Protagonist (PTGX) insider sells 12,000 shares via Morgan Stanley

Rhea-AI Filing Summary

Protagonist Therapeutics, Inc. (PTGX) reported an insider notice to sell 12,000 common shares via Morgan Stanley Smith Barney on 10/10/2025 with an aggregate market value of $804,480.00. The shares were acquired and paid for on 10/10/2025 by an exercise of stock options with cash payment. The issuer shows 62,211,318 shares outstanding, so the proposed sale represents about 0.019% of outstanding common stock.

Two prior 10b5-1 sales attributed to William Waddill are disclosed: 09/22/2025 for 4,000 shares (gross proceeds $257,000.00) and 08/27/2025 for 4,000 shares (gross proceeds $237,000.00). The filing states the seller represents no undisclosed material adverse information and notes Rule 10b5-1 plan language.

Positive

• Securities to be sold were acquired by exercise of stock options and paid in cash on 10/10/2025
• Brokered sale via Morgan Stanley Smith Barney provides normal market execution channels
• Previous 10b5-1 sales on 08/27/2025 and 09/22/2025 indicate prearranged disposition plans

Negative

• Insider sales totaling 20,000 shares in recent months may be viewed by some investors as notable selling activity
• Proposed sale represents ~0.019% of outstanding shares, which is small but adds to recent insider supply

Insights

Insider Transactions Analyst

Insider sold shares acquired by option exercise and has prior 10b5-1 sales.

The filing shows 12,000 shares slated for sale on 10/10/2025 after an exercise of stock options, with proceeds valued at $804,480.00. Two earlier 10b5-1 sales of 4,000 shares each occurred in 08/27/2025 and 09/22/2025, producing combined gross proceeds of $494,000.00.

This pattern is consistent with structured disposition using brokered and 10b5-1 mechanisms; monitor aggregate insider sales volume relative to outstanding shares for potential signaling over the next weeks.

Corporate Securities Counsel

The notice follows Rule 144 and references Rule 10b5-1 representations.

The seller certifies absence of undisclosed material adverse information and, where applicable, cites a Rule 10b5-1 instruction or plan date. The transaction details show cash payment at option exercise and broker-assisted sale via Morgan Stanley Smith Barney.

From a compliance perspective, confirm trading-plan adoption dates and broker execution records to substantiate Rule 144 and 10b5-1 safe-harbor timing if needed within typical review windows.

Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

Filer CIK
Filer CCC
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer

SEC File Number

Address of Issuer

Phone

Name of Person for Whose Account the Securities are To Be Sold

See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.

Relationship to Issuer

144: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
Common	Morgan Stanley Smith Barney LLC Executive Financial Services 1 New York Plaza 8th Floor New York NY 10004	12000	804480.00	62211318	10/10/2025	NASDAQ

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
Common	10/10/2025	Exercise of Stock Options	Issuer			12000	10/10/2025	Cash

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Name and Address of Seller	Title of Securities Sold	Date of Sale	Amount of Securities Sold	Gross Proceeds
10b5-1 Sales for WILLIAM WADDILL 7707 Gateway Boulevard, Suite 140 Newark CA 94560	Common	09/22/2025	4000	257000.00
10b5-1 Sales for WILLIAM WADDILL 7707 Gateway Boulevard, Suite 140 Newark CA 94560	Common	08/27/2025	4000	237000.00

144: Remarks and Signature

Remarks

Date of Notice

Date of Plan Adoption or Giving of Instruction, If Relying on Rule 10b5-1

ATTENTION:

The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.

Signature

ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)

FAQ

What insider sale did PTGX disclose for 10/10/2025?

The filing shows a sale of 12,000 common shares via Morgan Stanley Smith Barney with aggregate market value $804,480.00 on 10/10/2025.

How were the 12,000 PTGX shares acquired?

The shares were acquired on 10/10/2025 by exercise of stock options and paid for in cash.

Has the insider sold PTGX shares recently?

Yes. Two prior 10b5-1 sales by William Waddill are listed: 4,000 shares on 08/27/2025 (gross $237,000.00) and 4,000 shares on 09/22/2025 (gross $257,000.00).

What percentage of PTGX outstanding stock is covered by the proposed sale?

The filing lists 62,211,318 shares outstanding; 12,000 shares represent about 0.019% of that total.

Which broker is handling the proposed sale?

The sale is listed with Morgan Stanley Smith Barney LLC, Executive Financial Services in New York.