| Metric | Value ($ M) | Q2 FY25 | Q3 FY24 |
|---|---|---|---|
| Revenue | 4.71 | 15.1% | 0.6% |
| Total Income | 4.71 | 15.1% | 0.6% |
| Expenditure | 51.13 | 7.4% | 10.8% |
| PBT | -39.34 | 13.7% | 17.0% |
| Net Profit | -39.34 | 13.1% | 18.5% |
| OPM | — | ||
| NPM | — | ||
| EPS | -0.62 | 12.7% | 14.8% |
Protagonist Reports Q3 2025 Financial Results; Cash Position at $678.8M
04 May 2026 · 4 May, 7:40 am
Summary
Protagonist Therapeutics reported its financial results for the third quarter ended September 30, 2025. The company's cash, cash equivalents, and marketable securities totaled $678.8 million. License and collaboration revenue was $4.7 million for the quarter and $38.6 million for the nine-month period. The net loss for the quarter was ($39.3) million, or ($0.62) per share. The company anticipates its cash runway to last through at least the end of 2028.
Key Highlights
- 1
Protagonist Therapeutics reported cash, cash equivalents and marketable securities of $678.8 million as of September 30, 2025.
- 2
License and collaboration revenue was $4.7 million for the three months ended September 30, 2025.
- 3
For the nine months ended September 30, 2025, license and collaboration revenue totaled $38.6 million.
- 4
Net loss was ($39.3) million, or ($0.62) per basic and diluted share, for the three months ended September 30, 2025.
- 5
The company anticipates the cash runway to extend through at least the end of 2028.
- 6
The first patient has been dosed in the Phase 1 trial of PN-881, a first-in-class oral IL-17 peptide antagonist.
- 7
Rusfertide U.S. NDA filing for treatment of patients with PV, by partner Takeda Pharmaceuticals, is expected in Q4 of this year.
Management Comments
Dinesh V. Patel
Ph.D.
"2025 continues to be a highly productive year with significant accomplishments in both partnered and wholly owned programs,” said Dinesh V. Patel, Ph.D., the Company’s President and CEO. “In addition to the NDA and EMA submissions for icotrokinra for psoriasis, we are pleased to see our partner Johnson and Johnson expand the ICONIC program into additional IL-23 pathway relevant and validated I&I indications, namely psoriatic arthritis, ulcerative colitis, and Crohn’s disease. We, along with our partner Takeda, eagerly await the presentation of the rusfertide 52-week VERIFY data at ASH in December and the NDA filing for rusfertide by year end." “As icotrokinra and rusfertide move towards potential NDA approval and commercialization in 2026, we shift our attention to the next phase of assets emerging from our validated discovery and development platform. We are pleased to report that the first subject in the Phase 1 trial of oral IL-17 antagonist, PN-881, is dosed. Additionally, the oral and subcutaneous triple GLP/GIP/GCG agonists, PN-477o and PN-477sc, are progressing through IND-enabling studies as planned, and we remain on track to nominate a development candidate from the oral hepcidin program by year end. I am very proud of the consistent innovation and execution capabilities of the Protagonist team,” Patel said.
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