Protagonist Ther Financials
Financial Health Signals
Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores
Protagonist Ther has an operating margin of 58.2%, meaning the company retains $58 of operating profit per $100 of revenue. This strong profitability earns a score of 100/100, reflecting efficient cost management and pricing power. This is up from -156.1% the prior year.
Protagonist Ther's revenue surged 624.1% year-over-year to $434.4M, reflecting rapid business expansion. This strong growth earns a score of 100/100.
Protagonist Ther carries a low D/E ratio of 0.10, meaning only $0.10 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 12.48, Protagonist Ther holds $12.48 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.
Protagonist Ther converts 42.1% of revenue into free cash flow ($182.8M). This strong cash generation earns a score of 100/100.
Protagonist Ther earns a strong 40.8% return on equity (ROE), meaning it generates $41 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 100/100.
Protagonist Ther scores 45.97, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($5.1B) relative to total liabilities ($69.4M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Protagonist Ther passes 4 of 9 financial strength tests. 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
For every $1 of reported earnings, Protagonist Ther generates $0.67 in operating cash flow ($184.2M OCF vs $275.2M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
This page shows Protagonist Ther (PTGX) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 11 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Key Financial Metrics
Protagonist Ther generated $434.4M in revenue in fiscal year 2024. This represents an increase of 624.1% from the prior year.
Protagonist Ther's EBITDA was $253.7M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 373.7% from the prior year.
Protagonist Ther generated $182.8M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 358.0% from the prior year.
Protagonist Ther reported $275.2M in net income in fiscal year 2024. This represents an increase of 448.5% from the prior year.
Protagonist Ther earned $4.23 per diluted share (EPS) in fiscal year 2024. This represents an increase of 404.3% from the prior year.
Protagonist Ther held $97.2M in cash against $0 in long-term debt as of fiscal year 2024.
Protagonist Ther had 61M shares outstanding in fiscal year 2024. This represents an increase of 5.8% from the prior year.
Protagonist Ther's operating margin was 58.2% in fiscal year 2024, reflecting core business profitability. This is up 214.3 percentage points from the prior year.
Protagonist Ther's net profit margin was 63.3% in fiscal year 2024, showing the share of revenue converted to profit. This is up 194.9 percentage points from the prior year.
Protagonist Ther's ROE was 40.8% in fiscal year 2024, measuring profit generated per dollar of shareholder equity.
Protagonist Ther invested $138.1M in research and development in fiscal year 2024. This represents an increase of 15.0% from the prior year.
Protagonist Ther invested $1.4M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents an increase of 122.5% from the prior year.
PTGX Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $4.7M-15.0% | $5.5M-80.4% | $28.3M-83.4% | $170.6M+3995.0% | $4.2M-98.4% | $255.0M+324.9% | $60.0M | $0 |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | $40.0M+8.0% | $37.0M+3.2% | $35.9M+2.8% | $34.9M+4.1% | $33.5M-0.6% | $33.7M+16.7% | $28.9M-5.8% | $30.7M |
| SG&A Expenses | $11.1M+5.5% | $10.6M-10.1% | $11.7M+31.1% | $9.0M-5.1% | $9.4M-36.7% | $14.9M+85.2% | $8.1M+5.1% | $7.7M |
| Operating Income | -$46.4M-10.4% | -$42.0M-117.7% | -$19.3M-115.2% | $126.8M+426.8% | -$38.8M-118.8% | $206.3M+795.1% | $23.0M+160.1% | -$38.3M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | $0-100.0% | $172K | $0-100.0% | $2.0M+394.4% | -$676K-120.3% | $3.3M | $0 | $0 |
| Net Income | -$39.3M-13.1% | -$34.8M-198.3% | -$11.7M-108.9% | $131.7M+530.1% | -$30.6M-114.8% | $207.3M+658.5% | $27.3M+180.1% | -$34.1M |
| EPS (Diluted) | $-0.62-12.7% | $-0.55-189.5% | $-0.19-109.5% | $2.01+502.0% | $-0.50-115.3% | $3.26+503.7% | $0.54+193.1% | $-0.58 |
PTGX Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $701.7M-2.3% | $718.0M-3.3% | $742.1M-0.3% | $744.7M+21.2% | $614.6M-2.3% | $629.3M+75.8% | $358.0M+8.5% | $330.0M |
| Current Assets | $586.4M-2.7% | $602.5M-0.6% | $605.9M+2.4% | $591.6M+3.6% | $570.9M-9.0% | $627.6M+76.5% | $355.6M+9.4% | $324.9M |
| Cash & Equivalents | $113.7M-32.5% | $168.5M+20.7% | $139.7M+43.6% | $97.2M-72.7% | $355.6M+106.1% | $172.6M-7.6% | $186.7M-19.0% | $230.5M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $56.3M+12.5% | $50.0M-5.8% | $53.1M-23.5% | $69.4M-5.3% | $73.3M+6.5% | $68.8M+223.5% | $21.3M-23.7% | $27.9M |
| Current Liabilities | $44.9M+26.6% | $35.5M+1.1% | $35.1M-25.9% | $47.4M+14.0% | $41.6M+4.2% | $39.9M+87.6% | $21.3M-23.7% | $27.9M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $645.4M-3.4% | $668.0M-3.1% | $689.1M+2.0% | $675.3M+24.7% | $541.3M-3.4% | $560.4M+66.5% | $336.7M+11.4% | $302.1M |
| Retained Earnings | -$426.3M-10.2% | -$386.9M-9.9% | -$352.2M-3.4% | -$340.5M+22.4% | -$439.0M-7.5% | -$408.4M+33.7% | -$615.7M+4.3% | -$643.0M |
PTGX Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$1.9M+93.3% | -$28.8M-123.0% | $125.4M+529.6% | -$29.2M-110.9% | $268.6M+1079.3% | -$27.4M-261.7% | $17.0M+163.7% | -$26.6M |
| Capital Expenditures | $88K-89.2% | $813K+49.2% | $545K+75.8% | $310K+1007.1% | $28K-88.4% | $242K+1173.7% | $19K-95.3% | $404K |
| Free Cash Flow | -$2.0M+93.2% | -$29.6M-123.7% | $124.8M+523.3% | -$29.5M-111.0% | $268.6M+1070.7% | -$27.7M-263.3% | $16.9M+162.7% | -$27.0M |
| Investing Cash Flow | -$58.6M-206.8% | $54.8M+158.1% | -$94.4M-982.0% | -$8.7M+90.1% | -$88.1M-1551.5% | $6.1M+109.9% | -$61.3M-352.0% | -$13.6M |
| Financing Cash Flow | $5.7M+93.5% | $2.9M-74.4% | $11.4M+183.9% | $4.0M+56.7% | $2.6M-64.3% | $7.2M+1266.0% | $527K-98.5% | $35.3M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
PTGX Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | -985.2%-227.1pp | -758.0%-689.9pp | -68.2%-142.5pp | 74.3%+1005.3pp | -931.0%-1011.9pp | 80.9%+42.5pp | 38.4% | N/A |
| Net Margin | -834.9%-207.9pp | -627.0%-585.8pp | -41.1%-118.3pp | 77.2%+811.9pp | -734.7%-816.0pp | 81.3%+35.8pp | 45.6% | N/A |
| Return on Equity | N/A | N/A | N/A | 19.5% | N/A | 37.0%+28.9pp | 8.1% | N/A |
| Return on Assets | -5.6%-0.8pp | -4.8%-3.3pp | -1.6%-19.3pp | 17.7%+22.7pp | -5.0%-37.9pp | 33.0%+25.3pp | 7.6%+18.0pp | -10.3% |
| Current Ratio | 13.05-3.9 | 16.97-0.3 | 17.26+4.8 | 12.48-1.2 | 13.73-2.0 | 15.72-1.0 | 16.71+5.1 | 11.66 |
| Debt-to-Equity | 0.09+0.0 | 0.070.0 | 0.08-0.0 | 0.10-0.0 | 0.14+0.0 | 0.12+0.1 | 0.06-0.0 | 0.09 |
| FCF Margin | -43.0%+490.6pp | -533.6%-974.3pp | 440.7%+458.0pp | -17.3%-6463.0pp | 6445.7%+6456.6pp | -10.8%-39.1pp | 28.2% | N/A |
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Frequently Asked Questions
What is Protagonist Ther's annual revenue?
Protagonist Ther (PTGX) reported $434.4M in total revenue for fiscal year 2024. This represents a 624.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Protagonist Ther's revenue growing?
Protagonist Ther (PTGX) revenue grew by 624.1% year-over-year, from $60.0M to $434.4M in fiscal year 2024.
Is Protagonist Ther profitable?
Yes, Protagonist Ther (PTGX) reported a net income of $275.2M in fiscal year 2024, with a net profit margin of 63.3%.
What is Protagonist Ther's earnings per share (EPS)?
Protagonist Ther (PTGX) reported diluted earnings per share of $4.23 for fiscal year 2024. This represents a 404.3% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is Protagonist Ther's EBITDA?
Protagonist Ther (PTGX) had EBITDA of $253.7M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
What is Protagonist Ther's operating margin?
Protagonist Ther (PTGX) had an operating margin of 58.2% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.
What is Protagonist Ther's net profit margin?
Protagonist Ther (PTGX) had a net profit margin of 63.3% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
What is Protagonist Ther's return on equity (ROE)?
Protagonist Ther (PTGX) has a return on equity of 40.8% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.
What is Protagonist Ther's free cash flow?
Protagonist Ther (PTGX) generated $182.8M in free cash flow during fiscal year 2024. This represents a 358.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Protagonist Ther's operating cash flow?
Protagonist Ther (PTGX) generated $184.2M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are Protagonist Ther's total assets?
Protagonist Ther (PTGX) had $744.7M in total assets as of fiscal year 2024, including both current and long-term assets.
What are Protagonist Ther's capital expenditures?
Protagonist Ther (PTGX) invested $1.4M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
How much does Protagonist Ther spend on research and development?
Protagonist Ther (PTGX) invested $138.1M in research and development during fiscal year 2024.
How many shares does Protagonist Ther have outstanding?
Protagonist Ther (PTGX) had 61M shares outstanding as of fiscal year 2024.
What is Protagonist Ther's current ratio?
Protagonist Ther (PTGX) had a current ratio of 12.48 as of fiscal year 2024, which is generally considered healthy.
What is Protagonist Ther's debt-to-equity ratio?
Protagonist Ther (PTGX) had a debt-to-equity ratio of 0.10 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Protagonist Ther's return on assets (ROA)?
Protagonist Ther (PTGX) had a return on assets of 37.0% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is Protagonist Ther's Altman Z-Score?
Protagonist Ther (PTGX) has an Altman Z-Score of 45.97, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Protagonist Ther's Piotroski F-Score?
Protagonist Ther (PTGX) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Protagonist Ther's earnings high quality?
Protagonist Ther (PTGX) has an earnings quality ratio of 0.67x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Protagonist Ther?
Protagonist Ther (PTGX) scores 100 out of 100 on our Financial Profile, indicating strong overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.