Protagonist Therapeutics FY Conference Summary Company Overview - Protagonist Therapeutics focuses on innovation through novel peptides, with expertise in both injectable and oral peptides since 2008, a time when peptides were largely overlooked [8][9] - The company went public in 2016 with the assistance of Barclays [4] Key Assets and Developments - **Icotrokinra**: An oral IL-23 blocker, the first of its kind, with phase 3 data showing promise. Approval is sought for psoriasis, with additional studies in psoriatic arthritis, ulcerative colitis, and Crohn's disease [9][10][12] - **Rusfertide**: A weekly injectable mimetic of hepcidin, targeting polycythemia vera, with a partnership with Takeda established in January 2024. Priority review has been granted, potentially accelerating approval [14][15][16] - Both drugs are expected to be approved in Q3 2026, marking significant milestones for the company [15] Future Pipeline - Protagonist is developing an oral IL-17 program and has preclinical studies in IL-4, aiming to create a portfolio of oral peptides to differentiate from existing injectable options [19][22][27] - The company is also working on an oral triple GLP-GIP-GCG for obesity, with clinical studies expected to begin in the second half of the year [25][131] Clinical Strategy and Evaluation - The company emphasizes rigorous preclinical evaluation to ensure oral bioavailability and efficacy, taking longer than typical assessments to select the right candidates [36][38] - For icotrokinra, J&J is leading the launch strategy, leveraging extensive data from head-to-head studies against competitors [41][45] Competitive Landscape - Protagonist acknowledges competition in the hepcidin space but believes their approach of creating a mimetic offers a distinct advantage over others enhancing endogenous hepcidin production [62][66][70] - The company is confident in its market position due to its early development stage and unique drug mechanisms [78] Business Development and Partnerships - Protagonist plans to take assets to clinical proof of concept before seeking partnerships for larger indications, while considering retaining more backend economics through creative cost-sharing arrangements [102][123] - The company aims to avoid external fundraising, focusing on internal funding for studies [125] Obesity Market Insights - The obesity treatment landscape is seen as a significant opportunity, with Protagonist aiming to differentiate through oral peptides in a crowded market [128][131] - The company is developing both weekly subcutaneous and daily oral formulations, with a focus on creating a diverse portfolio to address various patient needs [133][137] Conclusion - Protagonist Therapeutics is positioned to leverage its innovative peptide technology and strategic partnerships to address unmet medical needs in various therapeutic areas, particularly in immunology and obesity, while maintaining a strong focus on clinical efficacy and market differentiation [131][140]

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