Protagonist Q4 2023 Earnings Report
Key Takeaways
Protagonist Therapeutics reported financial results for the fourth quarter and full year ended December 31, 2023. The company highlighted the worldwide collaboration agreement with Takeda Pharmaceuticals, the progress of JNJ-2113 clinical development program, and the expansion of internal discovery efforts.
Executed a worldwide collaboration agreement with Takeda Pharmaceuticals, including a $300 million upfront payment.
Extended cash runway through Q4 2027.
Published two articles in the New England Journal of Medicine reporting results from the Phase 2b FRONTIER 1 study of JNJ-2113 and the Phase 2 REVIVE study of rusfertide.
Johnson & Johnson initiated an expanded JNJ-2113 clinical development program.
Protagonist
Protagonist
Forward Guidance
Protagonist plans to complete enrollment of the Phase 3 VERIFY study by the end of Q1 2024, and potentially filing an NDA next year after completion of the 52-week study. The company also plans to announce an oral peptide IL-17 development candidate by year end.
Positive Outlook
- Potential commercial launch of rusfertide.
- JNJ-2113 clinical development program is progressing and expanding.
- JNJ-2113 has the potential to be a major part of the Inflammation & Immunology franchise.
- Expanding discovery efforts and are evaluating novel oral peptides against validated biological pathways.
- Maximizing presence with first-in-class drug candidates for diseases mediated by the IL-17/IL-23 pathway.