Protagonist Therapeutics reports Q4 EPS (69c), consensus (64c)

Last night, the company also reported: Cash, cash equivalents and marketable securities as of December 31, 2022 were $237.4M. The company expects current cash, cash equivalents and marketable securities to be sufficient to fund its planned operating and capital expenditures through the end of 2024. CEO Dinesh V. Patel says: "The positive FRONTIER 1 JNJ-2113 (PN-235) data recently reported represents a scientific breakthrough with the potential to transform the treatment landscape for moderate-to-severe plaque psoriasis with oral targeted therapy. We look forward to in-depth presentations of JNJ-2113 pre-clinical and Phase 1 and Phase 2 clinical studies at medical conferences beginning in the second quarter of 2023. In addition, we are extremely pleased to have announced this morning the positive results from the randomized withdrawal part of the REVIVE study of rusfertide in polycythemia vera. The study met its primary endpoint, with a statistically significant higher number of responders on rusfertide versus placebo. Improvements in symptoms were observed, and rusfertide was generally well tolerated in the overall study. These positive results from the Phase 2 FRONTIER 1 and REVIVE studies, of JNJ-2113 and rusfertide, respectively, are testaments to the promise of our proprietary platform as well as the expertise, experience and commitment of the Protagonist team. We are focused on enrolling patients globally in the Phase 3 VERIFY study of rusfertide in PV, and we are diligently preparing for the pre-commercial launch-related activities for rusfertide. Meanwhile, our discovery engine remains prolific. We are evaluating pre-clinical compounds with the potential to have impact in areas of high unmet medical need, and we are specifically advancing efforts in the oral hepcidin mimetic program. With two assets in late-stage development, Protagonist is now closer than ever to bringing transformative new therapies to patients. As an industry leader in the discovery and development of peptide therapeutics, we hold a unique set of capabilities that position our Company for value creation over the long run."