Protagonist Therapeutics, Inc PTGX

Healthcare SIC 2834 - Pharmaceutical Preparations NAICS Manufacturing › Chemical Manufacturing › Pharmaceutical and Medicine Manufacturing › Pharmaceutical Preparation Manufacturing derived Nasdaq

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.

Last close 138.43 2026-10-23
Market cap $8.96B 2026-06-30 share count
52-week range 74.80 - 160.81

Valuation FY2025 figures against the last close

P/S194.7x
P/E—
P/FCF159.7x
EV/EBITDA—
Dividend yield—
Diluted EPS-2.05

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 -2.054.47-1.39-2.60-2.71-1.92————
EPS, diluted -2.054.23-1.39-2.60-2.71-1.92-2.98-1.74-2.09-5.80
Shares, diluted (wtd. avg.) 63.6M65.1M56.8M49.0M46.3M34.4M————

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -200M 0 200M 400M 600M Net income, FY2016: -37.2M Revenue, FY2017: 20.1M Net income, FY2017: -37M Revenue, FY2018: 30.9M Net income, FY2018: -38.9M Revenue, FY2019: 231K Net income, FY2019: -77.2M Revenue, FY2020: 28.6M Net income, FY2020: -66.2M Revenue, FY2021: 27.4M Net income, FY2021: -125.6M Revenue, FY2022: 26.6M Net income, FY2022: -127.4M Revenue, FY2023: 60M Net income, FY2023: -79M Revenue, FY2024: 434.4M Net income, FY2024: 275.2M Revenue, FY2025: 46M Net income, FY2025: -130.1M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue — $20.1M $30.9M $231.0K $28.6M $27.4M $26.6M $60.0M $434.4M $46.0M
Gross profit — — — — — — — — — —
Net income -$37.2M -$37.0M -$38.9M -$77.2M -$66.2M -$125.6M -$127.4M -$79.0M $275.2M -$130.1M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01
  • Results announced Item 2.02
  • Results announced Item 2.02
  • Shareholder vote Item 5.07
  • Results announced Item 2.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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