Summary of Protagonist Therapeutics Conference Call Company Overview - **Company**: Protagonist Therapeutics (PTGX) - **Event**: Citi Biopharma Back to School Summit - **Date**: September 03, 2025 Key Points Peptide Platform and Strategy - Protagonist focuses exclusively on peptide therapeutics, which are versatile and agnostic to disease areas or targets [2][3] - The company aims to differentiate its products from existing drugs by targeting biologically validated pathways, particularly those successful in injectable antibody drugs [5] - The strategy has evolved from gut-restricted peptides to orally bioavailable peptides, broadening the scope of potential opportunities [8] Rasvirtide Development - Rasvirtide has shown outstanding phase three data, leading to a breakthrough designation from regulatory agencies [12][13] - The drug addresses an unmet need in polycythemia vera, with positive interactions with regulatory agencies [13] - Protagonist and its partner Takeda are focused on increasing awareness and establishing relationships with key opinion leaders (KOLs) and physicians to drive market penetration [20][21] Partnership with Takeda - The partnership with Takeda is characterized by a collaborative spirit, leveraging Protagonist's historical knowledge of Rasvirtide and Takeda's resources [15][17] - Protagonist retains the option to opt-out of the partnership, which includes a significant financial incentive of $425 million, allowing flexibility in future decisions [22][24][30] ICO and Market Potential - ICO, an oral IL-23 blocker, is positioned to capture a significant market share due to its oral administration and efficacy in treating inflammatory bowel diseases [46][47] - The drug is expected to appeal to patients currently not seeking treatment due to dissatisfaction with existing options [46] - Protagonist's royalty structure with J&J ranges from 6% to 10%, with optimistic sales projections for ICO [45][46] Obesity Drug Development - Protagonist is entering the obesity market with a focus on developing both oral and injectable formulations, aiming to differentiate its product through unique mechanisms [58][60] - The company is conducting preclinical studies to ensure efficacy and tolerability, with plans to initiate phase one studies in the near future [69] Future Outlook - Protagonist is committed to maintaining flexibility in its partnerships and product development strategies, aiming to maximize shareholder value while leveraging the expertise of larger pharmaceutical partners [53][51] - The company is optimistic about the potential of its pipeline, particularly in the areas of rare diseases and obesity, with ongoing studies expected to yield valuable insights [69][70] Additional Insights - The company emphasizes the importance of partnerships for validation and resource access, while also planning to retain more control over its assets in future collaborations [50][52] - Protagonist's approach to drug development focuses on validated targets, reducing biological risk and enhancing the predictability of clinical outcomes [68]