Earnings Releases·Nov 5, 2026, 4:19 PM ET

Protagonist Therapeutics — Third Quarter 2026 Earnings Summary

Q3 2026 license and collaboration revenue surged to $274.4 million from $4.7 million in the prior year period, driven by $275 million in payments triggered by MIMRYLO FDA approval; net income turned positive at $220.0 million compared to a $39.3 million loss in Q3 2025.
Full-year-to-date net income reached $386.6 million versus an $85.8 million loss in the prior year, while cash and marketable securities increased to $834.6 million as of September 30, 2026, from $646.0 million at year-end 2025.
The Board authorized a $300 million share repurchase program to be funded by cash and collaboration royalties; MIMRYLO received UAE approval and ICOTYDE entered its second full quarter of U.S. commercial sales with Johnson & Johnson.
Management expects R&D expenses to rise in the remainder of 2026 due to the advancement of PN-881, clinical manufacturing investments, and increased headcount, while Phase 1 studies for PN-477o and PN-458o are anticipated in 2027.