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PTGX logoProtagonist Therapeutics, Inc.(PTGX)Earnings, Financials & Key Ratios

PTGX•NASDAQ
$99.28
$6.21B mkt cap·Price updated May 6, 2026
SectorHealthcareIndustryBiotechnologySub-IndustryImmunology and Inflammation Therapies
AboutProtagonist Therapeutics, Inc., a biopharmaceutical company, discovers and develops peptide-based therapeutic drugs to address hematology and blood disorders, and inflammatory and immunomodulatory diseases. It is developing rusfertide (PTG-300), an injectable hepcidin mimetic that is in Phase II clinical trials for the treatment of patients with polycythemia vera and hereditary hemochromatosis, as well as for the treatment of other blood disorders; PN-943, an oral, alpha-4-beta-7 integrin- specific antagonist peptide that is in Phase II clinical trials for treating inflammatory bowel disease (IBD); and PN-235, an orally delivered interleukin-23 receptor specific antagonist for the treatment of IBD and non-IBD indications. The company has a license and collaboration agreement with Janssen Biotech, Inc. Protagonist Therapeutics, Inc. was incorporated in 2006 and is headquartered in Newark, California.Show more
  • Revenue$0-100.0%
  • EBITDA-$158M-162.3%
  • Net Income-$130M-147.3%
  • EPS (Diluted)-2.05-148.5%
  • ROE-20.18%-137.1%
  • ROIC-21.85%-142.6%
  • Debt/Equity0.02+4.4%
Technical→

PTGX Key Insights

Protagonist Therapeutics, Inc. (PTGX) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

  • ✓Company is almost debt free
  • ✓Momentum leader: RS Rating 81 (top 19%)
  • ✓Share count reduced 2.3% through buybacks

✗Weaknesses

  • ✗Weak 3Y average ROE of 1.9%
  • ✗Expensive at 10.3x book value
  • ✗Low asset turnover indicates capital-intensive operations

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

PTGX Price & Volume

Protagonist Therapeutics, Inc. (PTGX) stock price & volume — 10-year historical chart

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PTGX Growth Metrics

Protagonist Therapeutics, Inc. (PTGX) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years-
5 Years-
3 Years-
TTM-100%

Profit CAGR

10 Years-
5 Years-
3 Years-
TTM-147.29%

EPS CAGR

10 Years-
5 Years-
3 Years-
TTM-148.81%

Return on Capital

10 Years-34.15%
5 Years-20.44%
3 Years-2.97%
Last Year-23.96%

PTGX Recent Earnings

Protagonist Therapeutics, Inc. (PTGX) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 7/12 qtrs (58%)●Beat Revenue 4/12 qtrs (44%)
Q1 2026Latest
Feb 25, 2026
EPS
$0.69
Est $0.53
-30.2%
Revenue
$7M
Est $9M
-14.9%
Q4 2025
Nov 6, 2025
EPS
$0.62
Est $0.59
-5.1%
Revenue
$5M
Est $15M
-68.4%
Q3 2025
Aug 6, 2025
EPS
$0.55
Est $0.53
-3.8%
Revenue
$6M
Est $8M
-34.2%
Q2 2025
May 6, 2025
EPS
$0.19
Est $0.50
+62.0%
Revenue
$28M
Est $7M
+332.0%
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q1 2026LatestFeb 25, 2026
$0.69vs $0.53-30.2%
$7Mvs $9M-14.9%
Q4 2025Nov 6, 2025
$0.62vs $0.59-5.1%
$5Mvs $15M-68.4%
Q3 2025Aug 6, 2025
$0.55vs $0.53-3.8%
$6Mvs $8M-34.2%
Q2 2025May 6, 2025
$0.19vs $0.50+62.0%
$28Mvs $7M+332.0%
Based on last 12 quarters of dataView full earnings history →

PTGX Peer Comparison

Protagonist Therapeutics, Inc. (PTGX) competitors in Immunology and Inflammation Therapies — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
IMVT logoIMVTImmunovant, Inc.Direct Competitor5.66B27.84-10.20-47.07%0.00
KYMR logoKYMRKymera Therapeutics, Inc.Direct Competitor6.75B82.71-22.41-16.72%-6.12%-25.02%0.05
PRTA logoPRTAProthena Corporation plcDirect Competitor602.39M11.19-2.47-92.84%-25.21%-73%0.05
ACRS logoACRSAclaris Therapeutics, Inc.Direct Competitor572.37M4.75-8.96-58.19%-8.3%-62.98%
ARDX logoARDXArdelyx, Inc.Direct Competitor1.75B7.13-27.4222.09%-13.58%-38.11%1.27
IONS logoIONSIonis Pharmaceuticals, Inc.Product Competitor12.44B75.25-31.6233.87%-30.87%-58.57%5.35
ALNY logoALNYAlnylam Pharmaceuticals, Inc.Product Competitor40.18B301.11129.2365.19%13.46%98.29%1.16%1.62
SRPT logoSRPTSarepta Therapeutics, Inc.Product Competitor2.28B21.799.3152.97%-11.25%-20.57%0.88

Compare PTGX vs Peers

Protagonist Therapeutics, Inc. (PTGX) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs IMVT

Most directly comparable listed peer for PTGX.

Scale Benchmark

vs JNJ

Larger-name benchmark to compare PTGX against a more recognizable public peer.

Peer Set

Compare Top 5

vs IMVT, KYMR, PRTA, ACRS

PTGX Income Statement

Protagonist Therapeutics, Inc. (PTGX) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Sales/Revenue20.06M30.93M231K28.63M27.36M26.58M60M434.43M0
Revenue Growth %-54.14%-99.25%12293.07%-4.44%-2.84%125.73%624.05%-100%
Cost of Goods Sold000000000
COGS % of Revenue---------
Gross Profit
20.06M▲ 0%
30.93M▲ 54.1%
231K▼ 99.3%
28.63M▲ 12293.1%
27.36M▼ 4.4%
26.58M▼ 2.8%
60M▲ 125.7%
434.43M▲ 624.1%
0▼ 100.0%
Gross Margin %100%100%100%100%100%100%100%100%-
Gross Profit Growth %6429.02%54.14%-99.25%12293.07%-4.44%-2.84%125.73%624.05%-100%
Operating Expenses57.96M73.19M80.75M93.14M153.2M157.95M153.65M181.59M204.14M
OpEx % of Revenue288.89%236.68%34957.58%325.36%560.01%594.24%256.09%41.8%-
Selling, General & Admin11.78M13.7M15.75M18.64M27.2M31.74M33.49M43.46M44.85M
SG&A % of Revenue58.71%44.29%6817.75%65.1%99.41%119.4%55.82%10%-
Research & Development46.18M59.5M65M75.98M126.01M126.22M120.16M138.13M159.29M
R&D % of Revenue230.18%192.39%28139.83%265.42%460.6%474.83%200.27%31.8%-
Other Operating Expenses00-1K-1.48M00000
Operating Income
-37.9M▲ 0%
-42.27M▼ 11.5%
-80.52M▼ 90.5%
-64.52M▲ 19.9%
-125.84M▼ 95.1%
-131.37M▼ 4.4%
-93.65M▲ 28.7%
252.84M▲ 370.0%
-158.13M▼ 162.5%
Operating Margin %-188.89%-136.68%-34857.58%-225.36%-460.01%-494.24%-156.09%58.2%-
Operating Income Growth %-16.01%-11.54%-90.5%19.88%-95.06%-4.39%28.71%369.98%-162.54%
EBITDA-37.49M-41.74M-79.82M-63.57M-123.07M-128M-90.34M253.67M-158.13M
EBITDA Margin %-186.87%-134.98%-34553.25%-222.05%-449.87%-481.56%-150.57%58.39%-
EBITDA Growth %-15.9%-11.34%-91.22%20.36%-93.6%-4.01%29.42%380.79%-162.34%
D&A (Non-Cash Add-back)406K527K703K948K2.77M3.37M3.31M826K0
EBIT-36.96M-39.72M-77.71M-64.52M-125.84M-131.37M-93.65M252.84M0
Net Interest Income948K2.57M2.64M302K443K4.06M14.9M26.32M0
Interest Income948K2.57M2.81M900K443K4.06M14.9M26.32M28.79M
Interest Expense00169K598K00000
Other Income/Expense940K2.55M2.64M-329K294K3.98M14.7M26.57M28.82M
Pretax Income
-36.96M▲ 0%
-39.72M▼ 7.5%
-77.88M▼ 96.1%
-64.84M▲ 16.7%
-125.55M▼ 93.6%
-127.39M▼ 1.5%
-78.95M▲ 38.0%
279.41M▲ 453.9%
-129.31M▼ 146.3%
Pretax Margin %-184.2%-128.45%-33713.42%-226.51%-458.94%-479.26%-131.59%64.32%-
Income Tax0-799K-691K1.3M0004.22M838K
Effective Tax Rate %0%2.01%0.89%-2.01%0%0%0%1.51%-0.65%
Net Income
-36.96M▲ 0%
-38.92M▼ 5.3%
-77.19M▼ 98.3%
-66.15M▲ 14.3%
-125.55M▼ 89.8%
-127.39M▼ 1.5%
-78.95M▲ 38.0%
275.19M▲ 448.5%
-130.15M▼ 147.3%
Net Margin %-184.2%-125.87%-33414.29%-231.07%-458.94%-479.26%-131.59%63.34%-
Net Income Growth %0.59%-5.32%-98.3%14.3%-89.8%-1.47%38.02%448.54%-147.29%
Net Income (Continuing)-36.96M-38.92M-77.19M-66.15M-125.55M-127.39M-78.95M275.19M-130.15M
Discontinued Operations000000000
Minority Interest000000000
EPS (Diluted)
-2.09▲ 0%
-1.74▲ 16.7%
-2.98▼ 71.3%
-1.92▲ 35.6%
-2.65▼ 38.0%
-2.52▲ 4.9%
-1.39▲ 44.8%
4.23▲ 404.3%
-2.05▼ 148.5%
EPS Growth %63.46%16.75%-71.26%35.57%-38.02%4.91%44.84%404.32%-148.46%
EPS (Basic)-2.09-1.74-2.98-1.92-2.65-2.52-1.394.47-2.05
Diluted Shares Outstanding17.69M22.36M25.89M34.4M46.32M49.04M56.76M65.08M63.57M
Basic Shares Outstanding17.69M22.36M25.89M34.4M46.32M49.04M56.76M61.57M63.57M
Dividend Payout Ratio---------

PTGX Balance Sheet

Protagonist Therapeutics, Inc. (PTGX) balance sheet — assets, liabilities & shareholders' equity

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Total Current Assets150.95M137.5M145.31M315.61M340.74M243.08M355.58M591.64M577.57M
Cash & Short-Term Investments144M128.85M133.02M305.81M326.9M237.35M341.62M418.91M567.36M
Cash Only106.03M82.23M33.01M117.36M123.67M125.74M186.73M97.25M128.39M
Short-Term Investments37.97M46.62M100.01M188.45M203.24M111.61M154.89M321.66M438.97M
Accounts Receivable1.82M4.59M6.75M3.82M5.33M52K10.33M168.49M0
Days Sales Outstanding33.0454.1410.67K48.7271.150.7162.85141.56-
Inventory-8.75M2.14M0000000
Days Inventory Outstanding---------
Other Current Assets10.24M-205K754K10K000010.21M
Total Non-Current Assets12.79M1.97M9.61M8.86M6.96M4.85M2.37M153.08M90.61M
Property, Plant & Equipment879K861K7.72M6.41M6.73M4.63M2.15M12.61M11.69M
Fixed Asset Turnover22.82x35.92x0.03x4.46x4.06x5.75x27.92x34.46x-
Goodwill000000000
Intangible Assets000000000
Long-Term Investments11.46M450K02M000140.25M0
Other Non-Current Assets450K450K450K450K225K225K225K225K78.92M
Total Assets
163.73M▲ 0%
139.47M▼ 14.8%
154.92M▲ 11.1%
324.47M▲ 109.4%
347.69M▲ 7.2%
247.93M▼ 28.7%
357.95M▲ 44.4%
744.73M▲ 108.1%
668.19M▼ 10.3%
Asset Turnover0.12x0.22x0.00x0.09x0.08x0.11x0.17x0.58x-
Asset Growth %74.2%-14.82%11.07%109.45%7.16%-28.69%44.38%108.05%-10.28%
Total Current Liabilities42.55M26.16M35.41M40.24M44.02M31.18M21.27M47.4M45.44M
Accounts Payable1.26M5.71M2.79M3.08M1.6M3.64M772K1.61M5.34M
Days Payables Outstanding---------
Short-Term Debt000000002.28M
Deferred Revenue (Current)31.75M8.22M19M17.21M2.5M69K018.89M9.55M
Other Current Liabilities6.83M9.5M4.64M6.41M7.13M4.97M6.79M23.69M28.27M
Current Ratio3.55x5.26x4.10x7.84x7.74x7.80x16.71x12.48x12.71x
Quick Ratio3.75x5.17x4.10x7.84x7.74x7.80x16.71x12.48x12.71x
Cash Conversion Cycle---------
Total Non-Current Liabilities547K799K39.55M4.62M3.66M1.14M022.03M8.04M
Long-Term Debt009.79M000008.04M
Capital Lease Obligations005.96M4.5M3.66M1.14M010.36M0
Deferred Tax Liabilities000000221K00
Other Non-Current Liabilities547K799K0121K00-221K11.68M0
Total Liabilities43.1M26.96M74.95M44.86M47.67M32.32M21.27M69.43M53.48M
Total Debt0017.01M5.96M5.86M3.66M1.14M10.87M10.32M
Net Debt-106.03M-82.23M-15.99M-111.4M-117.81M-122.09M-185.59M-86.38M-118.07M
Debt / Equity--0.21x0.02x0.02x0.02x0.00x0.02x0.02x
Debt / EBITDA-------0.04x-
Net Debt / EBITDA--------0.34x-
Interest Coverage---476.46x-107.89x-----
Total Equity
-101.55M▲ 0%
-140.47M▼ 38.3%
79.96M▲ 156.9%
279.61M▲ 249.7%
300.02M▲ 7.3%
215.61M▼ 28.1%
336.68M▲ 56.2%
675.29M▲ 100.6%
614.71M▼ 9.0%
Equity Growth %-57.22%-38.33%156.92%249.66%7.3%-28.14%56.15%100.58%-8.97%
Book Value per Share-5.74-6.283.098.136.484.405.9310.389.67
Total Shareholders' Equity-101.55M-140.47M79.96M279.61M300.02M215.61M336.68M675.29M614.71M
Common Stock0000001K1K1K
Retained Earnings-101.55M-140.47M-217.66M-283.81M-409.36M-536.75M-615.71M-340.52M-470.67M
Treasury Stock000000000
Accumulated OCI-6K-233K-221K28K-299K-359K-105K-82K641K
Minority Interest000000000

PTGX Cash Flow Statement

Protagonist Therapeutics, Inc. (PTGX) cash flow — operating, investing & free cash flow history

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Cash from Operations3.87M-49.95M-41.53M-72.48M-107.86M-108.14M-70.24M184.15M57.67M
Operating CF Margin %19.3%-161.51%-17977.06%-253.19%-394.29%-406.82%-117.06%42.39%-
Operating CF Growth %112.92%-1389.95%16.86%-74.55%-48.81%-0.25%35.05%362.19%-68.68%
Net Income-36.96M-38.92M-77.19M-66.15M-125.55M-127.39M-78.95M275.19M0
Depreciation & Amortization406K527K2.5M2.56M2.77M3.37M3.31M2.9M0
Stock-Based Compensation4.24M6.92M8.35M7.9M16.39M24.2M29.29M37.55M45.97M
Deferred Taxes0-658K-775K1.44M00000
Other Non-Cash Items625K206K-557K781K1.83M-549K-4.38M-8.88M11.7M
Working Capital Changes35.56M-18.02M26.14M-19.02M-3.31M-7.77M-19.51M-122.61M0
Change in Receivables-1.82M-2.77M-757K3.34M-915K4.24M0-155M0
Change in Inventory5.53M3.85M757K-3.34M915K-4.24M000
Change in Payables91K4.43M-3M309K-1.39M2.04M-2.93M842K0
Cash from Investing15.82M2.21M-53.71M-90.97M-15.86M91.47M-39.26M-299.48M-49.33M
Capital Expenditures-666K-486K-967K-471K-1.1M-795K-609K-1.35M0
CapEx % of Revenue3.32%1.57%418.61%1.65%4.02%2.99%1.01%0.31%-
Acquisitions0052.74M90.49M14.76M-91.47M000
Investments---------
Other Investing16.49M2.7M-52.74M-90.49M-14.76M91.47M00-49.33M
Cash from Financing65.55M24.11M46.04M247.63M129.92M18.84M170.48M25.85M22.86M
Debt Issued (Net)009.77M-10.52M00000
Equity Issued (Net)1000K1000K1000K1000K1000K1000K1000K1000K0
Dividends Paid000000000
Share Repurchases000000000
Other Financing1.01M934K1.78M2.79M6.09M4.29M38.38M-600K22.86M
Net Change in Cash
85.39M▲ 0%
-23.8M▼ 127.9%
-49.23M▼ 106.9%
84.35M▲ 271.4%
6.07M▼ 92.8%
2.08M▼ 65.8%
60.98M▲ 2833.3%
-89.48M▼ 246.7%
0▲ 100.0%
Free Cash Flow
3.21M▲ 0%
-50.43M▼ 1673.1%
-42.49M▲ 15.7%
-72.95M▼ 71.7%
-108.97M▼ 49.4%
-108.93M▲ 0.0%
-70.84M▲ 35.0%
182.8M▲ 358.0%
57.67M▼ 68.5%
FCF Margin %15.98%-163.08%-18395.67%-254.84%-398.31%-409.81%-118.08%42.08%-
FCF Growth %110.56%-1673.08%15.74%-71.68%-49.36%0.03%34.96%358.02%-68.45%
FCF per Share0.18-2.26-1.64-2.12-2.35-2.22-1.252.810.91
FCF Conversion (FCF/Net Income)-0.10x1.28x0.54x1.10x0.86x0.85x0.89x0.67x-0.44x
Interest Paid000000000
Taxes Paid000000000

PTGX Key Ratios

Protagonist Therapeutics, Inc. (PTGX) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric2016201720182019202020212022202320242025
Return on Equity (ROE)----96.53%-36.79%-43.32%-49.41%-28.59%54.39%-20.18%
Return on Invested Capital (ROIC)----94.41%-41.68%-53.87%-71.47%-57.43%51.25%-21.85%
Gross Margin-100%100%100%100%100%100%100%100%-
Net Margin--184.2%-125.87%-33414.29%-231.07%-458.94%-479.26%-131.59%63.34%-
Debt / Equity---0.21x0.02x0.02x0.02x0.00x0.02x0.02x
Interest Coverage----476.46x-107.89x-----
FCF Conversion0.81x-0.10x1.28x0.54x1.10x0.86x0.85x0.89x0.67x-0.44x
Revenue Growth--54.14%-99.25%12293.07%-4.44%-2.84%125.73%624.05%-100%

PTGX SEC Filings & Documents

Protagonist Therapeutics, Inc. (PTGX) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Feb 25, 2026·SEC

Material company update

Jan 12, 2026·SEC

Material company update

Nov 6, 2025·SEC

10-K Annual Reports

4
FY 2026

Feb 25, 2026·SEC

FY 2025

Feb 21, 2025·SEC

FY 2024

Feb 27, 2024·SEC

10-Q Quarterly Reports

6
FY 2025

Nov 6, 2025·SEC

FY 2025

Aug 6, 2025·SEC

FY 2025

May 6, 2025·SEC

PTGX Frequently Asked Questions

Protagonist Therapeutics, Inc. (PTGX) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

Protagonist Therapeutics, Inc. (PTGX) saw revenue decline by 100.0% over the past year.

Protagonist Therapeutics, Inc. (PTGX) reported a net loss of $130.1M for fiscal year 2025.

Dividend & Returns

Protagonist Therapeutics, Inc. (PTGX) has a return on equity (ROE) of -20.2%. Negative ROE indicates the company is unprofitable.

Protagonist Therapeutics, Inc. (PTGX) generated $57.7M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

Explore More PTGX

Protagonist Therapeutics, Inc. (PTGX) financial analysis — history, returns, DCA and operating performance tools

Total Return Calculator

Historical returns with dividends reinvested

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DCA Calculator

Dollar cost averaging vs lump sum

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Dividend History

Yield, growth, payout safety & DRIP

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Earnings History

EPS trends, net income & profitability

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Price History

Long-term charts & historical price data

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Revenue History

Sales growth patterns & revenue breakdown

→

Financial Ratios

30 years of market, efficiency and balance-sheet ratios

→

Valuation

DCF intrinsic value, peer multiples & estimates

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