Protagonist Therapeutics Insider Trading: CEO Nets $2.9M, Cuts Stake 9%

Rhea-AI Filing Summary

Protagonist Therapeutics (PTGX) Form 4: President & CEO Dr. Dinesh V. Patel settled 25,000 performance stock units on 07/21/25 at a cost basis of $0 after the company met pre-set corporate objectives.

To cover related tax obligations, 12,859 shares were immediately sold at a weighted-average price of $54.86. Additional discretionary sales followed: 22,065 shares on 07/22/25 at $55.05 and 17,520 shares on 07/23/25 at $54.79. In total, 52,444 shares were sold for gross proceeds of roughly $2.9 million, trimming Patel’s direct ownership from 583,462 to 531,018 shares—a reduction of about 9%.

No derivative transactions were reported. While the PSU vesting signals successful execution of 2021-vintage performance goals, the scale of secondary sales may draw investor attention to potential insider-sentiment shifts. Patel remains both a director and the largest named executive insider holder.

Positive

• 25,000 performance stock units vested, confirming the company met 2021-set corporate performance objectives.
• CEO retains 531,018 shares, maintaining significant ownership alignment.

Negative

• CEO sold 52,444 shares (≈9% of stake), with ~39,585 shares beyond tax withholding, which may be viewed as a weak negative signal.

Insights

Equity Analyst

TL;DR — CEO’s net 9% share reduction offsets positive PSU vesting; impact modest.

The Form 4 combines a performance milestone (25 k PSU settlement) with meaningful insider selling (52.4 k shares). Only 12.9 k shares were tax-related, leaving ~39.6 k discretionary sales that produced ~$2.2 m in after-tax liquidity. The remaining 531 k-share stake (≈1.0% of outstanding) keeps alignment high, yet the multi-day sales suggest opportunistic profit-taking at mid-$50 levels—near PTGX’s 52-week high. Historical trading patterns show insider selling around option/PSU vest dates is common, so the signal is weakly negative unless accompanied by further sales or downward guidance. No derivatives, pledges, or unusual structures were disclosed. Overall market impact should be limited given average daily volume (~350 k shares).

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).

1. Name and Address of Reporting Person^*

PATEL DINESH V PH 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
X	Officer (give title below)		Other (specify below)
	President and CEO

3. Date of Earliest Transaction (Month/Day/Year)
07/21/2025

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	07/21/2025		A		25,000(1)	A	$0.00	583,462	D
Common Stock	07/21/2025		S		12,859(2)	D	$54.86	570,603	D
Common Stock	07/22/2025		S		22,065	D	$55.05(3)	548,538	D
Common Stock	07/23/2025		S		17,520	D	$54.79(4)	531,018	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. Represents settlement by the Issuer of performance stock units ("PSUs") granted to the Reporting Person under the Issuer's 2016 Equity Incentive Plan on February 26, 2021, which vested based on the Issuer's achievement of corporate performance objectives.

2. Sale of shares to cover tax withholding obligation incurred upon settlement of PSUs.

3. The price reported represents the weighted average sale price per share. The shares were sold in multiple transactions at prices ranging from $55.00 to $55.19. Upon request by the staff of the U.S. Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, the Reporting Person will provide full information regarding the number of shares sold at each separate price.

4. The price reported represents the weighted average sale price per share. The shares were sold in multiple transactions at prices ranging from $54.75 to $55.00. Upon request by the staff of the U.S. Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, the Reporting Person will provide full information regarding the number of shares sold at each separate price.

	/s/ Matthew Gosling, Attorney-in-Fact for Dinesh V. Patel, Ph.D.	07/23/2025
	** 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.
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FAQ

What did PTGX’s CEO acquire in the Form 4?

Dr. Dinesh V. Patel received 25,000 common shares from vested performance stock units granted in 2021.

How many PTGX shares did the CEO sell?

He sold 52,444 shares over 07/21-07/23/25 at weighted averages of $54.86, $55.05, and $54.79.

Why were some PTGX shares sold immediately after vesting?

12,859 shares were sold to cover tax withholding obligations from the PSU settlement.

What is the CEO’s current PTGX ownership after the transactions?

Patel now directly owns 531,018 PTGX shares.

Does the filing report any new options or derivatives?

No, Table II shows no derivative transactions in this Form 4.

Is the insider selling considered significant to PTGX investors?

At ~9% of the CEO’s holdings and ~0.1% of shares outstanding, it is modest; impact should be limited unless sales persist.