Protagonist Therapeutics Inc ( (PTGX) ) has released its Q3 earnings. Here is a breakdown of the information Protagonist Therapeutics Inc presented to its investors.
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Protagonist Therapeutics Inc., a late-stage biopharmaceutical company, focuses on developing peptide-based new chemical entities for hematology and blood disorders as well as inflammatory and immunomodulatory diseases. The company recently released its earnings report for the quarter ended September 30, 2024, highlighting a significant improvement in financial performance compared to last year. The company reported a net income of $143.5 million for the nine months ended September 30, 2024, a substantial turnaround from a loss of $106.3 million in the same period last year. This positive outcome is largely attributed to a significant increase in license and collaboration revenue, primarily driven by their strategic agreement with Takeda Pharmaceuticals. The collaboration with Takeda, which brought an upfront payment of $300 million, played a vital role in Protagonist’s financial recovery, with ongoing development and regulatory milestones poised to sustain growth. Looking ahead, Protagonist Therapeutics remains focused on advancing its key programs, including the Phase 3 development of rusfertide, while also strengthening its financial position through strategic collaborations and potential future milestones.
