Protagonist Therapeutics, Inc — Form 8-K
Filed August 5, 2026 · analyzed by the 8-K Agent
8-K
▲ Likely positive
significance 68/100
What the filing says
Protagonist reported Q2 2026 net income of $162.8M ($2.47/share basic) on license/collaboration revenue of $213.5M, primarily from Takeda's $200M opt-out payment ($192.4M recognized) and JNJ milestones. Cash stands at $849.5M. ICOTYDE (JNJ-licensed) completed first full commercial quarter; rusfertide (Takeda-licensed, opted-out April 2026) has FDA NDA under priority review with PDUFA date August 2026. Company advanced PN-881 (oral IL-17 antagonist) to Phase 2b psoriasis study (Q1 2027) and initiated Phase 1 with PN-477sc (triple GLP1/GIP/GCG agonist for obesity). Future value: Takeda deal yields $200M received + $200M opt-out fee + $75M upon approval + up to $775M sales milestones + 14-29% royalties; JNJ deal yields $387.5M received + $580M future milestones + 6-10% royalties.
Why this rating
Two commercial partnerships generating $912.5M in received payments (31% of $2.9B market cap) plus substantial future royalties; rusfertide FDA decision imminent. Real revenue trajectory established but not yet transformational to $2.9B company; moderate relative scale.
See more from August 5, 2026.
EDGAR·FLOW summarizes public SEC EDGAR filings with automated analysis. Materiality scores and stock-impact predictions are algorithmically generated and are not investment advice. Always verify against the source filing on SEC.gov.