Protagonist Therapeutics Announces 2024 Financial Results and Corporate Progress

Protagonist Therapeutics has reported its fourth quarter and full-year 2024 financial results and provided an update on corporate progress. The company earned a milestone payment of $165 million for icotrokinra in the fourth quarter, received in January 2025. They reported license and collaboration revenues of $434.4 million for 2024, primarily driven by agreements with Takeda and Johnson & Johnson. Cash reserves, including this payment, total $559.2 million, ensuring financial sustainability through 2028.

The company's R&D expenses increased to $138.1 million due to enhanced drug discovery and pre-clinical research. Protagonist anticipates key clinical results in the first quarter of 2025, including for the Phase 3 VERIFY trial of rusfertide and Phase 2b ANTHEM trial of icotrokinra. CEO Dinesh V. Patel emphasized the company's strong financial position, which provides flexibility to develop promising drug candidates.