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Mar 31, 2025
Protagonist Q1 2025 Earnings Report
Protagonist Therapeutics reported its financial results for the first quarter ended March 31, 2025, highlighting significant progress in its late-stage partnered assets and a strong cash position.
Key Takeaways
Protagonist Therapeutics announced a strong first quarter for 2025, driven by positive clinical trial results for rusfertide and icotrokinra, both progressing towards NDA filings by year-end. The company reported a net loss of $11.655 million, or $0.19 per basic and diluted share, and maintained a robust cash position of $697.9 million.
Positive top-line results from the rusfertide Phase 3 VERIFY trial in polycythemia vera (PV) were announced, with full data selected for oral presentation at ASCO on June 1st.
Full dataset from the icotrokinra Phase 3 ICONIC-LEAD trial in plaque psoriasis (PsO) was presented at the 2025 AAD Meeting, and data from the adolescent subset at the World Congress of Pediatric Dermatology.
Positive top-line results from the icotrokinra Phase 2b ANTHEM trial in ulcerative colitis (UC) were announced, with data to be presented at a medical conference later in 2025.
The company's cash, cash equivalents, and marketable securities stood at $697.9 million as of March 31, 2025, providing a cash runway through at least the end of 2028.
Revenue by Segment
Forward Guidance
Protagonist Therapeutics anticipates continued advancement of its late-stage clinical programs, with potential NDA filings for rusfertide and icotrokinra by year-end 2025. The company also plans to progress its early-stage pipeline, including PN-881, into clinical safety and proof-of-concept studies starting in 2025, supported by a strong cash position.
Positive Outlook
- Rusfertide Phase 3 VERIFY trial data to be presented at ASCO on June 1st, indicating significant progress.
- Icotrokinra Phase 2b ANTHEM study results in UC lay the foundation for additional studies in both UC and Crohn's.
- Anticipated NDA filings for rusfertide and icotrokinra by year-end 2025.
- Strong cash position of $697.9 million provides a cash runway through at least the end of 2028, enabling independent pipeline progression.
- Advancement of pre-clinical candidates, including the oral IL-17 antagonist PN-881, and oral anti-obesity and oral hepcidin programs into clinical studies in 2025.
Challenges Ahead
- Future performance is subject to risks and uncertainties that could cause actual results to differ materially from anticipated outcomes.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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