Ctrl K
The company maintains a conservative capital structure with a low debt-to-equity ratio of 0.01, though the $466.9 million accumulated deficit underscores the long-term erosion of the equity base.
| Total Current Assets | 807.15M | 577.57M | 591.64M | 355.58M | 243.08M | 340.74M | 315.61M | 145.31M | 137.5M | 150.95M | 83.24M | 14.21M | 9.91M |
| Cash & Short-Term Investments | 782.58M | 567.36M | 418.91M | 341.62M | 237.35M | 326.9M | 305.81M | 133.02M | 128.85M | 144M | 77.6M | 11.92M | 9.32M |
| Cash Only | 420.08M | 128.39M | 97.25M | 186.73M | 125.74M | 123.67M | 117.36M | 33.01M | 82.23M | 106.03M | 21.08M | 4.05M | 9.32M |
| Short-Term Investments | 362.5M | 438.97M | 321.66M | 154.89M | 111.61M | 203.24M | 188.45M | 100.01M | 46.62M | 37.97M | 56.52M | 7.87M | 0 |
| Accounts Receivable | 13.42M | 4.5M | 168.49M | 10.33M | 52K | 5.33M | 3.82M | 6.75M | 4.59M | 1.82M | 2.24M | 715K | 523K |
| Days Sales Outstanding | 24.47 | 35.66 | 141.56 | 62.85 | 0.71 | 71.15 | 48.72 | 10.67K | 54.14 | 33.04 | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.14M | -8.75M | -7.65M | 0 | 10K |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 3.37M | 0 | 0 | 0 | 0 | 0 | 10K | 754K | -205K | 10.24M | 8.16M | 315K | 56K |
| Total Non-Current Assets | 78.4M | 92.32M | 153.08M | 2.37M | 4.85M | 6.96M | 8.86M | 9.61M | 1.97M | 12.79M | 10.75M | 639K | 415K |
| Property, Plant & Equipment | 3.46M | 11.69M | 12.61M | 2.15M | 4.63M | 6.73M | 6.41M | 7.72M | 861K | 879K | 562K | 609K | 415K |
| Fixed Asset Turnover | 29.23x | 3.94x | 34.46x | 27.92x | 5.75x | 4.06x | 4.46x | 0.03x | 35.92x | 22.82x | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 321.05M | 78.92M | 140.25M | 0 | 0 | 0 | 2M | 0 | 450K | 11.46M | 10.15M | 30K | 0 |
| Other Non-Current Assets | 8.06M | 0 | 225K | 225K | 225K | 225K | 450K | 450K | 450K | 450K | 34K | 0 | 0 |
| Total Assets | 885.54M | 669.89M | 744.73M | 357.95M | 247.93M | 347.69M | 324.47M | 154.92M | 139.47M | 163.73M | 93.99M | 14.85M | 10.33M |
| Asset Turnover | 0.38x | 0.07x | 0.58x | 0.17x | 0.11x | 0.08x | 0.09x | 0.00x | 0.22x | 0.12x | - | - | - |
| Asset Growth % | 23.47% | -10.05% | 108.05% | 44.38% | -28.69% | 7.16% | 109.45% | 11.07% | -14.82% | 74.2% | 533.14% | 43.74% | - |
| Total Current Liabilities | 37.18M | 45.44M | 47.4M | 21.27M | 31.18M | 44.02M | 40.24M | 35.41M | 26.16M | 42.55M | 6.43M | 3.13M | 1.35M |
| Accounts Payable | 3.46M | 5.34M | 1.61M | 772K | 3.64M | 1.6M | 3.08M | 2.79M | 5.71M | 1.26M | 1.16M | 1.25M | 349K |
| Days Payables Outstanding | 5.13K | 1.59K | - | - | - | - | - | - | - | - | 1.34K | 1.84K | - |
| Short-Term Debt | 0 | 2.28M | 510K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 39.69M | 9.55M | 18.89M | 0 | 69K | 2.5M | 17.21M | 19M | 8.22M | 31.75M | 0 | 0 | 0 |
| Other Current Liabilities | 0 | 15.51M | 12.62M | 6.79M | 4.97M | 7.13M | 6.41M | 4.64M | 9.5M | 6.83M | 120K | 149K | 0 |
| Current Ratio | 21.71x | 12.71x | 12.48x | 16.71x | 7.80x | 7.74x | 7.84x | 4.10x | 5.26x | 3.55x | 12.94x | 4.54x | 7.34x |
| Quick Ratio | 21.71x | 12.71x | 12.48x | 16.71x | 7.80x | 7.74x | 7.84x | 4.10x | 5.17x | 3.75x | 14.13x | 4.54x | 7.34x |
| Cash Conversion Cycle | -5.11K | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 6.82M | 9.74M | 22.03M | 0 | 1.14M | 3.66M | 4.62M | 39.55M | 799K | 547K | 0 | 2.12M | 1.02M |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 9.79M | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 30.82M | 8.04M | 10.36M | 0 | 1.14M | 3.66M | 4.5M | 5.96M | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 1.71M | 1.71M | 0 | 221K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 11.68M | -221K | 0 | 0 | 121K | 0 | 799K | 547K | 0 | 2.12M | 1.02M |
| Total Liabilities | 44M | 55.19M | 69.43M | 21.27M | 32.32M | 47.67M | 44.86M | 74.95M | 26.96M | 43.1M | 6.43M | 5.25M | 2.37M |
| Total Debt | 9.22M | 10.32M | 10.87M | 1.14M | 3.66M | 5.86M | 5.96M | 17.01M | 0 | 0 | 0 | 0 | 0 |
| Net Debt | -410.86M | -118.07M | -86.38M | -185.59M | -122.09M | -117.81M | -111.4M | -15.99M | -82.23M | -106.03M | -21.08M | -4.05M | -9.32M |
| Debt / Equity | 0.01x | 0.02x | 0.02x | 0.00x | 0.02x | 0.02x | 0.02x | 0.21x | - | - | - | - | - |
| Debt / EBITDA | 0.14x | - | 0.04x | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | -6.24x | - | -0.34x | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | - | - | - | - | - | - | -107.89x | -459.82x | - | - | - | - | - |
| Total Equity | 841.54M | 614.71M | 675.29M | 336.68M | 215.61M | 300.02M | 279.61M | 79.96M | -140.47M | -101.55M | -64.59M | 9.6M | 7.96M |
| Equity Growth % | 33.47% | -8.97% | 100.58% | 56.15% | -28.14% | 7.3% | 249.66% | 156.92% | -38.33% | -57.22% | -773.12% | 20.63% | - |
| Book Value per Share | 11.85 | 9.67 | 10.38 | 5.93 | 4.40 | 6.48 | 8.13 | 3.09 | -6.28 | -5.74 | -9.93 | 1.63 | 1.35 |
| Total Shareholders' Equity | 841.54M | 614.71M | 675.29M | 336.68M | 215.61M | 300.02M | 279.61M | 79.96M | -140.47M | -101.55M | -64.59M | 9.6M | 7.96M |
| Common Stock | 1K | 1K | 1K | 1K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Retained Earnings | -304.04M | -470.67M | -340.52M | -615.71M | -536.75M | -409.36M | -283.81M | -217.66M | -140.47M | -101.55M | -64.59M | -27.42M | -12.56M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -828K | 641K | -82K | -105K | -359K | -299K | 28K | -221K | -233K | -6K | -245K | -102K | -100K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Binary Clinical Trial Dependence
As reported in financial statements, the company's total assets have fluctuated significantly, declining from a peak of $744.7 million in 2024Q4 to $697.5 million in 2026Q1, reflecting the ongoing consumption of capital to fund late-stage clinical trial activities and operational overhead.
The contraction in the asset base appears to be a direct consequence of the firm's pre-commercial status, where cash reserves are systematically deployed to advance the rusfertide pipeline. Investors should monitor whether the current asset trajectory remains sustainable without further milestone-driven liquidity injections or dilutive equity financing.
Based on the reported figures, the company's cash position has experienced notable volatility, dropping from $355.6 million in 2024Q2 to $193.7 million in 2026Q1, which warrants further investigation into the adequacy of the current liquidity buffer relative to the high-burn clinical trial schedule.
While the current ratio of 17.76 suggests a strong short-term liquidity position, this metric is heavily influenced by the timing of milestone-related deferred revenue and cash inflows. The rapid depletion of cash reserves indicates that the company's operational runway is highly sensitive to the successful and timely achievement of clinical milestones.
According to recent SEC filings, the company's equity base is burdened by a substantial accumulated deficit of $466.9 million as of 2026Q1, which underscores the persistent negative profitability inherent in the firm's current R&D-heavy business model.
The equity structure appears to be primarily supported by historical capital raises rather than retained earnings, which is typical for a clinical-stage biotechnology firm. The persistent negative retained earnings suggest that the company remains entirely dependent on external financing and partnership-based capital to maintain its equity value.
As indicated by the balance sheet data, deferred revenue has fluctuated from $45.0 million in 2024Q1 to $6.3 million in 2026Q1, suggesting that the company's reported liquidity is partially tied to the recognition of past collaboration payments rather than organic cash generation.
This reliance on deferred revenue recognition may mask the underlying operational burn rate, as milestone payments are often front-loaded in accounting terms. Investors should be cautious, as the exhaustion of these deferred balances may necessitate a more aggressive approach to capital raising to sustain ongoing research programs.
Quick answers to the most common questions about buying PTGX stock.
As of 2025, Protagonist Therapeutics, Inc. (PTGX) had total assets of $669.9M including $577.6M in current assets.
Protagonist Therapeutics, Inc. (PTGX) carries total debt of $10.3M, offset by $567.4M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Protagonist Therapeutics, Inc. (PTGX) has total shareholders' equity (book value) of $614.7M ($9.67 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Protagonist Therapeutics, Inc. (PTGX) reported a current ratio of 12.71x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.