Comp Deal Reinforces Strategic Value of Oral IL-23 Peptide

Research evidence excerpt

Comp Deal Reinforces Strategic Value of Oral IL-23 Peptide

Protagonist Therapeutics, Inc. (PTGX)

Equity Research

July 14, 2026

Jefferies Financial Group Inc., its affiliates or subsidiaries has acted as a manager or co-manager in the underwriting or placement of securities for Protagonist

Therapeutics, Inc. or one of its affiliates within the past twelve months.

Within the past twelve months, Protagonist Therapeutics, Inc. has been a client of Jefferies Financial Group Inc., its affiliates or subsidiaries and investment

banking services are being or have been provided.

Explanation of Jefferies Ratings

Buy - Describes securities that we expect to provide a total return (price appreciation plus yield) of 15% or more within a 12-month period.

Hold - Describes securities that we expect to provide a total return (price appreciation plus yield) of plus 15% or minus 10% within a 12-month period.

Underperform - Describes securities that we expect to provide a total return (price appreciation plus yield) of minus 10% or less within a 12-month period.

The expected total return (price appreciation plus yield) for Buy rated securities with an average security price consistently below $10 is 20% or more within a 12-

month period as these companies are typically more volatile than the overall stock market. For Hold rated securities with an average security price consistently

below $10, the expected total return (price appreciation plus yield) is plus or minus 20% within a 12-month period. For Underperform rated securities with an

average security price consistently below $10, the expected total return (price appreciation plus yield) is minus 20% or less within a 12-month period.

NR - The investment rating and price target have been temporarily suspended.