Logo

PTGX

Protagonist Therapeutics, Inc.

PTGX

Protagonist Therapeutics, Inc. • NASDAQ
$90.00 ▼ -0.08% (-0.07)
Market Cap $5.63 B
52w High $93.25
52w Low $33.70
Dividend Yield 0%
P/E 136.36
Volume 337.40K
Outstanding Shares 62.51M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $4.712M ▼ $51.133M ▲ $-39.339M ▼ -834.868% ▼ $-0.62 ▼ $-38.978M ▲
Q2-2025 $5.546M ▼ $47.587M ▼ $-34.771M ▼ -626.956% ▼ $-0.55 ▼ $-41.737M ▼
Q1-2025 $28.321M ▼ $47.631M ▲ $-11.655M ▼ -41.153% ▼ $-0.19 ▼ $-19.071M ▼
Q4-2024 $170.638M ▲ $43.858M ▼ $131.674M ▲ 77.166% ▲ $2.11 ▲ $127.316M ▲
Q3-2024 $4.675M $46.128M $-33.21M -710.374% $-0.54 $-40.806M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $576.117M ▲ $701.688M ▼ $56.251M ▲ $645.437M ▼
Q2-2025 $570.465M ▼ $718.006M ▼ $49.988M ▼ $668.018M ▼
Q1-2025 $574.36M ▲ $742.132M ▼ $53.08M ▼ $689.052M ▲
Q4-2024 $418.913M ▼ $744.725M ▲ $69.43M ▼ $675.295M ▲
Q3-2024 $468.721M $603.857M $71.942M $531.915M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-39.339M ▼ $-1.937M ▲ $-58.555M ▼ $5.659M ▲ $-54.83M ▼ $-2.025M ▲
Q2-2025 $-34.771M ▼ $-28.78M ▼ $54.81M ▲ $2.925M ▼ $28.955M ▼ $-29.593M ▼
Q1-2025 $-11.655M ▼ $125.363M ▲ $-94.402M ▼ $11.443M ▲ $42.404M ▲ $124.818M ▲
Q4-2024 $131.674M ▲ $-29.178M ▼ $-8.725M ▲ $4.031M ▼ $-33.872M ▲ $-29.488M ▼
Q3-2024 $-33.21M $-27.863M $-208.71M $12.051M $-224.522M $-28.638M

Revenue by Products

Product Q1-2024Q2-2024Q3-2024Q4-2024
Development Services
Development Services
 $0 ▲$10.00M ▲$10.00M ▲$0 ▼

Five-Year Company Overview

Income Statement

Income Statement The company’s income statement shows a classic biotech story that is starting to turn a corner. For several years it generated only modest collaboration revenue and steady losses, driven by heavy R&D and limited income. In the most recent year, results flipped to a solid profit, helped by partnership revenue and tight expense control. This move from loss to profit is a meaningful improvement, but it is mostly driven by milestone and collaboration payments rather than a mature product-sales base. That means current profitability looks encouraging but not yet firmly recurring or predictable. Overall, the trend is from a loss-making R&D platform toward a potentially self-funding business, with the usual uncertainty around future deal flow and approvals.

Balance Sheet

Balance Sheet The balance sheet has strengthened materially. Assets and equity have grown, and the company has moved from a period of negative equity to a clearly positive capital base. Cash levels appear healthy relative to its historical spending, and formal debt is minimal, which reduces financial risk and interest obligations. This gives the company room to fund clinical and early commercial activities without immediate pressure to borrow heavily. The flip side is that, despite the recent improvement, it is still a pure biotech without a large, diversified asset base, so its financial strength remains closely tied to trial outcomes, partners, and future capital markets access.

Cash Flow

Cash Flow Cash flow has shifted from a steady burn to a positive inflow in the most recent year. For several years, operating cash outflows reflected the cost of running trials and building the pipeline, with no offsetting product sales. Recently, operating cash has turned positive, likely driven by upfront and milestone payments from large-pharma partners rather than ongoing product revenue. Capital spending needs are very light, which helps. The current cash profile looks comfortable, but sustainability depends on regulatory progress, new partnerships, and the timing of any commercial launches. Future periods could swing back to outflows as the company invests in commercialization or additional trials.

Competitive Edge

Competitive Edge Protagonist sits in an attractive but highly competitive niche. Its edge comes from a proprietary platform for oral peptide drugs that aim to match the power of injectable biologics while being easier and more convenient to take. This is a clear benefit in chronic diseases where patients often dislike injections. Partnering its key programs with major pharma companies such as Johnson & Johnson and Takeda adds commercial muscle, validation, and broader reach that many small biotechs lack. At the same time, it faces competition from established injectable blockbusters and from other emerging oral therapies aiming at the same inflammatory and autoimmune pathways. Pricing, reimbursement, and real-world performance will heavily influence how strong its eventual market share can be.

Innovation and R&D

Innovation and R&D Innovation is the company’s core asset. Its “Peptide 2.0” platform aims to solve a long-standing problem: how to make potent peptide drugs work as pills instead of injections. Two late-stage programs, rusfertide and icotrokinra, provide real-world proof that this technology can produce advanced, regulator-ready products. Beyond these, early programs in inflammatory disease and obesity show that management is using the platform to build a broader pipeline rather than relying on a single asset. The opportunity is to repeatedly generate first- or best-in-class oral drugs. The risk is concentration: success still depends heavily on a small group of late-stage candidates and on navigating clinical, safety, and regulatory hurdles typical of high-risk biotech R&D.

Summary

Protagonist Therapeutics appears to be at a major transition point: moving from a research-focused biotech with steady losses to a company with validated late-stage assets, strong partners, and improving financial metrics. The income statement, balance sheet, and cash flows all look much healthier than a few years ago, largely thanks to successful development progress and collaboration deals. Its competitive appeal rests on turning injectable-style biologic power into convenient oral medicines, a clear patient-friendly proposition. However, long-term value still hinges on regulatory approvals, successful launches, and continued pipeline execution. In essence, this is a more financially secure, better-validated biotech than it once was, but still very much exposed to the usual clinical and regulatory uncertainties that define the sector.

NEWS

November 6, 2025 · 4:05 PM UTC

Protagonist Reports Third Quarter 2025 Financial Results and Provides Corporate Update

Read more

November 3, 2025 · 4:05 PM UTC

Protagonist Therapeutics Announces Oral and Poster Presentations on Rusfertide at the 67th Annual ASH Meeting

Read more