Protagonist Ther Financials
This page shows Protagonist Ther (PTGX) financial statements, including the 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).
Lumpy revenue events, not steady sales, dominate results while a cash-heavy balance sheet underwrites an unusually large R&D effort.
Revenue reached$434.4M in FY2024 and dropped back to$46M in FY2025, so the FY2024 profit surge looks like an episodic revenue event rather than a repeatable earnings base. The more revealing signal is that FY2025 operating cash flow stayed positive at$57.7M despite a net loss of-$130.1M . That is a sharp break from FY2021-FY2023, when operating cash flow stayed between-$70.2M and-$108.1M , which means cash generation currently depends more on receipt timing than on reported profitability.
With
Capex was just
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 scores 96.97, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($8.7B) 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.
For every $1 of reported earnings, Protagonist Ther generates $-0.44 in operating cash flow ($57.7M OCF vs -$130.1M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
Key Financial Metrics
Earnings & Revenue
Protagonist Ther generated $46.0M in revenue in fiscal year 2025. This represents a decrease of 89.4% from the prior year.
Protagonist Ther's EBITDA was -$156.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 161.8% from the prior year.
Protagonist Ther reported -$130.1M in net income in fiscal year 2025. This represents a decrease of 147.3% from the prior year.
Protagonist Ther earned $-2.05 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 148.5% from the prior year.
Cash & Balance Sheet
Protagonist Ther generated $56.1M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 69.3% from the prior year.
Protagonist Ther held $128.4M in cash against $0 in long-term debt as of fiscal year 2025.
Protagonist Ther had 63M shares outstanding in fiscal year 2025. This represents an increase of 2.5% from the prior year.
Margins & Returns
Protagonist Ther's operating margin was -343.6% in fiscal year 2025, reflecting core business profitability. This is down 401.8 percentage points from the prior year.
Protagonist Ther's net profit margin was -282.8% in fiscal year 2025, showing the share of revenue converted to profit. This is down 346.2 percentage points from the prior year.
Protagonist Ther's ROE was -21.2% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 61.9 percentage points from the prior year.
Capital Allocation
Protagonist Ther invested $159.3M in research and development in fiscal year 2025. This represents an increase of 15.3% from the prior year.
Protagonist Ther invested $1.6M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 17.3% from the prior year.
PTGX Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $56.4M+657.9% | $7.4M+57.8% | $4.7M-15.0% | $5.5M-80.4% | $28.3M-83.4% | $170.6M+3550.0% | $4.7M+12.2% | $4.2M |
| 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 | $46.7M+0.8% | $46.4M+15.9% | $40.0M+8.0% | $37.0M+3.2% | $35.9M+2.8% | $34.9M-3.0% | $36.0M+7.3% | $33.5M |
| SG&A Expenses | $13.3M+16.1% | $11.4M+2.7% | $11.1M+5.5% | $10.6M-10.1% | $11.7M+31.1% | $9.0M-11.9% | $10.2M+7.6% | $9.4M |
| Operating Income | -$3.6M+92.8% | -$50.4M-8.5% | -$46.4M-10.4% | -$42.0M-117.7% | -$19.3M-115.2% | $126.8M+405.8% | -$41.5M-6.9% | -$38.8M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | -$1.5M-325.5% | $666K | $0-100.0% | $172K | $0-100.0% | $2.0M+573.8% | -$420K+37.9% | -$676K |
| Net Income | $3.8M+108.5% | -$44.4M-12.8% | -$39.3M-13.1% | -$34.8M-198.3% | -$11.7M-108.9% | $131.7M+496.5% | -$33.2M-8.5% | -$30.6M |
| EPS (Diluted) | $0.05 | N/A | $-0.62-12.7% | $-0.55-189.5% | $-0.19 | N/A | $-0.54-8.0% | $-0.50 |
PTGX Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $697.5M+4.4% | $668.2M-4.8% | $701.7M-2.3% | $718.0M-3.3% | $742.1M-0.3% | $744.7M+23.3% | $603.9M-1.8% | $614.6M |
| Current Assets | $613.5M+6.2% | $577.6M-1.5% | $586.4M-2.7% | $602.5M-0.6% | $605.9M+2.4% | $591.6M+24.1% | $476.8M-16.5% | $570.9M |
| Cash & Equivalents | $193.7M+50.9% | $128.4M+12.9% | $113.7M-32.5% | $168.5M+20.7% | $139.7M+43.6% | $97.2M-25.8% | $131.1M-63.1% | $355.6M |
| 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 | $42.0M-21.5% | $53.5M-4.9% | $56.3M+12.5% | $50.0M-5.8% | $53.1M-23.5% | $69.4M-3.5% | $71.9M-1.9% | $73.3M |
| Current Liabilities | $34.5M-24.0% | $45.4M+1.1% | $44.9M+26.6% | $35.5M+1.1% | $35.1M-25.9% | $47.4M+6.3% | $44.6M+7.2% | $41.6M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $655.5M+6.6% | $614.7M-4.8% | $645.4M-3.4% | $668.0M-3.1% | $689.1M+2.0% | $675.3M+27.0% | $531.9M-1.7% | $541.3M |
| Retained Earnings | -$466.9M+0.8% | -$470.7M-10.4% | -$426.3M-10.2% | -$386.9M-9.9% | -$352.2M-3.4% | -$340.5M+27.9% | -$472.2M-7.6% | -$439.0M |
PTGX Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$48.9M-32.4% | -$37.0M-1808.9% | -$1.9M+93.3% | -$28.8M-123.0% | $125.4M+529.6% | -$29.2M-4.7% | -$27.9M-110.4% | $268.6M |
| Capital Expenditures | $215K+49.3% | $144K+63.6% | $88K-89.2% | $813K+49.2% | $545K+75.8% | $310K-60.0% | $775K+2667.9% | $28K |
| Free Cash Flow | -$49.2M-32.4% | -$37.1M-1733.0% | -$2.0M+93.2% | -$29.6M-123.7% | $124.8M+523.3% | -$29.5M-3.0% | -$28.6M-110.7% | $268.6M |
| Investing Cash Flow | $90.9M+86.2% | $48.8M+183.4% | -$58.6M-206.8% | $54.8M+158.1% | -$94.4M-982.0% | -$8.7M+95.8% | -$208.7M-136.9% | -$88.1M |
| Financing Cash Flow | $23.4M+723.9% | $2.8M-49.9% | $5.7M+93.5% | $2.9M-74.4% | $11.4M+183.9% | $4.0M-66.6% | $12.1M+368.5% | $2.6M |
| 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 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | -6.5%+670.6pp | -677.1%+308.1pp | -985.2%-227.1pp | -758.0%-689.9pp | -68.2%-142.5pp | 74.3%+961.0pp | -886.7%+44.3pp | -931.0% |
| Net Margin | 6.7%+603.5pp | -596.8%+238.1pp | -834.9%-207.9pp | -627.0%-585.8pp | -41.1%-118.3pp | 77.2%+787.5pp | -710.4%+24.4pp | -734.7% |
| Return on Equity | 0.6%+7.8pp | -7.2%-1.1pp | -6.1%-0.9pp | -5.2%-3.5pp | -1.7%-21.2pp | 19.5%+25.7pp | -6.2%-0.6pp | -5.7% |
| Return on Assets | 0.5%+7.2pp | -6.6%-1.0pp | -5.6%-0.8pp | -4.8%-3.3pp | -1.6%-19.3pp | 17.7%+23.2pp | -5.5%-0.5pp | -5.0% |
| Current Ratio | 17.76+5.0 | 12.71-0.3 | 13.05-3.9 | 16.97-0.3 | 17.26+4.8 | 12.48+1.8 | 10.70-3.0 | 13.73 |
| Debt-to-Equity | 0.06-0.0 | 0.090.0 | 0.09+0.0 | 0.070.0 | 0.08-0.0 | 0.10-0.0 | 0.140.0 | 0.14 |
| FCF Margin | -87.2%+411.9pp | -499.1%-456.1pp | -43.0%+490.6pp | -533.6%-974.3pp | 440.7%+458.0pp | -17.3%+595.3pp | -612.6%-7058.3pp | 6445.7% |
Similar Companies
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, with a net profit margin of -282.8%.
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 operating margin?
Protagonist Ther (PTGX) had an operating margin of -343.6% in fiscal year 2025, 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 -282.8% in fiscal year 2025, 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 -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 Altman Z-Score?
Protagonist Ther (PTGX) has an Altman Z-Score of 96.97, 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 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) has an earnings quality ratio of -0.44x, 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 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.