Quarterly ResultMay 5, 2026, 04:14 PM
Protagonist Q1 Net Income $3.8M; ICOTYDE Approved; Rusfertide Opt-Out
AI Summary
Protagonist Therapeutics reported a strong first quarter 2026, achieving net income of $3.8 million, a significant improvement from a net loss in the prior year. This was driven by the FDA approval of ICOTYDE, which triggered a $50 million milestone payment, and the company's decision to opt out of the rusfertide collaboration, securing an initial $200 million payment and substantially increasing future royalties and milestones. The rusfertide NDA also received Priority Review, with a PDUFA date set for Q3 2026, further enhancing the company's financial outlook and pipeline progression.
Key Highlights
- ICOTYDE received FDA approval for plaque psoriasis, triggering a $50 million milestone payment to Protagonist.
- Protagonist is eligible for tiered royalties of 6% to 10% on ICOTYDE global net sales and up to $580 million in future milestone payments.
- Rusfertide NDA accepted by FDA with Priority Review and a PDUFA target action date in Q3 2026.
- Protagonist exercised its rusfertide opt-out right, triggering a $200 million payment, with an additional $200 million opt-out fee and $75 million milestone upon NDA approval.
- The rusfertide opt-out increases Protagonist's potential sales milestones to $775 million and worldwide royalties to 14% to 29%.
- Q1 2026 Net Income was $3.8 million, or $0.06 per basic share, compared to a net loss of $11.7 million in Q1 2025.
- License and collaboration revenue increased to $56.4 million in Q1 2026 from $28.3 million in Q1 2025.
- Cash, cash equivalents, and marketable securities totaled $620.3 million as of March 31, 2026, providing a cash runway through at least 2028.