What Protagonist Therapeutics does

Protagonist Therapeutics, Inc. (NASDAQ: PTGX) is a clinical-to-commercial biopharmaceutical company developing orally-stable peptide therapeutics for rare and prevalent diseases historically addressed by injectable antibodies. The company was founded in 2008 and incubated at the Institute for Molecular Biosciences at the University of Queensland in Brisbane, Australia, with corporate headquarters now in Newark, California. Its proprietary Vectrix™ molecular design platform combines computational virtual libraries, structure-based and phage display screening, oral stability assays, and formulation know-how to engineer peptides against challenging targets including cytokines, cytokine receptors, integrins, GPCRs, and ion channels.

The company's commercial product is ICOTYDE (icotrokinra / JNJ-2113), the first and only targeted oral IL-23 receptor therapy, FDA-approved in March 2026 for moderate-to-severe plaque psoriasis in patients 12 and older, and developed under an exclusive worldwide license with Johnson & Johnson. Its second late-stage asset, rusfertide (PTG-300), is a first-in-class hepcidin mimetic for polycythemia vera with FDA Priority Review and a Q3 2026 PDUFA date, partnered worldwide with Takeda. Earlier-stage wholly-owned programs include PN-881 (oral IL-17 antagonist, Phase 1) and PN-477sc and PN-477oral (GLP-1/GIP/GCG agonists for obesity, Phase 1 starts in 2026).

Protagonist operates an asset-light, partnership-driven business model: it does not sell product directly. Johnson & Johnson and Takeda handle global commercialization, regulatory strategy (for rusfertide), and pricing. Protagonist's revenue is generated through licensing milestones and tiered royalties—Icotrokinra economics include 6-10% royalties on global net sales plus up to $580M in additional milestones; rusfertide economics include 14-29% royalties on worldwide net sales and up to $975M in milestone payments following Protagonist's 2026 opt-out of 50:50 U.S. profit-sharing. Reported full-year 2025 revenue was $46.0M (vs. $434.4M in 2024, reflecting milestone timing), with $646M in cash and marketable securities providing runway through at least 2028.

Name

Protagonist Therapeutics

Legal name

Protagonist Therapeutics, Inc.

Website

https://protagonist-inc.com

Company type

Public

Founded year

2008

Operating status

Operating

Headcount range

101–250 employees

Short description

Protagonist Therapeutics is a biopharmaceutical company that develops orally-stable peptide therapeutics. It generates revenue through licensing milestones and royalties from partnered programs including the FDA-approved psoriasis drug ICOTYDE (Johnson & Johnson) and the polycythemia vera candidate rusfertide (Takeda).

Ownership category

akta.pro rank

Product category

Biopharmaceutical Peptide Therapeutics

NAICS

Biological Product (except Diagnostic) Manufacturing (325414), Pharmaceutical and Medicine Manufacturing (3254)

SIC

Biological Products, (No Disgnostic Substances) (2836), Pharmaceutical Preparations (2834)

akta.pro primary industry

Therapeutic Peptides & Protein/Peptide Biologics (HLAAAAAH)

akta.pro secondary industry

Antibody Discovery & Engineering Platforms (display tech, bispecifics, Fc engineering) (HLAAAIAB)

Keywords

• Peptide therapeutics
• Oral peptide drugs
• Biopharmaceutical development
• Inflammatory disease treatments
• Rare disease therapies

Headquarters

HQ city

Brisbane

HQ country

Australia

HQ region

Oceania

Offices2 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Others

Revenue model

1. Icotrokinra Royalties: Johnson & Johnson commercializes icotrokinra (ICOTYDE) globally. Protagonist receives tiered royalties of 6-10% on global net sales, with potential for up to $580 million in additional regulatory and sales milestones. The $50 million milestone was triggered upon FDA approval in March 2026.
2. Rusfertide Milestones and Royalties: Protagonist opted out of 50:50 U.S. profit-sharing with Takeda, receiving $200 million upfront and $200 million upon FDA approval, with total potential of $475 million tied to the opt-out election. Additionally eligible for up to $975 million in milestone payments and tiered royalties of 14-29% on worldwide net sales.
3. Milestone Payments: episodic milestone payments from partners for regulatory achievements, clinical trial completions, and commercial launches. Q4 2025 revenue was $46 million, significantly lower than $434.4 million in prior year due to variable milestone timing.

Go-to-market motion2 records

Distribution channels2 records

Marketing channels4 records

Core offering

Protagonist Therapeutics is a clinical-to-commercial biopharmaceutical company that discovers and develops orally-stable peptide therapeutics for diseases currently addressed by injectable antibodies. The company applies a proprietary peptide technology platform spanning computational design, structure-based libraries, oral stability assays, and novel formulation approaches to engineer peptide drugs against challenging targets including cytokines, cytokine receptors, integrin, GPCRs, and ion channels. Its lead commercialized asset is ICOTYDE (icotrokinra), an oral IL-23 receptor antagonist for plaque psoriasis commercialized by Johnson & Johnson, and its second lead asset is rusfertide, a first-in-class hepcidin mimetic for polycythemia vera being commercialized by Takeda.

Differentiator

Problem solved

Functional benefit

Products and services

• ICOTYDE (icotrokinra) ICOTYDE (icotrokinra, also known as JNJ-2113) is a once-daily oral IL-23 receptor antagonist peptide co-developed with Johnson & Johnson (Janssen Biotech) and FDA-approved in March 2026 for the treatment of moderate-to-severe plaque psoriasis in adults and pediatric patients aged 12 and older. It is the first and only targeted oral IL-23 receptor therapy and is commercialized globally by Johnson & Johnson under a 2017 licensing and collaboration agreement.
• Rusfertide (PTG-300) Rusfertide (PTG-300) is a first-in-class hepcidin mimetic peptide therapeutic in development for polycythemia vera (a rare chronic blood disorder affecting approximately 150,000 U.S. patients). It is partnered with Takeda Pharmaceutical under a January 2024 worldwide license and collaboration agreement and has received FDA Breakthrough Therapy, Orphan Drug, and Fast Track designations. Protagonist exercised its opt-out right in 2026 to receive $200M upfront and $200M upon FDA approval, with up to $775M in additional milestones and 14-29% tiered royalties on worldwide net sales.

Quantifiable outcome

• 55-70% of patients achieved clear or almost clear skin (PASI 90) at weeks 16 and 24 in Phase 3 trials
• +3 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

Two partnerships are on record, tiered flagship.

• Takeda PharmaceuticalsflagshipStrategic or Co-development Partner · 1 January 2024Worldwide license and collaboration agreement entered January 2024 for rusfertide (PTG-300), a first-in-class hepcidin mimetic for polycythemia vera. Protagonist led development through Phase 3; Takeda manages U.S. regulatory strategy. Protagonist exercised opt-out from 50:50 profit-sharing in 2026, receiving $200M upfront and $200M upon FDA approval, with potential for up to $775M additional milestones and 14-29% royalties. FDA granted Priority Review with PDUFA date Q3 2026.
• Johnson & Johnson (Janssen Biotech)flagshipStrategic or Co-development Partner · 1 January 2017Licensing and collaboration agreement entered in 2017 for oral IL-23 receptor antagonist (icotrokinra/JNJ-2113). Janssen holds exclusive worldwide rights to develop and commercialize. Protagonist eligible for $50M milestone (received March 2026), up to $580M in additional milestones, and 6-10% tiered royalties on global net sales. ICOTYDE received FDA approval March 2026 for moderate-to-severe plaque psoriasis. J&J projects $5-10 billion market opportunity.

Scale indicators7 records

Recent moves6 records

Expansion highlights6 records

Market position

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/ProtagonistTx
• LinkedInlinkedin.com/company/protagonist-therapeutics

Revenue estimate

Valuation estimate

Number of profiles

Profiles16 records

Subsidiaries1 record

Funding overview

Funding rounds11 records

Investors16 records

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M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Protagonist Therapeutics