FORM10-Q ☒QUARTERLY REPORT PURSUANT TO SECTION13 OR 15(d)OF THE SECURITIESEXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2026or TRANSITION REPORT PURSUANT TO SECTION13 OR 15(d)OF THE SECURITIESEXCHANGE ACT OF 1934 For the transition period fromtoCommission File No.001-37852 PROTAGONIST THERAPEUTICS,INC. (Exact name of registrant as specified in its charter) (510) 474-0170(Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d)of theSecurities Exchange Act of 1934 during the preceding 12months (or for such shorter period that the registrant was required to file suchreports), and (2)has been subject to such filing requirements for the past 90days.Yes⌧No◻ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to besubmitted pursuant to Rule405 of Regulation S-T (§232.405 of this chapter) during the preceding 12months (or for such shorter periodthat the registrant was required to submit such files).Yes⌧No◻ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smallerreporting company,” and “emerging growth company” in Rule12b-2 of the Exchange Act. Largeacceleratedfiler☒Acceleratedfiler☐Smallerreportingcompany☐Non-accelerated filer☐Emerging growth company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition periodfor complying with any new or revised financial accounting standards provided pursuant to Section13(a)of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Exchange Act).Yes☐No☒ As of April 30, 2026, there were 64,311,373 shares of the registrant’s Common Stock, par value $0.00001 per share,outstanding. PROTAGONIST THERAPEUTICS, INC.FORM 10-QTABLE OF CONTENTS PARTIFINANCIAL INFORMATION Item1.Condensed Consolidated Financial Statements (unaudited)Condensed Consolidated Balance Sheets1Condensed Consolidated Statements of Operations2Condensed Consolidated Statements of Comprehensive Income (Loss)3Condensed Consolidated Statements of Stockholders’ Equity4Condensed Consolidated Statements of Cash Flows5Notesto Unaudited Condensed Consolidated Financial Statements6Item2.Management’s Discussion and Analysis of Financial Condition and Results ofOperations18Item3.Quantitative and Qualitative Disclosures About Market Risk27Item4.Controls and Procedures28 PARTII OTHER INFORMATION Item 1.Legal Proceedings29Item1A.Risk Factors29Item2.Unregistered Sales of Equity Securities and Use of Proceeds29Item3.Defaults Upon Senior Securities29Item4.Mine Safety Disclosures29Item5.Other Information29Item6.Exhibits30SIGNATURES31 PARTI.– FINANCIAL INFORMATION ITEM1.FINANCIAL STATEMENTS PROTAGONIST THERAPEUTICS,INC.Condensed Consolidated Balance Sheets(Unaudited)(In thousands, except share and per share data) The accompanying notes are an integral part of these unaudited condensed consolidated financialstatements. PROTAGONIST THERAPEUTICS,INC.Condensed Consolidated Statements of Operations(Unaudited)(In thousands, except share and per share data) The accompanying notes are an integral part of these unaudited condensed consolidated financialstatements. PROTAGONIST THERAPEUTICS,INC.Condensed Consolidated Statements of Comprehensive Income (Loss)(Unaudited)(In thousands) The accompanying notes are an integral part of these unaudited condensed consolidated financialstatements. PROTAGONIST THERAPEUTICS,INC.Condensed Consolidated Statements of Cash Flows(Unaudited)(In thousands) The accompanying notes are an integral part of these unaudited condensed consolidated financialstatements. PROTAGONIST THERAPEUTICS, INC.Notes to Unaudited Condensed Consolidated Financial Statements Note1.Organization and Description of Business Protagonist Therapeutics, Inc. (the “Company”) is a discovery through late-stage developmentbiopharmaceutical company with a proprietary peptide technology platform that enables de novo discoveryof peptide therapeutics. The Company’s programs fall into three broad therapeutic areas: (i) inflammationand immunology (“I&I”), (ii) hematology and (iii) metabolic diseases. The Company’s aim is to developmedicines for biologically and commercially validated targets which demonstrate a strong differentiationcompared to existing therapies. ICOTYDE™ (icotrokinra) was approved in the United States in March 2026 for the treatment ofmoderate-to-severe plaque psoriasis in adults and pediatric patients 12 years of age or older who weigh atleast 40kg and are candidates for systemic therapy or phototherapy. ICOTYDE is the first and onlytarg