SCHEDULE: Biotechnology Value Fund Discloses 4.1% Stake in Protagonist Therapeutics

Biotechnology Value Fund and its affiliates have filed an amended Schedule 13G, disclosing a collective beneficial ownership of 4.1% in Protagonist Therapeutics, Inc. as of September 30, 2025.

Summary

• Biotechnology Value Fund, L.P. (BVF) beneficially owns 1,323,333 shares of Protagonist Therapeutics, Inc. common stock, representing approximately 2.1% of the outstanding shares.
• BVF I GP LLC, as the general partner of BVF, may be deemed to beneficially own 1,323,333 shares, or approximately 2.1%.
• Biotechnology Value Fund II, L.P. (BVF2) beneficially owns 1,045,774 shares, representing approximately 1.7% of the outstanding shares.
• BVF II GP LLC, as the general partner of BVF2, may be deemed to beneficially own 1,045,774 shares, or approximately 1.7%.
• Biotechnology Value Trading Fund OS LP (Trading Fund OS) beneficially owns 140,917 shares, representing less than 1% of the outstanding shares.
• BVF Partners OS Ltd., as the general partner of Trading Fund OS, may be deemed to beneficially own 140,917 shares, or less than 1%.
• BVF GP Holdings LLC (BVF GPH), as the sole member of BVF GP and BVF2 GP, may be deemed to beneficially own an aggregate of 2,369,107 shares, representing approximately 3.8% of the outstanding shares.
• BVF Partners L.P. (Partners), as the investment manager, and BVF Inc., as the general partner of Partners, along with Mark N. Lampert, a director and officer of BVF Inc., may each be deemed to beneficially own an aggregate of 2,560,916 shares, representing approximately 4.1% of the outstanding shares.
• The total number of outstanding shares used for percentage calculations is 62,211,318 as of July 31, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q filed on August 6, 2025.
• The reporting persons certify that the securities were not acquired and are not held for the purpose of changing or influencing the control of the issuer.

Sentiment

Score: 5

Explanation: The filing is a routine disclosure of beneficial ownership by an institutional investor, providing no direct positive or negative operational or financial information about the issuer.

Future Outlook

NA

Industry Context

Protagonist Therapeutics, Inc. operates in the biotechnology sector. The filing indicates a significant, but non-controlling, investment by Biotechnology Value Fund, a specialized investment fund, which is a common occurrence for institutional investors in the biotech industry.

Stakeholder Impact

• Shareholders: Provides transparency regarding significant institutional ownership, which can influence market perception and liquidity.

Key Dates

Keywords

Protagonist Therapeutics, Biotechnology Value Fund, Schedule 13G, beneficial ownership, institutional investor, common stock, PTGX, investment fund