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Protagonist Therapeutics reported a challenging 2025 financially but highlighted major regulatory and pipeline milestones. License and collaboration revenue fell to $46.0 million from $434.4 million in 2024, while research and development expense rose to $159.3 million and general and administrative expense to $44.9 million.
The company posted a full-year net loss of $130.1 million, or $2.05 per basic and diluted share, compared with net income of $275.2 million in 2024. In the fourth quarter, net loss was $44.4 million, versus net income of $131.7 million a year earlier.
Strategically, Protagonist submitted an NDA for rusfertide in December 2025 and has an NDA for ICOTYDE™ under FDA review, with a U.S. regulatory decision for ICOTYDE anticipated in 2026. The company expects to opt out of the 50:50 U.S. profit and loss sharing for rusfertide with Takeda during a 90‑day window expected to open in Q2 2026.
Protagonist ended 2025 with cash, cash equivalents and marketable securities of $646.0 million, up from $559.2 million, which it believes will fund operations through at least the end of 2028. The pipeline includes PN‑881, with Phase 1 completion expected by mid‑2026, and several wholly owned preclinical obesity and hepcidin‑focused candidates.
Protagonist Therapeutics (PTGX) director Williams Lewis T reported exercising stock options and selling shares. On February 17, 2026, he exercised 18,000 stock options at a price of $10.84 per share, converting them into 18,000 shares of common stock. The options are fully vested.
That same day, he sold 18,000 common shares in open-market transactions at a weighted average price of $82.42 per share, with individual trade prices ranging from $81.47 to $83.12. After these transactions, he directly holds 7,825 common shares and 6,000 stock options.
PTGX filed a Form 144 notice for a planned sale of 18,000 shares of common stock. The shares are to be sold through Morgan Stanley Smith Barney LLC on the NASDAQ, with an aggregate market value of $1,483,495.20 and 62,515,666 shares outstanding. The securities were acquired on February 17, 2026 through a stock option exercise paid in cash on the same date.
RTW Investments, LP and Roderick Wong report beneficial ownership of 5,059,053 shares of Protagonist Therapeutics common stock, representing 8.1% of the class. This percentage is based on 62,515,666 shares outstanding as of October 29, 2025, as disclosed in the company’s Form 10-Q.
The shares are held by RTW-managed funds, with RTW Investments and Dr. Wong sharing voting and dispositive power. They certify the position is held in the ordinary course of business and not for the purpose of changing or influencing control of Protagonist Therapeutics.
Wellington Management Group LLP and affiliated entities report beneficial ownership of 3,171,423 shares of Protagonist Therapeutics, Inc. common stock, representing 5.07% of the class as of the event date. The firms report no sole voting or dispositive power over these shares.
They disclose shared voting power over 2,542,632 shares and shared dispositive power over 3,171,423 shares, which are held of record by investment-advisory clients. The filing states the position is held in the ordinary course of business and not for the purpose of changing or influencing control of Protagonist.
Protagonist Therapeutics director William D. Waddill reported an option exercise and share sale on February 6, 2026. He exercised 20,000 stock options at an exercise price of $8.31 per share and acquired 20,000 common shares.
On the same date, he sold 20,000 common shares at a weighted average price of $83.68 per share, in multiple trades between $83.65 and $83.87. After these transactions, he directly owned 7,825 shares of common stock, and the reported stock options were fully exercised with 0 options remaining.
Farallon Capital and affiliated funds report a significant stake in Protagonist Therapeutics, Inc. (PTGX). As of the triggering date, the Farallon funds together hold 6,221,006 common shares and 1,500,000 common stock purchase warrants.
The warrants are subject to a 9.99% beneficial ownership limitation, so only 27,007 warrant shares are currently counted toward ownership, with the remaining 1,472,993 treated as not exercisable within 60 days. Various Farallon entities and individuals each report up to 9.99% beneficial ownership, and the group files on a passive Schedule 13G basis. The amendment also adds Avner A. Husen as a reporting person and removes Richard B. Fried, Rajiv A. Patel, and William Seybold.
PTGX shareholder plans to sell 20,000 shares of common stock under Rule 144 through Morgan Stanley Smith Barney on or about 02/06/2026, with the shares listed on NASDAQ.
The planned sale has an aggregate market value of $1,673,672.00. Shares outstanding were 62,515,666; this is a baseline figure, not the amount being sold. The seller acquired the 20,000 shares the same day by exercising a stock option and paid the purchase price in cash.
The Vanguard Group filed an amended Schedule 13G reporting beneficial ownership of 5,413,690 shares of Protagonist Therapeutics Inc common stock, representing 8.65% of the class as of 12/31/2025.
Vanguard reports shared voting power over 473,004 shares and shared dispositive power over 5,413,690 shares, with no sole voting or dispositive power. The securities are held in the ordinary course of business, and Vanguard states they were not acquired to change or influence control of Protagonist. Vanguard also notes an internal realignment effective January 12, 2026, after which certain subsidiaries may report beneficial ownership separately.
Protagonist Therapeutics President and CEO Dinesh V. Patel reported multiple stock transactions in January 2026. On January 23, 2026, he made a charitable donation of 6,000 shares of common stock to a donor-advised fund for charitable purposes.
Across January 23–27, 2026, he exercised vested stock options to acquire common shares at exercise prices of $4.21 and $21.58 per share and sold matching share amounts in open-market transactions at reported weighted average sale prices of $84.59, $84, $84.05 and $83.19 per share.
Following these transactions, he directly owned 574,505 shares of common stock and held 300,000 stock options with exercise price $21.58 expiring on October 11, 2026 and 10,685 stock options with exercise price $4.21 expiring on April 29, 2026.