Protagonist Reports First Quarter 2026 Financial Results and Provides Corporate Update

Protagonist reported Q1 revenue of $56.4 million, driven by a $50 million milestone payment triggered by the FDA approval of ICOTYDE for moderate-to-severe plaque psoriasis. The company swung to a profit of $0.06 per share compared to a loss in the prior year, bolstered by a cash position of $620.3 million that extends runway into 2028. In a major strategic shift, Protagonist exercised its opt-out right for rusfertide with partner Takeda, triggering an immediate $200 million payment and securing future economics of up to $75 million in approval milestones, $775 million in sales milestones, and tiered royalties of 14% to 29%.

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