Protagonist posts Q2 2026 profit as ICOTYDE launch and rusfertide review advance

Protagonist Therapeutics reported financial results for the second quarter ended June 30, 2026, in an 8-K filed August 5, 2026. The second quarter of 2026 represents ICOTYDE's first full quarter of commercial sales.¹ Johnson & Johnson received U.S. FDA approval of ICOTYDE (icotrokinra) on March 18 for moderate-to-severe plaque psoriasis in adults and pediatric patients 12 and older weighing at least 40 kg who are candidates for systemic therapy or phototherapy.¹ That approval triggered a $50 million milestone payment to Protagonist in the first quarter of 2026.¹

On the rusfertide program, the NDA was accepted by the FDA and granted Priority Review in Q1 2026, with a PDUFA goal date in August 2026.¹ Takeda holds exclusive worldwide development and commercialization rights following Protagonist's opt-out election in April 2026, which triggered a $200 million payment plus an additional $200 million opt-out fee and a separate $75 million milestone due upon FDA approval.¹

Protagonist also disclosed plans to advance its wholly-owned oral IL-17 antagonist PN-881 into a comprehensive Phase 2 psoriasis program, expected to begin in early Q1 2027, based on Phase 1 pharmacokinetic data.¹ Separately, a Phase 1 study has begun for the injectable formulation of PN-477, a triple GLP1/GIP/GCG agonist peptide for obesity, with an oral formulation study anticipated in the first half of 2027.¹

Financially, cash, cash equivalents and marketable securities were $849.5 million as of June 30, 2026, compared with $646.0 million as of December 31, 2025.¹ Net income was $162.8 million ($2.47 basic, $2.29 diluted per share) for the quarter, and $166.6 million for the first six months, versus net losses in the comparable 2025 periods.¹