Protagonist Therapeutics, Inc

Listed Company

PTGXCIK 0001377121NasdaqLarge AcceleratedPharmaceutical PreparationsDelawareFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$-130.15M

Total Assets

$668.19M

Equity

$614.71M

Shares Out

63.81M

Op. Cash Flow

$57.67M

Business

Protagonist Therapeutics, Inc is a discovery through late‑stage development biopharmaceutical company that designs and develops constrained peptide therapeutics. Its main products and candidates include rusfertide, an injectable hepcidin mimetic for polycythemia vera; icotrokinra, an oral IL‑23 receptor antagonist; PN‑881, an oral IL‑17 antagonist; and multiple preclinical oral peptide programs. The company’s clinical activities are organized around hematology and blood disorders, inflammatory and immunomodulatory diseases, and metabolic indications, and it operates through collaborations and licensing arrangements. It conducts global clinical trials and relies on partners and contract manufacturing organizations for development, manufacturing and commercialization across North and South America, Europe, Asia and Australia.

Summary from filing dated 2025-02-21

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
License and collaboration revenue	46	434	60	27	27
Research and development	159	138	120	126	126
General and administrative	45	43	33	32	27
Total operating expenses	204	182	154	158	153
(Loss) income from operations	−158	253	−94	−131	−126
Interest income	29	26	15	4	443,000
Other income (expense), net	27,000	250,000	−201,000	−80,000	−149,000
(Loss) income before income tax expense	−129	279	−79	−127	−126
Provision for income taxes	838,000	4	—	0	0
Net (loss) income	−130	275	−79	−127	−126
Net (loss) income per share, basic	−2.05	4.47	−1.39	−2.6	−2.71
Net (loss) income per share, diluted	−2.05	4.23	−1.39	−2.6	−2.71
Weighted-average shares used to compute net (loss) income per share, basic	64	62	57	49	46
Weighted-average shares used to compute net (loss) income per share, diluted	64	65	57	49	46

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2024 2024-04-30	FY 2023 2023-12-31	FY 2022 2022-12-31
Cash and cash equivalents	128	97	—	187	126
Marketable securities	439	322	—	155	112
Receivable from collaboration partner	121,000	165	—	—	—
Prepaid expenses and other current assets	10	8	—	4	6
Total current assets	578	592	—	356	243
Marketable securities - noncurrent	79	140	—	—	—
Property and equipment, net	4	3	—	1	2
Restricted cash - noncurrent	287,000	225,000	—	225,000	225,000
Operating lease right-of-use asset	8	9	11	954,000	3
Total assets	668	745	—	358	248
Accounts payable	5	2	—	772,000	4
Accrued expenses and other payables	28	24	—	19	25
Deferred revenue	10	19	—	—	—
Income taxes payable	—	3	—	—	—
Operating lease liability	2	510,000	—	1	3
Total current liabilities	45	47	—	21	31
Deferred revenue - noncurrent	—	12	—	—	—
Operating lease liability - noncurrent	8	10	—	—	1
Total liabilities	53	69	—	21	32
Commitments and contingencies (Note 9)	—	—	—	—	—
Preferred stock, $0.00001 par value, 10,000,000 shares authorized; no shares issued and outstanding	—	—	—	—	—
Common stock, $0.00001 par value, 180,000,000 shares authorized; 62,577,897 and 61,035,139 shares issued and outstanding as of December 31, 2025 and 2024, respectively	1,000	1,000	—	1,000	—
Additional paid-in capital	1,085	1,016	—	952	753
Accumulated other comprehensive income (loss)	641,000	−82,000	—	−105,000	−359,000
Accumulated deficit	−471	−341	—	−616	−537
Total stockholders' equity	615	675	—	337	216
Total liabilities and stockholders' equity	668	745	—	358	248

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net (loss) income	−130	275	−79	−127	−126
Stock-based compensation	46	38	29	24	16
Non-cash lease expense	2	2	2	—	—
Depreciation	1	826,000	977,000	1	813,000
Accretion of discount on marketable securities	−7	−9	−5	−549,000	2
Other	−8,000	—	194,000	—	—
Receivable from collaboration partner	165	−155	−10	—	—
Prepaid expenses and other assets	−2	−4	2	4	−3
Accounts payable	4	842,000	−3	2	−1
Accrued expenses and other payables	5	4	−6	−13	19
Payable to collaboration partner	—	−3,000	−66,000	−830,000	−2
Deferred revenue	−21	31	—	−2	−13
Income taxes payable	−3	3	—	—	—
Operating lease liability	−903,000	−2	−3	−3	−2
Net cash provided by (used in) operating activities	58	184	−70	−108	−108
Purchase of marketable securities	−547	−622	−191	−215	−287
Proceeds from maturities of marketable securities	492	324	152	307	272
Proceeds from sale of marketable securities	7	—	—	—	—
Purchases of property and equipment	−2	−1	−609,000	−795,000	−1
Net cash used in investing activities	−49	−299	−39	91	−16
Proceeds from issuance of common stock upon exercise of stock options and purchases under employee stock purchase plan	23	26	5	4	6
Tax withholding payments related to net settlement of restricted stock units	−479,000	−600,000	−769,000	−188,000	−189,000
Proceeds from public offering of common stock, net of issuance costs	—	—	108	—	124
Proceeds from at-the-market offering, net of issuance costs	—	—	24	15	—
Proceeds from exercise of Warrants in exchange for issuance of Pre-Funded Warrants	—	—	34	—	—
Proceeds from issuance of common stock upon exercise of Warrants	—	—	559,000	—	—
Net cash provided by financing activities	23	26	170	19	130
Net increase (decrease) in cash, cash equivalents and restricted cash	31	−89	61	2	6
Cash paid for taxes	4	2	—	—	—
Leasehold improvements obtained under tenant improvement allowance	360,000	1	—	—	—
Purchases of property and equipment in accounts payable and accrued liabilities	—	46,000	61,000	19,000	143,000
Right-of-use asset obtained in exchange for lease obligation	—	11	—	—	—

Filings

Filing historySign up free to browse every 10-K, 10-Q, 8-K, and proxy this filer has submitted to the SEC.Sign up free · Upgrade to Pro

Material Events

Material EventsTrack every 8-K filing and material event — AI-summarized, timelined, and alertable.Sign up free · Upgrade to Pro

Insiders

Insider ActivitySee executive buy/sell windows and insider trade activity over rolling 30/90/365-day windows.Sign up free · Upgrade to Pro

Institutional Holders

Institutional HoldersSee which funds hold this stock and track position changes quarter over quarter.Sign up free · Upgrade to Pro