aibioProtagonist Therapeutics PTGX buyback news
Top story · Sep 8, 2026 · aibio.space
Protagonist authorizes $300 million share buyback after two drug approvals
The peptide drug developer will fund repurchases from cash and royalty income. It held $849.5 million at June 30, before $275 million in Takeda payments due in the fourth quarter.
- Ticker
- PTGX
- Listing
- NASDAQ, United States
- Next date
- Q4 2026
- Chief executive
- Dinesh V. Patel, Ph.D., President and Chief Executive Officer
Desk view · Opinion · Updated Oct 22, 2026
Protagonist has two approvals and a royalty model. The next drug is its own
Protagonist has turned two discoveries into approved, partnered drugs and now runs as a royalty business with a large cash pile and a buyback. The scientific bet that remains is its own early pipeline, led by PN-881. Results will depend on partner launches it does not control.
Read the full desk viewaibio.space Investor Rank · Opinion
9/10 Most positive view
Two partnered drugs approved in 2026 make Protagonist a royalty business with large cash; results depend on partner launches and an early in-house pipeline.
- Technology
- 2/2
- Odds
- 2/2
- Balance sheet
- 2/2
- Risk
- 1/2
- Momentum
- 2/2
Opinion only. The Investor Rank is aibio.space's opinion of the company's business position, drawn from the public sources on this page. It is not a recommendation to buy, sell or hold any security and it is not investment advice. It does not consider the share price, valuation or your circumstances, and it can change at any time. Payments from companies never affect it. How the rank works.
- Technology
- Platform proven twice. Protagonist's peptide platform produced two FDA-approved drugs in 2026, Icotyde in psoriasis and Mimrylo in polycythemia vera.
- Odds
- Partnered risk mostly cleared. Both lead drugs are approved; the wholly owned PN-881 and obesity peptides are in phase 1 or earlier, where most programs fail.
- Balance sheet
- Well funded. Cash was $849.5 million at June 30, with $275 million more due from Takeda in Q4 2026 and a $300 million buyback authorized.
- Main risk
- Partner dependence. Protagonist's income rests on Takeda and J&J launches, and its own programs need years and rising R&D spending.
- Watch next
- Royalty ramp. The next reports will show the first Mimrylo royalties, Icotyde uptake and whether the buyback is used.
Top news on Protagonist
- Financings
Protagonist authorizes $300 million share buyback after two drug approvals
The peptide drug developer will fund repurchases from cash and royalty income. It held $849.5 million at June 30, before $275 million in Takeda payments due in the fourth quarter.
Questions investors ask
What is aibio.space's Investor Rank for Protagonist Therapeutics?
9 out of 10, our most positive view. Two partnered drugs approved in 2026 make Protagonist a royalty business with large cash; results depend on partner launches and an early in-house pipeline. This is opinion only, not a recommendation to buy, sell or hold, and it does not consider the share price or valuation. Source
What drugs has Protagonist Therapeutics gotten approved?
Two partnered peptides were approved in 2026: J&J's Icotyde (icotrokinra) for plaque psoriasis in March and Takeda's Mimrylo (rusfertide) for polycythemia vera on August 28. Protagonist earns milestones and royalties on both. Source
How much does Protagonist get from Mimrylo?
FDA approval triggered $275 million in payments, a $200 million opt-out fee and a $75 million milestone. Protagonist also receives tiered royalties of 14% to 29% on worldwide net sales and is eligible for up to $875 million more in milestones. Source
What royalty does Protagonist earn on Icotyde?
Protagonist receives tiered royalties of 6% to 10% on worldwide Icotyde sales, with a weighted average of 7.25% on the first $4 billion in annual sales. It is also eligible for up to $580 million in further milestones. Source
Does Protagonist have a share buyback?
Yes. On September 8, 2026, Protagonist announced that its board had authorized repurchases of up to $300 million of common stock, funded from cash and partner payments. The program does not require any set number of shares and can be modified, suspended or discontinued at any time. Source
Who is the CEO of Protagonist Therapeutics?
Dinesh V. Patel, Ph.D., is president and chief executive officer. He was quoted in that role in the company's August 28, 2026 Mimrylo approval release. Source
What is the latest Protagonist Therapeutics (PTGX) stock news?
Our latest story on Protagonist Therapeutics, dated Sep 8, 2026: "Protagonist authorizes $300 million share buyback after two drug approvals". The peptide drug developer will fund repurchases from cash and royalty income. It held $849.5 million at June 30, before $275 million in Takeda payments due in the fourth quarter. Source
What is Protagonist Therapeutics's latest stock offering or financing news?
Our latest financing story, dated Sep 8, 2026: "Protagonist authorizes $300 million share buyback after two drug approvals". The peptide drug developer will fund repurchases from cash and royalty income. It held $849.5 million at June 30, before $275 million in Takeda payments due in the fourth quarter. Source
How much cash does Protagonist Therapeutics have?
From our story of Sep 8, 2026: Protagonist had $849.5 million in cash, cash equivalents and marketable securities at June 30. Source
What is Protagonist Therapeutics's market cap?
We do not publish live share prices. In its annual report, Protagonist Therapeutics, Inc. put the market value of shares held by non-affiliates (public float) at $2.90 billion as of Jun 30, 2025. Source
Is Protagonist Therapeutics a smaller reporting company?
SEC records list Protagonist Therapeutics, Inc.'s filer category as: Large accelerated filer. Source
Where is Protagonist Therapeutics headquartered?
SEC records list its business address as 7707 GATEWAY BLVD., SUITE 140, NEWARK, CA, 94560-1160. Source
When does Protagonist Therapeutics's fiscal year end?
Protagonist Therapeutics, Inc.'s fiscal year ends on December 31, per SEC records. Source
What did Protagonist Therapeutics last file with the SEC?
Its most recent filing in our record is a 10-Q filed 2026-08-05. All of its filings are on SEC EDGAR. Source
What was Protagonist Therapeutics called before?
SEC records list these former names: Protagonist Therapeutics Inc; Protagonist Inc. Source
Legal and investor matters
Part II, Item 1 of the 10-Q filed 2026-08-05 states: "We are not currently a party to any material legal proceedings, and we are not aware of any pending or threatened legal proceeding against us that we believe could have a material adverse effect on our business, operating results, financial condition or cash flows." Source
- Governance
Protagonist stockholders approve 2026 Equity Incentive Plan
At the 2026-06-17 annual meeting, Protagonist Therapeutics stockholders approved the 2026 Equity Incentive Plan, which replaces the 2016 Equity Incentive Plan. The plan authorizes shares remaining available under the 2016 plan as of 2026-06-17, plus 650,000 new shares, plus shares from outstanding 2016 awards that later expire, are forfeited or are returned to the company. As of the 2026-04-22 record date, 64,305,185 shares were entitled to vote.
- Other
Takeda to lead rusfertide NDA preparation under Protagonist collaboration
On 2025-03-17 Protagonist Therapeutics and Takeda agreed, under their license and collaboration agreement dated 2024-01-31, that Takeda would take over leadership of regulatory strategy and preparation of the New Drug Application for rusfertide in polycythemia vera. Protagonist remained primarily responsible for clinical development through the NDA filing. The 10-Q filed 2026-08-05 states the NDA was submitted in December 2025.
- Other
Protagonist and Janssen amend collaboration milestone terms
On 2024-11-13 Protagonist Therapeutics and Janssen Biotech amended their license and collaboration agreement dated 2021-07-27. The amendment raises the Phase 3 primary-endpoint milestone by $50 million, from $115 million to $165 million, and eliminates the $35 million milestone for FDA acceptance of an NDA filing and a $15 million milestone for dosing the third patient in the first Phase 3 trial of a product for a second indication. The 8-K says the $165 million milestone had been earned on the Phase 3 results and that the amendment has the effect of accelerating the $35 million and $15 million milestone payments.
Pipeline
| Program | Indication | Stage |
|---|---|---|
| Icotyde (icotrokinra), partnered with J&J | Moderate-to-severe plaque psoriasis; phase 3 in psoriatic arthritis, ulcerative colitis and Crohn's disease | FDA approved March 2026 Source |
| Mimrylo (rusfertide), partnered with Takeda | Erythrocytosis in adults with polycythemia vera | FDA approved August 28, 2026 Source |
| PN-881 (oral IL-17 antagonist peptide) | Plaque psoriasis | Phase 1 complete; phase 2b planned early Q1 2027 Source |
| PN-477sc / PN-477o (GLP-1/GIP/glucagon triple agonist) | Obesity | Phase 1 (injectable); oral phase 1 planned 1H 2027 Source |
| PN-8047 (oral hepcidin functional mimetic) | Hematology (polycythemia vera) | IND-enabling; phase 1 planned Q1 2027 Source |
Stock chart
SEC filings and registration
- SEC name
- Protagonist Therapeutics, Inc
- CIK
- 1377121
- Industry (SIC)
- Pharmaceutical Preparations (2834)
- US tickers
- PTGX (Nasdaq)
- State or country of incorporation
- DE
- Fiscal year ends
- December 31
- Filer category
- Large accelerated filer
- Business address
- 7707 GATEWAY BLVD., SUITE 140, NEWARK, CA, 94560-1160
- Phone
- (510) 474-0170
- Shares outstanding
- 64,708,285 as of 2026-07-31 (10-Q filed 2026-08-05)
- Former names
- Protagonist Therapeutics Inc; Protagonist Inc
Recent filings
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