---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-26-055629"
form_type: "8-K"
ticker: "PTGX"
cik: "0001377121"
company_name: "Protagonist Therapeutics, Inc"
filed_at: "2026-05-05T23:59:59+00:00"
generated_at: "2026-05-14T23:17:56.567853+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Protagonist Q1 net income $3.8M on ICOTYDE approval milestone; cash $620M, rusfertide opt-out fee $200M

## Summary
- Net income $3.8M ($0.05 diluted EPS) vs net loss $11.7M in Q1 2025; revenue $56.4M incl. $50M ICOTYDE milestone from J&J.
- Cash, equivalents & marketable securities $620.3M as of March 31, 2026; expected runway through at least 2028.
- ICOTYDE FDA-approved March 18 for plaque psoriasis; Protagonist eligible for up to $580M in milestones and 6-10% tiered royalties.
- Exercised rusfertide opt-out April 28, triggering $200M payment due; eligible for additional $200M opt-out fee and $75M milestone plus up to $775M sales milestones and 14-29% royalties.
- Rusfertide NDA granted Priority Review; PDUFA date August 2026. PN-881 Phase 1 completion by mid-2026, Phase 2 initiation expected year-end.

## SEC filing metadata
- accession: 0001104659-26-055629
- form_type: 8-K
- ticker: PTGX
- cik: 0001377121
- company_name: Protagonist Therapeutics, Inc
- filed_at: 2026-05-05T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1377121/000110465926055629/0001104659-26-055629-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1377121/000110465926055629/tm2613550d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-26-055629
- JSON: https://secwatch.observer/filing/0001104659-26-055629.json
- Plain text: https://secwatch.observer/filing/0001104659-26-055629.txt

## Source-grounded claims
- claim_id: cb3c070e215e6684171cff22d170c2b75df5379b
  claim: Protagonist Therapeutics, Inc reported first quarter ended March 31, 2026 results: revenue License and collaboration revenue $ 56,368, net income Net income (loss) $ 3,783, EPS Diluted earnings (loss) per share $ 0.05.
  evidence_excerpt: to $646.0 million as of December 31, 2025. Three Months Ended March 31, 2026 2025 (in thousands, except per share amounts) (Unaudited) License and collaboration revenue $ 56,368 $ 28,321 Research and development expense $ 46,739 $ 35,893 General and administrative expense $ 13,277 $ 11,738 Income tax benefit $ 1,502 $ - Net income (loss) $ 3,783 $ (11,655
  evidence_url: https://www.sec.gov/Archives/edgar/data/1377121/000110465926055629/0001104659-26-055629-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.