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Protagonist Therapeutics(PTGX) - 2024 Q2 - Quarterly Results
PTGXProtagonist Therapeutics(PTGX)2024-08-06 11:08

Financial Performance - Protagonist reported cash, cash equivalents, and marketable securities of 595.4millionasofJune30,2024,upfrom595.4 million as of June 30, 2024, up from 341.6 million as of December 31, 2023, reflecting a significant increase due to a 300millionupfrontpaymentfromtheTakedacollaboration[7].−LicenseandcollaborationrevenueforthesixmonthsendedJune30,2024,was300 million upfront payment from the Takeda collaboration[7]. - License and collaboration revenue for the six months ended June 30, 2024, was 259.1 million, primarily from the Takeda collaboration agreement, which included 255millionrecognizedinQ12024[9].−LicenseandcollaborationrevenueforthethreemonthsendedJune30,2024,was255 million recognized in Q1 2024[9]. - License and collaboration revenue for the three months ended June 30, 2024, was 4,167,000, compared to 0forthesameperiodin2023[15].−TotaloperatingexpensesforthethreemonthsendedJune30,2024,were0 for the same period in 2023[15]. - Total operating expenses for the three months ended June 30, 2024, were 42,960,000, an increase from 42,354,000inthesameperiodof2023[15].−NetlossforthethreemonthsendedJune30,2024,was42,354,000 in the same period of 2023[15]. - Net loss for the three months ended June 30, 2024, was 30,616,000, compared to a net loss of 38,460,000forthesameperiodin2023[15].−ThenetlossforQ22024was38,460,000 for the same period in 2023[15]. - The net loss for Q2 2024 was 30.6 million, or 0.50pershare,animprovementfromanetlossof0.50 per share, an improvement from a net loss of 38.5 million, or 0.68pershare,inQ22023[11].−InterestincomeforthethreemonthsendedJune30,2024,was0.68 per share, in Q2 2023[11]. - Interest income for the three months ended June 30, 2024, was 7,404,000, compared to 3,913,000forthesameperiodin2023[15].Expenses−Researchanddevelopmentexpensesincreasedby3,913,000 for the same period in 2023[15]. Expenses - Research and development expenses increased by 6.7 million for the six months ended June 30, 2024, primarily due to higher drug discovery and pre-clinical research costs[10]. - General and administrative expenses rose by 6.6millionforthesixmonthsendedJune30,2024,mainlyduetoone−timeadvisoryandlegalfeesrelatedtotheTakedacollaboration[10].−ResearchanddevelopmentexpensesforthesixmonthsendedJune30,2024,were6.6 million for the six months ended June 30, 2024, mainly due to one-time advisory and legal fees related to the Takeda collaboration[10]. - Research and development expenses for the six months ended June 30, 2024, were 67,254,000, up from 60,598,000inthesameperiodof2023[15].−Stock−basedcompensationexpenseforthethreemonthsendedJune30,2024,was60,598,000 in the same period of 2023[15]. - Stock-based compensation expense for the three months ended June 30, 2024, was 8,944,000, compared to 8,343,000forthesameperiodin2023[16].AssetsandEquity−TotalassetsasofJune30,2024,were8,343,000 for the same period in 2023[16]. Assets and Equity - Total assets as of June 30, 2024, were 614,629,000, an increase from 357,951,000asofDecember31,2023[17].−Totalstockholders′equityincreasedto357,951,000 as of December 31, 2023[17]. - Total stockholders' equity increased to 541,324,000 as of June 30, 2024, from 336,677,000asofDecember31,2023[17].−TheaccumulateddeficitasofJune30,2024,was336,677,000 as of December 31, 2023[17]. - The accumulated deficit as of June 30, 2024, was (438,986,000), down from $(615,710,000) as of December 31, 2023[17]. Clinical Development - Protagonist anticipates top-line results from the Phase 3 VERIFY study of rusfertide in polycythemia vera in Q1 2025[4]. - The primary endpoint portions of the Phase 3 ICONIC-LEAD and ICONIC-TOTAL studies for JNJ-2113 are expected to be completed in Q4 2024[5]. - Protagonist is pursuing the discovery of novel oral peptides, with a development candidate for an oral IL-17 program expected by the end of 2024[7]. - The company is currently conducting five Phase 3 trials for JNJ-2113 in psoriasis and a Phase 2b study in ulcerative colitis, with rapid enrollment progress reported[2]. Market Position - Protagonist's addition to the S&P SmallCap 600 index enhances visibility and reflects the company's value to shareholders[2].