AI-extracted from the 10-Q filed 2026-08-05 — Q2 FY2026 (quarter ended June 30, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.
License and collaboration revenue surged to $213.5M in Q2 2026, driven by $200M opt-out payment recognition from Takeda and $50M ICOTYDE FDA approval milestone from JNJ, swinging to $162.8M net income from $34.8M loss year-over-year.
Biggest Revenue Drivers
Takeda Collaboration Agreement opt-out payment recognition$192.4MNew in Q2 2026
Proportional recognition of $200M opt-out payment triggered by exercise of profit-share opt-out right on April 28, 2026
Takeda development services, clinical supplies and other$21.1MNew in Q2 2026
Cost reimbursement for post opt-out wind-down services and rusfertide clinical supplies
Biggest Revenue Drivers
Takeda Collaboration Agreement opt-out payment recognition$192.4MNew in Q2 2026
Proportional recognition of $200M opt-out payment triggered by exercise of profit-share opt-out right on April 28, 2026
Takeda development services, clinical supplies and other$21.1MNew in Q2 2026
Cost reimbursement for post opt-out wind-down services and rusfertide clinical supplies
Largest Expense Items
Research and development$42.1M+14% YoY
Increase driven by PN-881 Phase 1 trial costs ($8.6M), pre-clinical discovery programs ($8.4M), partially offset by rusfertide completion ($12.0M reduction)
General and administrative$12.6M+20% YoY
Increase primarily from personnel-related expenses driven by wage, benefit and stock-based compensation increases
Watch Items from the Filing
Substantial revenue concentration: Q2 revenue of $213.5M is almost entirely from two collaboration partners (Takeda and JNJ); future revenue highly dependent on their regulatory approvals and commercial success.
Company expects R&D expenses to increase significantly in H2 2026 due to PN-881 Phase 2b psoriasis advancement, manufacturing investments, and multiple program initiations (PN-477sc, PN-458, PN-8047).
AI-extracted and verified against SEC EDGAR filing text. Not investment advice.
Williams Lewis TDirectorOption exercise · Feb 17, 2026
O'Dowd Sarah ADirectorGrant or award · Jan 2, 2026
About Protagonist Therapeutics, Inc (PTGX): stock profile, AI score and financials
Protagonist Therapeutics, Inc (PTGX) stock profile, AI quality score, and SEC EDGAR financial data, a Healthcare sector company. 13F Pro's AI-powered ranking engine scores PTGX at 7.9/100 on a composite quality score built from its SEC filings, placing it at rank #2,898 of 2,925 stocks — the bottom half of the AI-ranked universe. Areas of concern include revenue growth (0.4) and free cash flow (5.6), which score below median versus the broader universe. Shareholder dilution risk is elevated at 3.0/100, reflecting ongoing share issuance or stock-based compensation. Based on the latest XBRL financial filings (Q2 2026), Protagonist Therapeutics, Inc reports quarterly revenue of $213.5M, net income of $162.8M, an operating margin of 74.4%. Top institutional holders of PTGX by reported 13-F value include BlackRock, FARALLON CAPITAL MANAGEMENT, RTW INVESTMENTS, based on the most recent SEC filings. PTGX trades on the Nasdaq exchange and files with the SEC under CIK 1377121. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate PTGX daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for Protagonist Therapeutics, Inc directly from SEC EDGAR.