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Protagonist Therapeutics develops medicines, primarily based on peptides, for inflammatory, blood and metabolic diseases. Its leading programs are Icotyde, an oral candidate for plaque psoriasis licensed to Janssen, and rusfertide, an injectable candidate for excess red blood cells in patients with polycythemia vera, partnered with Takeda. It also develops candidates it owns outright.
Janssen and Takeda pay for drug rights and collaborative development through upfront, milestone and cost-sharing payments. Revenue is concentrated in Takeda, with Janssen its other collaboration customer. Janssen leads Icotyde’s further development, and Protagonist is entitled to royalties on worldwide sales if it reaches the market. The current rusfertide agreement shares U.S. profits and losses with Takeda and provides royalties outside the United States. Protagonist plans to leave that profit-sharing arrangement in exchange for worldwide sales royalties and additional potential payments; that change is not yet established by the available business status.
The company has no drugs approved for commercial sale and has never earned product-sales revenue. It cannot market its candidates before regulatory approval. Future royalties depend on approval and successful sales, leaving the business reliant on Janssen and Takeda’s development and commercialization work.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Protagonist's returns from rusfertide depend on Takeda, which licenses the blood-disease drug and pays collaboration fees, milestones and eventual sales-linked returns. Watch Takeda's planned launch for excess red blood cells in polycythemia vera in the second half of 2026, subject to approval; Takeda supplied all of Protagonist's 2025 revenue.
Protagonist depends on Johnson & Johnson's Janssen to develop and commercialize its licensed Icotyde, earning milestone payments and a share of worldwide sales through royalties. Watch Janssen's planned 2026 U.S. launch, subject to approval, for moderate-to-severe plaque psoriasis in adults and patients aged 12 and older.
Disc Medicine's DISC-3405 challenges Protagonist's rusfertide in polycythemia vera by pursuing the same iron-control strategy: it aims to increase the iron-regulating hormone hepcidin and reduce iron in the blood. Watch DISC-3405's clinical progress rather than Disc's product sales, which had generated no revenue through December 31, 2025.
Silence Therapeutics' divesiran competes with Protagonist's rusfertide by targeting iron regulation in polycythemia vera; divesiran's development progress is the news to watch for this rivalry.
Eli Lilly competes with Protagonist on two fronts: its injectable Taltz and oral programs that block the inflammation signal IL-17 challenge PN-881, while its obesity medicines compete with Protagonist's early metabolic candidates. Watch Lilly's oral IL-17 development and obesity-drug progress for the competition those programs face.
Novartis's Cosentyx competes for psoriasis patients targeted by Protagonist's licensed Icotyde and also challenges PN-881 by blocking the inflammation signal IL-17. Cosentyx's sales are the product revenue to watch for the established competition facing Protagonist's psoriasis and immunology programs.
Zenas BioPharma's ZB021 directly competes with Protagonist's Phase 1 PN-881: both are oral drugs being developed to block the inflammation signal IL-17. Watch ZB021's development progress for competition to Protagonist's own oral immunology program.
Novartis AG earningsNVS
Novartis's Cosentyx sales will show how strong the established-treatment competition is for Protagonist's psoriasis drug Icotyde.
Look at Cosentyx sales alongside Novartis's comments on demand for psoriasis treatments. Strong sales would show that Icotyde faces a competitor with an established market; weaker sales could mean less competitive pressure, but would not establish demand for Icotyde or its approval prospects.
Takeda Pharmaceutical Company Limited earningsTAK
Takeda's report can show whether rusfertide is advancing toward approval and launch for polycythemia vera, a step that could move Protagonist from collaboration payments toward sales-linked returns.
Separate any disclosed rusfertide approval, launch or sales progress from the development-service revenue and milestone payments Protagonist receives under the collaboration. A move to launch and sales could open a path to sales-linked returns; if approval or launch has not advanced, Protagonist remains more dependent on collaboration payments and future milestones.
Eli Lilly & Co. earningsLLY
Lilly's obesity-drug sales and development progress will show the competitive field facing Protagonist's early metabolic-disease programs.
Read Lilly's obesity-drug sales alongside progress in its related development programs. Strong sales with continued progress would show that Protagonist's early metabolic programs face a well-established, advancing competitor; weaker sales or progress would soften that signal, but would not prove Protagonist's candidates work or have market demand.
Protagonist Therapeutics, Inc earningsThis company
Protagonist has no product sales, so this report will show whether partner payments are still funding its drug development.
Read collaboration revenue, operating cash flow and R&D spending together. Rising collaboration revenue with operating cash inflow covering R&D would show partner funding is still carrying development; falling revenue with cash flowing out would mean Protagonist is relying more on its cash reserves. Collaboration revenue can shift with milestone timing and accounting, so it is not the same as cash received.
Disc Medicine, Inc. earningsIRON
Disc Medicine's DISC-3405 clinical progress will show whether another iron-control approach is advancing against Protagonist's rusfertide in polycythemia vera.
Watch DISC-3405's clinical progress, not product sales: Disc Medicine had no product revenue through the end of 2025. Continued trial progress would show that another iron-control approach, like rusfertide's, is advancing as a potential option for patients; delay or a setback would ease the near-term competitive signal, but would not show that rusfertide works.
