The company completed PT00114's Phase 1 multiple-dose safety and tolerability study and underwent a separation in March 2026, which removed over $6.3M in liabilities and more than $1M in annualized costs. The company appointed Bill Nichols Jr. as President to accelerate development of lead candidate PT00114, a first-in-class TCAP pathway neuropeptide therapy.
Cyborg Score Rationale
Protagenic demonstrates clinical progress with positive Phase 1 safety data and improved capital efficiency following its March 2026 restructuring. However, as a micro-cap OTC company with minimal revenue, pre-revenue status, and execution risk ahead of Phase 2 enrollment, the company faces significant development and regulatory hurdles. Limited trading liquidity and early-stage pipeline depth create material uncertainty.
Top Insights
Upgraded from OTC Pink to OTCQB on March 10, 2026, improving market visibility and trading liquidity.
Separation from Phytanix on March 17, 2026 reduced total liabilities to approximately $0.5 million and simplified capital structure.
PT00114 reported positive Phase 1 multiple-dose safety data with no serious adverse events and is advancing toward Phase 2 in 2026.
Pipeline includes approximately six drug candidates targeting stress-related and CNS disorders, including treatments for obesity and metabolic disorders.
Named Competitors
esketamine — FDA-approved ketamine analog for treatment-resistant depression
Perception Neuroscience — Developing therapies for PTSD and depression
PT00114 — First-in-class TCAP pathway neuropeptide for treatment-resistant depression and anxiety
Recent Developments
(April 2026) Bill Nichols Jr. appointed as President
(March 2026) Upgraded to OTCQB from OTC Pink markets
(March 2026) Completed separation from Phytanix Bio, reducing liabilities by $6.3M
(2026) Phase 2 enrollment planned for lead candidate PT00114
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