Revenue volatility remains extreme, highlighted by a 100% year-over-year decline in 2026Q1, as the firm lacks consistent commercial income and relies on milestone recognition to offset high R&D costs.
| Sales/Revenue | 17.7M | 46.02M | 434.43M | 60M | 26.58M | 27.36M | 28.63M | 231K | 30.93M | 20.06M | 0 | 0 | 0 |
| Revenue Growth % | -91.48% | -89.41% | 624.05% | 125.73% | -2.84% | -4.44% | 12293.07% | -99.25% | 54.14% | - | - | - | - |
| Cost of Goods Sold | 0 | 1.23M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 317K | 247K | 0 |
| COGS % of Revenue | - | 2.66% | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 17.7M | 44.79M | 434.43M | 60M | 26.58M | 27.36M | 28.63M | 231K | 30.93M | 20.06M | -317K | -247K | 0 |
| Gross Margin % | 100% | 97.34% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | - | - | - |
| Gross Profit Growth % | - | -89.69% | 624.05% | 125.73% | -2.84% | -4.44% | 12293.07% | -99.25% | 54.14% | 6429.02% | -28.34% | - | - |
| Operating Expenses | 216.53M | 202.92M | 181.59M | 153.65M | 157.95M | 153.2M | 93.14M | 80.75M | 73.19M | 57.96M | 32.67M | 14.79M | 9.32M |
| OpEx % of Revenue | - | 440.97% | 41.8% | 256.09% | 594.24% | 560.01% | 325.36% | 34957.58% | 236.68% | 288.89% | - | - | - |
| Selling, General & Admin | 46.39M | 44.85M | 43.46M | 33.49M | 31.74M | 27.2M | 18.64M | 15.75M | 13.7M | 11.78M | 6.96M | 2.96M | 1.86M |
| SG&A % of Revenue | - | 97.47% | 10% | 55.82% | 119.4% | 99.41% | 65.1% | 6817.75% | 44.29% | 58.71% | - | - | - |
| Research & Development | 170.14M | 159.29M | 138.13M | 120.16M | 126.22M | 126.01M | 75.98M | 65M | 59.5M | 46.18M | 25.7M | 11.83M | 7.46M |
| R&D % of Revenue | - | 346.16% | 31.8% | 200.27% | 474.83% | 460.6% | 265.42% | 28139.83% | 192.39% | 230.18% | - | - | - |
| Other Operating Expenses | 0 | -1.23M | 0 | 0 | 0 | 0 | -1.48M | -1K | 0 | 0 | -34K | 0 | 0 |
| Operating Income | -142.47M | -158.13M | 252.84M | -93.65M | -131.37M | -125.84M | -64.52M | -80.52M | -42.27M | -37.9M | -32.67M | -14.79M | -9.32M |
| Operating Margin % | -805.11% | -343.63% | 58.2% | -156.09% | -494.24% | -460.01% | -225.36% | -34857.58% | -136.68% | -188.89% | - | - | - |
| Operating Income Growth % | - | -162.54% | 369.98% | 28.71% | -4.39% | -95.06% | 19.88% | -90.5% | -11.54% | -16.01% | -120.81% | -58.75% | - |
| EBITDA | -141.42M | -156.9M | 253.67M | -90.34M | -128M | -123.07M | -63.57M | -79.82M | -41.74M | -37.49M | -32.35M | -14.55M | -9.06M |
| EBITDA Margin % | -799.23% | -340.97% | 58.39% | -150.57% | -481.56% | -449.87% | -222.05% | -34553.25% | -134.98% | -186.87% | - | - | - |
| EBITDA Growth % | -569.5% | -161.85% | 380.79% | 29.42% | -4.01% | -93.6% | 20.36% | -91.22% | -11.34% | -15.9% | -122.38% | -60.55% | - |
| D&A (Non-Cash Add-back) | 1.04M | 1.23M | 826K | 3.31M | 3.37M | 2.77M | 948K | 703K | 527K | 406K | 317K | 247K | 258K |
| EBIT | -131.74M | -129.31M | 252.84M | -93.65M | -131.37M | -125.84M | -64.52M | -77.71M | -39.72M | -36.96M | -32.67M | -14.79M | -9.32M |
| Net Interest Income | 21.22M | 28.79M | 26.32M | 14.9M | 4.06M | 443K | 302K | 2.64M | 2.57M | 948K | 0 | 0 | 0 |
| Interest Income | 27.09M | 28.79M | 26.32M | 14.9M | 4.06M | 443K | 900K | 2.81M | 2.57M | 948K | 242K | 19K | 16K |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 598K | 169K | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 27.09M | 28.82M | 26.57M | 14.7M | 3.98M | 294K | -329K | 2.64M | 2.55M | 940K | -4.51M | -64K | -1.75M |
| Pretax Income | -115.38M | -129.31M | 279.41M | -78.95M | -127.39M | -125.55M | -64.84M | -77.88M | -39.72M | -36.96M | -37.18M | -14.86M | -11.07M |
| Pretax Margin % | -652.02% | -281.01% | 64.32% | -131.59% | -479.26% | -458.94% | -226.51% | -33713.42% | -128.45% | -184.2% | - | - | - |
| Income Tax | -664K | 838K | 4.22M | 0 | 0 | 0 | 1.3M | -691K | -799K | 0 | 0 | 64K | 0 |
| Effective Tax Rate % | 0.58% | -0.65% | 1.51% | 0% | 0% | 0% | -2.01% | 0.89% | 2.01% | 0% | 0% | -0.43% | 0% |
| Net Income | -114.71M | -130.15M | 275.19M | -78.95M | -127.39M | -125.55M | -66.15M | -77.19M | -38.92M | -36.96M | -37.18M | -14.86M | -11.07M |
| Net Margin % | -648.27% | -282.83% | 63.34% | -131.59% | -479.26% | -458.94% | -231.07% | -33414.29% | -125.87% | -184.2% | - | - | - |
| Net Income Growth % | -304.14% | -147.29% | 448.54% | 38.02% | -1.47% | -89.8% | 14.3% | -98.3% | -5.32% | 0.59% | -150.22% | -34.19% | - |
| Net Income (Continuing) | -114.71M | -130.15M | 275.19M | -78.95M | -127.39M | -125.55M | -66.15M | -77.19M | -38.92M | -36.96M | -37.18M | -14.86M | -11.07M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.63 | -2.05 | 4.23 | -1.39 | -2.52 | -2.65 | -1.92 | -2.98 | -1.74 | -2.09 | -5.72 | -2.52 | -1.88 |
| EPS Growth % | -341.33% | -148.46% | 404.32% | 44.84% | 4.91% | -38.02% | 35.57% | -71.26% | 16.75% | 63.46% | -126.98% | -34.04% | - |
| EPS (Basic) | - | -2.05 | 4.47 | -1.39 | -2.52 | -2.65 | -1.92 | -2.98 | -1.74 | -2.09 | -5.72 | -2.52 | -1.88 |
| Diluted Shares Outstanding | 70.49M | 63.57M | 65.08M | 56.76M | 49.04M | 46.32M | 34.4M | 25.89M | 22.36M | 17.69M | 6.5M | 5.88M | 5.88M |
| Basic Shares Outstanding | 65.09M | 63.57M | 61.57M | 56.76M | 49.04M | 46.32M | 34.4M | 25.89M | 22.36M | 17.69M | 6.5M | 5.88M | 5.88M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - |
Binary Clinical Trial Dependence
As evidenced by the 100% year-over-year revenue decline in 2026Q1, the company's top-line trajectory is entirely dependent on sporadic milestone payments from the Janssen collaboration, rendering traditional growth metrics largely irrelevant for assessing the underlying operational health of the firm's proprietary peptide technology platform.
The extreme fluctuations in quarterly revenue, ranging from zero to over $250 million, highlight the transactional nature of the business model. Investors should interpret these figures as indicators of clinical progress rather than sustainable commercial demand, as the absence of recurring revenue streams leaves the company vulnerable to long periods of zero top-line growth.
Based on the reported financial data, the company maintains a high-fixed-cost structure dominated by R&D expenditures, which reached $46.7 million in 2026Q1, reflecting the significant capital requirements necessary to advance late-stage clinical assets like rusfertide through the rigorous Phase 3 regulatory approval process.
The consistent escalation in R&D spending suggests that management is prioritizing pipeline advancement over near-term profitability. This expense discipline is necessary for clinical success but creates a persistent drag on the income statement that will likely continue until a commercial product is successfully launched.
According to the income statement, the firm lacks meaningful operating leverage, as evidenced by the -343% operating margin reported in recent periods, which underscores the company's current status as a pre-commercial entity heavily reliant on external milestone funding to offset its substantial ongoing clinical trial expenses.
The inability to scale operating income alongside gross profit is a direct consequence of the company's R&D-heavy business model. Until the firm transitions to a commercial-stage entity, operating losses will likely remain the norm, as the current cost structure is designed for discovery and development rather than operational efficiency.
As reported in financial statements, the company's net income is heavily skewed by the timing of non-recurring milestone payments, which creates significant volatility in EPS and obscures the underlying cash burn rate that characterizes the firm's current stage of development in the biotechnology sector.
The presence of stock-based compensation, which reached $14.5 million in 2026Q1, further complicates the assessment of earnings quality by adding a non-cash expense that masks the true economic cost of talent retention. Investors should focus on cash flow metrics rather than GAAP net income to gauge the actual runway available for clinical operations.
Based on the provided figures, the primary risk to the income statement narrative is the potential for prolonged gaps between milestone triggers, which could force the company to seek dilutive financing to sustain its high-burn R&D activities if clinical trial timelines face unexpected regulatory delays.
Short-term observers may focus on the lack of a diversified revenue base, which leaves the company exposed to the success or failure of a single partnership. The reliance on Janssen for the majority of cash inflows warrants further investigation into the specific contractual triggers that could impact future liquidity.
Quick answers to the most common questions about buying PTGX stock.
For fiscal year 2025, Protagonist Therapeutics, Inc. (PTGX) reported total revenue of $46.0M.
Protagonist Therapeutics, Inc. (PTGX) reported a net loss of $130.1M for the fiscal year ending 2025.
Protagonist Therapeutics, Inc. (PTGX) reported an operating income of $-158.1M, resulting in an operating profit margin of -343.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Protagonist Therapeutics, Inc. (PTGX) generated $44.8M in gross profit for the year, representing a gross profit margin of 97.3%. This demonstrates the company's core pricing power and production efficiency.