on Protagonist Therapeutics, Inc. (NASDAQ:PTGX)
Protagonist Therapeutics Financial Update and Clinical Milestones
Protagonist Therapeutics, a biopharmaceutical company, announced its third-quarter 2024 financial results and provided insights into upcoming clinical trial milestones. The company expects top-line results for its JNJ-2113 Phase 3 psoriasis trials by Q4 2024 and for the Phase 2b ulcerative colitis study by Q1 2025. Additionally, results for the rusfertide Phase 3 trial in polycythemia vera are anticipated in Q1 2025.
The company reported cash reserves of $583.3 million as of September 30, 2024, estimating sufficient financial resources through 2027. JNJ-2113, a Phase 3 oral IL-23 receptor antagonist, is under development for psoriasis and ulcerative colitis. Discovery programs include developing an oral IL-17 peptide antagonist, with a candidate nomination expected by Q4 2024.
Financially, Protagonist revealed a net loss of $33.2 million for Q3 2024. Despite increased research and administrative expenses, the company reported a net income of $143.5 million for the first nine months of 2024, influenced by revenue from its Takeda collaboration.
R. H.
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