Chris Bialas

Douglas Tsao

Adam Walsh

Anupam Rama

Chris Howerton

Chris Marai

Christopher Marai

George Farmer

Gobind Singh

Joe Schwartz

Joori Park

Joseph Schwartz

- Protagonist's rusfertide, for polycythemia vera, has **outstandingly positive Phase 3 data** and received **Breakthrough Designation**.  **[1377121_tx_379737_1]**  The company has **9 to 12 months** to decide on an opt-out with Takeda, which could yield **$425 million** and **14% to 29% royalties** on projected **$1 billion to $2 billion peak sales**.  **[1377121_tx_379737_1]** **[1377121_tx_379737_2]** **[1377121_tx_379737_3]** 
- Protagonist's partnered asset, icotrochra (oral IL-23 blocker) with J&J, has an **NDA filed for psoriasis** and is progressing in other indications.  **[1377121_tx_379737_4]**  J&J guided 2027 sales to **$1.4 billion**, with royalties for Protagonist ranging from **6% to 10%** on sales potentially exceeding **$4 billion**.  **[1377121_tx_379737_5]** 
- Protagonist is advancing new pipeline assets, including **PN881** (oral IL-17 blocker) and **PN477** (oral triple G for obesity), with Phase 1 studies for both expected to begin in **Q4 2025**.  **[1377121_tx_379737_4]** **[1377121_tx_379737_7]** **[1377121_tx_379737_8]**  The company plans to develop both oral and injectable versions of PN477 for the obesity market.  **[1377121_tx_379737_7]**

Protagonist Therapeutics Discusses Positive Rusfertide Data, Icotrochra Progress, and Advancing New Pipeline Assets

Protagonist Therapeutics (PTGX)