--- title: "Protagonist Therapeutics (PTGX) news: buyback" url: "https://aibio.space/companies/protagonist-therapeutics/" publisher: "aibio.space (Biotech Investor Relations News)" summary: "PTGX buyback news. Protagonist Therapeutics news for investors: Protagonist Therapeutics discovers peptide drugs and earns milestones and royalties on two…" --- 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 view aibio.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](https://aibio.space/disclosures/#rank). - **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 1. 2026-09-08 Financings [Protagonist authorizes $300 million share buyback after two drug approvals](https://aibio.space/news/protagonist-authorizes-300-million-share-buyback-after-two-drug/) 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. ## Dates **Q4 2026** Receipt of $275 million from Takeda ($200 million opt-out fee and $75 million approval milestone) [Source](https://www.newswire.com/news/protagonist-therapeutics-announces-300-million-share-repurchase-program) **Early Q1 2027** Start of comprehensive phase 2b PN-881 psoriasis program [Source](https://www.sec.gov/Archives/edgar/data/1377121/000110465926091099/tm2622272d1_ex99-1.htm) **Q1 2027** Phase 1 start for PN-8047, an oral hepcidin mimetic [Source](https://www.sec.gov/Archives/edgar/data/1377121/000110465926091099/tm2622272d1_ex99-1.htm) **First half of 2027** Phase 1 start for oral PN-477 in obesity [Source](https://www.sec.gov/Archives/edgar/data/1377121/000110465926091099/tm2622272d1_ex99-1.htm) ## The money $849.5 million in cash, cash equivalents and marketable securities at June 30, 2026, excluding $275 million earned from Takeda in August and expected in Q4 2026. The 10-Q says cash will fund operations for at least the next 12 months. [Source](https://www.newswire.com/news/protagonist-therapeutics-announces-300-million-share-repurchase-program) No product sales of its own. Q2 2026 license and collaboration revenue was $213.5 million, mostly $192.4 million recognized from Takeda's $200 million opt-out payment. [Source](https://www.sec.gov/Archives/edgar/data/1377121/000110465926091099/tm2622272d1_ex99-1.htm) ## Risks on the record - Royalties and milestones depend on J&J's and Takeda's commercial efforts, which Protagonist does not control. [Source](https://www.sec.gov/Archives/edgar/data/1377121/000110465926091123/ptgx-20260630x10q.htm) - Early in a launch, royalty revenue may lag prescriptions as patients move through starter and bridge programs. [Source](https://www.sec.gov/Archives/edgar/data/1377121/000110465926091123/ptgx-20260630x10q.htm) - Protagonist expects R&D spending to increase significantly in the second half of 2026 as PN-881 and obesity programs advance. [Source](https://www.sec.gov/Archives/edgar/data/1377121/000110465926091099/tm2622272d1_ex99-1.htm) ## 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](https://aibio.space/disclosures/#rank) ### 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](https://www.newswire.com/news/protagonist-therapeutics-announces-u-s-fda-approval-of-hepcidin-mimetic-peptide) ### 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](https://www.newswire.com/news/protagonist-therapeutics-announces-u-s-fda-approval-of-hepcidin-mimetic-peptide) ### 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](https://www.sec.gov/Archives/edgar/data/1377121/000110465926091123/ptgx-20260630x10q.htm) ### 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](https://www.newswire.com/news/protagonist-therapeutics-announces-300-million-share-repurchase-program) ### 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](https://www.newswire.com/news/protagonist-therapeutics-announces-u-s-fda-approval-of-hepcidin-mimetic-peptide) ### 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](https://aibio.space/news/protagonist-authorizes-300-million-share-buyback-after-two-drug/) ### 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](https://aibio.space/news/protagonist-authorizes-300-million-share-buyback-after-two-drug/) ### 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](https://aibio.space/news/protagonist-authorizes-300-million-share-buyback-after-two-drug/) ### 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](https://www.sec.gov/Archives/edgar/data/1377121/000110465926091123/ptgx-20260630x10q.htm) ### What was Protagonist Therapeutics called before? SEC records list these former names: Protagonist Therapeutics Inc; Protagonist Inc. Source ## Legal and investor matters Checked against Protagonist Therapeutics filings and press releases. Allegations are allegations; nothing here is a finding of fault. Reviewed Oct 25, 2026. 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](https://www.sec.gov/Archives/edgar/data/1377121/000110465926091123/ptgx-20260630x10q.htm) 1. 2026-06-17 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. [Protagonist Form 8-K (Items 5.02, 5.07)](https://www.sec.gov/Archives/edgar/data/1377121/000110465926075777/tm2618251d1_8k.htm) 2. 2025-03-17 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. [Protagonist Form 8-K (Item 8.01)](https://www.sec.gov/Archives/edgar/data/1377121/000110465925026135/tm259835d1_8k.htm) 3. 2024-11-13 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. [Protagonist Form 8-K (Item 1.01)](https://www.sec.gov/Archives/edgar/data/1377121/000110465924120165/tm2428765d1_8k.htm) ## 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](https://www.sec.gov/Archives/edgar/data/1377121/000110465926091099/tm2622272d1_ex99-1.htm) | | Mimrylo (rusfertide), partnered with Takeda | Erythrocytosis in adults with polycythemia vera | FDA approved August 28, 2026 [Source](https://www.newswire.com/news/protagonist-therapeutics-announces-u-s-fda-approval-of-hepcidin-mimetic-peptide) | | PN-881 (oral IL-17 antagonist peptide) | Plaque psoriasis | Phase 1 complete; phase 2b planned early Q1 2027 [Source](https://www.sec.gov/Archives/edgar/data/1377121/000110465926091099/tm2622272d1_ex99-1.htm) | | PN-477sc / PN-477o (GLP-1/GIP/glucagon triple agonist) | Obesity | Phase 1 (injectable); oral phase 1 planned 1H 2027 [Source](https://www.sec.gov/Archives/edgar/data/1377121/000110465926091099/tm2622272d1_ex99-1.htm) | | PN-8047 (oral hepcidin functional mimetic) | Hematology (polycythemia vera) | IND-enabling; phase 1 planned Q1 2027 [Source](https://www.sec.gov/Archives/edgar/data/1377121/000110465926091099/tm2622272d1_ex99-1.htm) | ## Stock chart Price chart and quote supplied by TradingView, delayed as the exchange requires. 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[Open NASDAQ:PTGX on TradingView](https://www.tradingview.com/symbols/NASDAQ-PTGX/). ## 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 (8-K and 6-K are the company's own announcements) - [10-Q](https://www.sec.gov/Archives/edgar/data/1377121/000110465926091123/ptgx-20260630x10q.htm) filed 2026-08-05 - [8-K](https://www.sec.gov/Archives/edgar/data/1377121/000110465926091099/tm2622272d1_8k.htm) filed 2026-08-05 - [8-K](https://www.sec.gov/Archives/edgar/data/1377121/000110465926075777/tm2618251d1_8k.htm) filed 2026-06-18 - [10-Q](https://www.sec.gov/Archives/edgar/data/1377121/000110465926055661/ptgx-20260331x10q.htm) filed 2026-05-05 - [8-K](https://www.sec.gov/Archives/edgar/data/1377121/000110465926055629/tm2613550d1_8k.htm) filed 2026-05-05 - [DEF 14A](https://www.sec.gov/Archives/edgar/data/1377121/000110465926050429/tm261434-1_def14a.htm) filed 2026-04-28 - [10-K](https://www.sec.gov/Archives/edgar/data/1377121/000110465926019696/ptgx-20251231x10k.htm) filed 2026-02-25 - [8-K](https://www.sec.gov/Archives/edgar/data/1377121/000110465926019658/tm267184d1_8k.htm) filed 2026-02-25 Source: [SEC EDGAR](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001377121), retrieved October 23, 2026. Shares outstanding is the cover-page figure from the latest periodic report. The SEC does not publish share prices. Who manages this page **This page is managed by aibio.space.** The company does not run, edit or pay for this page. News, desk views and Investor Ranks are written and managed independently by aibio.space under our editorial and analytical judgment. Opinion only, not investment advice. [How we work](https://aibio.space/disclosures/#paid) · [Terms](https://aibio.space/terms/#news) · [Request a correction](https://aibio.space/reputation/#update) --- Source page: https://aibio.space/companies/protagonist-therapeutics/. Facts in aibio.space stories are checked against company filings and releases; opinion is labelled. Cite as: aibio.space, "Protagonist Therapeutics (PTGX) news: buyback", 2026-10-31, https://aibio.space/companies/protagonist-therapeutics/