Protagonist Therapeutics(US:PTGX)2025-11-06 21:19Financial Position - As of September 30, 2025, cash, cash equivalents, and marketable securities totaled $678.8 million, up from $559.2 million as of December 31, 2024, providing a cash runway through at least the end of 2028[2][7] - Cash, cash equivalents, and marketable securities as of September 30, 2025, totaled $678,820 million, up from $559,165 million at the end of 2024[21] - Total assets decreased to $701,688 million as of September 30, 2025, down from $744,725 million at the end of 2024[21] - Accumulated deficit increased to $(426,287) million as of September 30, 2025, compared to $(340,522) million at the end of 2024[21] - Total stockholders' equity decreased to $645,437 million as of September 30, 2025, down from $675,295 million at the end of 2024[21] Revenue and Expenses - License and collaboration revenue for the three months ended September 30, 2025, was $4.7 million, consistent with the same period in 2024, while revenue for the nine months ended September 30, 2025, was $38.6 million compared to $263.8 million for the same period in 2024[8][13] - License and collaboration revenue for Q3 2025 was $4,712 million, a slight increase from $4,675 million in Q3 2024[17] - Total operating expenses for Q3 2025 were $51,133 million, up from $46,128 million in Q3 2024, representing an increase of 6.5%[17] - Net loss for Q3 2025 was $39,339 million, compared to a net loss of $33,210 million in Q3 2024, indicating a deterioration in performance[17] - Research and development expenses increased by $4.0 million and $9.7 million for the three and nine months ended September 30, 2025, respectively, primarily due to increased drug discovery and pre-clinical research expenses[8][13] - Research and development expenses for Q3 2025 were $40,003 million, an increase from $35,970 million in Q3 2024, reflecting a 5.7% rise[17] - Total stock-based compensation expense for Q3 2025 was $10,559 million, slightly higher than $10,165 million in Q3 2024[19] - Interest income for Q3 2025 was $7,049 million, a decrease from $7,682 million in Q3 2024, reflecting a decline of 8.2%[17] Clinical Developments - The first patient has been dosed in the Phase 1 trial of PN-881, a first-in-class oral IL-17 peptide antagonist[3][9] - The first human subject has been dosed in the Phase 1 trial of PN-881, evaluating safety, tolerability, pharmacokinetics, and pharmacodynamics[9][11] - Icotrokinra demonstrated clinically meaningful outcomes at Week 28 in the Phase 2b ANTHEM-UC study, with 31.7% of patients achieving clinical remission and 38.1% showing endoscopic improvement versus placebo[4][9] - Rusfertide received Breakthrough Therapy Designation from the FDA for the treatment of erythrocytosis in patients with Polycythemia Vera, with an NDA filing expected in Q4 2025[9][11] - The company plans to nominate a development candidate from the oral hepcidin program by year-end 2025[3][9] - The company anticipates the initiation of clinical studies for the triple GLP/GIP/GCG agonists PN-477sc and PN-477o in mid-2026 and the second half of 2026, respectively[9][11]