Protagonist Therapeutics Inc. (PTGX): 2Q26 Earnings - The Next ICo Is Advancing Into Ph. 2b, Upgrade to Buy with $186 PT

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Equity Research

10 August 2026 | 4:02AM EDT

Protagonist Therapeutics Inc. (PTGX)

2Q26 Earnings - The Next ICO Is Advancing Into Ph. 2b, Upgrade to Buy with $186 PT

PTGX

12m Price Target: $186.00

Price: $145.87

Upside: 27.5%

PTGX reported 2Q26 financial results on Wednesday (8/5) with

GAAP EPS of $2.29. License and collaboration revenue of $213M for

2Q26 consisted primarily of (i) $192M related to proportional

recognition of the initial $200M opt-out payment received from TAK

and (ii) $21M for ongoing development services. R&D expenses

were $42M and G&A expenses were $13M in the quarter. Cash and

cash equivalents of $850M at end of 2Q26. PTGX plans to advance

PN-881 (oral IL-17) into a comprehensive Ph. 2b PsO study in early

1Q27 and potentially initiate a Ph. 2 HS study in 1H28. Given its

favorable Ph. 1 PK profile and in vitro potency broadly comparable

to Bimzelx’s, we believe PN-881 could deliver efficacy within

Bimzelx’s efficacy range in various inflammatory diseases but with

oral advantages similar to Icotyde. We believe Icotyde’s blockbuster

potential with JNJ’s high enthusiasm in PsO and other inflammatory

diseases further suggests that an oral IL-17 with Bime-like efficacy

could have substantial commercial potential and attract multiple

partnership interests. As such, we upgrade PTGX to Buy rating with

$186 PT.

Oral IL-17 antagonist to enter Ph. 2b PsO study in early 1Q27.

PTGX will advance its wholly owned oral IL-17 antagonist PN-881

into a Ph. 2b dose-ranging study in PsO, supported by favorable PK

results from the Ph. 1 trial. According to PTGX, a single oral dose

achieved 24-hour Ctrough levels well above prospectively targeted

IC90 values for IL-17AA, IL-17FF, and IL-17A/F (Exhibit 1). Plasma

concentration of ‘881 remained above zero 24 hours after a single

dose, suggesting accumulation and potentially even greater

exposure above the targeted IC90 at steady state with repeated

dosing. PTGX plans to present the Ph. 1 data at a future medical

meeting. If the Ph. 2b study is successful, PTGX will advance PN-881

directly into Ph. 3.

PN-881 showed potency comparable to Bimzelx’s across IL-17A

and IL-17F isoforms.…