Protagonist (PTGX) Director Executes 10b5-1 Sale of 4,000 Shares

Rhea-AI Filing Summary

William D. Waddill, a director of Protagonist Therapeutics, Inc. (PTGX), sold 4,000 shares of common stock on 08/27/2025 at $59.25 per share under a Rule 10b5-1 trading plan adopted on November 10, 2023. After the sale he beneficially owns 9,130 shares, held directly. The Form 4 was signed by an attorney-in-fact on 08/29/2025, and the filing indicates the transaction was effected pursuant to the pre-established 10b5-1 plan.

Positive

• Transaction executed under a Rule 10b5-1 plan, which provides an affirmative defense to insider trading allegations
• Clear disclosure of shares sold, price, and remaining beneficial ownership in the Form 4 filing

Negative

• Insider reduced direct holdings by 4,000 shares, which may modestly decrease insider ownership
• Remaining beneficial ownership is 9,130 shares, a level disclosed but not contextualized for materiality

Insights

Corporate Governance Expert

TL;DR: Routine director sale under a pre-established 10b5-1 plan, indicating planned liquidity rather than ad hoc insider trading.

The sale of 4,000 shares at $59.25 was executed under a Rule 10b5-1 plan adopted 11/10/2023, which provides an affirmative defense to insider trading claims if the plan was properly established. Reporting shows the transaction and remaining direct beneficial ownership of 9,130 shares, and the Form 4 was executed by an attorney-in-fact on 08/29/2025. For governance purposes, transparent reporting and the use of a 10b5-1 plan reduce signaling risk compared with an unscheduled sale.

Securities Analyst

TL;DR: The filing documents a modest, planned insider sale; no transaction size or timing suggests material change to ownership control.

The disposition of 4,000 shares at $59.25 lowers the reporting person’s direct stake to 9,130 shares. The explicit reference to the 10b5-1 plan (adopted 11/10/2023) indicates the trade followed a pre-set schedule. Based solely on reported figures, the sale appears routine and not materially transformative for investor control or capital structure.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

X

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Waddill William D.

(Last) (First) (Middle)

C/O PROTAGONIST THERAPEUTICS, INC.

7707 GATEWAY BLVD., SUITE 140

(Street)

NEWARK CA 94560-1160

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Protagonist Therapeutics, Inc [ PTGX ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
08/27/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	08/27/2025		S(1)		4,000	D	$59.25	9,130	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Sale of shares effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on November 10, 2023.

	/s/ Matthew Gosling, Attorney-in-Fact for William D. Waddill	08/29/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did PTGX director William D. Waddill report on Form 4?

The Form 4 reports a sale of 4,000 shares of Protagonist Therapeutics common stock on 08/27/2025 at $59.25 per share.

Was the sale part of a pre-established trading plan for PTGX insider?

Yes. The sale was effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on 11/10/2023.

How many PTGX shares does William D. Waddill beneficially own after the reported sale?

After the transaction the reporting person beneficially owns 9,130 shares, held directly.

Who signed the Form 4 for William D. Waddill and when?

The Form 4 was signed by Matthew Gosling, Attorney-in-Fact for William D. Waddill on 08/29/2025.

What price per share was reported for the PTGX sale?

The reported sale price was $59.25 per share.