ACCESS Newswire·May 5, 2026, 4:05 PM ET

Protagonist Reports First Quarter 2026 Financial Results and Provides Corporate Update

ICOTYDE (icotrokinra) received FDA approval in March 2026 for moderate-to-severe plaque psoriasis, triggering a $50 million milestone payment to Protagonist with tiered royalties of 6% to 10% & potential future milestones up to $580 million.
The FDA accepted the NDA for rusfertide & granted Priority Review with a PDUFA target date in August 2026 (third quarter 2026).
Protagonist exercised its opt-out right regarding the rusfertide collaboration with Takeda on April 28, 2026, triggering a $200 million payment & eligibility for an additional $200 million opt-out fee, a $75 million approval milestone, up to $775 million in sales milestones, & worldwide royalties ranging from 14% to 29%.
The oral IL-17 antagonist peptide PN-881 is expected to complete Phase 1 by mid-2026 & initiate Phase 2 by year-end 2026.
Phase 1 initiation for the triple GLP/GIP/GCG agonists PN-477sc & PN-477o is anticipated in mid-2026 & Q1 2027, respectively.
Cash, cash equivalents, & marketable securities totaled $620.3 million as of March 31, 2026, providing a cash runway through at least 2028.
License & collaboration revenue for Q1 2026 reached $56.4 million, driven primarily by the ICOTYDE milestone, while net income was $3.8 million compared to a net loss of $11.7 million in Q1 2025.
Research & development expenses increased to $46.7 million in Q1 2026 due to PN-881 & obesity program costs, partially offset by decreased rusfertide expenses.