Protagonist Q4 net loss $44.4M ($0.69/share); rusfertide opt-out expected Q2 2026

Protagonist Therapeutics, Inc

2025-FY EPS reported -$2.05 revenue$46,016,000

Q4 2025 net loss $44.4M ($0.69 per share) vs Q4 2024 net income $131.7M ($2.11 per share); FY2025 loss $130.1M ($2.05) vs FY2024 income $275.2M ($4.47).
License revenue fell to $7.4M in Q4 2025 from $170.6M in Q4 2024; FY2025 revenue $46.0M from $434.4M, due to lower milestones.
Cash, equivalents and marketable securities $646M as of Dec 31, 2025; provides runway through at least end of 2028.
Rusfertide NDA filed; company expects to opt out of the 50:50 profit/loss sharing with Takeda in a 90-day window opening in Q2 2026.
ICOTYDE regulatory decision anticipated in 2026 with potential launch this year; PN-881 Phase 1 completion by mid-2026; new preclinical candidates added.

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