Protagonist Therapeutics (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 Oct 26, 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 Therapeutics, Inc (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).
The business shifted from FY2024 profit to FY2025 development-stage economics, yet cash flow remained positive.
FY2024 operating cash flow equaled66.9% of net income, whereas FY2025 produced positive operating cash flow despite a net loss, so cash conversion changed character rather than simply weakening. With R&D at346.2% of revenue, the reported loss is not a direct proxy for cash use in this development cycle.
Revenue fell
R&D reached
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group, and the overall is the average of the dimensions that can be computed. 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 Therapeutics, Inc'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 Therapeutics, Inc 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 Therapeutics, Inc scores 87/100 among other emerging companies.
Protagonist Therapeutics, Inc 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 Therapeutics, Inc scores 59/100 among other emerging companies.
Protagonist Therapeutics, Inc 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 Therapeutics, Inc scores 95/100 among other emerging companies.
Protagonist Therapeutics, Inc 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 Therapeutics, Inc scores 28/100 among other emerging companies.
Protagonist Therapeutics, Inc'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 Therapeutics, Inc scores 96/100 among other emerging companies.
Protagonist Therapeutics, Inc'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 Therapeutics, Inc scores 97/100 among other emerging companies.
Protagonist Therapeutics, Inc scores 101.12, well above the 2.99 safe threshold. The largest contribution to the score comes from a market capitalization of $9.1B against total liabilities of $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 Therapeutics, Inc 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, the one computable operating efficiency signal (asset turnover improving) does not pass.
Protagonist Therapeutics, Inc 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 Therapeutics, Inc 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 Therapeutics, Inc's EBITDA was $159.2M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
Protagonist Therapeutics, Inc reported $162.8M in net income in Q2 2026. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. Against the prior quarter it is up 4204.8%.
Protagonist Therapeutics, Inc earned $2.29 per diluted share (EPS) in Q2 2026. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. Against the prior quarter it is up 4480.0%.
Cash & Balance Sheet
Protagonist Therapeutics, Inc generated $218.9M in free cash flow in Q2 2026, representing cash available after capex. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
Protagonist Therapeutics, Inc held $420.1M in cash as of Q2 2026; no long-term debt figure is on record for that period.
Not reported for Q2 2026.
Margins & Returns
Protagonist Therapeutics, Inc'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 Therapeutics, Inc'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 Therapeutics, Inc's quarterly ROE was 19.4% in Q2 2026: one quarter's net income over shareholder equity, not annualized. 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 Therapeutics, Inc 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 Therapeutics, Inc 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-K | 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 | $4.7Mn/m |
| 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 | $158.8Mn/m | -$3.6Mn/m | -$50.4M-139.7% | -$46.4Mn/m | -$42.0Mn/m | -$19.3M-109.4% | $126.8M | -$41.5Mn/m |
| EBITDA | $159.2Mn/m | -$3.2Mn/m | -$50.0M-139.4% | -$46.1Mn/m | -$41.7Mn/m | -$19.1M-109.2% | $126.9M | -$41.2Mn/m |
| Income Tax | $2.3M+1216.9% | -$1.5Mn/m | $666K-66.5% | $0n/m | $172Kn/m | $0-100.0% | $2.0M | -$420Kn/m |
| Net Income | $162.8Mn/m | $3.8Mn/m | -$44.4M-133.7% | -$39.3Mn/m | -$34.8Mn/m | -$11.7M-105.6% | $131.7M | -$33.2Mn/m |
| EPS (Basic) | $2.47n/m | $0.06n/m | -$0.70-132.9% | -$0.62n/m | -$0.55n/m | -$0.19-105.6% | $2.13+309.6% | -$0.54n/m |
| EPS (Diluted) | $2.29n/m | $0.05n/m | -$0.70-134.8% | -$0.62n/m | -$0.55n/m | -$0.19-105.8% | $2.01+286.5% | -$0.54n/m |
| 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-K | 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% | $123.5Mn/m | $140.3Mn/m | $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% | $22.0Mn/m | $27.4Mn/m |
| 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 | -$304.0Mn/m | -$466.9Mn/m | -$470.7Mn/m | -$426.3Mn/m | -$386.9Mn/m | -$352.2Mn/m | -$340.5Mn/m | -$472.2Mn/m |
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-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $219.1Mn/m | -$48.9M-139.0% | -$37.0Mn/m | -$1.9Mn/m | -$28.8M-110.7% | $125.4Mn/m | -$29.2M-272.0% | -$27.9Mn/m |
| 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 | $218.9Mn/m | -$49.2M-139.4% | -$37.1Mn/m | -$2.0Mn/m | -$29.6M-111.0% | $124.8Mn/m | -$29.5M-274.1% | -$28.6Mn/m |
| Investing Cash Flow | -$2.4M-104.4% | $90.9Mn/m | $48.8Mn/m | -$58.6Mn/m | $54.8Mn/m | -$94.4M-1655.0% | -$8.7Mn/m | -$208.7Mn/m |
| 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-K | 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 |
| Liabilities-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, Debt-to-Equity.
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 Therapeutics, Inc PTGX | FY2025 | $46.0M | -$130.1M | N/A | $9.1B | 77/100 |
| Mirum Pharmaceuticals, Inc. MIRM | FY2025 | $521.3M | -$23.4M | -4.5% | $5.4B | 71/100 |
| Ascentage Pharma Group International AAPG | FY2025 | $71.4M | -$177.7M | N/A | $1.4B | 45/100 |
| Zai Lab Limited ZLAB | FY2025 | $460.2M | -$175.5M | -38.1% | $2.7B | 65/100 |
Where Protagonist Therapeutics, Inc Ranks
Frequently Asked Questions
What is Protagonist Therapeutics, Inc's annual revenue?
Protagonist Therapeutics, Inc (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 Therapeutics, Inc's revenue growing?
Protagonist Therapeutics, Inc (PTGX) revenue declined by 89.4% year-over-year, from $434.4M to $46.0M in fiscal year 2025.
Is Protagonist Therapeutics, Inc profitable?
Yes, Protagonist Therapeutics, Inc (PTGX) reported a net income of $82.9M over the trailing 12 months to June 30, 2026. In fiscal year 2025 it reported a net loss of $130.1M.
What is Protagonist Therapeutics, Inc's EBITDA?
Protagonist Therapeutics, Inc (PTGX) had EBITDA of -$156.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Protagonist Therapeutics, Inc's return on equity (ROE)?
Protagonist Therapeutics, Inc (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 Therapeutics, Inc's free cash flow?
Protagonist Therapeutics, Inc (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 Therapeutics, Inc's operating cash flow?
Protagonist Therapeutics, Inc (PTGX) generated $57.7M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Protagonist Therapeutics, Inc's total assets?
Protagonist Therapeutics, Inc (PTGX) had $668.2M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Protagonist Therapeutics, Inc's capital expenditures?
Protagonist Therapeutics, Inc (PTGX) invested $1.6M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Protagonist Therapeutics, Inc spend on research and development?
Protagonist Therapeutics, Inc (PTGX) invested $159.3M in research and development during fiscal year 2025.
What is Protagonist Therapeutics, Inc's current ratio?
Protagonist Therapeutics, Inc (PTGX) had a current ratio of 12.71 as of fiscal year 2025, which is generally considered healthy.
What is Protagonist Therapeutics, Inc's liabilities-to-equity ratio?
Protagonist Therapeutics, Inc (PTGX) had a liabilities-to-equity ratio of 0.09 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity. No debt-to-equity ratio is shown for fiscal year 2025, because the filing data we hold for that year carries no long-term debt figure.
What is Protagonist Therapeutics, Inc's return on assets (ROA)?
Protagonist Therapeutics, Inc (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 Therapeutics, Inc's P/E ratio?
Protagonist Therapeutics, Inc (PTGX) trades at 110x earnings, its market capitalization divided by $82.9M net income, trailing 12 months to June 30, 2026. The market capitalization is $9.1B as of Oct 26, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Protagonist Therapeutics, Inc's price-to-sales ratio?
Protagonist Therapeutics, Inc (PTGX) trades at 32.2x sales, its market capitalization divided by $282.0M revenue, trailing 12 months to June 30, 2026. The market capitalization is $9.1B as of Oct 26, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Protagonist Therapeutics, Inc's Altman Z-Score?
Protagonist Therapeutics, Inc (PTGX) has an Altman Z-Score of 101.12, 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 Therapeutics, Inc's Piotroski F-Score?
Protagonist Therapeutics, Inc (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 Therapeutics, Inc's earnings high quality?
Protagonist Therapeutics, Inc (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 Therapeutics, Inc?
Protagonist Therapeutics, Inc (PTGX) scores 77 out of 100 on our Financial Health Score, indicating strong standing within its emerging companies peer group. The score is the average 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.