PTGX

MKT CAP:$6B

Protagonist Therapeutics, Inc.

Market Cap

$6B

Healthcare·Biotechnology·🇺🇸 United States·NASDAQ

Healthcare·Biotechnology·🇺🇸·NASDAQ

Stock Price

$105.55+$18.37 (+21.07%)

Apr 22, 2026

Company Details

Protagonist Therapeutics, Inc., a biopharmaceutical company, discovers and develops peptide-based therapeutic drugs to address hematology and blood disorders, and inflammatory and immunomodulatory diseases. It is developing rusfertide (PTG-...

CEO

Dinesh V. Patel

IPO Date

Aug 11, 2016

Website

www.protagonist-inc.com

Key Metrics TTM

Revenue

$209M

-35.4% YoY

Net Income

$46M

EPS (Diluted)

$0.62

Free Cash Flow

$64M

Revenue / Share

$3.28

Gross Margin

100.0%

Operating Margin

9.1%

Net Margin

21.9%

FCF Margin

30.5%

P/S

30.4x

P/E

138.8x

Earnings Reports

Q4 2025

May 5, 2026

PENDING

Q3 2025

Nov 6, 2025

$5M+0.8%EPS -$0.62

Q2 2025

Aug 6, 2025

$6M+33.1%EPS -$0.55

Q1 2025

May 6, 2025

$28M-88.9%EPS -$0.19

FY 2024

Feb 21, 2025

$434M+624.1%EPS $4.23

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$9M	$8M	-$38M
Q1 22	$26M	$25M	-$21M
Q2 22	$859.0K	$16.0K	-$41M
Q3 22	$0	$0	-$32M
Q4 22	$0	$0	-$37M
Q1 23	$0	$0	-$36M
Q2 23	$0	$0	-$42M
Q3 23	$0	$0	-$38M
Q4 23	$60M	$60M	$23M
Q1 24	$255M	$255M	$206M
Q2 24	$4M	$4M	-$39M
Q3 24	$5M	$5M	-$41M
Q4 24	$171M	$171M	$127M
Q1 25	$28M	$28M	-$19M
Q2 25	$6M	$6M	-$42M
Q3 25	$5M	$5M	-$46M

Valuation

Quarter	P/S	P/E
Q4 21	62.8x	—
Q1 22	25.8x	—
Q2 22	9.8x	—
Q3 22	12.0x	—
Q4 22	21.6x	—
Q1 23	1508.3x	—
Q2 23	—	—
Q3 23	—	—
Q4 23	23.3x	—
Q1 24	5.5x	10.6x
Q2 24	6.7x	12.6x
Q3 24	8.5x	16.1x
Q4 24	5.5x	8.6x
Q1 25	14.3x	53.0x
Q2 25	16.6x	66.9x
Q3 25	19.8x	90.1x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	-$27M	-$27M
Q1 22	-$38M	-$38M
Q2 22	-$14M	-$14M
Q3 22	-$25M	-$25M
Q4 22	-$32M	-$32M
Q1 23	-$34M	-$34M
Q2 23	-$26M	-$26M
Q3 23	-$27M	-$27M
Q4 23	$17M	$17M
Q1 24	-$27M	-$28M
Q2 24	$269M	$269M
Q3 24	-$28M	-$29M
Q4 24	-$29M	-$29M
Q1 25	$125M	$125M
Q2 25	-$29M	-$30M
Q3 25	-$2M	-$2M

Capital Expenditures

Quarter	CapEx
Q4 21	$196.0K
Q1 22	$273.0K
Q2 22	$290.0K
Q3 22	$162.0K
Q4 22	$70.0K
Q1 23	$10.0K
Q2 23	$176.0K
Q3 23	$404.0K
Q4 23	$19.0K
Q1 24	$242.0K
Q2 24	$28.0K
Q3 24	$775.0K
Q4 24	$310.0K
Q1 25	$545.0K
Q2 25	$813.0K
Q3 25	$88.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	+52.5%	+90.1%
Q1 22	+315.6%	+55.0%
Q2 22	-62.1%	+27.6%
Q3 22	-100.0%	-26.9%
Q4 22	-100.0%	-21.5%
Q1 23	-100.0%	-23.1%
Q2 23	-100.0%	+0.1%
Q3 23	—	+18.6%
Q4 23	—	+1.2%
Q1 24	—	+35.0%
Q2 24	—	+1.4%
Q3 24	—	+20.4%
Q4 24	+184.4%	+18.7%
Q1 25	-88.9%	-2.1%
Q2 25	+33.1%	+10.8%
Q3 25	+0.8%	+10.9%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$5M	58.3%
Q1 22	$6M	23.1%
Q2 22	$7M	792.2%
Q3 22	$6M	—
Q4 22	$6M	—
Q1 23	$8M	—
Q2 23	$8M	—
Q3 23	$7M	—
Q4 23	$7M	11.0%
Q1 24	$0	0.0%
Q2 24	$0	0.0%
Q3 24	$10M	217.4%
Q4 24	$9M	5.3%
Q1 25	$14M	48.7%
Q2 25	$11M	196.8%
Q3 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	SG&A
Q4 21	$39M	—	$6M
Q1 22	$36M	—	$10M
Q2 22	$35M	—	$7M
Q3 22	$25M	$7M	—
Q4 22	$30M	$7M	—
Q1 23	$27M	$9M	—
Q2 23	$33M	$9M	—
Q3 23	$31M	$8M	—
Q4 23	$29M	$8M	—
Q1 24	$34M	$15M	—
Q2 24	$34M	$9M	—
Q3 24	$36M	$10M	—
Q4 24	$35M	$9M	—
Q1 25	$36M	$12M	—
Q2 25	$37M	$11M	—
Q3 25	$40M	$11M	—

Revenue Segments

Quarter	License and Collaboration Agreement
Q1 22	$26M
Q2 22	$900.0K

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$98M	$207M	$305M
Q2 22	$120M	$172M	$292M
Q3 22	$153M	$115M	$267M
Q4 22	$126M	$112M	$237M
Q1 23	$128M	$103M	$231M
Q2 23	$235M	$78M	$313M
Q3 23	$231M	$90M	$321M
Q4 23	$187M	$155M	$342M
Q1 24	$173M	$150M	$323M
Q2 24	$356M	$208M	$564M
Q3 24	$131M	$338M	$469M
Q4 24	$97M	$322M	$419M
Q1 25	$140M	$435M	$574M
Q2 25	$169M	$402M	$570M
Q3 25	$114M	$462M	$576M
Q4 25	$128M	$439M	$567M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	48M	+0.3%	+21.6%
Q1 22	49M	+1.2%	+10.2%
Q2 22	49M	+0.6%	+9.3%
Q3 22	49M	+0.1%	+2.3%
Q4 22	49M	+0.3%	+2.3%
Q1 23	51M	+2.7%	+3.7%
Q2 23	57M	+12.3%	+15.8%
Q3 23	59M	+4.2%	+20.5%
Q4 23	62M	+4.4%	+25.4%
Q1 24	64M	+2.9%	+25.7%
Q2 24	61M	-3.6%	+8.0%
Q3 24	62M	+0.8%	+4.4%
Q4 24	66M	+7.5%	+7.5%
Q1 25	63M	-5.2%	-1.0%
Q2 25	64M	+0.9%	+3.6%
Q3 25	64M	+0.4%	+3.2%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 21	$73.0K	118
Q1 22	$218.0K	118
Q2 22	$7.3K	118
Q3 22	$0	118
Q4 22	$0	105
Q1 23	$0	105
Q2 23	$0	105
Q3 23	$0	105
Q4 23	$535.7K	112
Q1 24	$2M	112
Q2 24	$37.2K	112
Q3 24	$41.7K	112
Q4 24	$1M	126
Q1 25	$224.8K	126
Q2 25	$44.0K	126
Q3 25	$37.4K	126

Revenue / Employee