Protagonist Therapeutics, Inc PTGX
Protagonist Therapeutics, Inc. (referred to as "Protagonist," the "Company," "we," "our" or "us") is an integrated discovery and development company with a validated technology platform. Our programs fall into three broad therapeutic areas: (i) inflammation and immunology ("I&I"), (ii) hematology and (iii) metabolic diseases. Our aim is to develop medicines for biologically and commercially validated targets which demonstrate a strong differentiation compared to existing therapies.
Icotyde™ (icotrokinra) is a first-in-class investigational targeted oral peptide that selectively blocks the Interleukin-23 receptor ("IL-23R"), which underpins the inflammatory response in psoriasis and offers potential in other IL-23-mediated diseases. Icotyde is licensed to Janssen Biotech, Inc., a Johnson & Johnson company ("JNJ"), under a license and collaboration agreement initially entered into in 2017. Following Icotyde's joint discovery by Protagonist and JNJ scientists, pursuant to the license and collaboration agreement, we were primarily responsible for the development of Icotyde through Phase 1, with JNJ assuming responsibility for development in Phase 2 and beyond. In July 2025 and September 2025, respectively, JNJ submitted a New Drug Application ("NDA") to the U.S. Food and Drug Administration ("FDA") and an application to the European Medicines Agency ("EMA") seeking the first approval of Icotyde for the treatment of adults and pediatric patients 12 years of age and older with moderate-to-severe plaque psoriasis. JNJ has disclosed that it expects to launch Icotyde in the United States in 2026, subject to regulatory approval.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $46.0M | $434.4M | $60.0M | $26.6M | $27.4M | $28.6M | $231.0K | $30.9M | $20.1M | — |
| R&D | $159.3M | $138.1M | $120.2M | $126.2M | $126.0M | $74.5M | $65.0M | $59.5M | $46.2M | $25.7M |
| SG&A | $44.9M | $43.5M | $33.5M | $31.7M | $27.2M | $18.6M | $15.7M | $13.7M | $11.8M | $7.0M |
| Total operating expenses | $204.1M | $181.6M | $153.7M | $158.0M | $153.2M | $93.1M | $80.8M | $73.2M | $58.0M | $32.7M |
| Operating income | -$158.1M | $252.8M | -$93.7M | -$131.4M | -$125.8M | -$64.5M | -$80.5M | -$42.3M | -$37.9M | -$32.7M |
| Interest expense | — | — | — | — | — | $598.0K | $169.0K | — | — | — |
| Pre-tax income | -$129.3M | $279.4M | -$79.0M | -$127.4M | -$125.6M | -$64.8M | -$77.9M | -$39.7M | -$37.0M | -$37.2M |
| Income tax | $838.0K | $4.2M | $0 | $0 | $0 | $1.3M | $691.0K | $799.0K | $0 | $0 |
| Net income | -$130.1M | $275.2M | -$79.0M | -$127.4M | -$125.6M | -$66.2M | -$77.2M | -$38.9M | -$37.0M | -$37.2M |
| EPS, basic | -2.05 | 4.47 | -1.39 | -2.60 | -2.71 | -1.92 | — | — | — | — |
| EPS, diluted | -2.05 | 4.23 | -1.39 | -2.60 | -2.71 | -1.92 | -2.98 | -1.74 | -2.09 | -5.80 |
| Shares, diluted (wtd. avg.) | $63.6M | $65.1M | $56.8M | $49.0M | $46.3M | $34.4M | — | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $128.4M | $97.2M | $186.7M | $126.0M | $123.9M | $117.8M | $33.5M | $82.7M | $106.5M | $21.1M |
| Short-term investments | $439.0M | $321.7M | $154.9M | $111.6M | $203.2M | $188.5M | $100.0M | $46.6M | — | — |
| Total current assets | $577.6M | $591.6M | $355.6M | $243.1M | $340.7M | $315.6M | $145.3M | $137.5M | $150.9M | $83.2M |
| Property, plant and equipment | $3.9M | $3.2M | $1.2M | $1.6M | $1.8M | $1.5M | $1.7M | $861.0K | $879.0K | $562.0K |
| Total assets | $668.2M | $744.7M | $358.0M | $247.9M | $347.7M | $324.5M | $154.9M | $139.5M | $163.7M | $94.0M |
| Accounts payable | $5.3M | $1.6M | $772.0K | $3.6M | $1.6M | $3.1M | $2.8M | $5.7M | $1.3M | $1.2M |
| Total current liabilities | $45.4M | $47.4M | $21.3M | $31.2M | $44.0M | $40.2M | $35.4M | $26.2M | $42.6M | $6.4M |
| Long-term debt | — | — | — | — | — | — | $9.8M | — | — | — |
| Total liabilities | $53.5M | $69.4M | $21.3M | $32.3M | $47.7M | $44.9M | $75.0M | $27.0M | $43.1M | $6.4M |
| Retained earnings | -$470.7M | -$340.5M | -$615.7M | -$536.8M | -$409.4M | -$283.8M | -$217.7M | -$140.5M | -$101.5M | -$64.6M |
| Total equity | $614.7M | $675.3M | $336.7M | $215.6M | $300.0M | $279.6M | $80.0M | $112.5M | $120.6M | $87.6M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $57.7M | $184.2M | -$70.2M | -$108.1M | -$107.9M | -$72.5M | -$41.5M | -$49.9M | $3.9M | -$30.0M |
| Depreciation and amortisation | $1.3M | $826.0K | $977.0K | $1.0M | $813.0K | $948.0K | $732.0K | $527.0K | $406.0K | $317.0K |
| Stock-based compensation | $46.0M | $37.6M | $29.3M | $24.2M | $16.4M | $7.9M | $8.4M | $6.9M | $4.2M | $2.1M |
| Capital expenditure | $1.6M | $1.4M | $609.0K | $795.0K | $1.1M | $471.0K | $967.0K | $486.0K | $666.0K | $347.0K |
| Investing cash flow | -$49.3M | -$299.5M | -$39.3M | $91.5M | -$15.9M | -$91.0M | -$53.7M | $2.2M | $15.8M | -$59.3M |
| Financing cash flow | $22.9M | $25.9M | $170.5M | $18.8M | $129.9M | $247.6M | $46.0M | $24.1M | $65.6M | $106.3M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-050429.
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