Protagonist Q4 2024 Earnings Report
Key Takeaways
Protagonist Therapeutics reported a net income of $131.7 million for Q4 2024, compared to a net income of $27.3 million for Q4 2023. The company's cash, cash equivalents, and marketable securities totaled $559.2 million as of December 31, 2024. A $165.0 million milestone was earned in Q4 2024 from the icotrokinra license and collaboration agreement.
Earned a $165.0 million milestone from the icotrokinra license and collaboration agreement in Q4 2024.
Nominated PN-881 as a development candidate in Q4 2024.
Topline results for rusfertide Phase 3 VERIFY clinical trial in polycythemia vera expected in March 2025.
Topline results for icotrokinra Phase 2b ANTHEM clinical trial in moderate to severe ulcerative colitis expected in March 2025.
Protagonist
Protagonist
Forward Guidance
Protagonist anticipates multiple late-stage transformational events in the first quarter of this year, including topline results from the VERIFY Phase 3 study of rusfertide and the ANTHEM Phase 2b ulcerative colitis study of icotrokinra. The company is also progressing oral IL-17 peptide antagonist PN-881 in clinical studies and nominating new development candidates from the oral obesity and oral hepcidin programs.
Positive Outlook
- Strong cash position enables flexibility to progress early-stage peptide drug candidates.
- Advancing oral IL-17 peptide antagonist PN-881 in clinical studies.
- Nominating new development candidates from the oral obesity and oral hepcidin programs.
- Potential New Drug Application submissions to the FDA potentially in 2025
- Co-developing and co-commercializing Rusfertide with Takeda Pharmaceuticals
Challenges Ahead
- Ability to develop and commercialize product candidates.
- Ability to earn milestone payments under collaboration agreements with Janssen and Takeda.
- Ability to use and expand programs to build a pipeline of product candidates.
- Ability to obtain and maintain regulatory approval of product candidates.
- Ability to operate in a competitive industry and compete successfully against competitors that have greater resources.