Protagonist Therapeutics Inc
PTGXHealthcare|Biotechnology|USA
$131.42
-6.22 (-4.52%)
DCF (FCF)
$3.72
Tangible Book
$10.21
Financials
Financial Snapshot
Market Cap
$8.45B
Enterprise Value
$538.0M
Revenue (TTM)
$74.1M
Net Income (TTM)
$-114.7M
Cash & Equivalents
—
Net Cash/Share
$7.88
Free Cash Flow (TTM)
$-117.9M
Operating CF (TTM)
$-116.6M
Debt/Equity
0.02
Cash Runway & Burn Rate
Cash on Hand
$0.00
Quarterly Burn
$29.2M
Monthly Burn
$9.7M
Est. Runway
—
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $77.6M | $144.0M | $128.9M | $133.0M | $305.8M | $326.9M | $237.4M | $341.6M | $418.9M | $567.4M | $547.8M | |
| Operating Cash Flow | $-30.0M | $3.9M | $-49.9M | $-41.5M | $-72.5M | $-107.9M | $-108.1M | $-70.2M | $184.2M | $57.7M | $-116.6M | |
| Free Cash Flow | $-30.3M | $3.2M | $-50.4M | $-42.5M | $-73.0M | $-109.0M | $-108.9M | $-70.8M | $182.8M | $56.1M | $-117.9M | |
| Capital Expenditure | $-347.0K | $-666.0K | $-486.0K | $-967.0K | $-471.0K | $-1.1M | $-795.0K | $-609.0K | $-1.4M | $-1.6M | $-1.3M | |
| Financing Cash Flow | $106.3M | $65.6M | $24.1M | $46.0M | $247.6M | $129.9M | $18.8M | $170.5M | $25.9M | $22.9M | $34.8M |
R&D Spending
R&D (TTM)
$170.1M
R&D Intensity
229.7%
R&D Growth YoY
+6.8%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $20.1M | $30.9M | $231.0K | $28.6M | $27.4M | $26.6M | $60.0M | $434.4M | $46.0M | $74.1M | |
| R&D Expense | $25.7M | $46.2M | $59.5M | $65.0M | $74.5M | $126.0M | $126.2M | $120.2M | $138.1M | $159.3M | $170.1M | |
| R&D % of Revenue | — | 230.2% | 192.4% | 28139.8% | 260.3% | 460.6% | 474.8% | 200.3% | 31.8% | 346.2% | 229.7% | |
| SG&A | $7.0M | $11.8M | $13.7M | $15.7M | $18.6M | $27.2M | $31.7M | $33.5M | $43.5M | $44.9M | $46.4M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $20.1M | $30.9M | $231.0K | $28.6M | $27.4M | $26.6M | $60.0M | $434.4M | $46.0M | $74.1M | |
| Cost of Goods Sold | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Gross Profit | $0.00 | $20.1M | $30.9M | $231.0K | $28.6M | $27.4M | $26.6M | $60.0M | $434.4M | $46.0M | $74.1M | |
| R&D | $25.7M | $46.2M | $59.5M | $65.0M | $74.5M | $126.0M | $126.2M | $120.2M | $138.1M | $159.3M | $170.1M | |
| SG&A | $7.0M | $11.8M | $13.7M | $15.7M | $18.6M | $27.2M | $31.7M | $33.5M | $43.5M | $44.9M | $46.4M | |
| Operating Income | $-32.7M | $-37.9M | $-42.3M | $-80.5M | $-64.5M | $-125.8M | $-131.4M | $-93.7M | $252.8M | $-158.1M | $-142.5M | |
| Interest Expense | $0.00 | $0.00 | $0.00 | $-169.0K | $-598.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Pretax Income | $-37.2M | $-37.0M | $-39.7M | $-77.9M | $-64.8M | $-125.6M | $-127.4M | $-79.0M | $279.4M | $-129.3M | $-115.4M | |
| Net Income | $-37.2M | $-37.0M | $-38.9M | $-77.2M | $-66.2M | $-125.6M | $-127.4M | $-79.0M | $275.2M | $-130.1M | $-114.7M | |
| EPS (Diluted) | -5.80 | -2.09 | -1.74 | -2.98 | -1.92 | -2.71 | -2.60 | -1.39 | 4.23 | -2.05 | -1.81 | |
| EBITDA | $-32.3M | $-36.6M | $-39.2M | $-77.0M | $-63.3M | $-125.0M | $-130.3M | $-92.7M | $253.7M | $-156.8M | $-141.0M | |
| Shares Out. (M) | 6.50 | 17.70 | 22.36 | 25.89 | 34.40 | 46.32 | 49.04 | 56.76 | 65.08 | 63.57 | 70.49 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $21.1M | $106.0M | $82.2M | $33.0M | $117.4M | $123.7M | $125.7M | $186.7M | $97.2M | $128.4M | $193.7M | |
| Marketable Securities | $56.5M | $38.0M | $46.6M | $100.0M | $188.5M | $203.2M | $111.6M | $154.9M | $321.7M | $439.0M | $354.1M | |
| Total Current Assets | $83.2M | $150.9M | $137.5M | $145.3M | $315.6M | $340.7M | $243.1M | $355.6M | $591.6M | $577.6M | $613.5M | |
| Total Assets | $94.0M | $163.7M | $139.5M | $154.9M | $324.5M | $347.7M | $247.9M | $358.0M | $744.7M | $668.2M | $697.5M | |
| Total Current Liabilities | $6.4M | $42.6M | $26.2M | $35.4M | $40.2M | $44.0M | $31.2M | $21.3M | $47.4M | $45.4M | $34.5M | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $9.8M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Liabilities | $6.4M | $43.1M | $27.0M | $75.0M | $44.9M | $47.7M | $32.3M | $21.3M | $69.4M | $53.5M | $42.0M | |
| Stockholders' Equity | $87.6M | $120.6M | $112.5M | $80.0M | $279.6M | $300.0M | $215.6M | $336.7M | $675.3M | $614.7M | $655.5M | |
| Retained Earnings | $-64.6M | $-101.5M | $-140.5M | $-217.7M | $-283.8M | $-409.4M | $-536.8M | $-615.7M | $-340.5M | $-470.7M | $-466.9M |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $-30.0M | $3.9M | $-49.9M | $-41.5M | $-72.5M | $-107.9M | $-108.1M | $-70.2M | $184.2M | $57.7M | $-116.6M | |
| Capital Expenditure | $-347.0K | $-666.0K | $-486.0K | $-967.0K | $-471.0K | $-1.1M | $-795.0K | $-609.0K | $-1.4M | $-1.6M | $-1.3M | |
| Free Cash Flow | $-30.3M | $3.2M | $-50.4M | $-42.5M | $-73.0M | $-109.0M | $-108.9M | $-70.8M | $182.8M | $56.1M | $-117.9M | |
| Investing Cash Flow | $-59.3M | $15.8M | $2.2M | $-53.7M | $-91.0M | $-15.9M | $91.5M | $-39.3M | $-299.5M | $-49.3M | $136.0M | |
| Financing Cash Flow | $106.3M | $65.6M | $24.1M | $46.0M | $247.6M | $129.9M | $18.8M | $170.5M | $25.9M | $22.9M | $34.8M | |
| Issuance of Stock | $83.6M | $64.5M | $23.2M | $34.5M | $255.4M | $123.8M | $14.6M | $132.1M | $0.00 | $0.00 | $0.00 | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Issuance of Debt | $0.00 | $0.00 | $0.00 | $9.8M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Payments of Debt | $0.00 | $0.00 | $0.00 | $0.00 | $-10.5M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $2.1M | $4.2M | $6.9M | $8.4M | $7.9M | $16.4M | $24.2M | $29.3M | $37.6M | $46.0M | $46.7M | |
| Net Change in Cash | $17.0M | $85.4M | $-23.8M | $-49.2M | $84.4M | $6.1M | $2.1M | $61.0M | $-89.5M | $31.2M | $54.1M |
Dilution Tracker
Shares outstanding grew 52.2% over 5 years — significant dilution
Shares Outstanding
70M
5-Year Share Growth
+52.2%
Stock Issuance (TTM)
$0.00
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 6.50 | 17.70 | 22.36 | 25.89 | 34.40 | 46.32 | 49.04 | 56.76 | 65.08 | 63.57 | 70.49 | |
| YoY Change % | — | 172.1% | 26.4% | 15.8% | 32.8% | 34.7% | 5.9% | 15.7% | 14.6% | -2.3% | 10.9% | |
| Stock Issuance | $83.6M | $64.5M | $23.2M | $34.5M | $255.4M | $123.8M | $14.6M | $132.1M | $0.00 | $0.00 | $0.00 | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $2.1M | $4.2M | $6.9M | $8.4M | $7.9M | $16.4M | $24.2M | $29.3M | $37.6M | $46.0M | $46.7M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| Operating Margin % | 0.0% | -188.9% | -136.7% | -34857.6% | -225.4% | -460.0% | -494.2% | -156.1% | 58.2% | -343.6% | -192.4% | |
| Net Margin % | 0.0% | -184.2% | -125.9% | -33414.3% | -231.1% | -458.9% | -479.3% | -131.6% | 63.3% | -282.8% | -154.9% | |
| EBITDA Margin % | 0.0% | -182.2% | -126.7% | -33323.4% | -221.1% | -457.0% | -490.3% | -154.5% | 58.4% | -340.9% | -190.4% | |
| FCF Margin % | 0.0% | 16.0% | -163.1% | -18395.7% | -254.8% | -398.3% | -409.8% | -118.1% | 42.1% | 121.9% | -159.2% | |
| ROE % | -76.5% | -35.5% | -33.4% | -80.2% | -36.8% | -43.3% | -49.4% | -28.6% | 54.4% | -20.2% | -17.5% | |
| ROA % | -68.3% | -28.7% | -25.7% | -52.4% | -27.6% | -37.4% | -42.8% | -26.1% | 49.9% | -18.4% | -16.3% | |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - | - |
Valuation
P/E (TTM)At Loss
HistoricalAt Loss / 17.38 / 153.79
Industry Med.27.41
P/S122.02
Historical3.27 / 26.43 / 1616.11
Industry Med.9.51
P/B12.88
Historical1.11 / 4.02 / 12.90
Industry Med.2.93
EV/EBITDA-56.12
Historical-61.98 / -3.51 / 275.35
Industry Med.13.14
EV/Revenue106.85
Historical-1721.35 / 19.95 / 1447.61
Industry Med.8.71
P/FCF—
Historical7.81 / 37.10 / 110.89
Industry Med.27.54
Intrinsic Value Models
DCF (FCF Based)
$3.72
Tangible Book
$10.21
Net Current Assets
$8.900
Net-Net Working Capital
$7.88
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| PE Ratio | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | 9.13 | At Loss | At Loss | |
| PS Ratio | - | 18.34 | 4.87 | 783.33 | 24.23 | 57.87 | 20.13 | 21.69 | 5.78 | 120.64 | 122.02 | |
| PB Ratio | 4.20 | 3.64 | 1.39 | 2.40 | 3.15 | 5.45 | 2.50 | 3.93 | 3.49 | 8.89 | 12.88 | |
| EV/EBITDA | -8.97 | -8.06 | -0.69 | -0.99 | -9.20 | -10.52 | -2.34 | -10.60 | 7.68 | -31.29 | -56.12 | |
| EV/Revenue | 0.00 | 14.69 | 0.88 | 328.49 | 20.33 | 48.07 | 11.46 | 16.38 | 4.48 | 106.67 | 106.85 |
Analyst Estimates & Quality
Altman Z-Score
120.40
Safe
Piotroski F-Score
2
Weak
Beneish M-Score
0.90
Possible Manipulator
Forward Estimates
| Metric | Current Year | Next Year | 2 Years Out |
|---|---|---|---|
| Revenue | $543.43M | $146.68M | $275.93M |
| Net Income | $275.02M | $-94.48M | $53.07M |
| EPS | 2.95 | -1.07 | 1.17 |
| Book Value per Share | 0.00 | 0.00 | 0.00 |
| Operating Cash Flow per Share | 4.26 | -1.20 | 0.00 |
| Operating CF | $300.30M | $-84.59M | $0.00M |
Dividends
Revenue Segments
By Business
| Segment | 2025 |
|---|---|
| Discovery and development of innovative medicines in areas of unmet medical need | $46.0M |
By Geography
| Segment | 2025 |
|---|---|
| United States | $46.0M |