Here are a few analogies for Protagonist Therapeutics (PTGX):

• Protagonist Therapeutics is like a specialized biotech firm, akin to a smaller Vertex Pharmaceuticals, but focused on developing oral peptide drugs for inflammatory and immunologic conditions.
• Protagonist Therapeutics is like a platform-based biotech, similar to Alnylam Pharmaceuticals (RNAi) or Moderna (mRNA), but focused on leveraging its proprietary peptide technology for inflammatory and immunologic diseases.

• Rusfertide: An investigational injectable drug designed to regulate erythropoiesis by mimicking hepcidin for the treatment of polycythemia vera.
• Jatirreotide (PN-235): An investigational oral drug acting as a gut-restricted IL-23 receptor antagonist for the treatment of ulcerative colitis.
• PTG-320: An investigational injectable hepcidin mimetic for the treatment of iron overload disorders such as beta-thalassemia and hereditary hemochromatosis.

Protagonist Therapeutics (PTGX) - Major Customers

Protagonist Therapeutics (PTGX) is a clinical-stage biopharmaceutical company focused on the discovery, development, and commercialization of new chemical entities for various diseases. As a clinical-stage company, Protagonist Therapeutics is primarily engaged in research and development and conducting clinical trials for its drug candidates. This means they are working on developing drugs but are not yet commercially selling them.

Therefore, Protagonist Therapeutics does not currently have "major customers" in the traditional sense of companies or individuals purchasing commercial products. Their activities do not involve selling finished pharmaceutical products to end-users, hospitals, pharmacies, or other companies for distribution at this time.

Their financial support and "revenue" streams typically come from:

• Equity financing from investors (e.g., venture capital, public stock offerings)
• Potential milestone payments and royalties from strategic partnerships and licensing agreements with larger pharmaceutical companies for the development or commercialization rights of specific drug candidates (these are collaborators or licensees, not direct customers purchasing a product).
• Grants and other collaborations for research and development activities.

Consequently, Protagonist Therapeutics does not fit the criteria of selling primarily to other companies or individuals for the purpose of listing major customers at this stage.

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Dinesh V. Patel, Ph.D. President and Chief Executive Officer

Dr. Patel has served as President and Chief Executive Officer of Protagonist Therapeutics since December 2008. He brings 38 years of executive, entrepreneurial, and scientific experience across the pharmaceutical, biotechnology, and biopharmaceutical industries. Prior to Protagonist, he was President and CEO of Arête Therapeutics (2006-2008), a privately held company. He co-founded and served as CEO of Miikana Therapeutics (2003-2005) until its acquisition by Entremed (later CASI Pharmaceuticals). Dr. Patel also co-founded TheraTech, Inc. (1985-1999), a biotechnology company he took public and subsequently sold to Watson Pharmaceuticals (now Actavis) for $350 million. He co-founded vSpring Capital (now Signal Peak Ventures) in 2000, serving as managing director until 2014, and founded Patel Family Investments in 2014. He also served on the board of Mediconnect Global, which was acquired by Verisk Analytics for over $377 million in 2012.

Asif Ali Executive Vice President, Chief Financial Officer

Mr. Ali joined Protagonist Therapeutics as Executive Vice President and Chief Financial Officer in April 2022. Prior to this role, he served as Chief Accounting Officer at Theravance Biopharma from 2018 to 2022. His experience also includes serving as Vice President and Controller at Depomed Inc from 2012 to 2018, and Director of Finance and Accounting for Nevada Property from 2010 to 2011. Mr. Ali began his career in public accounting, working in the life sciences practice of PricewaterhouseCoopers from 2004 to 2009.

Arturo Molina, M.D., M.S., F.A.C.P. Chief Medical Officer

Dr. Molina joined Protagonist in November 2022 as Chief Medical Officer. He previously served as Chief Medical Officer at Sutro Biopharma for five years. Before Sutro, Dr. Molina was Vice President, Oncology Scientific Innovation at Johnson & Johnson. Earlier in his career, he was Chief Medical Officer at Cougar Biotechnology, which was acquired by Johnson & Johnson in 2009.

Mohammad Masjedizadeh, Ph.D. Executive Vice President & Chief Technical Officer

Dr. Masjedizadeh has served as Executive Vice President & Chief Technical Officer since June 2021, and as EVP/VP of Pharmaceutical Development from 2017 to 2021. Before joining Protagonist, he was Vice President and Senior Director of Technical Operations at Principia Biopharma from 2012 to 2017. He also spent over two decades at Roche Pharmaceuticals, holding various positions including Director of Drug Substance & Supply from 1991 to 2012.

Suneel Gupta, Ph.D. Executive Vice President, Clinical Development

Dr. Gupta joined Protagonist Therapeutics in 2019 and currently holds the position of Executive Vice President of Clinical Development. His extensive experience includes drug development from translational research to medical affairs. Previously, Dr. Gupta served as Chief Scientific Officer (CSO) at Impax Pharmaceuticals from 2008 to 2019, where he led the development, approval, and launch of several neurological pharmaceutical products.

Key Risks to Protagonist Therapeutics (PTGX)

1. Clinical and Regulatory Risks: As a clinical-stage biopharmaceutical company with no approved products, Protagonist Therapeutics' future is heavily dependent on the successful outcome of its clinical trials and subsequent regulatory approvals. Any delays in the approval process, unexpected requests from regulatory agencies, or setbacks in clinical trials for lead candidates like rusfertide or icotrokinra, could significantly push back timelines and delay potential revenue streams. The company has experienced clinical holds in the past, illustrating this risk.
2. Intense Competition and Market Volatility: The biopharmaceutical sector is characterized by intense competition, with numerous companies developing innovative therapies for similar indications. Protagonist Therapeutics faces the risk that competing drugs may emerge with superior efficacy or safety profiles, or that existing therapies may improve, potentially limiting the market share of its product candidates. Additionally, pricing pressures and reimbursement challenges within the healthcare sector could impact the commercial success of the company's products even if they gain regulatory approval.
3. Financial Risks and Dependence on Commercialization: Protagonist Therapeutics has consistently incurred cumulative net losses since its inception and anticipates significant future losses as it continues its development activities. While the company has reported a robust cash position, its long-term financial health and profitability are heavily reliant on the successful commercialization of its lead product candidates. The need for future fundraising, potentially through new stock offerings, poses a risk of shareholder dilution.

Protagonist Therapeutics (PTGX) has several product candidates in its pipeline. The addressable market information for its main products is as follows:

• Rusfertide (PTG-300) for Polycythemia Vera (PV): The addressable market for Rusfertide in Polycythemia Vera is estimated to be approximately $1-2 billion per year. This market size is for the U.S. and Europe, where PV affects around 150,000 patients in the U.S. with a similar prevalence in Europe.
• Icotrokinra (JNJ-2113, formerly PN-235) for Psoriasis, Ulcerative Colitis, and other inflammatory/immunomodulatory diseases: While Protagonist Therapeutics' collaboration with Janssen for JNJ-2113 suggests a potentially large market, with Protagonist eligible for royalties reaching 10% on net sales greater than $4 billion, specific addressable market sizes in USD for psoriasis, ulcerative colitis, or other indications are not explicitly detailed in the provided information.
• PN-881 (oral IL-17 antagonist) and Oral Anti-Obesity Program: The addressable market sizes for these earlier-stage programs are not available in the provided information.

Protagonist Therapeutics (PTGX) is poised for significant future revenue growth over the next 2-3 years, primarily driven by the advancement and commercialization of its key pipeline assets and strategic partnerships. The expected drivers include:

1. Commercialization of Rusfertide for Polycythemia Vera (PV): Protagonist Therapeutics announced positive topline results from the Phase 3 VERIFY study of rusfertide in March 2025, and a New Drug Application (NDA) filing for rusfertide in Polycythemia Vera is anticipated in the fourth quarter of 2025 through its collaboration with Takeda Pharmaceuticals. This first-in-class investigational hepcidin mimetic peptide has received Orphan Drug and Fast Track designations from the U.S. FDA, indicating its potential to address a rare blood disorder impacting approximately 160,000 patients in the U.S. The worldwide collaboration agreement with Takeda, established in January 2024, includes a 50:50 profit split for the U.S. market, along with potential development, regulatory, and commercial milestone payments and royalties on sales outside the U.S. Analysts project peak sales for rusfertide to reach approximately $1.6 billion in the U.S. market alone.
2. Launch and Commercial Expansion of Icotrokinra (JNJ-2113) for Psoriasis and other IL-23 Mediated Diseases: Icotrokinra, an oral IL-23 inhibitor developed in partnership with Johnson & Johnson (JNJ), is another major revenue driver. Regulatory submissions for icotrokinra in moderate to severe plaque psoriasis were filed with the U.S. FDA (NDA) in July 2025 and the European Medicines Agency (EMA) in September 2025, following positive Phase 3 trial results. Beyond psoriasis, JNJ is also advancing the ICONIC program to explore new indications related to the IL-23 pathway, such as psoriatic arthritis, ulcerative colitis, and Crohn's disease, which could further expand market potential. Analysts estimate peak sales for icotrokinra could exceed $5 billion.
3. Advancement of Wholly-Owned Early-Stage Pipeline Candidates: Protagonist is progressing several wholly-owned assets with significant market potential. This includes PN-477, a triple agonist anti-obesity peptide (both subcutaneous and oral formulations), with clinical trials expected to commence in 2026. The company has also initiated Phase 1 dosing for PN-881, an oral IL-17 peptide antagonist, and anticipates nominating an oral hepcidin candidate by the end of 2025. Successful development and potential commercialization of these programs would contribute to future revenue diversification.
4. Continued Receipt of Milestone and Royalty Payments from Strategic Collaborations: The company's business model heavily relies on strategic partnerships, which generate revenue through upfront payments, development milestones, regulatory milestones, and royalties on product sales. The existing collaborations with Takeda for rusfertide and Johnson & Johnson for icotrokinra are structured to provide Protagonist with ongoing payments as these programs achieve various development and commercialization milestones. While upfront payments are one-time, future milestone and royalty revenues are expected to contribute significantly to the company's financial performance, potentially sustaining double-digit compound annual growth upon product approvals and market uptake.

Share Issuance

• In June 2021, Protagonist Therapeutics closed a public offering of 3,503,311 shares of common stock, generating aggregate gross proceeds of approximately $132.2 million.
• In May 2020, the company announced an underwritten public offering of 7,000,000 shares of common stock at $14.00 per share, with expected gross proceeds of $98.0 million.
• For the three months ended March 31, 2025, Protagonist Therapeutics issued 827,978 shares of common stock under equity incentive and employee stock purchase plans.

Inbound Investments

• Protagonist Therapeutics entered into a worldwide license and collaboration agreement with Takeda Pharmaceuticals for rusfertide, receiving a $300 million upfront payment.
• The company earned $165.0 million in milestone payments during the fourth quarter of 2024 under its icotrokinra license and collaboration agreement with Johnson & Johnson.
• A $25.0 million milestone payment from Takeda was received in September 2025, related to the rusfertide agreement.

Outbound Investments

• Protagonist Therapeutics has not made any investments or acquisitions.

Capital Expenditures

• Capital expenditures were $1.4 million for the year ended December 31, 2024.
• For the three months ended March 31, 2025, capital expenditures amounted to $0.5 million.
• The primary focus of capital expenditures is to fund operating expenses, including research and development, and general and administrative costs.