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AI brief of an SEC Form 8-K · Protagonist Therapeutics (PTGX)

Protagonist reports positive Phase 3 psoriasis results; earns $165 million milestone

Positive Impact 4 of 5 product/contract Written later

Protagonist said its Phase 3 ICONIC-LEAD and ICONIC-TOTAL studies of icotrokinra in plaque psoriasis met their primary endpoints. Under a November 13, 2024 amendment to its collaboration with Janssen, the company has earned a $165 million milestone, which it expects to receive in Q1 2025, and the filing states the payment is not refundable. The filing does not provide revenue, profit or guidance figures.

Key points

  • ICONIC-LEAD: 64.7% of patients reached IGA 0/1 at week 16 on icotrokinra vs. 8.3% on placebo; 49.6% reached PASI 90 vs. 4.4% on placebo.
  • Amendment raised the Phase 3 milestone by $50 million to $165 million and eliminated $35 million and $15 million milestone payments, which accelerates them into the $165 million.
  • Company expects to receive the $165 million in Q1 2025 and remains eligible for up to $630 million in future milestones plus tiered royalties of 6-10% on worldwide net sales.

The filing

CompanyProtagonist Therapeutics (PTGX)
Form8-K, current report
Filed with the SECNov 18, 2024, 4:36 PM ET
Accession number0001104659-24-120165

Items reported: 1.01 Material Definitive Agreement8.01 Other Events

Read the filing on SEC.gov ↗

Written by AI on Nov 8, 2026, 1:17 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on November 18, 2024.

Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.