# Protagonist Therapeutics, Inc

Summary updated: 2026-10-02T15:49:02.40412Z
Canonical: https://finbar.com/research/companies/protagonist-therapeutics-inc

## Overview

Protagonist Therapeutics, Inc. is a biopharmaceutical company focused on discovering and developing peptide medicines using its proprietary drug-discovery platform. Its programs target inflammatory and immune-mediated, hematologic, and metabolic diseases, including conditions with unmet medical needs; the company describes its mission as improving patients’ lives through peptide drug discovery and development. [1](https://app.finbar.com/go?id=P147144311)[2](https://www.protagonist-inc.com/)

Its portfolio includes ICOTYDE (icotrokinra), an oral IL-23 receptor blocker approved in the United States for plaque psoriasis and licensed to Johnson & Johnson, and rusfertide, an investigational hepcidin mimetic for polycythemia vera licensed to Takeda. The company also has earlier-stage programs in areas including inflammation and obesity. [3](https://app.finbar.com/go?id=P147144313)[4](https://app.finbar.com/go?id=P147144315)[5](https://app.finbar.com/go?id=P147144317)[6](https://app.finbar.com/go?id=P147144322)[7](https://app.finbar.com/go?id=P147144323)[8](https://app.finbar.com/go?id=P147144325)[9](https://app.finbar.com/go?id=P147144327)

Protagonist is headquartered in Newark, California, and has a wholly owned subsidiary in Brisbane, Australia. It reported 132 full-time-equivalent employees at year-end 2025. For 2025, it reported $46.016 million in collaboration and license revenue and stated that it had not generated revenue from product sales. [10](https://app.finbar.com/go?id=P76238849)[11](https://app.finbar.com/go?id=P103665336)[12](https://app.finbar.com/go?id=P34656536)[13](https://app.finbar.com/go?id=T11359897)
[1](https://app.finbar.com/go?id=P147144311)[2](https://www.protagonist-inc.com/)[3](https://app.finbar.com/go?id=P147144313)[4](https://app.finbar.com/go?id=P147144315)[5](https://app.finbar.com/go?id=P147144317)[6](https://app.finbar.com/go?id=P147144322)[7](https://app.finbar.com/go?id=P147144323)[8](https://app.finbar.com/go?id=P147144325)[9](https://app.finbar.com/go?id=P147144327)[10](https://app.finbar.com/go?id=P76238849)[11](https://app.finbar.com/go?id=P103665336)[12](https://app.finbar.com/go?id=P34656536)[13](https://app.finbar.com/go?id=T11359897)[2](https://www.protagonist-inc.com/)

## Products & services

ICOTYDE™ (icotrokinra) is an oral peptide that blocks the IL-23 receptor. It was approved in the United States in March 2026 for moderate-to-severe plaque psoriasis in adults and eligible patients aged 12 or older who weigh at least 40 kg and are candidates for systemic therapy or phototherapy. Licensed to Janssen/J&J, it is also being developed for psoriatic arthritis, ulcerative colitis and Crohn’s disease. [14](https://app.finbar.com/go?id=P147144174)[15](https://www.protagonist-inc.com/product-pipeline)

MIMRYLO™ (rusfertide) is an injectable hepcidin mimetic for erythrocytosis in adults with polycythemia vera; the FDA approved it on August 28, 2026. Takeda is responsible for further development and commercialization. [4](https://app.finbar.com/go?id=P147144315)[16](https://app.finbar.com/go?id=P147144175)[17](https://www.fda.gov/news-events/press-announcements/fda-approves-first-drug-its-kind-polycythemia-vera-rare-blood-disorder)[18](https://www.takeda.com/newsroom/newsreleases/2026/fda-approval-mimrylo/)

The development pipeline includes PN-881, an oral peptide antagonist of IL-17AA, IL-17AF and IL-17FF being studied for immune-mediated diseases including psoriasis; PN-477, a triple GLP-1/GIP/glucagon receptor agonist peptide in oral once-daily and subcutaneous once-weekly formats; and PN-458, a dual GLP-1/GIP receptor agonist peptide. PN-477 has begun a Phase 1 subcutaneous study, while Phase 1 trials for its oral format and PN-458 are planned for 2027. PN-8047 is an oral small-molecule hepcidin functional mimetic being developed as a potential complement to injectable rusfertide. [5](https://app.finbar.com/go?id=P147144317)[19](https://app.finbar.com/go?id=P147144320)[6](https://app.finbar.com/go?id=P147144322)[7](https://app.finbar.com/go?id=P147144323)[8](https://app.finbar.com/go?id=P147144325)

The company also reports IL-4 and amylin programs, but provides no further product-specific detail in the cited filing material. Reported license-and-collaboration revenue is not allocated by product, so product revenue percentages are not specified. [20](https://app.finbar.com/go?id=P147144176)[21](https://app.finbar.com/go?id=P147144132)
[14](https://app.finbar.com/go?id=P147144174)[15](https://www.protagonist-inc.com/product-pipeline)[4](https://app.finbar.com/go?id=P147144315)[16](https://app.finbar.com/go?id=P147144175)[17](https://www.fda.gov/news-events/press-announcements/fda-approves-first-drug-its-kind-polycythemia-vera-rare-blood-disorder)[18](https://www.takeda.com/newsroom/newsreleases/2026/fda-approval-mimrylo/)[5](https://app.finbar.com/go?id=P147144317)[19](https://app.finbar.com/go?id=P147144320)[6](https://app.finbar.com/go?id=P147144322)[7](https://app.finbar.com/go?id=P147144323)[8](https://app.finbar.com/go?id=P147144325)[20](https://app.finbar.com/go?id=P147144176)[21](https://app.finbar.com/go?id=P147144132)[15](https://www.protagonist-inc.com/product-pipeline)[17](https://www.fda.gov/news-events/press-announcements/fda-approves-first-drug-its-kind-polycythemia-vera-rare-blood-disorder)[18](https://www.takeda.com/newsroom/newsreleases/2026/fda-approval-mimrylo/)

## Geographic presence

Protagonist Therapeutics is headquartered in Newark, California, where it has approximately 60,600 square feet of office and laboratory space. The company’s locations page also lists Brisbane, Australia; it does not disclose employee numbers or workforce distribution by location. [22](https://app.finbar.com/go?id=P90749333)[23](https://app.finbar.com/go?id=P69861234)[24](https://www.protagonist-inc.com/locations)

The company reported no approved products for commercial sale in its FY2025 filing, and does not provide a country- or region-level breakdown of product sales or revenue. [25](https://app.finbar.com/go?id=P7241078)[26](https://app.finbar.com/go?id=P31118503)

Its geographic collaboration arrangements have included U.S. rights for Protagonist and rights outside the United States for Takeda; a Q2 2026 filing later reported that Takeda held an exclusive worldwide license for rusfertide following Protagonist’s opt-out from U.S. profit-and-loss sharing. These are contractual territory terms, not a report of sales by geography. [27](https://app.finbar.com/go?id=P91936225)[28](https://app.finbar.com/go?id=P147144227)
[22](https://app.finbar.com/go?id=P90749333)[23](https://app.finbar.com/go?id=P69861234)[24](https://www.protagonist-inc.com/locations)[25](https://app.finbar.com/go?id=P7241078)[26](https://app.finbar.com/go?id=P31118503)[27](https://app.finbar.com/go?id=P91936225)[28](https://app.finbar.com/go?id=P147144227)[24](https://www.protagonist-inc.com/locations)

## Business segments

Protagonist Therapeutics reports one operating segment, encompassing its drug discovery and development activities. Management assesses performance and allocates resources on a company-wide basis; the company does not disclose separate financial contributions for individual programs or products. Accordingly, the reported operating segment represents 100% of the business, with no reported subsegment percentages. [26](https://app.finbar.com/go?id=P31118503) The Q2 2026 filing continues to report one operating segment and presents license and collaboration revenue in aggregate, without allocating it by program. [29](https://app.finbar.com/go?id=P147144293)[30](https://app.finbar.com/go?id=T16835139)

Revenue disclosures describe collaboration activity rather than distinct business segments. In 2025, Takeda accounted for 100% of revenue; the company does not provide a rusfertide-only revenue percentage. [31](https://app.finbar.com/go?id=P101419720) In 2024, license and collaboration revenue was approximately 62% from Takeda and 38% from JNJ, but these partner shares are not reported as segments. [32](https://app.finbar.com/go?id=P119381838)
[26](https://app.finbar.com/go?id=P31118503)[29](https://app.finbar.com/go?id=P147144293)[30](https://app.finbar.com/go?id=T16835139)[31](https://app.finbar.com/go?id=P101419720)[32](https://app.finbar.com/go?id=P119381838)

## Company history

Protagonist’s origins date to Protagonist Pty Ltd, incorporated in Australia in September 2001 and incubated at the University of Queensland’s Institute for Molecular Bioscience; its U.S. parent, Protagonist Therapeutics, Inc., was incorporated in Delaware in 2006. Mark Smythe was a co-founder, and Dinesh V. Patel became president and CEO in 2008. [33](https://app.finbar.com/go?id=P189454450) The company reported a $9 million Series B second-tranche financing in 2014, then completed its IPO in August 2016, raising $83.6 million in net proceeds. [34](https://app.finbar.com/go?id=P189456363)[35](https://app.finbar.com/go?id=P189456208)[36](https://app.finbar.com/go?id=P189455874)

In 2016, Protagonist began a Phase 2b trial of PTG-100 for ulcerative colitis, which it discontinued in 2018 after a futility analysis; it pursued PN-943 as another oral integrin antagonist. [37](https://app.finbar.com/go?id=P185521448)[38](https://app.finbar.com/go?id=P181859486) In 2017, it entered a worldwide collaboration with Janssen on the oral IL-23 receptor antagonist PTG-200, later expanded to include second-generation candidates. [39](https://app.finbar.com/go?id=P181861160)[40](https://app.finbar.com/go?id=P175508578) Its pipeline subsequently advanced PTG-300, later known as rusfertide, and PN-943 into Phase 2 studies. [41](https://app.finbar.com/go?id=P175508569)[42](https://app.finbar.com/go?id=P175509530) In 2024, Protagonist partnered with Takeda to develop and commercialize rusfertide. [43](https://app.finbar.com/go?id=T1078003)[44](https://app.finbar.com/go?id=P48473381) Takeda submitted a rusfertide NDA in December 2025, which FDA accepted for Priority Review in March 2026; that month, FDA approved J&J’s ICOTYDE (icotrokinra), another product arising from Protagonist’s IL-23 receptor collaboration. [45](https://app.finbar.com/go?id=P24618094)[46](https://app.finbar.com/go?id=P2647112)[47](https://app.finbar.com/go?id=T16835092)
[33](https://app.finbar.com/go?id=P189454450)[34](https://app.finbar.com/go?id=P189456363)[35](https://app.finbar.com/go?id=P189456208)[36](https://app.finbar.com/go?id=P189455874)[37](https://app.finbar.com/go?id=P185521448)[38](https://app.finbar.com/go?id=P181859486)[39](https://app.finbar.com/go?id=P181861160)[40](https://app.finbar.com/go?id=P175508578)[41](https://app.finbar.com/go?id=P175508569)[42](https://app.finbar.com/go?id=P175509530)[43](https://app.finbar.com/go?id=T1078003)[44](https://app.finbar.com/go?id=P48473381)[45](https://app.finbar.com/go?id=P24618094)[46](https://app.finbar.com/go?id=P2647112)[47](https://app.finbar.com/go?id=T16835092)

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