Protagonist Therapeutics Reports Q3 2025 Financial Results and Highlights Advancements

Protagonist Therapeutics reported financial results for Q3 2025 and provided updates on its business operations. Key developments included the submission of the NDA for icotrokinra for psoriasis to both the U.S. FDA and the EMA. Rusfertide received breakthrough designation for Polycythemia Vera, and presentation of data is expected at ASH 2025.

In pipeline developments, the first patient was dosed in the Phase 1 trial of PN-881, an oral IL-17 peptide antagonist. IND-enabling studies for PN-477sc and PN-477o are on track. Additionally, a development candidate for an oral hepcidin program is expected by year-end.

The company's financials showed $678.8 million in cash and equivalents as of September 30, 2025, aiming to extend its cash runway through 2028. The net loss for the quarter was $39.3 million, reflecting increased R&D expenses.