Protagonist Therapeutics, Inc. (PTGX) 10-Year Financial Performance & Capital Metrics

PTGX •

HealthcareBiotechnologyImmunology 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%
Gross Margin -
EBITDA Margin -
Operating Margin -
Net Margin -
ROE -20.18% -137.1%
ROIC -21.85% -142.6%
Debt/Equity 0.02 +4.4%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Momentum leader: RS Rating 83 (top 17%)
✓Share count reduced 2.3% through buybacks
✓Trading near 52-week high

✗Weaknesses

✗Weak 3Y average ROE of 1.9%
✗Low asset turnover indicates capital-intensive operations

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y-

5Y-

3Y-

TTM-100%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-147.29%

EPS CAGR

10Y-

5Y-

3Y-

TTM-148.81%

ROCE

10Y Avg-34.15%

5Y Avg-20.44%

3Y Avg-2.97%

Latest-23.96%

Peer Comparison

Immunology and Inflammation Therapies

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
TGTXTG Therapeutics, Inc.	4.75B	30.09	200.60	40.8%	13.31%	21.87%		1.14
APLSApellis Pharmaceuticals, Inc.	2.65B	20.96	116.44	-11.77%	3.25%	7.48%	1.71%	0.30
ARGXargenx SE	47.46B	766.92	60.01	78.6%	23.34%	15.14%		0.01
KNSAKiniksa Pharmaceuticals, Ltd.	3.39B	44.49	59.32	60.09%	17.52%	20.92%	0.75%	0.02
AUPHAurinia Pharmaceuticals Inc.	1.88B	14.17	6.85	20.38%	101.47%	49.4%	7.22%	0.13
GLPGGalapagos N.V.	2.22B	33.66	5.88	303.48%	28.85%	9.92%		0.00
AKTXAkari Therapeutics, Plc	12.56B	0.24	-0.00			-69.35%		0.15
RAPTRAPT Therapeutics, Inc.	7.65B	57.98	-2.27			-69.51%		0.02

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Sales/Revenue+	0	20.06M	30.93M	231K	28.63M	27.36M	26.58M	60M	434.43M	0
Revenue Growth %	-	-	54.14%	-99.25%	12293.07%	-4.44%	-2.84%	125.73%	624.05%	-100%
Cost of Goods Sold+	317K	0	0	0	0	0	0	0	0	0
COGS % of Revenue	-	-	-	-	-	-	-	-	-	-
Gross Profit+	-317K	20.06M	30.93M	231K	28.63M	27.36M	26.58M	60M	434.43M	0
Gross Margin %	-	100%	100%	100%	100%	100%	100%	100%	100%	-
Gross Profit Growth %	-28.34%	6429.02%	54.14%	-99.25%	12293.07%	-4.44%	-2.84%	125.73%	624.05%	-100%
Operating Expenses+	32.67M	57.96M	73.19M	80.75M	93.14M	153.2M	157.95M	153.65M	181.59M	204.14M
OpEx % of Revenue	-	288.89%	236.68%	34957.58%	325.36%	560.01%	594.24%	256.09%	41.8%	-
Selling, General & Admin	6.96M	11.78M	13.7M	15.75M	18.64M	27.2M	31.74M	33.49M	43.46M	44.85M
SG&A % of Revenue	-	58.71%	44.29%	6817.75%	65.1%	99.41%	119.4%	55.82%	10%	-
Research & Development	25.7M	46.18M	59.5M	65M	75.98M	126.01M	126.22M	120.16M	138.13M	159.29M
R&D % of Revenue	-	230.18%	192.39%	28139.83%	265.42%	460.6%	474.83%	200.27%	31.8%	-
Other Operating Expenses	-34K	0	0	-1K	-1.48M	0	0	0	0	0
Operating Income+	-32.67M	-37.9M	-42.27M	-80.52M	-64.52M	-125.84M	-131.37M	-93.65M	252.84M	-158.13M
Operating Margin %	-	-188.89%	-136.68%	-34857.58%	-225.36%	-460.01%	-494.24%	-156.09%	58.2%	-
Operating Income Growth %	-120.81%	-16.01%	-11.54%	-90.5%	19.88%	-95.06%	-4.39%	28.71%	369.98%	-162.54%
EBITDA+	-32.35M	-37.49M	-41.74M	-79.82M	-63.57M	-123.07M	-128M	-90.34M	253.67M	-158.13M
EBITDA Margin %	-	-186.87%	-134.98%	-34553.25%	-222.05%	-449.87%	-481.56%	-150.57%	58.39%	-
EBITDA Growth %	-122.38%	-15.9%	-11.34%	-91.22%	20.36%	-93.6%	-4.01%	29.42%	380.79%	-162.34%
D&A (Non-Cash Add-back)	317K	406K	527K	703K	948K	2.77M	3.37M	3.31M	826K	0
EBIT	-32.67M	-36.96M	-39.72M	-77.71M	-64.52M	-125.84M	-131.37M	-93.65M	252.84M	0
Net Interest Income+	0	948K	2.57M	2.64M	302K	443K	4.06M	14.9M	26.32M	0
Interest Income	242K	948K	2.57M	2.81M	900K	443K	4.06M	14.9M	26.32M	28.79M
Interest Expense	0	0	0	169K	598K	0	0	0	0	0
Other Income/Expense	-4.51M	940K	2.55M	2.64M	-329K	294K	3.98M	14.7M	26.57M	28.82M
Pretax Income+	-37.18M	-36.96M	-39.72M	-77.88M	-64.84M	-125.55M	-127.39M	-78.95M	279.41M	-129.31M
Pretax Margin %	-	-184.2%	-128.45%	-33713.42%	-226.51%	-458.94%	-479.26%	-131.59%	64.32%	-
Income Tax+	0	0	-799K	-691K	1.3M	0	0	0	4.22M	838K
Effective Tax Rate %	100%	100%	97.99%	99.11%	102.01%	100%	100%	100%	98.49%	100.65%
Net Income+	-37.18M	-36.96M	-38.92M	-77.19M	-66.15M	-125.55M	-127.39M	-78.95M	275.19M	-130.15M
Net Margin %	-	-184.2%	-125.87%	-33414.29%	-231.07%	-458.94%	-479.26%	-131.59%	63.34%	-
Net Income Growth %	-150.22%	0.59%	-5.32%	-98.3%	14.3%	-89.8%	-1.47%	38.02%	448.54%	-147.29%
Net Income (Continuing)	-37.18M	-36.96M	-38.92M	-77.19M	-66.15M	-125.55M	-127.39M	-78.95M	275.19M	-130.15M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-5.72	-2.09	-1.74	-2.98	-1.92	-2.65	-2.52	-1.39	4.23	-2.05
EPS Growth %	-126.98%	63.46%	16.75%	-71.26%	35.57%	-38.02%	4.91%	44.84%	404.32%	-148.46%
EPS (Basic)	-5.72	-2.09	-1.74	-2.98	-1.92	-2.65	-2.52	-1.39	4.47	-2.05
Diluted Shares Outstanding	6.5M	17.69M	22.36M	25.89M	34.4M	46.32M	49.04M	56.76M	65.08M	63.57M
Basic Shares Outstanding	6.5M	17.69M	22.36M	25.89M	34.4M	46.32M	49.04M	56.76M	61.57M	63.57M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Current Assets+	83.24M	150.95M	137.5M	145.31M	315.61M	340.74M	243.08M	355.58M	591.64M	577.57M
Cash & Short-Term Investments	77.6M	144M	128.85M	133.02M	305.81M	326.9M	237.35M	341.62M	418.91M	567.36M
Cash Only	21.08M	106.03M	82.23M	33.01M	117.36M	123.67M	125.74M	186.73M	97.25M	128.39M
Short-Term Investments	56.52M	37.97M	46.62M	100.01M	188.45M	203.24M	111.61M	154.89M	321.66M	438.97M
Accounts Receivable	2.24M	1.82M	4.59M	6.75M	3.82M	5.33M	52K	10.33M	168.49M	0
Days Sales Outstanding	-	33.04	54.14	10.67K	48.72	71.15	0.71	62.85	141.56	-
Inventory	-7.65M	-8.75M	2.14M	0	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-	-	-	-
Other Current Assets	8.16M	10.24M	-205K	754K	10K	0	0	0	0	10.21M
Total Non-Current Assets+	10.75M	12.79M	1.97M	9.61M	8.86M	6.96M	4.85M	2.37M	153.08M	90.61M
Property, Plant & Equipment	562K	879K	861K	7.72M	6.41M	6.73M	4.63M	2.15M	12.61M	11.69M
Fixed Asset Turnover	-	22.82x	35.92x	0.03x	4.46x	4.06x	5.75x	27.92x	34.46x	-
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Long-Term Investments	10.15M	11.46M	450K	0	2M	0	0	0	140.25M	0
Other Non-Current Assets	34K	450K	450K	450K	450K	225K	225K	225K	225K	78.92M
Total Assets+	93.99M	163.73M	139.47M	154.92M	324.47M	347.69M	247.93M	357.95M	744.73M	668.19M
Asset Turnover	-	0.12x	0.22x	0.00x	0.09x	0.08x	0.11x	0.17x	0.58x	-
Asset Growth %	533.14%	74.2%	-14.82%	11.07%	109.45%	7.16%	-28.69%	44.38%	108.05%	-10.28%
Total Current Liabilities+	6.43M	42.55M	26.16M	35.41M	40.24M	44.02M	31.18M	21.27M	47.4M	45.44M
Accounts Payable	1.16M	1.26M	5.71M	2.79M	3.08M	1.6M	3.64M	772K	1.61M	5.34M
Days Payables Outstanding	1.34K	-	-	-	-	-	-	-	-	-
Short-Term Debt	0	0	0	0	0	0	0	0	0	2.28M
Deferred Revenue (Current)	0	31.75M	8.22M	19M	17.21M	2.5M	69K	0	18.89M	9.55M
Other Current Liabilities	120K	6.83M	9.5M	4.64M	6.41M	7.13M	4.97M	6.79M	23.69M	28.27M
Current Ratio	12.94x	3.55x	5.26x	4.10x	7.84x	7.74x	7.80x	16.71x	12.48x	12.71x
Quick Ratio	14.13x	3.75x	5.17x	4.10x	7.84x	7.74x	7.80x	16.71x	12.48x	12.71x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	0	547K	799K	39.55M	4.62M	3.66M	1.14M	0	22.03M	8.04M
Long-Term Debt	0	0	0	9.79M	0	0	0	0	0	8.04M
Capital Lease Obligations	0	0	0	5.96M	4.5M	3.66M	1.14M	0	10.36M	0
Deferred Tax Liabilities	0	0	0	0	0	0	0	221K	0	0
Other Non-Current Liabilities	0	547K	799K	0	121K	0	0	-221K	11.68M	0
Total Liabilities	6.43M	43.1M	26.96M	74.95M	44.86M	47.67M	32.32M	21.27M	69.43M	53.48M
Total Debt+	0	0	0	17.01M	5.96M	5.86M	3.66M	1.14M	10.87M	10.32M
Net Debt	-21.08M	-106.03M	-82.23M	-15.99M	-111.4M	-117.81M	-122.09M	-185.59M	-86.38M	-118.07M
Debt / Equity	-	-	-	0.21x	0.02x	0.02x	0.02x	0.00x	0.02x	0.02x
Debt / EBITDA	-	-	-	-	-	-	-	-	0.04x	-
Net Debt / EBITDA	-	-	-	-	-	-	-	-	-0.34x	-
Interest Coverage	-	-	-	-476.46x	-107.89x	-	-	-	-	-
Total Equity+	-64.59M	-101.55M	-140.47M	79.96M	279.61M	300.02M	215.61M	336.68M	675.29M	614.71M
Equity Growth %	-773.12%	-57.22%	-38.33%	156.92%	249.66%	7.3%	-28.14%	56.15%	100.58%	-8.97%
Book Value per Share	-9.93	-5.74	-6.28	3.09	8.13	6.48	4.40	5.93	10.38	9.67
Total Shareholders' Equity	-64.59M	-101.55M	-140.47M	79.96M	279.61M	300.02M	215.61M	336.68M	675.29M	614.71M
Common Stock	0	0	0	0	0	0	0	1K	1K	1K
Retained Earnings	-64.59M	-101.55M	-140.47M	-217.66M	-283.81M	-409.36M	-536.75M	-615.71M	-340.52M	-470.67M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-245K	-6K	-233K	-221K	28K	-299K	-359K	-105K	-82K	641K
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	-29.97M	3.87M	-49.95M	-41.53M	-72.48M	-107.86M	-108.14M	-70.24M	184.15M	57.67M
Operating CF Margin %	-	19.3%	-161.51%	-17977.06%	-253.19%	-394.29%	-406.82%	-117.06%	42.39%	-
Operating CF Growth %	-108.36%	112.92%	-1389.95%	16.86%	-74.55%	-48.81%	-0.25%	35.05%	362.19%	-68.68%
Net Income	-37.18M	-36.96M	-38.92M	-77.19M	-66.15M	-125.55M	-127.39M	-78.95M	275.19M	0
Depreciation & Amortization	317K	406K	527K	2.5M	2.56M	2.77M	3.37M	3.31M	2.9M	0
Stock-Based Compensation	2.13M	4.24M	6.92M	8.35M	7.9M	16.39M	24.2M	29.29M	37.55M	45.97M
Deferred Taxes	151K	0	-658K	-775K	1.44M	0	0	0	0	0
Other Non-Cash Items	4.72M	625K	206K	-557K	781K	1.83M	-549K	-4.38M	-8.88M	11.7M
Working Capital Changes	-112K	35.56M	-18.02M	26.14M	-19.02M	-3.31M	-7.77M	-19.51M	-122.61M	0
Change in Receivables	-1.59M	-1.82M	-2.77M	-757K	3.34M	-915K	4.24M	0	-155M	0
Change in Inventory	0	5.53M	3.85M	757K	-3.34M	915K	-4.24M	0	0	0
Change in Payables	-115K	91K	4.43M	-3M	309K	-1.39M	2.04M	-2.93M	842K	0
Cash from Investing+	-59.33M	15.82M	2.21M	-53.71M	-90.97M	-15.86M	91.47M	-39.26M	-299.48M	-49.33M
Capital Expenditures	-379K	-666K	-486K	-967K	-471K	-1.1M	-795K	-609K	-1.35M	0
CapEx % of Revenue	-	3.32%	1.57%	418.61%	1.65%	4.02%	2.99%	1.01%	0.31%	-
Acquisitions	32K	0	0	52.74M	90.49M	14.76M	-91.47M	0	0	0
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	32K	16.49M	2.7M	-52.74M	-90.49M	-14.76M	91.47M	0	0	-49.33M
Cash from Financing+	106.31M	65.55M	24.11M	46.04M	247.63M	129.92M	18.84M	170.48M	25.85M	22.86M
Debt Issued (Net)	0	0	0	9.77M	-10.52M	0	0	0	0	0
Equity Issued (Net)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	0	0	0	0	0	0	0	0	0	0
Other Financing	151K	1.01M	934K	1.78M	2.79M	6.09M	4.29M	38.38M	-600K	22.86M
Net Change in Cash	17.03M	85.39M	-23.8M	-49.23M	84.35M	6.07M	2.08M	60.98M	-89.48M	0
Free Cash Flow+	-30.35M	3.21M	-50.43M	-42.49M	-72.95M	-108.97M	-108.93M	-70.84M	182.8M	57.67M
FCF Margin %	-	15.98%	-163.08%	-18395.67%	-254.84%	-398.31%	-409.81%	-118.08%	42.08%	-
FCF Growth %	-105.3%	110.56%	-1673.08%	15.74%	-71.68%	-49.36%	0.03%	34.96%	358.02%	-68.45%
FCF per Share	-4.67	0.18	-2.26	-1.64	-2.12	-2.35	-2.22	-1.25	2.81	0.91
FCF Conversion (FCF/Net Income)	0.81x	-0.10x	1.28x	0.54x	1.10x	0.86x	0.85x	0.89x	0.67x	-0.44x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
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	-	-	-	0.21x	0.02x	0.02x	0.02x	0.00x	0.02x	0.02x
Interest Coverage	-	-	-	-476.46x	-107.89x	-	-	-	-	-
FCF Conversion	0.81x	-0.10x	1.28x	0.54x	1.10x	0.86x	0.85x	0.89x	0.67x	-0.44x
Revenue Growth	-	-	54.14%	-99.25%	12293.07%	-4.44%	-2.84%	125.73%	624.05%	-100%

US Stock Screener

...

Protagonist Therapeutics, Inc. (PTGX) 10-Year Financial Performance & Capital Metrics

PTGX •

HealthcareBiotechnologyImmunology and Inflammation Therapies

Revenue $0 -100.0%
EBITDA -$158M -162.3%
Net Income -$130M -147.3%
EPS (Diluted) -2.05 -148.5%
Gross Margin -
EBITDA Margin -
Operating Margin -
Net Margin -
ROE -20.18% -137.1%
ROIC -21.85% -142.6%
Debt/Equity 0.02 +4.4%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Momentum leader: RS Rating 83 (top 17%)
✓Share count reduced 2.3% through buybacks
✓Trading near 52-week high

✗Weaknesses

✗Weak 3Y average ROE of 1.9%
✗Low asset turnover indicates capital-intensive operations

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y-

5Y-

3Y-

TTM-100%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-147.29%

EPS CAGR

10Y-

5Y-

3Y-

TTM-148.81%

ROCE

10Y Avg-34.15%

5Y Avg-20.44%

3Y Avg-2.97%

Latest-23.96%

Peer Comparison

Immunology and Inflammation Therapies

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
TGTXTG Therapeutics, Inc.	4.75B	30.09	200.60	40.8%	13.31%	21.87%		1.14
APLSApellis Pharmaceuticals, Inc.	2.65B	20.96	116.44	-11.77%	3.25%	7.48%	1.71%	0.30
ARGXargenx SE	47.46B	766.92	60.01	78.6%	23.34%	15.14%		0.01
KNSAKiniksa Pharmaceuticals, Ltd.	3.39B	44.49	59.32	60.09%	17.52%	20.92%	0.75%	0.02
AUPHAurinia Pharmaceuticals Inc.	1.88B	14.17	6.85	20.38%	101.47%	49.4%	7.22%	0.13
GLPGGalapagos N.V.	2.22B	33.66	5.88	303.48%	28.85%	9.92%		0.00
AKTXAkari Therapeutics, Plc	12.56B	0.24	-0.00			-69.35%		0.15
RAPTRAPT Therapeutics, Inc.	7.65B	57.98	-2.27			-69.51%		0.02

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Sales/Revenue+	0	20.06M	30.93M	231K	28.63M	27.36M	26.58M	60M	434.43M	0
Revenue Growth %	-	-	54.14%	-99.25%	12293.07%	-4.44%	-2.84%	125.73%	624.05%	-100%
Cost of Goods Sold+	317K	0	0	0	0	0	0	0	0	0
COGS % of Revenue	-	-	-	-	-	-	-	-	-	-
Gross Profit+	-317K	20.06M	30.93M	231K	28.63M	27.36M	26.58M	60M	434.43M	0
Gross Margin %	-	100%	100%	100%	100%	100%	100%	100%	100%	-
Gross Profit Growth %	-28.34%	6429.02%	54.14%	-99.25%	12293.07%	-4.44%	-2.84%	125.73%	624.05%	-100%
Operating Expenses+	32.67M	57.96M	73.19M	80.75M	93.14M	153.2M	157.95M	153.65M	181.59M	204.14M
OpEx % of Revenue	-	288.89%	236.68%	34957.58%	325.36%	560.01%	594.24%	256.09%	41.8%	-
Selling, General & Admin	6.96M	11.78M	13.7M	15.75M	18.64M	27.2M	31.74M	33.49M	43.46M	44.85M
SG&A % of Revenue	-	58.71%	44.29%	6817.75%	65.1%	99.41%	119.4%	55.82%	10%	-
Research & Development	25.7M	46.18M	59.5M	65M	75.98M	126.01M	126.22M	120.16M	138.13M	159.29M
R&D % of Revenue	-	230.18%	192.39%	28139.83%	265.42%	460.6%	474.83%	200.27%	31.8%	-
Other Operating Expenses	-34K	0	0	-1K	-1.48M	0	0	0	0	0
Operating Income+	-32.67M	-37.9M	-42.27M	-80.52M	-64.52M	-125.84M	-131.37M	-93.65M	252.84M	-158.13M
Operating Margin %	-	-188.89%	-136.68%	-34857.58%	-225.36%	-460.01%	-494.24%	-156.09%	58.2%	-
Operating Income Growth %	-120.81%	-16.01%	-11.54%	-90.5%	19.88%	-95.06%	-4.39%	28.71%	369.98%	-162.54%
EBITDA+	-32.35M	-37.49M	-41.74M	-79.82M	-63.57M	-123.07M	-128M	-90.34M	253.67M	-158.13M
EBITDA Margin %	-	-186.87%	-134.98%	-34553.25%	-222.05%	-449.87%	-481.56%	-150.57%	58.39%	-
EBITDA Growth %	-122.38%	-15.9%	-11.34%	-91.22%	20.36%	-93.6%	-4.01%	29.42%	380.79%	-162.34%
D&A (Non-Cash Add-back)	317K	406K	527K	703K	948K	2.77M	3.37M	3.31M	826K	0
EBIT	-32.67M	-36.96M	-39.72M	-77.71M	-64.52M	-125.84M	-131.37M	-93.65M	252.84M	0
Net Interest Income+	0	948K	2.57M	2.64M	302K	443K	4.06M	14.9M	26.32M	0
Interest Income	242K	948K	2.57M	2.81M	900K	443K	4.06M	14.9M	26.32M	28.79M
Interest Expense	0	0	0	169K	598K	0	0	0	0	0
Other Income/Expense	-4.51M	940K	2.55M	2.64M	-329K	294K	3.98M	14.7M	26.57M	28.82M
Pretax Income+	-37.18M	-36.96M	-39.72M	-77.88M	-64.84M	-125.55M	-127.39M	-78.95M	279.41M	-129.31M
Pretax Margin %	-	-184.2%	-128.45%	-33713.42%	-226.51%	-458.94%	-479.26%	-131.59%	64.32%	-
Income Tax+	0	0	-799K	-691K	1.3M	0	0	0	4.22M	838K
Effective Tax Rate %	100%	100%	97.99%	99.11%	102.01%	100%	100%	100%	98.49%	100.65%
Net Income+	-37.18M	-36.96M	-38.92M	-77.19M	-66.15M	-125.55M	-127.39M	-78.95M	275.19M	-130.15M
Net Margin %	-	-184.2%	-125.87%	-33414.29%	-231.07%	-458.94%	-479.26%	-131.59%	63.34%	-
Net Income Growth %	-150.22%	0.59%	-5.32%	-98.3%	14.3%	-89.8%	-1.47%	38.02%	448.54%	-147.29%
Net Income (Continuing)	-37.18M	-36.96M	-38.92M	-77.19M	-66.15M	-125.55M	-127.39M	-78.95M	275.19M	-130.15M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-5.72	-2.09	-1.74	-2.98	-1.92	-2.65	-2.52	-1.39	4.23	-2.05
EPS Growth %	-126.98%	63.46%	16.75%	-71.26%	35.57%	-38.02%	4.91%	44.84%	404.32%	-148.46%
EPS (Basic)	-5.72	-2.09	-1.74	-2.98	-1.92	-2.65	-2.52	-1.39	4.47	-2.05
Diluted Shares Outstanding	6.5M	17.69M	22.36M	25.89M	34.4M	46.32M	49.04M	56.76M	65.08M	63.57M
Basic Shares Outstanding	6.5M	17.69M	22.36M	25.89M	34.4M	46.32M	49.04M	56.76M	61.57M	63.57M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Current Assets+	83.24M	150.95M	137.5M	145.31M	315.61M	340.74M	243.08M	355.58M	591.64M	577.57M
Cash & Short-Term Investments	77.6M	144M	128.85M	133.02M	305.81M	326.9M	237.35M	341.62M	418.91M	567.36M
Cash Only	21.08M	106.03M	82.23M	33.01M	117.36M	123.67M	125.74M	186.73M	97.25M	128.39M
Short-Term Investments	56.52M	37.97M	46.62M	100.01M	188.45M	203.24M	111.61M	154.89M	321.66M	438.97M
Accounts Receivable	2.24M	1.82M	4.59M	6.75M	3.82M	5.33M	52K	10.33M	168.49M	0
Days Sales Outstanding	-	33.04	54.14	10.67K	48.72	71.15	0.71	62.85	141.56	-
Inventory	-7.65M	-8.75M	2.14M	0	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-	-	-	-
Other Current Assets	8.16M	10.24M	-205K	754K	10K	0	0	0	0	10.21M
Total Non-Current Assets+	10.75M	12.79M	1.97M	9.61M	8.86M	6.96M	4.85M	2.37M	153.08M	90.61M
Property, Plant & Equipment	562K	879K	861K	7.72M	6.41M	6.73M	4.63M	2.15M	12.61M	11.69M
Fixed Asset Turnover	-	22.82x	35.92x	0.03x	4.46x	4.06x	5.75x	27.92x	34.46x	-
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Long-Term Investments	10.15M	11.46M	450K	0	2M	0	0	0	140.25M	0
Other Non-Current Assets	34K	450K	450K	450K	450K	225K	225K	225K	225K	78.92M
Total Assets+	93.99M	163.73M	139.47M	154.92M	324.47M	347.69M	247.93M	357.95M	744.73M	668.19M
Asset Turnover	-	0.12x	0.22x	0.00x	0.09x	0.08x	0.11x	0.17x	0.58x	-
Asset Growth %	533.14%	74.2%	-14.82%	11.07%	109.45%	7.16%	-28.69%	44.38%	108.05%	-10.28%
Total Current Liabilities+	6.43M	42.55M	26.16M	35.41M	40.24M	44.02M	31.18M	21.27M	47.4M	45.44M
Accounts Payable	1.16M	1.26M	5.71M	2.79M	3.08M	1.6M	3.64M	772K	1.61M	5.34M
Days Payables Outstanding	1.34K	-	-	-	-	-	-	-	-	-
Short-Term Debt	0	0	0	0	0	0	0	0	0	2.28M
Deferred Revenue (Current)	0	31.75M	8.22M	19M	17.21M	2.5M	69K	0	18.89M	9.55M
Other Current Liabilities	120K	6.83M	9.5M	4.64M	6.41M	7.13M	4.97M	6.79M	23.69M	28.27M
Current Ratio	12.94x	3.55x	5.26x	4.10x	7.84x	7.74x	7.80x	16.71x	12.48x	12.71x
Quick Ratio	14.13x	3.75x	5.17x	4.10x	7.84x	7.74x	7.80x	16.71x	12.48x	12.71x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	0	547K	799K	39.55M	4.62M	3.66M	1.14M	0	22.03M	8.04M
Long-Term Debt	0	0	0	9.79M	0	0	0	0	0	8.04M
Capital Lease Obligations	0	0	0	5.96M	4.5M	3.66M	1.14M	0	10.36M	0
Deferred Tax Liabilities	0	0	0	0	0	0	0	221K	0	0
Other Non-Current Liabilities	0	547K	799K	0	121K	0	0	-221K	11.68M	0
Total Liabilities	6.43M	43.1M	26.96M	74.95M	44.86M	47.67M	32.32M	21.27M	69.43M	53.48M
Total Debt+	0	0	0	17.01M	5.96M	5.86M	3.66M	1.14M	10.87M	10.32M
Net Debt	-21.08M	-106.03M	-82.23M	-15.99M	-111.4M	-117.81M	-122.09M	-185.59M	-86.38M	-118.07M
Debt / Equity	-	-	-	0.21x	0.02x	0.02x	0.02x	0.00x	0.02x	0.02x
Debt / EBITDA	-	-	-	-	-	-	-	-	0.04x	-
Net Debt / EBITDA	-	-	-	-	-	-	-	-	-0.34x	-
Interest Coverage	-	-	-	-476.46x	-107.89x	-	-	-	-	-
Total Equity+	-64.59M	-101.55M	-140.47M	79.96M	279.61M	300.02M	215.61M	336.68M	675.29M	614.71M
Equity Growth %	-773.12%	-57.22%	-38.33%	156.92%	249.66%	7.3%	-28.14%	56.15%	100.58%	-8.97%
Book Value per Share	-9.93	-5.74	-6.28	3.09	8.13	6.48	4.40	5.93	10.38	9.67
Total Shareholders' Equity	-64.59M	-101.55M	-140.47M	79.96M	279.61M	300.02M	215.61M	336.68M	675.29M	614.71M
Common Stock	0	0	0	0	0	0	0	1K	1K	1K
Retained Earnings	-64.59M	-101.55M	-140.47M	-217.66M	-283.81M	-409.36M	-536.75M	-615.71M	-340.52M	-470.67M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-245K	-6K	-233K	-221K	28K	-299K	-359K	-105K	-82K	641K
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	-29.97M	3.87M	-49.95M	-41.53M	-72.48M	-107.86M	-108.14M	-70.24M	184.15M	57.67M
Operating CF Margin %	-	19.3%	-161.51%	-17977.06%	-253.19%	-394.29%	-406.82%	-117.06%	42.39%	-
Operating CF Growth %	-108.36%	112.92%	-1389.95%	16.86%	-74.55%	-48.81%	-0.25%	35.05%	362.19%	-68.68%
Net Income	-37.18M	-36.96M	-38.92M	-77.19M	-66.15M	-125.55M	-127.39M	-78.95M	275.19M	0
Depreciation & Amortization	317K	406K	527K	2.5M	2.56M	2.77M	3.37M	3.31M	2.9M	0
Stock-Based Compensation	2.13M	4.24M	6.92M	8.35M	7.9M	16.39M	24.2M	29.29M	37.55M	45.97M
Deferred Taxes	151K	0	-658K	-775K	1.44M	0	0	0	0	0
Other Non-Cash Items	4.72M	625K	206K	-557K	781K	1.83M	-549K	-4.38M	-8.88M	11.7M
Working Capital Changes	-112K	35.56M	-18.02M	26.14M	-19.02M	-3.31M	-7.77M	-19.51M	-122.61M	0
Change in Receivables	-1.59M	-1.82M	-2.77M	-757K	3.34M	-915K	4.24M	0	-155M	0
Change in Inventory	0	5.53M	3.85M	757K	-3.34M	915K	-4.24M	0	0	0
Change in Payables	-115K	91K	4.43M	-3M	309K	-1.39M	2.04M	-2.93M	842K	0
Cash from Investing+	-59.33M	15.82M	2.21M	-53.71M	-90.97M	-15.86M	91.47M	-39.26M	-299.48M	-49.33M
Capital Expenditures	-379K	-666K	-486K	-967K	-471K	-1.1M	-795K	-609K	-1.35M	0
CapEx % of Revenue	-	3.32%	1.57%	418.61%	1.65%	4.02%	2.99%	1.01%	0.31%	-
Acquisitions	32K	0	0	52.74M	90.49M	14.76M	-91.47M	0	0	0
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	32K	16.49M	2.7M	-52.74M	-90.49M	-14.76M	91.47M	0	0	-49.33M
Cash from Financing+	106.31M	65.55M	24.11M	46.04M	247.63M	129.92M	18.84M	170.48M	25.85M	22.86M
Debt Issued (Net)	0	0	0	9.77M	-10.52M	0	0	0	0	0
Equity Issued (Net)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	0	0	0	0	0	0	0	0	0	0
Other Financing	151K	1.01M	934K	1.78M	2.79M	6.09M	4.29M	38.38M	-600K	22.86M
Net Change in Cash	17.03M	85.39M	-23.8M	-49.23M	84.35M	6.07M	2.08M	60.98M	-89.48M	0
Free Cash Flow+	-30.35M	3.21M	-50.43M	-42.49M	-72.95M	-108.97M	-108.93M	-70.84M	182.8M	57.67M
FCF Margin %	-	15.98%	-163.08%	-18395.67%	-254.84%	-398.31%	-409.81%	-118.08%	42.08%	-
FCF Growth %	-105.3%	110.56%	-1673.08%	15.74%	-71.68%	-49.36%	0.03%	34.96%	358.02%	-68.45%
FCF per Share	-4.67	0.18	-2.26	-1.64	-2.12	-2.35	-2.22	-1.25	2.81	0.91
FCF Conversion (FCF/Net Income)	0.81x	-0.10x	1.28x	0.54x	1.10x	0.86x	0.85x	0.89x	0.67x	-0.44x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
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	-	-	-	0.21x	0.02x	0.02x	0.02x	0.00x	0.02x	0.02x
Interest Coverage	-	-	-	-476.46x	-107.89x	-	-	-	-	-
FCF Conversion	0.81x	-0.10x	1.28x	0.54x	1.10x	0.86x	0.85x	0.89x	0.67x	-0.44x
Revenue Growth	-	-	54.14%	-99.25%	12293.07%	-4.44%	-2.84%	125.73%	624.05%	-100%

Protagonist Therapeutics, Inc. (PTGX) 10-Year Financial Performance & Capital Metrics

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

Compare PTGX vs Peers

vs ARGX

vs CANF

Compare Top 5

Profit & Loss

Balance Sheet

Cash Flow

Key Ratios

Deep Dive Analysis

Valuation Overview

Total Return Calculator

Dividend History

Earnings History

Price History

Revenue History

Financial Ratios

Protagonist Therapeutics, Inc. (PTGX) 10-Year Financial Performance & Capital Metrics

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

Compare PTGX vs Peers

vs ARGX

vs CANF

Compare Top 5

Profit & Loss

Balance Sheet

Cash Flow

Key Ratios

Deep Dive Analysis

Valuation Overview

Total Return Calculator

Dividend History

Earnings History

Price History

Revenue History

Financial Ratios