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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
$6.17B
P/E (TTM)
-47.3
17.5
Dividend Yield
--
52W High
$98.32
52W Low
$39.60
52W Range
97%
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

Q4 2025 Data

Revenue

$7.44M+0.00%
4-Quarter Trend

EPS

-$0.69+0.00%
4-Quarter Trend

FCF

-$35.53M+0.00%
4-Quarter Trend

2025 Annual Earnings Highlights

Key Highlights

Strong Cash Position Maintained Ended 2025 with $646.0M cash, equivalents, and securities; sufficient funding for at least 12 months operations.
Icotyde Regulatory Submissions Complete JNJ submitted NDA/MAA for Icotyde in psoriasis during July/September 2025; US launch expected in 2026.
Rusfertide NDA Filed, BTD Granted Rusfertide NDA filed December 2025 for PV; received Orphan Drug and Breakthrough Therapy designations in August 2025.
Obesity Pipeline Advancing Rapidly Nominated PN-477 (triple agonist) and PN-458 (dual agonist) candidates in 2025; Phase 1 studies start mid/H2 2026.

Risk Factors

Collaboration Revenue Collapsed License revenue dropped 89% to $46.0M in 2025 from $434.4M in 2024 due to variable milestone timing.
Significant Net Loss Incurred Reported net loss of $130.1M in 2025, reversing $275.2M net income from prior year; continued losses expected.
Heavy Partner Reliance Critical Business success heavily dependent on JNJ and Takeda advancing Icotyde and rusfertide; termination risks exist.
Clinical Failure Remains Key Risk Future success relies entirely on clinical development success; failure to gain approval adversely affects operations and prospects.

Outlook

Icotyde US Launch Anticipated JNJ expects to launch Icotyde in the United States during 2026, subject to final regulatory approval.
Rusfertide Launch Expected Second Half Takeda expects to launch rusfertide in the second half of 2026, pending necessary regulatory approvals.
PN-881 Phase 2 Initiation Planned Expect to complete PN-881 Phase 1 study mid-2026 and initiate Phase 2 psoriasis study by year-end 2026.
Obesity Candidates Entering Trials Phase 1 clinical studies for PN-477sc/o anticipated mid-2026 and H2 2026, respectively, for obesity indication.

Peer Comparison

Revenue (TTM)

PTCT stock ticker logoPTCT
$1.73B
+114.5%
ALKS stock ticker logoALKS
$1.48B
-5.2%
ARWR stock ticker logoARWR
$1.09B
+4081.8%

Gross Margin (Latest Quarter)

KYMR stock ticker logoKYMR
2763.6%
-2680.7pp
CRNX stock ticker logoCRNX
111.8%
+0.0pp
ARWR stock ticker logoARWR
100.0%
+50.6pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
ARWR$8.03B39.736.1%19.5%
KRYS$7.31B35.318.7%0.7%
ACLX$6.70B-28.2-55.4%15.9%

Long-Term Trends

Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
-36.0%
Growth Under Pressure
4Q Net Income CAGR
N/M
Profitability Shift
Cash Flow Stability
25%
Cash Flow Needs Attention

Deep Research

Next earnings:Mar 18, 2026
|
EPS:-$0.54
|
Revenue:$14.92M
Financials
Earnings Calls
Reports
News
Income Statement
Balance Sheet
Cash Flow Statement
Ratios
% Chg.
Income Statement
LTM
No Data