Detailed financial statements for Protagonist Therapeutics, Inc. (PTGX): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Protagonist Therapeutics, Inc. is a biopharmaceutical firm dedicated to discovering and advancing peptide-based therapies. Their research primarily focuses on treatments for hematological and blood conditions, as well as inflammatory and immune-mediated disorders.
Analysis Summary
Protagonist Therapeutics, Inc. reported revenue of $46.0M in the most recent fiscal year, growing at a 5-year CAGR of 10.0%.
Trailing-twelve-month margins: gross margin 97.3%, operating margin -343.6%, net margin -282.8%.
At the current price of $142.84, PTGX has negative trailing earnings (P/E not meaningful) and an ROE of -21.17%. Market capitalisation stands at $9.2B.
Balance sheet quality for PTGX: current ratio of 12.7, net cash position of $557.0M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | $20.1M | $30.9M | $231000 | $28.6M | $27.4M | $26.6M | $60.0M | $434.4M | $46.0M |
| Cost of Revenue | $317000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $1.2M |
| Gross Profit | -$317000 | $20.1M | $30.9M | $231000 | $28.6M | $27.4M | $26.6M | $60.0M | $434.4M | $44.8M |
| Research & Development | $25.7M | $46.2M | $59.5M | $65.0M | $76.0M | $126.0M | $126.2M | $120.2M | $138.1M | $159.3M |
| Selling, General & Admin | $7.0M | $11.8M | $13.7M | $15.7M | $18.6M | $27.2M | $31.7M | $33.5M | $43.5M | $44.9M |
| Operating Expenses | $32.7M | $58.0M | $73.2M | $80.8M | $93.1M | $153.2M | $158.0M | $153.7M | $181.6M | $202.9M |
| Operating Income | -$32.7M | -$37.9M | -$42.3M | -$80.5M | -$64.5M | -$125.8M | -$131.4M | -$93.7M | $252.8M | -$158.1M |
| EBITDA | -$32.3M | -$36.6M | -$39.2M | -$77.0M | -$63.6M | -$122.8M | -$124.0M | -$75.6M | $280.2M | -$128.1M |
| Interest Expense | 0 | 0 | 0 | $169000 | $598000 | 0 | 0 | 0 | 0 | 0 |
| Pre-tax Income | -$37.2M | -$37.0M | -$39.7M | -$77.9M | -$64.8M | -$125.6M | -$127.4M | -$79.0M | $279.4M | -$129.3M |
| Income Tax | 0 | 0 | -$799000 | -$691000 | $1.3M | 0 | 0 | 0 | $4.2M | $838000 |
| Net Income | -$37.2M | -$37.0M | -$38.9M | -$77.2M | -$66.2M | -$125.6M | -$127.4M | -$79.0M | $275.2M | -$130.1M |
| EPS | $-5.72 | $-2.09 | $-1.74 | $-2.98 | $-1.92 | $-2.65 | $-2.52 | $-1.39 | $4.47 | $-2.05 |
| EPS (Diluted) | $-5.72 | $-2.09 | $-1.74 | $-2.98 | $-1.92 | $-2.65 | $-2.52 | $-1.39 | $4.23 | $-2.05 |
| Shares Outstanding (Diluted) | $6.5M | $17.7M | $22.4M | $25.9M | $34.4M | $46.3M | $49.0M | $56.8M | $65.1M | $63.6M |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $21.1M | $106.0M | $82.2M | $33.0M | $117.4M | $123.7M | $125.7M | $186.7M | $97.2M | $128.4M |
| Short-term Investments | $56.5M | $38.0M | $46.6M | $100.0M | $188.5M | $203.2M | $111.6M | $154.9M | $321.7M | $439.0M |
| Receivables | $2.2M | $1.8M | $4.6M | $6.8M | $3.8M | $5.3M | $52000 | $10.3M | $168.5M | $4.5M |
| Inventory | -$7.7M | -$8.7M | $2.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $83.2M | $150.9M | $137.5M | $145.3M | $315.6M | $340.7M | $243.1M | $355.6M | $591.6M | $577.6M |
| Property, Plant & Equipment | $562000 | $879000 | $861000 | $7.7M | $6.4M | $6.7M | $4.6M | $2.1M | $12.6M | $11.7M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $94.0M | $163.7M | $139.5M | $154.9M | $324.5M | $347.7M | $247.9M | $358.0M | $744.7M | $669.9M |
| Accounts Payable | $1.2M | $1.3M | $5.7M | $2.8M | $3.1M | $1.6M | $3.6M | $772000 | $1.6M | $5.3M |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $510000 | $2.3M |
| Total Current Liabilities | $6.4M | $42.6M | $26.2M | $35.4M | $40.2M | $44.0M | $31.2M | $21.3M | $47.4M | $45.4M |
| Long-term Debt | 0 | 0 | 0 | $9.8M | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $6.4M | $43.1M | $27.0M | $75.0M | $44.9M | $47.7M | $32.3M | $21.3M | $69.4M | $55.2M |
| Retained Earnings | -$64.6M | -$101.5M | -$140.5M | -$217.7M | -$283.8M | -$409.4M | -$536.8M | -$615.7M | -$340.5M | -$470.7M |
| Total Equity | -$64.6M | -$101.5M | -$140.5M | $80.0M | $279.6M | $300.0M | $215.6M | $336.7M | $675.3M | $614.7M |
| Total Debt | 0 | 0 | 0 | $17.0M | $6.0M | $5.9M | $3.7M | $1.1M | $10.9M | $10.3M |
| Net Debt | -$77.6M | -$144.0M | -$128.9M | -$116.0M | -$299.9M | -$321.0M | -$233.7M | -$340.5M | -$408.0M | -$557.0M |
| Working Capital | $76.8M | $108.4M | $111.3M | $109.9M | $275.4M | $296.7M | $211.9M | $334.3M | $544.2M | $532.1M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$37.2M | -$37.0M | -$38.9M | -$77.2M | -$66.2M | -$125.6M | -$127.4M | -$79.0M | $275.2M | -$130.1M |
| Depreciation & Amortization | $317000 | $406000 | $527000 | $2.5M | $2.6M | $2.8M | $3.4M | $3.3M | $2.9M | $1.3M |
| Stock-based Compensation | $2.1M | $4.2M | $6.9M | $8.4M | $7.9M | $16.4M | $24.2M | $29.3M | $37.6M | $46.0M |
| Change in Working Capital | -$112000 | $35.6M | -$18.0M | $26.1M | -$19.0M | -$3.3M | -$7.8M | -$19.5M | -$122.6M | $146.2M |
| Operating Cash Flow | -$30.0M | $3.9M | -$49.9M | -$41.5M | -$72.5M | -$107.9M | -$108.1M | -$70.2M | $184.2M | $57.7M |
| Capital Expenditure | -$379000 | -$666000 | -$486000 | -$967000 | -$471000 | -$1.1M | -$795000 | -$609000 | -$1.4M | -$1.6M |
| Acquisitions | $32000 | 0 | 0 | $52.7M | $90.5M | $14.8M | -$91.5M | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$30.4M | $3.2M | -$50.4M | -$42.5M | -$73.0M | -$109.0M | -$108.9M | -$70.8M | $182.8M | $56.1M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +54.1% | -99.3% | +12293.1% | -4.4% | -2.8% | +125.7% | +624.1% | -89.4% | ||
| Net Income Growth (YoY) | +0.6% | -5.3% | -98.3% | +14.3% | -89.8% | -1.5% | +38.0% | +448.5% | -147.3% | |
| EPS Growth (YoY) | +63.5% | +16.7% | -71.3% | +35.6% | -38.0% | +4.9% | +44.8% | +421.6% | -145.9% | |
| Shares Change (YoY) | +172.1% | +26.4% | +15.8% | +32.8% | +34.7% | +5.9% | +15.7% | +14.6% | -2.3% | |
| FCF Growth (YoY) | +110.6% | -1673.1% | +15.7% | -71.7% | -49.4% | +0.0% | +35.0% | +358.0% | -69.3% | |
| Gross Margin | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 97.3% | |
| Operating Margin | -188.9% | -136.7% | -34857.6% | -225.4% | -460.0% | -494.2% | -156.1% | 58.2% | -343.6% | |
| EBITDA Margin | -182.2% | -126.7% | -33335.9% | -222.0% | -448.8% | -466.6% | -126.1% | 64.5% | -278.4% | |
| Net Margin | -184.2% | -125.9% | -33414.3% | -231.1% | -458.9% | -479.3% | -131.6% | 63.3% | -282.8% | |
| FCF Margin | 16.0% | -163.1% | -18395.7% | -254.8% | -398.3% | -409.8% | -118.1% | 42.1% | 121.9% | |
| Effective Tax Rate | -0.0% | -0.0% | 2.0% | 0.9% | -2.0% | -0.0% | -0.0% | -0.0% | 1.5% | -0.6% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-4.67 | $0.18 | $-2.26 | $-1.64 | $-2.12 | $-2.35 | $-2.22 | $-1.25 | $2.81 | $0.88 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $6.5M | $17.7M | $22.4M | $25.9M | $34.4M | $46.3M | $49.0M | $56.8M | $61.6M | $63.6M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -21.17% |
| Return on Invested Capital | -25.23% |
| Return on Assets | -19.43% |
| Gross Margin | 97.34% |
| Operating Margin | -343.63% |
| Net Margin | -282.83% |
Financial Health
| Debt / Equity | 0.02 |
| Current Ratio | 12.71 |
| Piotroski F-Score | 3 |
| Altman Z-Score | 59.63 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -3.84 | -9.95 | -3.87 | -2.37 | -10.50 | -12.91 | -4.33 | -16.50 | 8.64 | -42.60 |
| P/B | -2.21 | -3.62 | -1.07 | 2.28 | 2.48 | 5.28 | 2.48 | 3.87 | 3.52 | 9.03 |
| P/S | 0.00 | 18.34 | 4.87 | 790.27 | 24.22 | 57.91 | 20.13 | 21.69 | 5.47 | 120.66 |
| Gross Margin | 0.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 97.3% |
| Operating Margin | 0.0% | -188.9% | -136.7% | -34857.6% | -225.4% | -460.0% | -494.2% | -156.1% | 58.2% | -343.6% |
| Net Margin | 0.0% | -184.2% | -125.9% | -33414.3% | -231.1% | -458.9% | -479.3% | -131.6% | 63.3% | -282.8% |
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