Protagonist Therapeutics Key Takeaways from Our Fireside Chat with Mgmt Last Week

Research evidence excerpt

Protagonist Therapeutics Key Takeaways from Our Fireside Chat with Mgmt Last Week

J P M O R G A N North America Equity Research

12 May 2026

Protagonist Therapeutics Overweight

PTGX, PTGX US

Key Takeaways from Our Fireside Chat with Mgmt Last Price (11 May 26):$103.50

Week

SMid Biotechnology

Last week, we had the opportunity to host PTGX’s CEO Dinesh Patel, CFO Brian Cheng AC

Asif Ali and Clinical Development Advisor Sam Saks on the Biotech Call (1-212) 622-0449

Series (replay here). Below we highlight the key takeaways: brian.cheng@jpmorgan.com

Ron Feiner, PhD, CFA

(1-212) 622-5005

ron.feiner@jpmorgan.com• Thoughts on Capital Allocation: With partnership cash flow incoming near

term, mgmt emphasized that investment in R&D and the core business remains Sarah Medeiros, PhD

the top priority, as the partnership revenue generated from Icotyde and (1-212) 622-3957

rusfertide will mean that there is no longer a need for further equity or debt sarah.k.medeiros@jpmorgan.com

financing. More clarity around strategies such as share buyback is expected J.P. Morgan Securities LLC

towards YE.

• Thoughts on the Big Picture: Mgmt emphasized the importance of scale and The authors wish to thank Palak Pasari,

growth, as the portfolio continues to lean on its proprietary approach to develop of the J.P. Morgan Global Research

next generation assets without taking biological risks. Mgmt stressed their Center, for contributions to this report.

agility in terms of deriving novel structures to develop new assets, and

elaborated on some of the strategic tools at hand, such as co-investing in late-

stage trials, helping with clinical development to preserve better economics

during launch, and partnering with pharma that’s well scaled to build large-

scale programs.