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Protagonist Therapeutics, Inc.

Protagonist Therapeutics, Inc.

NASDAQ•PTGX
CEO: Dr. Dinesh V. Patel Ph.D.
Sector: Healthcare
Industry: Biotechnology
Listing Date: 2016-08-11
Protagonist Therapeutics, Inc., a biopharmaceutical company, develops peptide-based drugs for hematology and blood disorders, and inflammatory and immunomodulatory diseases. It is developing Rusfertide (PTG-300), an injectable hepcidin mimetic that completed phase 2 clinical trials for the treatment of polycythemia vera and other blood disorders; and JNJ-2113, an orally delivered investigational drug to block biological pathways that completed phase 2b clinical trials for the treatment of moderate-to-severe plaque psoriasis; and PN-943, an orally delivered, gut-restricted alpha 4 beta 7 specific integrin antagonist completed a phase 2 clinical trials in patients with moderate to severe ulcerative colitis. The company has a license and collaboration agreement with Takeda to commercialize rusfertide; and JNJ Innovative Medicines to co-develop Interleukin-23 receptor antagonist compound JNJ-2113. Protagonist Therapeutics, Inc. was incorporated in 2006 and is headquartered in Newark, California.
Contact Information
7707 Gateway Boulevard, Suite 140, Newark, CA, 94560-1160, United States
510-474-0170
www.protagonist-inc.com
Market Cap
$5.13B
P/E (TTM)
113.9
38.2
Dividend Yield
--
52W High
$96.54
52W Low
$33.70
52W Range
77%
Rank52Top 73.5%
2.9
F-Score
Modified Piotroski Analysis
Based on 10-year fundamentals
Weak • 2.9 / 9 points
Scoring Range (0-9)
8-9: Excellent Value
6-7: Strong Fundamentals
4-5: Average Quality
0-3: Weak Performance
Data Period: 2016-2025

Financial Dashboard

Q3 2025 Data

Revenue

$4.71M+0.79%
4-Quarter Trend

EPS

-$0.62+14.82%
4-Quarter Trend

FCF

-$2.03M-92.93%
4-Quarter Trend

2025 Q3 Earnings Highlights

Key Highlights

Liquidity Position Strong Cash, equivalents, and marketable securities total $678.8 M as of September 30, 2025, supporting operations for over twelve months.
Icotrokinra Regulatory Milestone Icotrokinra NDA submitted to FDA and MAA to EMA in Q3 2025 for moderate-to-severe plaque psoriasis indication.
Rusfertide Phase 3 Success Rusfertide Phase 3 VERIFY met primary endpoint; potential NDA filing expected by end of 2025 for PV treatment.
R&D Investment Rises Nine-month R&D expenses rose 9% to $112.9 M, driven by PN-881 and PN-477 advancement into IND-enabling studies.

Risk Factors

Collaboration Revenue Decline Collaboration revenue fell 85% to $38.6 M for nine months due to prior year Takeda upfront payment recognition timing.
Net Loss Widened Significantly Nine-month net loss widened 160% to $85.8 M, reflecting high R&D investment and lower milestone revenue.
Macroeconomic Uncertainty Impact Macroeconomic uncertainty, high interest rates, and trade policy changes pose risks to operations and credit availability.
FDA Review Disruption Risk Potential FDA workforce disruptions or government shutdowns could significantly impact timely review of regulatory submissions.

Outlook

Icotrokinra Phase 3 Expansion Plan to initiate ICONIC-UC and ICONIC-CD Phase 3 trials in Q4 2025, expanding evaluation into UC and Crohn's disease.
Rusfertide NDA Preparation Takeda leads regulatory strategy for rusfertide PV NDA submission expected by end of 2025; Company funds clinical development.
New Pipeline Advancement PN-881 Phase 1 trial initiated in October 2025; results will inform dose-ranging psoriasis trial design next year.
Future Capital Requirements Additional funding may be required to advance early discovery pipeline and acquire or in-license other potential candidates.

Peer Comparison

Revenue (TTM)

PTC Therapeutics, Inc.PTCT
$1.78B
+97.5%
Alkermes plcALKS
$1.52B
+1.1%
Arrowhead Pharmaceuticals, Inc.ARWR
$596.57M
+2936.3%

Gross Margin (Latest Quarter)

NewAmsterdam Pharma Company N.V.NAMS
100.0%
+0.0pp
Crinetics Pharmaceuticals, Inc.CRNX
100.0%
+0.0pp
Protagonist Therapeutics, Inc.PTGX
100.0%
+0.0pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
ARWR$8.67B-59.8-41.1%51.7%
KRYS$8.27B41.519.4%0.8%
PTCT$5.82B7.9-182.7%94.3%

Long-Term Trends

Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
-69.8%
Growth Under Pressure
4Q Net Income CAGR
N/M
Profitability Shift
Cash Flow Stability
25%
Cash Flow Needs Attention

Research & Insights

Next earnings:Feb 20, 2026
|
EPS:-$0.53
|
Revenue:-
Reports
All Years

  • Form 10-Q - Q3 2025

    Period End: Sep 30, 2025|Filed: Nov 6, 2025|
    Revenue: $4.71M+0.8%
    |
    EPS: $-0.62+14.8%
    Beat

  • Form 10-Q - Q2 2025

    Period End: Jun 30, 2025|Filed: Aug 6, 2025|
    Revenue: $5.55M+33.1%
    |
    EPS: $-0.55+10.0%
    Meet

  • Form 10-Q - Q1 2025

    Period End: Mar 31, 2025|Filed: May 6, 2025|
    Revenue: $28.32M-88.9%
    |
    EPS: $-0.19-105.6%
    Meet

  • Form 10-K - FY 2024

    Period End: Dec 31, 2024|Filed: Feb 21, 2025|
    Revenue: $434.43M+624.1%
    |
    EPS: $4.47+421.6%
    Beat

  • Form 10-Q - Q3 2024

    Period End: Sep 30, 2024|Filed: Nov 7, 2024|
    Revenue: $4.68M+0.0%
    |
    EPS: $-0.54-6.9%
    Beat

  • Form 10-Q - Q2 2024

    Period End: Jun 30, 2024|Filed: Aug 6, 2024|
    Revenue: $4.17M+0.0%
    |
    EPS: $-0.50-26.5%
    Beat

  • Form 10-Q - Q1 2024

    Period End: Mar 31, 2024|Filed: May 7, 2024|
    Revenue: $254.95M+0.0%
    |
    EPS: $3.41-650.0%
    Meet

  • Form 10-K - FY 2023

    Period End: Dec 31, 2023|Filed: Feb 27, 2024|
    Revenue: $60.00M+125.7%
    |
    EPS: $-1.39+44.8%
    Miss