Protagonist Ther (PTGX) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Sep 11, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 5, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the PTGX SEC filings page.
Protagonist Ther (PTGX) reported $282.0M in revenue over the twelve months to Jun 30, 2026, up 34.8% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 12 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).
Revenue recognition shifted sharply: a one-year earnings spike gave way to development spending, yet FY2025 cash flow remained positive.
FY2025 paired a-$130.1M net loss with$57.7M of operating cash flow and$56.1M of free cash flow, reversing the cash losses recorded through FY2023. That gap means reported earnings were heavily affected by non-cash items or operating balance-sheet movements, so accounting loss did not equal cash consumption in the year.
The operating model remains development-stage in scale: FY2025 research and development reached
The balance sheet is lightly leveraged: FY2025 liabilities were
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Protagonist Ther's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Protagonist Ther held $646.0M in cash, cash equivalents and investments at the end of fiscal year 2025, and its operations generated $57.7M of cash that year. Cash Runway ranks emerging companies on the size of that balance against the outflow behind it, and Protagonist Ther scores 85/100 among other emerging companies.
Protagonist Ther had 64M shares outstanding at the end of fiscal year 2025, against 61M in fiscal year 2024. Dilution ranks emerging companies on how fast that count has grown over three years, where a slower rise is the better one, and Protagonist Ther scores 58/100 among other emerging companies.
Protagonist Ther spent $159.3M on research and development in fiscal year 2025, which was 78.0% of its operating costs that year. R&D Intensity ranks emerging companies on the share of operating costs that goes into research, and Protagonist Ther scores 96/100 among other emerging companies.
Protagonist Ther reported revenue of $46.0M in fiscal year 2025, against $434.4M in fiscal year 2024. Revenue Progress ranks emerging companies on the three-year path of that line, and Protagonist Ther scores 27/100 among other emerging companies.
Protagonist Ther's operations generated $57.7M of cash in fiscal year 2025, against $184.2M generated in fiscal year 2024. Burn Trend ranks emerging companies on which way that figure has moved over three years, and Protagonist Ther scores 94/100 among other emerging companies.
Protagonist Ther's cash, cash equivalents and investments came to $646.0M at the end of fiscal year 2025, against $53.5M of total liabilities. Balance Sheet ranks emerging companies on that comparison, and Protagonist Ther scores 97/100 among other emerging companies.
Protagonist Ther scores 104.64, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($9.4B) relative to total liabilities ($53.5M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Protagonist Ther passes 3 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, neither operating efficiency signal passes.
Protagonist Ther reported a net loss of $130.1M while generating $57.7M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
Protagonist Ther generated $213.5M in revenue in Q2 2026. This represents an increase of 3749.2% from the same quarter a year earlier. Against the prior quarter it is up 278.7%.
Protagonist Ther's EBITDA was $159.2M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 481.3% from the same quarter a year earlier. Against the prior quarter it is up 5010.9%.
Protagonist Ther reported $162.8M in net income in Q2 2026. This represents an increase of 568.3% from the same quarter a year earlier. Against the prior quarter it is up 4204.8%.
Protagonist Ther earned $2.29 per diluted share (EPS) in Q2 2026. This represents an increase of 516.4% from the same quarter a year earlier. Against the prior quarter it is up 4480.0%.
Cash & Balance Sheet
Protagonist Ther generated $218.9M in free cash flow in Q2 2026, representing cash available after capex. This represents an increase of 839.6% from the same quarter a year earlier. Against the prior quarter it is up 545.3%.
Protagonist Ther held $420.1M in cash as of Q2 2026; long-term debt is not reported for that period.
Not reported for Q2 2026.
Margins & Returns
Protagonist Ther's operating margin was 74.4% in Q2 2026, reflecting core business profitability. Against the prior quarter it is up 80.8 percentage points. No change is given against Q2 2025: its reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Protagonist Ther's net profit margin was 76.3% in Q2 2026, showing the share of revenue converted to profit. Against the prior quarter it is up 69.6 percentage points. No change is given against Q2 2025: its reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Protagonist Ther's ROE was 19.4% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 24.6 percentage points from the same quarter a year earlier. Against the prior quarter it is up 18.8 percentage points.
Not reported for Q2 2026.
Capital Allocation
Protagonist Ther invested $42.1M in research and development in Q2 2026. This represents an increase of 13.6% from the same quarter a year earlier. Against the prior quarter it is down 10.0%.
Protagonist Ther invested $168K in capex in Q2 2026, funding long-term assets and infrastructure. This represents a decrease of 79.3% from the same quarter a year earlier. Against the prior quarter it is down 21.9%.
Not reported for Q2 2026.
PTGX Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $213.5M+3749.2% | $56.4M+99.0% | $7.4M-95.6% | $4.7M+0.8% | $5.5M+33.1% | $28.3M-88.9% | $170.6M | $4.7M |
| R&D Expenses | $42.1M+13.6% | $46.7M+30.2% | $46.4M+32.8% | $40.0M+11.2% | $37.0M+10.5% | $35.9M+6.4% | $34.9M | $36.0M+17.3% |
| SG&A Expenses | $12.6M+19.9% | $13.3M+13.1% | $11.4M+27.7% | $11.1M+9.6% | $10.6M+11.8% | $11.7M-21.3% | $9.0M | $10.2M+32.6% |
| Operating Income | $158.8M+477.6% | -$3.6M+81.1% | -$50.4M-139.7% | -$46.4M-12.0% | -$42.0M-8.4% | -$19.3M-109.4% | $126.8M | -$41.5M-8.2% |
| EBITDA | $159.2M+481.3% | -$3.2M+83.0% | -$50.0M-139.4% | -$46.1M-11.7% | -$41.7M-8.3% | -$19.1M-109.2% | $126.9M | -$41.2M-8.2% |
| Income Tax | $2.3M+1216.9% | -$1.5M | $666K-66.5% | $0+100.0% | $172K+125.4% | $0-100.0% | $2.0M | -$420K |
| Net Income | $162.8M+568.3% | $3.8M+132.5% | -$44.4M-133.7% | -$39.3M-18.5% | -$34.8M-13.6% | -$11.7M-105.6% | $131.7M | -$33.2M+2.6% |
| EPS (Basic) | $2.47+549.1% | $0.06+131.6% | -$0.70-132.9% | -$0.62-14.8% | -$0.55-10.0% | -$0.19-105.6% | $2.13+309.6% | -$0.54+6.9% |
| EPS (Diluted) | $2.29+516.4% | $0.05+126.3% | -$0.70-134.8% | -$0.62-14.8% | -$0.55-10.0% | -$0.19-105.8% | $2.01+286.5% | -$0.54+6.9% |
| Diluted Shares (Avg) | 71M+11.8% | 70M+12.0% | N/A | 64M+3.2% | 64M+3.6% | 63M-1.0% | N/A | 62M+4.4% |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, Interest Expense.
PTGX Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $885.5M+23.3% | $697.5M-6.0% | $668.2M-10.3% | $701.7M+16.2% | $718.0M+16.8% | $742.1M+17.9% | $744.7M+108.1% | $603.9M+83.0% |
| Current Assets | $807.1M+34.0% | $613.5M+1.3% | $577.6M-2.4% | $586.4M+23.0% | $602.5M+5.5% | $605.9M-3.5% | $591.6M+66.4% | $476.8M+46.8% |
| Cash & Equivalents | $420.1M+149.2% | $193.7M+38.7% | $128.4M+32.0% | $113.7M-13.3% | $168.5M-52.6% | $139.7M-19.1% | $97.2M-47.9% | $131.1M-43.1% |
| Short-Term Investments | $362.5M-9.8% | $354.1M-18.5% | $439.0M+36.5% | $462.4M+37.0% | $401.9M+92.9% | $434.7M+189.7% | $321.7M+107.7% | $337.6M+274.2% |
| Long-Term Investments | $66.9M-34.8% | $72.5M-41.3% | $78.6M-43.9% | $102.7M-10.4% | $102.5M+225.9% | $123.5M | $140.3M | $114.6M+5671.3% |
| Total Liabilities | $44.0M-12.0% | $42.0M-20.9% | $53.5M-23.0% | $56.3M-21.8% | $50.0M-31.8% | $53.1M-22.9% | $69.4M+226.4% | $71.9M+158.2% |
| Current Liabilities | $37.2M+4.7% | $34.5M-1.6% | $45.4M-4.1% | $44.9M+0.8% | $35.5M-14.6% | $35.1M-12.0% | $47.4M+122.8% | $44.6M+60.0% |
| Non-Current Liabilities | $6.8M-52.9% | $7.4M-58.6% | $8.0M-63.5% | $11.3M-58.7% | $14.5M-54.4% | $18.0M-37.9% | $22.0M | $27.4M |
| Total Equity | $841.5M+26.0% | $655.5M-4.9% | $614.7M-9.0% | $645.4M+21.3% | $668.0M+23.4% | $689.1M+22.9% | $675.3M+100.6% | $531.9M+76.0% |
| Retained Earnings | -$304.0M+21.4% | -$466.9M-32.6% | -$470.7M-38.2% | -$426.3M+9.7% | -$386.9M+11.9% | -$352.2M+13.8% | -$340.5M+44.7% | -$472.2M+26.6% |
Not reported in any period shown, so not listed: Inventory, Accounts Receivable, Goodwill, Long-Term Debt.
PTGX Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $219.1M+861.1% | -$48.9M-139.0% | -$37.0M-26.7% | -$1.9M+93.0% | -$28.8M-110.7% | $125.4M+557.0% | -$29.2M-272.0% | -$27.9M-4.7% |
| Depreciation & Amortization | $397K+30.6% | $407K+70.3% | $376K+218.6% | $361K+56.3% | $304K+26.1% | $239K+1.3% | $118K-52.4% | $231K-5.3% |
| Stock-Based Compensation | $14.0M+28.6% | $14.5M+5.2% | N/A | $10.6M+3.9% | $10.9M+22.0% | $13.8M+47.6% | N/A | $10.2M+50.3% |
| Capital Expenditures | $168K-79.3% | $215K-60.6% | $144K-53.5% | $88K-88.6% | $813K+2803.6% | $545K+125.2% | $310K+1531.6% | $775K+91.8% |
| Free Cash Flow | $218.9M+839.6% | -$49.2M-139.4% | -$37.1M-25.9% | -$2.0M+92.9% | -$29.6M-111.0% | $124.8M+551.1% | -$29.5M-274.1% | -$28.6M-6.0% |
| Investing Cash Flow | -$2.4M-104.4% | $90.9M+196.3% | $48.8M+659.5% | -$58.6M+71.9% | $54.8M+162.2% | -$94.4M-1655.0% | -$8.7M+85.8% | -$208.7M-1439.3% |
| Financing Cash Flow | $9.7M+233.1% | $23.4M+104.3% | $2.8M-29.6% | $5.7M-53.0% | $2.9M+13.7% | $11.4M+59.0% | $4.0M+664.9% | $12.1M-65.9% |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
PTGX Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | 74.4% | -6.5%+61.7pp | -677.1% | -985.2% | -758.0% | -68.2%-149.1pp | 74.3% | -886.7% |
| Net Margin | 76.3% | 6.7%+47.9pp | -596.8% | -834.9% | -627.0% | -41.1%-122.5pp | 77.2% | -710.4% |
| Return on Equity | 19.4%+24.6pp | 0.6%+2.3pp | -7.2%-26.7pp | -6.1%+0.1pp | -5.2%+0.4pp | -1.7%-38.7pp | 19.5% | -6.2%+5.1pp |
| Return on Assets | 18.4%+23.2pp | 0.5%+2.1pp | -6.6%-24.3pp | -5.6%-0.1pp | -4.8%+0.1pp | -1.6%-34.5pp | 17.7% | -5.5%+4.8pp |
| Current Ratio | 21.71+4.7x | 17.76+0.5x | 12.71+0.2x | 13.05+2.4x | 16.97+3.2x | 17.26+1.5x | 12.48-4.2x | 10.70-1.0x |
| Debt-to-Equity | 0.050.0x | 0.060.0x | 0.090.0x | 0.090.0x | 0.07-0.1x | 0.080.0x | 0.100.0x | 0.140.0x |
| Asset Turnover | 0.24+0.2x | 0.080.0x | 0.01-0.2x | 0.010.0x | 0.010.0x | 0.04-0.4x | 0.23 | 0.010.0x |
| FCF Margin | 102.5% | -87.2% | -499.1% | -43.0% | -533.6% | 440.7% | -17.3% | -612.6% |
Not reported in any period shown, so not listed: Gross Margin.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Protagonist Ther PTGX | FY2025 | $46.0M | -$130.1M | N/A | $9.4B | 76/100 |
| Mirum Pharmaceuticals MIRM | FY2025 | $521.3M | -$23.4M | -4.5% | $6.5B | 71/100 |
| Metsera MTSR | FY2024 | N/A | -$209.1M | N/A | $7.4B | — |
| Ascentage Pharma Group International AAPG | FY2025 | $71.4M | -$177.7M | N/A | $1.6B | 24/100 |
| Zai Lab Limited ZLAB | FY2025 | $460.2M | -$175.5M | -38.1% | $2.7B | 64/100 |
| Akero Therapeutics AKRO | FY2024 | N/A | -$252.1M | N/A | $4.5B | — |
Where Protagonist Ther Ranks
Frequently Asked Questions
What is Protagonist Ther's annual revenue?
Protagonist Ther (PTGX) reported $46.0M in total revenue for fiscal year 2025. This represents a -89.4% 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 declined by 89.4% year-over-year, from $434.4M to $46.0M in fiscal year 2025.
Is Protagonist Ther profitable?
No, Protagonist Ther (PTGX) reported a net income of -$130.1M in fiscal year 2025.
What is Protagonist Ther's EBITDA?
Protagonist Ther (PTGX) had EBITDA of -$156.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Protagonist Ther's return on equity (ROE)?
Protagonist Ther (PTGX) has a return on equity of -21.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Protagonist Ther's free cash flow?
Protagonist Ther (PTGX) generated $56.1M in free cash flow during fiscal year 2025. This represents a -69.3% 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 $57.7M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Protagonist Ther's total assets?
Protagonist Ther (PTGX) had $668.2M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Protagonist Ther's capital expenditures?
Protagonist Ther (PTGX) invested $1.6M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Protagonist Ther spend on research and development?
Protagonist Ther (PTGX) invested $159.3M in research and development during fiscal year 2025.
What is Protagonist Ther's current ratio?
Protagonist Ther (PTGX) had a current ratio of 12.71 as of fiscal year 2025, which is generally considered healthy.
What is Protagonist Ther's debt-to-equity ratio?
Protagonist Ther (PTGX) had a debt-to-equity ratio of 0.09 as of fiscal year 2025, 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 -19.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Protagonist Ther's P/E ratio?
Protagonist Ther (PTGX) trades at 113x earnings, its market capitalization divided by net income of $82.9M net income, trailing 12 months to June 30, 2026. The market capitalization is $9.4B as of Sep 11, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Protagonist Ther's price-to-sales ratio?
Protagonist Ther (PTGX) trades at 33.3x sales, its market capitalization divided by revenue of $282.0M revenue, trailing 12 months to June 30, 2026. The market capitalization is $9.4B as of Sep 11, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Protagonist Ther's Altman Z-Score?
Protagonist Ther (PTGX) has an Altman Z-Score of 104.64, 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 3 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 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) reported a net loss of $130.1M while generating $57.7M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. 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 76 out of 100 on our Financial Health Score, indicating strong standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.