Protagonist Therapeutics, Inc. (PTGX)
NASDAQHealth CareBiotechnologySnapshot 2026-09-04
$145.72-2.07%
Close 2026-09-04 · 1-day change
NASDAQHealth CareBiotechnologySnapshot 2026-09-04
QuarterlyIQ Insights · PTGX
How strong the business is — where it ranks within its sector on capital efficiency and cash generation, and how well management has been executing.
How management runs the business: capital, margins, balance sheet, and how reliably they guide and deliver.
A guidance track record builds as the company issues and delivers on guidance.
Priorities management has stated in recent disclosures, with status and evidence drawn from earnings calls, filings, and press releases.
Progress clinical development of wholly-owned peptides including PN-881 (oral IL-17 antagonist), PN-477 (triple GLP/GIP/GCG agonist), PN-458 (dual GLP/GIP agonist), and PN-8047 (oral hepcidin mimetic…
Stated as a priority in 3 of last 3 quarters. Management has advanced PN-881 into a Phase 2b psoriasis program expected early 2027, with Phase 1 studies ongoing or planned for PN-477, PN-458, and PN-8047. This reflects consistent progress in clinical pipeline advancement aligned with stated development timelines.
Each factor is a parallel diagnostic with a clear read of what it shows and how names like it have historically fared. Never aggregated into a single score.
Operating income rose in 2 of the last 3 quarter-over-quarter moves. Historically, Health Care names rated strong grew net income 53% of the time over the next year (vs 41% for the rest of the cohort, n=9986).
Not investment advice. Scores describe historical and current data; they are not forecasts of future returns. Consult a licensed advisor before making investment decisions.
“PN-881 advanced into Phase 2b psoriasis program, Phase 1 studies ongoing for PN-477, PN-458, PN-8047.”
“PN-881 Phase 1 completion expected mid-2026; Phase 2 initiation anticipated by year-end; PN-477 Phase 1 initiation expected mid-2026 and Q1 2027.”
“PN-881 Phase 1 completion expected by mid-2026; preclinical pipeline expanded with PN-477, PN-458, PN-8047.”
Focus on FDA approval and commercial launch milestones for ICOTYDE and rusfertide, including milestone payments and royalty revenue generation.
Stated as a priority in 3 of last 3 quarters. ICOTYDE received FDA approval in Q1 2026 triggering a $50 million milestone, with first full quarter of commercial sales in Q2 2026. Rusfertide NDA is under Priority Review with an FDA PDUFA date in August 2026. The trajectory shows delivery of key regulatory milestones and commencement of commercial revenue.
“ICOTYDE first full quarter of commercial sales; rusfertide NDA under Priority Review with PDUFA date in August 2026.”
“ICOTYDE FDA approval triggered $50 million milestone; rusfertide NDA accepted with Priority Review and PDUFA date in Q3 2026.”
“Rusfertide NDA submitted; ICOTYDE U.S. regulatory decision anticipated in 2026 with potential launch.”
Maximize revenue from collaboration agreements with Johnson & Johnson and Takeda through milestone payments, opt-out fees, and tiered royalties.
Stated as a priority in 3 of last 3 quarters. License and collaboration revenue increased substantially from $7.4 million in 2025-Q4 to $213.5 million in 2026-Q2, driven by $192.4 million Takeda opt-out payment and $50 million J&J milestone. The revenue trajectory reflects successful monetization of collaboration agreements.
“License and collaboration revenue of $213.5 million including $192.4 million from Takeda opt-out payment.”
“License and collaboration revenue of $56.4 million including $50 million milestone from J&J upon ICOTYDE approval.”
“License and collaboration revenue of $7.4 million from development services under Takeda agreement.”
Expand R&D spending to support clinical development, manufacturing readiness, and discovery programs including new peptide candidates.
Stated as a priority in 3 of last 3 quarters. R&D expenses increased from $35.9 million in 2025-Q1 to $42.1 million in 2026-Q2, with management expecting further significant increases in second half 2026 to support clinical and discovery programs. The trajectory shows consistent investment aligned with stated plans.
“R&D expenses expected to increase significantly in second half 2026 due to PN-881 Phase 2 and other programs.”
“R&D expense increased due to Phase 1 study for PN-881 and preclinical research including obesity candidates.”
“R&D expenses increased due to drug discovery and preclinical research including IL-17 and obesity candidates.”
Continue to advance the robust R&D pipeline to drive future growth.
Over the trailing year it converted 0.29x of net income into operating cash flow. Historically, Health Care names rated fragile grew net income 32% of the time over the next year (vs 54% for the rest of the cohort, n=2490).
Not enough signal yet.
Not enough signal to read sensitivity to the US dollar, the broad stock market, long-term interest rates, real (inflation-adjusted) rates, Fed net liquidity (low R² over the window).
5 material management or governance events in the past 24 months, led by executive changes. Historically, Health Care names rated stable grew net income 46% of the time over the next year (vs 53% for the rest of the cohort, n=3872).
Not investment advice. As of 2026-09-04.