Protagenic Therapeutics is a clinical-stage biopharmaceutical company with a single drug candidate, PT00114, targeting stress-related neuropsychiatric disorders including treatment-resistant depression, generalized anxiety disorder, PTSD, and opioid use disorder. PT00114 is a synthetic analog of TCAP, a naturally occurring brain signaling peptide, and is designed to dampen overactive stress responses in the brain. The drug is currently in a Phase I/IIa basket trial that commenced in September 2023, with results from the multiple-dose portion expected in Q2 2025 and first Phase II efficacy results targeted for Q1 2026. Protagenic has no products on the market and no revenue, funding operations through equity financing. The company holds an exclusive worldwide license to PT00114 from the University of Toronto, on which it owes a 2.5% royalty on net sales. Protagenic operates with three employees and relies on CROs and consultants to run its clinical program, which is led by Dr. Maurizio Fava of Harvard Medical School. The long-term path to value depends on either independently commercializing PT00114 after approval, licensing it to a larger pharma company, or being acquired. Protagenic argues PT00114 is differentiated by its novel mechanism of action through Latrophilin receptors, which the company believes may yield a cleaner side-effect profile than existing therapies — though these claims remain unproven in human trials.