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Protagonist Therapeutics

PTGX Rare disease Lead: Approved 5 Biotech Distilled articles ↓ 14 filings & releases ↓ Cash $498M (Sep 30, 2026) ↓ 5 verdicts ↓ 2 timing quotes ↓
DermatologyHematologyImmunologyMetabolic PeptideSmall Molecule

Market cap $8.62B 65.3M shares (10-Q, Oct 31, 2026) × $132.04 close Nov 6, 2026

Most recent annual filing: 2026-02-25

Catalyst timeline

12 trackedQuarter catalyst calendar →
  1. Zasocitinib Takeda filing2026Zasocitinib Takeda filing, 2026, notable
  2. PTGX buyback corporate updateBy year-end 2026PTGX buyback corporate update, By year-end 2026, routine
  3. PN-881 Ph2b startearly 1Q 2027PN-881 Ph2b start, early 1Q 2027, notable
  4. PN-8047 Ph1 start1Q 2027PN-8047 Ph1 start, 1Q 2027, notable
  5. PN-477 Ph1 start1H 2027PN-477 Ph1 start, 1H 2027, notable
  6. Divesiran Silence Therapeutics Ph3 readout1H 2027Divesiran Silence Therapeutics Ph3 readout, 1H 2027, notable
  7. Silence Therapeutics acquisition by Merck1Q 2027Silence Therapeutics acquisition by Merck, 1Q 2027, notable
  8. ICOTYDE readoutFeb 2027 – Sep 2028ICOTYDE readout, Feb 2027 – Sep 2028, material
  9. PN-8047 Ph1 interimMid-2027PN-8047 Ph1 interim, Mid-2027, material
  10. PN-477/PN-8047/PN-458 Ph2 readout2H 2027PN-477/PN-8047/PN-458 Ph2 readout, 2H 2027, material
  11. PN-881 readout2H 2027PN-881 readout, 2H 2027, material
  12. PN-881 Ph2 topline1H 2028PN-881 Ph2 topline, 1H 2028, major

Bar width shows how precise the guidance is — a pin is a stated date, a wide band a six-month window. Deeper blue means more of the thesis rides on the event; it is not a view on the stock.

Pipeline (12 active programs)

PN-477sc

Technology platforms

Protagonist Peptide Platform

Proprietary constrained peptide discovery platform leveraging phage display, medicinal chemistry, structural biology, oral stability techniques, and in vivo pharmacology to develop oral and injectable peptide therapeutics. Applied across inflammation/immunology (IL-23R, IL-17), hematology (hepcidin mimetics), and metabolic diseases (incretin receptor agonists). Also enables small molecule discovery for targets requiring high oral bioavailability.

Targets: IL-23R, IL-17, hepcidin, GLP-1R, GIPR, GCGR

Discontinued (1)

Capital (as filed)

Cash
$498M cash and cash equivalents · Sep 30, 2026 (10-Q)
Short-term investments
$302M Sep 30, 2026
Long-term investments
$34.6M Sep 30, 2026
Operating cash flow
−$23.2M quarter Jun 30, 2026 → Sep 30, 2026, year-to-date difference (10-Q)
As stated in coverage
$835M cash per the update of Nov 5, 2026 — the company's own words as read there, not the filed figure

Cash, investments and operating cash flow are the company's own XBRL facts as filed with the SEC, each shown with its period end and tag. As-stated figures come from the company's own words as read in Biotech Distilled coverage, dated, and routinely count securities and planned financing that a balance sheet does not. Offering rows are the SEC cover pages as filed. Not investment advice. Figures as of Nov 7, 2026.

Biotech Distilled coverage (5)

Articles open on Substack. Some are subscriber-only; those marked ★ Distilled Pro are for Distilled Pro members.

Verdict history (5 calls)

Every verdict Biotech Distilled has published on Protagonist Therapeutics, oldest first — the full history, never a selection. How calls are scored: the track record.

  1. 2026-08-31 Buy core Protagonist Therapeutics (PTGX) - Scientific Deep Dive for MIMRYLO, ICOTYDE and the Wholly-Owned Peptide Pipeline Two FDA-approved first-in-class peptides with 6–29% royalty ladders, ~$1.1B net cash, no dilution risk, and free optionality on a wholly-owned oral IL-17 pipeline with no Phase 3 competitor.
  2. 2026-09-09 Buy core UPDATE: Protagonist Therapeutics (PTGX) - The Buyback Lands The $300M buyback authorization signals management confidence in the royalty ramp; the core thesis of two approved royalty streams and no dilution gap is unchanged, though the $275M Takeda payment is a Q4 receivable rather than cash already in hand.
  3. 2026-10-20 Buy core UPDATE: Protagonist Therapeutics (PTGX) - The Competitor Just Got a Parent Merck KGaA's $1.3B acquisition of Silence Therapeutics sharpens the competitive threat to MIMRYLO's terminal value but also puts a hard price on hepcidin-axis PV assets, raising the floor for PTGX's franchise and PN-8047.
  4. 2026-11-06 Hold UPDATE: Protagonist Therapeutics (PTGX) - Two Quarters, Still No Royalty Line ICOTYDE royalty remains undisclosed for a second consecutive quarter with any royalty capped at $7.8M, the key thesis test has gone unanswered, and near-term revenue optics will worsen as one-time Takeda opt-out recognition rolls off.
  5. 2026-11-07 Hold UPDATE: Protagonist Therapeutics (PTGX) - The 10-Q Fills In the Blanks The 10-Q reveals only a token $5.8M buyback and still no ICOTYDE royalty line after three filings, though MIMRYLO's NCCN Category 1 listing meaningfully widens its addressable market; the cash floor remains intact near $1.12B.

Every verdict Biotech Distilled has published on this company, in order, with the post it came from — the full history, never a selection. Position figures are the same ones shown on /track-record, computed by the same method. Editorial opinion, not investment advice.

Timing, in the company's words (2 quotes from 2 filings)

Sentences quoted verbatim from the company's SEC filings, newest filing first. Each sits under the filing it appeared in; the "matched to" tag names the calendar row it was read for.

Timing sentences quoted from the company's own SEC filings, each under the filing it appeared in. The 'matched to' tag is the calendar row the sentence was read for; the filing is the source. Not investment advice.

Filings & releases (14)

SEC filings from EDGAR and press releases captured from the company's investor-relations site, newest first. Releases captured from Sep 2, 2026; filings from March 2026. Summaries come from the BD update that read the document; "BD extracted" counts point at the pipeline table above. All companies →

20 more filings (13G holder notices, S-8, proxy material, SEC correspondence …)