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Protagonist Therapeutics, Inc.

PTGX Healthcare Biotechnology

Protagonist Therapeutics, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $46.0 million, down 89.4% from fiscal 2024.

Revenue
+3,749.2%
EPS
+549.1%
Free cash flow
+839.7%

Quarter to June 2026, against a year earlier

132.53 2.73 −2.02%
Market cap
$8.8B
P/E
111×
Fwd P/E
31.2×
Dividend yield
—
F-score
4/9
Altman Z
61.55
Beneish M
−7.18
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2024

  • Single reportable segment

Every year since 2022 →

Insider Decisions last twelve months

Sold, $m 87.48
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — 6 2 4 1 3 2 — 1 2 — —
Insider Ownership 7.15%

Capital & Financial Ratios $m

Size
Market Cap 8,750.00
Revenue ttm 281.99
Net income ttm 82.91
Free cash flow ttm 130.58
Net debt Q (782.58)
Valuation
P/E 110.95 (above 35: high)
Forward P/E 31.20
Price / sales 31.65 (above 10: high)
Forward P/S Powerpack
Price / FCF 68.35
Price / book 10.61 (above 6: high)
Financial health
Current ratio Q 21.71 (at or above 1.5: strong)
Debt / equity Q 0.00 (at or below 0.5: strong)
Interest coverage Q (9.01)
Growth
Revenue growth Q +3,749.17% (above 0%: growing)
Operating income growth Q +477.65% (above 0%: growing)
EPS, this year +333.24% (at or above 15%: strong)
EPS, next year A −107.36% (below 0%: weak)
Revenue, next year A +1,093.06% (at or above 10%: strong)
EPS, past 5 yrs —
EPS, next 5 yrs A +7.91%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 28.9×, against a ten-year median of 18.0×; over the ten years it ranged from −1,712× in 2019 to 341× in 2020.
P/S against its own 10 years 61.13%
10-year low 10-year high
P/B against its own 10 years 96.46%
10-year low 10-year high
EV/Sales against its own 10 years 68.22%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 342 419 567 783
Receivables 10 165 0 13
Inventory — — — —
Other — — — 3
356 592 578 807
2023 2024 2025 Q'26
Payables 1 2 5 3
ST’ Debt — — — —
Other — — — —
21 47 45 37

Compound Annual Growth %

10y 5y 3y
Sales — 9.96% 20.07%
Cash Flow 0.00% 0.00% 0.00%
Earnings 0.00% 0.00% 0.00%
Book Value 0.00% 17.06% 41.80%

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate 2.11 Actual 2.29

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 −0.59 −0.62 Miss by 0.03
Q4 FY25 −0.53 −0.69 Miss by 0.16
Q1 FY26 −0.65 0.05 Beat by 0.70
Q2 FY26 2.11 2.29 Beat by 0.18
Q3 FY26 2.58 — Reports 5 November 2026

EPS $

Mar Jun Sep Dec Year
’26 0.05 2.29 — — —
’25 (0.19) (0.55) (0.62) (0.69) (2.05)
’24 3.26 (0.50) (0.54) 1.98 4.23
’23 (0.67) (0.68) (0.58) 0.44 (1.39)
’22 (0.43) (0.84) (0.64) (0.69) (2.60)
’21 (0.54) (0.69) (0.70) (0.77) (2.71)
’20 (0.72) (0.59) (0.21) (0.48) (1.92)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 56 213 — — —
’25 28 6 5 7 46
’24 255 4 5 171 434
’23 — — — — 60
’22 26 1 — — 27
’21 6 2 10 9 27
’20 4 6 13 6 29
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (49) 219 — — —
’25 125 (29) (2) (37) 58
’24 (27) 269 (28) (29) 184
’23 (34) (26) (27) 17 (70)
’22 (38) (14) (25) (32) (108)
’21 (29) (24) (28) (27) (108)
’20 (16) (21) (16) (19) (72)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (49) 219 — — —
’25 125 (30) (2) (37) 56
’24 (28) 269 (29) (29) 183
’23 (34) (26) (27) 17 (71)
’22 (38) (14) (25) (32) (109)
’21 (29) (24) (29) (27) (109)
’20 (16) (22) (16) (19) (73)
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 27.7% a year for ten years.

Implied
27.7%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue — 20 31 0 29 27 27 60 434 46 282 +10.9% 549 216 372 +100.7%
Gross margin, % 0.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 +100.0 pt
EBT (37) (37) (40) (78) (65) (126) (127) (79) 279 (129) 84 +14.9%
EBT margin, % 0.00 (184.20) (128.45) (33,713.42) (226.51) (458.94) (479.26) (131.59) 64.32 (281.01) 29.91 (281.0) pt
Net income (37) (37) (39) (77) (66) (126) (127) (79) 275 (130) 83 +14.9%
Per share, $
Per share, $ Revenue 0.00 1.13 1.38 0.01 0.83 0.59 0.54 1.06 7.06 0.72 4.28 n/m
Earnings (5.80) (2.09) (1.74) (2.98) (1.92) (2.71) (2.60) (1.39) 4.47 (2.05) 1.22 (10.9%)
Cash flow (4.61) 0.22 (2.23) (1.60) (2.11) (2.33) (2.20) (1.24) 2.99 0.91 1.99 n/m
Capex (0.05) (0.04) (0.02) (0.04) (0.01) (0.02) (0.02) (0.01) (0.02) (0.02) (0.01) (8.1%)
Free cash flow (4.66) 0.18 (2.25) (1.64) (2.12) (2.35) (2.22) (1.25) 2.97 0.88 1.98 n/m
Book value 13.47 6.82 5.03 3.09 8.13 6.48 4.40 5.93 10.97 9.67 12.76 (3.6%)
Shares, m 7 18 22 26 34 46 49 57 62 64 65 +28.8%
Valuation, ×
Valuation, × P/E — 0.00 0.00 0.00 0.00 0.00 0.00 0.00 8.62 0.00 110.95 1.0
P/S — 0.00 4.87 790.27 24.22 57.91 11.62 29.23 5.47 120.66 31.65 116.0
P/B — 3.10 1.34 2.28 2.48 5.28 2.45 3.95 3.52 9.03 10.61 3.7
EV/Sales — 0.00 0.70 256.80 13.88 46.32 6.62 21.93 4.53 108.55 28.91 51.0
EV/FCF — 71.81 (0.43) (1.40) (5.45) (11.63) (2.76) (14.08) 10.76 89.07 62.43 15.1
Cash, $m
Cash, $m Operating cash flow (30) 4 (50) (42) (72) (108) (108) (70) 184 58 131 n/m
Capex 0 (1) 0 (1) 0 (1) (1) (1) (1) (2) (1) +18.4%
Free cash flow (30) 3 (50) (42) (73) (109) (109) (71) 183 56 131 n/m
Balance, $m
Balance, $m Working capital 77 108 111 110 275 297 212 334 544 532 770 +24.0%
Net debt (78) (144) (129) (123) (306) (327) (237) (342) (419) (567) (783) +24.7%
Shareholders’ equity 88 121 113 80 280 300 216 337 675 615 842 +24.2%
Returns, %
Returns, % ROA (69.34) (28.68) (25.67) (52.44) (27.60) (37.36) (42.78) (26.06) 49.91 (18.42) 10.34 +50.9 pt
ROIC (205.27) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 61.64 (208.75) 61.84 (3.5) pt
ROE (125.46) (35.50) (33.39) (80.20) (36.79) (43.32) (49.41) (28.59) 54.39 (20.18) 10.98 +105.3 pt
People
People Employees 35 55 64 73 79 118 105 112 126 132 — +15.9%
Revenue/emp, $m 0.00 0.36 0.48 0.00 0.36 0.23 0.25 0.54 3.45 0.35 — n/m
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Business profile

Updated

Protagonist Therapeutics discovers and develops medicines for inflammatory and immune diseases, blood disorders, and metabolic diseases. Its technology platform is used to discover drug candidates, including peptides: molecules that can act on specific biological targets. Dinesh V. Patel is its president and chief executive officer.

Its partnered psoriasis medicine, Icotyde, is an oral peptide that blocks the IL-23 receptor, which is involved in inflammation. Protagonist and scientists at Johnson & Johnson jointly discovered it; Janssen Biotech, a Johnson & Johnson company, holds the license and is responsible for later-stage development. In 2025, Janssen submitted applications seeking approval in the United States and Europe for moderate-to-severe plaque psoriasis.

Where the money comes from and where it goes Fiscal 2024

Fiscal 2024: revenue by segment, and margins
Single reportable segment 434 100.00%
Gross margin 100.00%
Operating margin 58.20%
Pre-tax margin 64.32%

Revenue by segment since 2022

Protagonist Therapeutics, Inc. vs peers in Biotechnology (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
MDGL Madrigal Pharmaceuticals, Inc. $9.3B — (loss-making) — (loss-making) +50.13% (above 0%: growing) n/m +53.47% (above 0%: growing) 91.23% 12.98% Compare
SYRE Spyre Therapeutics, Inc. $9.2B — (loss-making) — (loss-making) −100.00% (below 0%: shrinking) n/m −108.79% (below 0%: shrinking) 0.00% 0.00% Compare
KRYS Krystal Biotech, Inc. $8.9B 39.2× 45.7× +30.21% (above 0%: growing) −22.26% (below 0%: shrinking) +137.79% (above 0%: growing) 94.07% 55.87% Compare
TGTX TG Therapeutics, Inc. $8.9B 19.1× 62.4× +70.27% (above 0%: growing) −73.68% (below 0%: shrinking) +427.05% (above 0%: growing) 82.86% 9.02% Compare
PTGX Protagonist Therapeutics, Inc. $8.8B 111× 31.2× +3,749.17% (above 0%: growing) n/m +839.65% (above 0%: growing) 100.00% 74.37%
IBRX ImmunityBio, Inc. $8.5B — (loss-making) — (loss-making) +93.91% (above 0%: growing) n/m +13.38% (above 0%: growing) 99.42% (120.41%) Compare
TWST Twist Bioscience Corporation $7.9B — (loss-making) — (loss-making) +23.24% (above 0%: growing) n/m −7.23% (below 0%: shrinking) 52.76% (30.65%) Compare
CYTK Cytokinetics, Incorporated $7.7B — (loss-making) — (loss-making) +2,356.46% (above 0%: growing) n/m −6.73% (below 0%: shrinking) 0.00% (351.34%) Compare
CAI Caris Life Sciences,�Inc. $7.4B 77.7× 254× +26.99% (above 0%: growing) −40.33% (below 0%: shrinking) −140.21% (below 0%: shrinking) 0.00% 7.01% Compare
Median of peers $8.7B 39.2× 62.4× +40.17% −40.33% +3.33% 67.81% 3.51%

All 621 Biotechnology stocks →

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 117.12%
Held by the ten largest 71.01%
Holder Shares Stake Change
BlackRock 10.31m 15.94% +528.47k
Vanguard 7.02m 10.85% +230.48k
FARALLON CAPITAL MANAGEMENT, L.L.C. 6.35m 9.82% 0.00
RTW INVESTMENTS, LP 5.06m 7.83% +2.12k
UBS 3.51m 5.42% −1.78m
Wellington Management 3.42m 5.28% −182.86k
State Street 3.32m 5.14% +204.81k
JOHNSON & JOHNSON 2.45m 3.79% 0.00
Invesco 2.34m 3.62% +176.00k
T. Rowe Price 2.15m 3.32% +484.17k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 28 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 12.87m 46.07m 433.23
2024 9.47m 17.93m 191.47
2023 7.07m 15.33m 113.74
2022 5.99m (5.17m) 54.12
2021 5.54m 12.11m 169.64

Ownership

Directors and executive officers, together 5.19%
Entities affiliated with BlackRock, Inc. 13.42%
Entities affiliated with Farallon Partners, L.L.C. 9.99%
Entities affiliated with The Vanguard Group 8.47%
Entities affiliated with RTW Investments, L.P. 7.92%
Entities affiliated with State Street Corp. 5.02%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Protagonist Therapeutics, Inc. (PTGX) Latest News

6 Nov

Impact 3 · · Simply Wall St.

5 Nov

Impact 4 · · ACCESS Newswire

29 Oct

Impact 3 · · Zacks

28 Oct

Impact 3 · · Zacks

27 Oct

Impact 3 · · ACCESS Newswire

15 Oct

Impact 3 · · Zacks

8 Sep

Impact 3 ·

6 Sep

Impact 4 ·

4 Sep

Impact 4 ·

1 Sep

Impact 4 ·
Impact 4 ·
Impact 4 ·
Impact 3 ·

31 Aug

Impact 5 · · MarketBeat
Impact 4 · · biopharmadive.com

28 Aug

Impact 5 ·

7 Aug

Impact 3 ·

5 Aug

Impact 3 ·

9 Jul

Impact 4 ·
Impact 3 ·

8 Jul

Impact 4 ·

2 Jul

Impact 3 · · Barchart

1 Jun

Impact 3 · · ACCESS Newswire

11 May

Impact 4 · · Simply Wall St.

8 May

Impact 4 · · Simply Wall St.

5 May

Impact 3 · · ACCESS Newswire

28 Apr

Impact 4 ·

13 Apr

Impact 3 · · Zacks

3 Apr

Impact 4 · · Insider Monkey

28 Mar

Impact 4 · · ACCESS Newswire

PTGX metrics, ten years each

stockrow.com/PTGX · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com