Protagonist Therapeutics Announces $300 Million Share Repurchase Program

Protagonist authorizes up to $300 million in share repurchases, backed by a large cash position and expected Takeda collaboration payments.

Rhea-AI Summary

Protagonist Therapeutics (PTGX) announced that its board has authorized a share repurchase program for up to $300 million of outstanding common stock. The company plans to fund buybacks from existing cash, cash equivalents and marketable securities, and from royalties and other payments under collaboration agreements with Takeda for MIMRYLO™ (rusfertide) and Johnson & Johnson for ICOTYDE™ (icotrokinra). As of June 30, 2026, Protagonist held $849.5 million in cash, cash equivalents and marketable securities, excluding a $200 million opt-out payment and a $75 million milestone earned from Takeda in August 2026, which are expected in Q4 2026. Repurchases are discretionary, may occur via open market or other transactions, and the program can be modified, suspended or discontinued at any time.

Positive

• $300 million share repurchase authorization targeting outstanding common stock
• Cash, cash equivalents and marketable securities of $849.5 million as of June 30, 2026
• Additional Takeda payments of $275 million expected in Q4 2026
• Two FDA-approved partnered drugs generating royalties and milestone payments

Negative

• None.

Market Context

A prior 10-Q reported $849.5 million in cash, cash equivalents and marketable securities, directly s...

Analysis

A prior 10-Q reported $849.5 million in cash, cash equivalents and marketable securities, directly supporting the announced program’s stated funding context alongside collaboration economics.

Key Figures

Repurchase authorization: Up to $300 million Cash and securities: $849.5 million Opt-out payment: $200 million +2 more

Repurchase authorization

Up to $300 million

Share repurchase program

Cash and securities

$849.5 million

As of June 30, 2026

Opt-out payment

$200 million

Earned under the Takeda collaboration in August 2026

Milestone payment

$75 million

Earned under the Takeda collaboration in August 2026

Payment timing

Fourth quarter of 2026

Expected receipt of Takeda payments

Historical Context

2 past events · Latest: Aug 28

2 events

1. Aug 28

   FDA approval

   24h Move

   +2.4%

   Takeda approval triggered $275 million in disclosed payments to Protagonist

2. Aug 05

   Q2 earnings report

   24h Move

   +6.5%

   Collaboration revenue and cash increased through Takeda-related payments

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

rule 10b5-1, phase 3, interleukin-23 receptor

3 terms

rule 10b5-1 regulatory

"transactions pursuant to a trading plan adopted in accordance with Rule 10b5-1"

Rule 10b5-1 is a regulation that allows company insiders to buy or sell their shares at predetermined times, even if they have access to non-public information. It acts like setting a schedule in advance for transactions, helping prevent accusations of unfair trading. This rule provides a way for insiders to plan trades transparently, giving investors confidence that these transactions are not based on hidden information.

phase 3 medical

"is in Phase 3 development for psoriatic arthritis"

Phase 3 is the late-stage clinical testing step for a new drug or medical treatment, where the product is given to large groups of patients to confirm effectiveness, monitor side effects, and compare it to standard care. Successful Phase 3 results are often the final scientific hurdle before regulators decide on approval and market launch—like passing a final exam before graduation—and can sharply change a company's valuation and future revenue prospects.

interleukin-23 receptor medical

"blocks the Interleukin-23 receptor"

A protein on the surface of certain immune cells that binds the signaling molecule interleukin-23 (IL-23) to trigger inflammatory responses. It acts like a lock that only the IL-23 key fits, turning on pathways that help defend against infection but can also drive chronic inflammation in conditions such as psoriasis and inflammatory bowel disease. Investors watch it because medicines that block this receptor can reduce disease activity, making it a common target in drug development and licensing deals.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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NEWARK, CA / ACCESS Newswire / September 8, 2026 / Protagonist Therapeutics, Inc. (Nasdaq:PTGX) today announced that its Board of Directors has authorized a share repurchase program under which the Company may repurchase up to $300 million of its outstanding common stock.

The Company intends to fund the share repurchases from its cash, cash equivalents, and marketable securities, and from royalties and other payments received under the Company's collaboration arrangements with Takeda related to MIMRYLO^TM (rusfertide) and with Johnson & Johnson related to ICOTYDE^TM (icotrokinra). As of June 30, 2026, the Company had $849.5 million in cash, cash equivalents and marketable securities, which does not include a $200 million opt-out payment or a $75 million milestone payment the Company earned in August 2026 under its collaboration agreement with Takeda. The Company expects to receive the payments from Takeda in the fourth quarter of 2026.

The timing and exact amount of any repurchases will depend on a variety of factors, including market conditions, the trading price of the Company's common stock, the timing and amount of royalties and other payments received pursuant to the Company's collaboration arrangements, alternative capital deployment opportunities and general market conditions, among others.

The repurchase program does not obligate Protagonist to acquire any specific number of shares and may be modified, suspended or discontinued at any time without prior notice. Under the program, stock repurchases may be made from time to time in open market or other transactions, which may include transactions pursuant to a trading plan adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934.

About Protagonist

Protagonist Therapeutics is a biopharmaceutical company built on a proprietary peptide technology platform that has now produced two FDA-approved, first-in-class medicines, generating royalties and milestones from global commercial partnerships with Johnson and Johnson and Takeda Pharmaceutical Company Limited. ICOTYDE^™ (icotrokinra), licensed to Johnson & Johnson company Janssen Biotech, Inc., is the first and only targeted oral peptide that precisely blocks the Interleukin-23 receptor. ICOTYDE was launched in the U.S. in March 2026 for the treatment of moderate-to-severe plaque psoriasis in adults and pediatric patients 12 years of age or older and is in Phase 3 development for psoriatic arthritis, ulcerative colitis and Crohn's disease. ICOTYDE was jointly discovered by Protagonist and Johnson & Johnson scientists, with Protagonist having primary responsibility for the development of ICOTYDE through Phase 1, and Johnson & Johnson assuming responsibility for further clinical and regulatory development and commercialization. Protagonist also discovered and led research and development through Phase 3 for MIMRYLO^™ (rusfertide), a first-in-class hepcidin mimetic peptide licensed to Takeda Pharmaceutical Company Limited for worldwide commercialization. MIMRYLO is approved in the U.S. for the treatment of erythrocytosis in adults with PV. The Company also has a number of clinical and preclinical programs based on clinically and commercially validated targets and addressing unmet medical needs, including an oral IL-17 antagonist peptide, anti-obesity dual and triple agonists, an oral hepcidin functional mimetic, and the recently announced IL-4 and amylin discovery programs.

More information on Protagonist, its pipeline drug candidates, and clinical studies can be found on the Company's website at https://www.protagonist-inc.com.

Cautionary Note on Forward-Looking Statements

This press release contains forward-looking statements for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements regarding the company's ability to execute the stock repurchase program and expectations related to the timing and amount of future royalty and milestone payments pursuant to the Company's collaboration arrangements. In some cases, you can identify these statements by forward-looking words such as "anticipate," "believe," "may," "will," "expect," or the negative or plural of these words or similar expressions. Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties that could cause actual results and events to differ materially from those anticipated, including, but not limited to, our ability to develop and commercialize our product candidates, our ability to earn milestone payments under our collaboration agreements with Janssen and Takeda, our ability to use and expand our programs to build a pipeline of product candidates, our ability to obtain and maintain regulatory approval of our product candidates, our ability to operate in a competitive industry and compete successfully against competitors that have greater resources than we do, and our ability to obtain and adequately protect intellectual property rights for our product candidates. Additional information concerning these and other risk factors affecting our business can be found in our periodic filings with the Securities and Exchange Commission, including under the heading "Risk Factors" contained in our most recently filed periodic reports on Form 10-K and Form 10-Q filed with the Securities and Exchange Commission. Forward-looking statements are not guarantees of future performance, and our actual results of operations, financial condition, and liquidity, and the development of the industry in which we operate, may differ materially from the forward-looking statements contained in this press release. Any forward-looking statements that we make in this press release speak only as of the date of this press release. We assume no obligation to update our forward-looking statements, whether as a result of new information, future events, or otherwise, after the date of this press release.

Investor Relations Contact

Corey Davis, Ph.D.
LifeSci Advisors
cdavis@lifesciadvisors.com
+1 212 915 2577

Media Relations Contact

Virginia Amann
ENTENTE Network of Companies
virginiaamann@ententeinc.com
+1 833 500 0061 ext 1

SOURCE: Protagonist Therapeutics

View the original press release on ACCESS Newswire

FAQ

How will Protagonist Therapeutics fund the $300 million share repurchase program?

The company intends to fund repurchases using its cash, cash equivalents and marketable securities, and with royalties and other payments from collaboration arrangements with Takeda related to MIMRYLO™ and with Johnson & Johnson related to ICOTYDE™.

Is Protagonist required to buy back a specific number of shares under this program?

No. The repurchase program does not obligate the company to acquire any specific number of shares and may be modified, suspended or discontinued at any time without prior notice.

What methods may Protagonist use to conduct share repurchases?

Repurchases may be made from time to time in open market or other transactions, which may include transactions under a trading plan adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934.

What additional payments is Protagonist expecting from Takeda and when?

Protagonist has earned a $200 million opt-out payment and a $75 million milestone payment under its collaboration with Takeda. The company expects to receive these payments in the fourth quarter of 2026.