HIGHBuilt-in & outside partyPipeline
Icotyde and rusfertide
“10-K Item 1A: 'Our future success is substantially dependent on our ability and the ability of our collaborators...such as Icotyde and rusfertide'”
PTGX · Concentration risk · 10-K extracted
Protagonist Therapeutics (PTGX) concentration risks
Updated
The most significant concentration Protagonist Therapeutics discloses is Icotyde and rusfertide, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: Protagonist Therapeutics’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 3 disclosed concentrations
HIGH3
MEDIUM0
LOW0
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
HIGHOutside partyCounterparty
JNJ
“10-K Item 1A: 'If JNJ does not elect to continue the development of or successfully commercialize Icotyde...our business and business prospects would be adversely affected'”
HIGHOutside partyCounterparty
Takeda
“10-K Item 1A: 'Under the terms of the Takeda Collaboration Agreement, Takeda may terminate the agreement for convenience in its entirety or as to a major region'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-06-24The company's concentration profile is dominated by counterparty dependency on two partners and a narrow pipeline — all three claims carry high disclosed share and the combination is among the more concentrated profiles for a clinical-stage biopharma. Future success is substantially dependent on the ability of the company and its collaborators to advance programs including Icotyde and rusfertide — a high-share pipeline exposure with mixed character, since program advancement is both a strategic priority and a dependency on external approval and commercialization outcomes. The counterparty dependencies are equally material. If JNJ does not elect to continue the development of or successfully commercialize Icotyde, the company's business and business prospects would be adversely affected — a high-share dependency on a single large-company partner whose internal prioritization and resource allocation decisions the company does not control. Separately, Takeda may terminate the rusfertide collaboration agreement for convenience in its entirety or as to a major region — a high-share dependency where the contractual exposure is explicit: termination for convenience is a right that Takeda holds unilaterally. Together these three high-share claims describe a company whose near-term value is substantially tied to the continued engagement of JNJ and Takeda. Pipeline outcomes are inherently binary, and two of the most important programs depend on partners who retain meaningful optionality to exit. There are no disclosed geographic, customer, or supply-side concentrations — the counterparty and pipeline exposures are the entirety of the disclosed profile, and they are closely interlocked.
For the engine’s reasoning on PTGX’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Biotechnology
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| PTGX● | Protagonist Therapeutics, Inc. | 3 | 0 | 0 | 3 |
| ACAD | ACADIA Pharmaceuticals Inc. | 2 | 0 | 0 | 2 |
| ACLX | Arcellx, Inc. | 1 | 1 | 0 | 2 |
| AGIO | Agios Pharmaceuticals, Inc. | 1 | 0 | 0 | 1 |
| ALMS | Alumis Inc. | 1 | 0 | 0 | 1 |
| ADMA | ADMA Biologics Inc | 0 | 1 | 0 | 1 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.