Protagonist Therapeutics, Inc. (Nasdaq: PTGX) announced that its Board of Directors has authorized a share repurchase program allowing the company to buy back up to $300 million of its outstanding common stock.

The company plans to fund the repurchases using cash, cash equivalents, and marketable securities, as well as royalties and other payments from its collaboration agreements with Takeda related to MIMRYLO (rusfertide) and with Johnson & Johnson related to ICOTYDE (icotrokinra).

As of June 30, 2026, Protagonist held $849.5 million in cash, cash equivalents, and marketable securities. That figure excludes a $200 million opt-out payment and a $75 million milestone payment the company earned in August 2026 under its Takeda collaboration agreement, both of which are expected to be received in the fourth quarter of 2026.

The repurchase program does not obligate Protagonist to acquire any specific number of shares and may be modified, suspended, or discontinued at any time without prior notice. Repurchases may be conducted in open market or other transactions, including those under a trading plan adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934.

The timing and amount of repurchases will depend on factors including market conditions, the company's stock trading price, the timing of collaboration payments, and alternative capital deployment opportunities.