secwatch.observer — SEC 8-K summary
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Issuer:     Protagonist Therapeutics, Inc (PTGX)
CIK:        0001377121
Form:       8-K
Filed at:   2026-02-25T23:59:59+00:00
Accession:  0001104659-26-019658
Event type: earnings
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1377121/000110465926019658/0001104659-26-019658-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1377121/000110465926019658/tm267184d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-26-019658

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer