Protagonist Therapeutics is an integrated discovery and development company that discovers and develops peptide-based therapeutic candidates for inflammation and immunology, hematology, and metabolic diseases. The company generates revenue through licensing agreements with major pharmaceutical partners like Johnson & Johnson and Takeda Pharmaceuticals, receiving upfront payments, milestone payments upon development achievements, and royalties on net sales of commercialized products, while also advancing several wholly-owned drug candidates through clinical development. Protagonist's proprietary constrained peptide platform is designed to combine the selectivity of biologics with the oral bioavailability and small size of traditional small molecules, enabling it to compete across diverse therapeutic areas against established injectable biologics and emerging oral competitors.