Detailed financial statements for Protagenic Therapeutics, Inc. (PTIX): 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.
Protagenic Therapeutics, Inc. operates as a pharmaceutical company specializing in the development of medicines manufactured from cannabinoid and cannabinoid-like molecules. Protagenic Therapeutics, Inc. was founded in 2004 and is based in Santa Barbara, California.
Analysis Summary
Trailing-twelve-month margins: gross margin 0.0%, operating margin 0.0%, net margin 0.0%.
At the current price of $0.84, PTIX trades at a P/E of 0.28 and an ROE of -7.94%. Market capitalisation stands at $2M.
Balance sheet quality for PTIX: current ratio of 0.3, net debt of $943263. 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 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cost of Revenue | $534 | $148 | $347 | $339 | $286 | 0 | $30 | $28218 | $50286 | $37715 |
| Gross Profit | -$534 | -$148 | -$347 | -$339 | -$286 | 0 | -$30 | -$28218 | -$50286 | -$37715 |
| Research & Development | $417866 | $717452 | $881186 | $807947 | $699797 | $1.1M | $1.6M | $3.3M | $3.8M | $1.7M |
| Selling, General & Admin | $1.3M | $1.6M | $1.4M | $1.3M | $1.9M | $3.0M | $2.0M | $1.2M | $1.8M | $1.7M |
| Operating Expenses | $1.8M | $2.4M | $2.3M | $2.1M | $2.6M | $4.1M | $3.6M | $4.5M | $5.7M | $5.8M |
| Operating Income | -$2.2M | -$2.4M | -$2.3M | -$2.1M | -$2.6M | -$4.1M | -$3.6M | -$4.5M | -$5.7M | -$5.8M |
| EBITDA | -$2.3M | -$2.4M | -$2.3M | -$2.1M | -$2.6M | -$4.1M | -$3.4M | -$4.5M | -$5.5M | -$8.0M |
| Interest Expense | $7162 | $13890 | $2790 | $15886 | $246178 | $496912 | $137456 | $107682 | 0 | $296895 |
| Pre-tax Income | -$2.3M | -$2.3M | -$2.6M | -$1.8M | -$2.5M | -$4.5M | -$3.6M | -$5.0M | -$5.5M | -$5.2M |
| Income Tax | 0 | 0 | 0 | $15886 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Income | -$2.3M | -$2.3M | -$2.6M | -$1.8M | -$2.5M | -$4.5M | -$3.6M | -$5.0M | -$5.5M | -$5.2M |
| EPS | $-1.72 | $-0.88 | $-1.00 | $-0.69 | $-1.00 | $-1.24 | $-0.82 | $-1.15 | $-1.13 | $-3.45 |
| EPS (Diluted) | $-1.72 | $-0.88 | $-1.00 | $-0.69 | $-1.00 | $-1.24 | $-0.82 | $-1.15 | $-1.13 | $-3.45 |
| Shares Outstanding (Diluted) | $1.3M | $2.6M | $2.6M | $2.6M | $2.6M | $3.7M | $4.3M | $4.3M | $4.9M | $1.9M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | 0 | 0 | 0 | 0 |
| Gross Profit | -$12572 | 0 | -$11501 | -$8312 |
| Operating Income | -$1.1M | -$925103 | -$1.3M | -$961247 |
| EBITDA | -$856921 | -$912532 | -$1.2M | -$952935 |
| Net Income | -$869496 | $2.2M | $5.1M | -$963616 |
| EPS | $-0.47 | $1.14 | $2.81 | $-0.53 |
| EPS (Diluted) | $-0.47 | $1.14 | $2.81 | $-0.53 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $3.1M | $399687 | $362486 | $798623 | $671091 | $541171 | $215189 | $1.3M | $1.8M | $2.2M |
| Short-term Investments | 0 | $1.3M | $250388 | 0 | 0 | $9.8M | $7.8M | $2.8M | 0 | 0 |
| Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $41523 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $1074 |
| Total Current Assets | $3.2M | $1.8M | $696273 | $841977 | $879247 | $11.1M | $8.0M | $4.2M | $1.9M | $2.3M |
| Property, Plant & Equipment | $1097 | $1022 | $611 | $296 | 0 | 0 | $1775 | $123332 | $73046 | $38836 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $2.1M |
| Total Assets | $3.2M | $1.8M | $696884 | $842273 | $879247 | $11.1M | $8.0M | $4.3M | $2.0M | $2.1M |
| Accounts Payable | $13400 | $10965 | $10048 | $163029 | $141860 | $278957 | $155486 | $113802 | $102962 | $2.0M |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | $344230 | 0 | 0 | $3.2M |
| Total Current Liabilities | $684857 | $561692 | $907767 | $1.2M | $655187 | $799535 | $1.1M | $655252 | $942759 | $6.8M |
| Long-term Debt | 0 | 0 | 0 | $279370 | $1.4M | $318433 | 0 | 0 | 0 | 0 |
| Total Liabilities | $684857 | $561692 | $907767 | $1.5M | $2.0M | $1.1M | $1.1M | $655252 | $942759 | $6.8M |
| Retained Earnings | -$8.6M | -$10.8M | -$13.4M | -$15.2M | -$17.7M | -$22.2M | -$25.8M | -$30.8M | -$36.3M | -$9.1M |
| Total Equity | $2.5M | $1.2M | -$210883 | -$634366 | -$1.1M | $9.9M | $6.9M | $3.7M | $1.0M | -$2.4M |
| Total Debt | 0 | 0 | 0 | $279370 | $1.4M | $318433 | $344230 | 0 | 0 | $3.2M |
| Net Debt | -$3.1M | -$1.7M | -$612874 | -$519253 | $702705 | -$10.1M | -$7.6M | -$4.1M | -$1.8M | $943263 |
| Working Capital | $2.5M | $1.2M | -$211494 | -$355292 | $224060 | $10.3M | $6.9M | $3.5M | $940108 | -$4.5M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $2.7M | $2.2M | $1.5M | $565985 |
| Total Assets | $2.1M | $2.1M | $3.7M | $2.1M |
| Total Liabilities | $9.7M | $6.8M | $1.0M | $1.1M |
| Total Equity | -$4.7M | -$2.4M | $2.6M | $1.7M |
| Total Debt | $3.2M | $3.2M | 0 | 0 |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$2.3M | -$2.3M | -$2.6M | -$1.8M | -$2.5M | -$4.5M | -$3.6M | -$5.0M | -$5.5M | -$5.2M |
| Depreciation & Amortization | $534 | $148 | $347 | $339 | $286 | $427137 | $30 | $28218 | $50286 | $255924 |
| Stock-based Compensation | $546134 | $888281 | $1.1M | $797761 | $1.7M | $1.5M | $864681 | $666828 | $923139 | $562951 |
| Change in Working Capital | -$1937 | -$16866 | $109731 | $702202 | -$361431 | -$140389 | $540132 | -$114412 | $467543 | $123402 |
| Operating Cash Flow | -$1.1M | -$1.4M | -$1.1M | -$487990 | -$1.3M | -$2.8M | -$2.0M | -$3.7M | -$4.2M | -$4.1M |
| Capital Expenditure | 0 | 0 | 0 | 0 | 0 | $4 | -$1805 | -$149775 | 0 | -$3 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | $46051 | 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 | -$1.1M | -$1.4M | -$1.1M | -$487990 | -$1.3M | -$2.8M | -$2.0M | -$3.9M | -$4.2M | -$4.1M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$1.5M | -$410421 | $265533 | -$944298 |
| Capital Expenditure | $3 | -$6 | -$3293 | 0 |
| Free Cash Flow | -$1.5M | -$410427 | $262240 | -$944298 |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | -$5019 | $95942 | 0 | $67012 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income Growth (YoY) | | +0.7% | -13.2% | +31.5% | -45.6% | -77.5% | +21.4% | -40.6% | -10.5% | +6.7% |
| EPS Growth (YoY) | | +48.8% | -13.6% | +31.0% | -44.9% | -24.0% | +33.9% | -40.2% | +1.7% | -205.3% |
| Shares Change (YoY) | | +93.3% | +0.0% | +0.0% | +0.8% | +42.6% | +17.2% | +0.6% | +12.8% | -60.5% |
| FCF Growth (YoY) | | -21.0% | +22.4% | +54.4% | -176.4% | -107.5% | +28.7% | -93.1% | -9.4% | +1.8% |
| Effective Tax Rate | -0.0% | -0.0% | -0.0% | -0.9% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-0.86 | $-0.54 | $-0.42 | $-0.19 | $-0.52 | $-0.76 | $-0.46 | $-0.89 | $-0.86 | $-2.14 |
| 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) | $1.3M | $2.6M | $2.6M | $2.6M | $2.6M | $3.7M | $4.3M | $4.3M | $4.9M | $1.9M |
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 | -794.18% |
| Return on Invested Capital | -419.98% |
| Return on Assets | 261.82% |
| Gross Margin | 0.00% |
| Operating Margin | 0.00% |
| Net Margin | 0.00% |
Financial Health
| Debt / Equity | 0.00 |
| Current Ratio | 0.66 |
| Piotroski F-Score | 3 |
| Altman Z-Score | -17.34 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -73.58 | -143.82 | -126.56 | -183.42 | -126.56 | -62.55 | -27.32 | -12.05 | -6.07 | -0.38 |
| P/B | 67.80 | 266.24 | -1539.37 | -511.73 | -284.55 | 28.75 | 13.98 | 16.42 | 33.18 | -1.05 |
| P/S | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |