PTGX Stock — Protagonist Therapeutics Inc.: Cash, EV, Pipeline

What they do

Our programs fall into three broad therapeutic areas: (i) inflammation and immunology (“I&I”), (ii) hematology and (iii) metabolic diseases. Our aim is to develop medicines for biologically and commercially validated targets which demonstrate a strong differentiation compared to existing therapies.

Source: 10-K FY2025 via SEC EDGAR

Share price

$132.04

Market cap

$8,544.1M

Cash

$834.6M

Enterprise value

$7,709.5M

Balance sheet

Cash	$834.6M
Debt	$0.0M
Net cash	$834.6M
Enterprise value	$7,709.5M
Basic shares	65.3M shares
Fully diluted shares	81.8M shares
Fully diluted market cap	$10,802.0M
Cash per share	$12.79
Quarterly burn	+$219.1M generated

Cash figures as of 2026-09-30. Database snapshot: 2026-11-07.

Share structure

Common

64.7M

Pre-funded warrants

1.5M

Options

11.5M

RSUs

2.3M

Warrants

0.0M

Converts

0.0M

Conv preferred

0.0M

ESPP reserve

1.8M

FDSO

81.8M

Cap table as of 2026-06-30.

Price history

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Upcoming catalysts

No upcoming catalysts on file for this company.

Full readout calendar →

Pipeline assets

ICOTYDE

Approved · Active Modality: targeted oral peptide IL-23 receptor blocker

Aliases icotrokinra

Target IL-23R

Partnerships JNJ: License and Collaboration Agreement (Jul 2017; amended and restated Nov 2024); tiered royalties 6-10% on net sales; milestones for approval and additional indications

Indications

Moderate-to-severe plaque psoriasis (adults and pediatric patients 12+ years, >=40 kg) (Approved)

Status note Oral peptide targeting IL-23R; FDA approved in US Mar 2026 for moderate-to-severe plaque psoriasis.

rusfertide

Phase 3 · Active Modality: injectable peptide mimetic of hepcidin

Target hepcidin mimetic

Partnerships Takeda: worldwide license and collaboration (Jan 2024, effective Mar 2024; amended Mar 2025); Apr 2026 Protagonist exercised opt-out of US 50/50 profit/loss sharing

Indications

Polycythemia vera (PV) (Phase 3)

Status note Investigational injectable hepcidin mimetic for the rare blood disorder PV (VERIFY trial). Protagonist in three-month opt-out wind-down period transferring VERIFY trial and projects to Takeda.

PN-881

Phase 1 · Active Modality: oral peptide IL-17 antagonist

Target IL-17

Indications

Immune-mediated skin diseases (plaque psoriasis, psoriatic arthritis potential) (Phase 1)

Status note Targets three IL-17 dimers (IL-17 AA, AF and FF). First human subject dosed Oct 2025 in Phase 1 trial (NCT07153146) in healthy adults.

PN-477

Preclinical · Active Modality: peptide triple receptor agonist

Target GLP-1/GIP/GCG

Indications

Obesity (Preclinical)

Status note Novel triple GLP-1, GIP and GCG receptor agonist peptide with oral (PN-477o) and subcutaneous (PN-477sc) routes; nominated as development candidate Jun 2025.

PN-458

Preclinical · Active Modality: peptide dual receptor agonist

Target GLP-1/GIP

Indications

Obesity (Preclinical)

Status note Novel dual GLP-1 and GIP receptor agonist peptide; nominated Dec 2025; IND-enabling studies ongoing.

PN-8047

Preclinical · Active Modality: orally administered small molecule hepcidin functional mimetic

Target hepcidin functional mimetic

Indications

Polycythemia vera (PV) (Preclinical)

Status note Nominated Dec 2025; IND-enabling studies ongoing; may be complementary to injectable rusfertide for PV.

Per-asset detail extracted from the 10-Q filed 2026-08-05. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	Rusfertide
Lead indication	Polycythemia Vera
Lead phase	Phase 3
Active trials	2

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT05210790	Phase 3	Active, not recruiting	Sponsor	PTGX	—	Polycythemia Vera	—
NCT06033586	Phase 3	Active, not recruiting	Sponsor	PTGX	—	Polycythemia Vera	—

Sponsor-matched active trials from ClinicalTrials.gov (2 as sponsor, 0 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 2 active trials for Protagonist Therapeutics, Inc. on ClinicalTrials.gov

Specialist fund holders

Tracked specialist funds: ADAR1 Capital Management, Aisling Capital, Ally Bridge Group, Avoro Capital Advisors, BVF Partners, Baker Bros. Advisors, Boxer Capital, Braidwell LP, Casdin Capital, Cormorant Asset Management, DAFNA Capital, Deerfield Management, EcoR1 Capital, Frazier Life Sciences, Great Point Partners, Ikarian Capital, Logos Global Management, OrbiMed Advisors, Perceptive Advisors, RA Capital Management, RTW Investments, Sphera Biotech, Stonepine Capital, Tang Capital Partners, Vivo Capital.

Fund	Shares	Q/Q change	% of portfolio	Filing
RTW Investments	5,061,175	+2,122	5.30%	2026-08-14
Perceptive Advisors	981,879	-249,000	1.87%	2026-08-14
ADAR1 Capital Management	960,863	-33,256	5.54%	2026-08-14
Boxer Capital	170,000	no change	1.57%	2026-08-14
OrbiMed Advisors	42,100	no change	0.10%	2026-08-14

Specialist-fund positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

Latest news

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PTGX — Protagonist Therapeutics Inc. ☆

What they do

Balance sheet

Share structure

Price history

Upcoming catalysts

Pipeline assets

Pipeline

Active clinical trials

Specialist fund holders

Latest news

PTGX — Protagonist Therapeutics Inc.