The Q1 beat and $200M opt-out payment provide a strong financial base. Watch for rusfertide PDUFA in August 2026 and ICOTYDE commercial ramp. The stock may re-rate as revenue visibility improves.
Price Chart
Executive Summary
Protagonist Therapeutics reported Q1 2026 revenue of $56.4M and GAAP EPS of $0.05, significantly exceeding consensus estimates of $16.3M and -$0.65. The beat was driven by a $50M milestone from ICOTYDE FDA approval and the rusfertide opt-out election triggering a $200M payment. The company turned profitable versus a year-ago loss, and cash runway extends through 2028, marking a major inflection point.
Key Financial Metrics
Key Facts
- Q1 2026 license and collaboration revenue $56.4M vs $28.3M YoY (99% increase)
- Net income $3.8M vs net loss $11.7M YoY; basic EPS $0.06 vs -$0.19
- ICOTYDE FDA approval triggered $50M milestone; rusfertide opt-out triggers $200M payment
- Cash and marketable securities $620M as of March 31, 2026, providing runway through at least 2028
Financial Impact
Q1 2026 revenue $56.4M (beat consensus $16.3M by 246%), GAAP diluted EPS $0.05 (beat consensus -$0.65 by 108%)
Risk Factors
- Revenue heavily reliant on non-recurring milestones and partner payments
- Rusfertide regulatory risk ahead of PDUFA (August 2026)
- Dependence on J&J (ICOTYDE) and Takeda (rusfertide) for commercialization
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001104659-26-055629 |
| Document: tm2613550d1_8k.htm | 0001104659-26-055629 |
| Document: 0001104659-26-055629-index-headers.html | 0001104659-26-055629 |
| Document: 0001104659-26-055629-index.html | 0001104659-26-055629 |
| Document: 0001104659-26-055629.txt | 0001104659-26-055629 |
| 8-K Data (Synthetic) | 0001104659-26-055629 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 10, 2026 7w ago | 144 | $148.29 $145.09 | ▲ +2.16% | ▲ +1.10% | $140.06 (+5.55%) |
Jun 18, 2026 15w ago | 8-K | $115.03 $140.91 | ▲ +22.50% | ▲ +22.65% | $140.06 (+21.76%) |
Jun 12, 2026 16w ago | Institutional Cluster | $109.78 $131.42 | ▲ +19.71% | ▲ +17.93% | $140.06 (+27.58%) |
May 12, 2026 20w ago | 144 | $103.88 $109.79 | ▼ −5.69% | ▼ −6.30% | $140.06 (−34.83%) |
May 8, 2026 21w ago | Insider Cluster | $99.36 $97.38 | ▼ −1.99% | ▼ −2.02% | $140.06 (+40.96%) |
May 8, 2026 21w ago | Insider Cluster | $99.36 $97.38 | ▼ −1.99% | ▼ −2.02% | $140.06 (+40.96%) |
May 5, 2026 21w ago | 8-K | $103.97 $95.41 | ▼ −8.23% | ▼ −11.01% | $140.06 (+34.71%) |
Feb 25, 2026 31w ago | 8-K | $87.10 $104.31 | ▲ +19.76% | ▲ +25.00% | $140.06 (+60.80%) |
US Market Status
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