal proceedings, and we are not aware of any pending or threatened legal proceeding against us that we believe could hav…
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From time to time, we may become subject to litigation and claims arising in the ordinary course of business. We are not currently a party to any material legal proceedings, and we are not aware of any pending or threatened legal proceeding against us that we believe could have a material adverse effect on our business, operating results, financial condition or cash flows.
Protiviti’s future revenue is heavily dependent on Takeda’s commercialization of rusfertide, while new tariff policies threaten supply costs.
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Following Protiviti’s April 2026 opt-out from U.S. profit sharing, Takeda holds the exclusive worldwide license for rusfertide, and Protiviti is now reliant on (14%–29%) and up to $775M in sales milestones.
Takeda may deprioritize rusfertide, fail to supply sufficient drug product, or breach the collaboration, any of which could materially harm Protiviti’s operating results.
New U.S. tariffs of up to 100% on imported patented pharmaceuticals and active ingredients, effective July 31, 2026, create substantial uncertainty around clinical supply costs and trial timelines.
Macroeconomic instability—including inflation, high interest rates, and geopolitical conflicts—could raise manufacturing and overhead costs and disrupt Protiviti’s access to capital.
A market downturn or credit freeze could force Protiviti to delay or abandon clinical development plans if financing becomes too costly or unavailable.