Saturday 17 October 2026
Export PTGX’s income statement to Excel — free account
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. In the quarter to June 2026, revenue grew 3,749.2%, EPS grew 549.1% and free cash flow grew 839.7%, each against the same quarter a year earlier.
128.75
7.80
−5.71%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Trend | 2026e | 2027e | 2028e |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Price, $ | |||||||||||||||
| Price, $ | Low | 10.02 | 8.00 | 5.49 | 4.47 | 5.30 | 12.80 | 6.91 | 10.62 | 21.43 | 33.70 |
Analyst estimates 2026–2028 Powerpack |
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| High | 26.36 | 22.50 | 23.97 | 16.67 | 25.65 | 50.54 | 37.05 | 30.10 | 48.89 | 96.54 | |||||
| People | |||||||||||||||
| People | Employees | 35 | 55 | 64 | 73 | 79 | 118 | 105 | 112 | 126 | 132 | ||||
| Revenue/emp, $m | 0.00 | 0.36 | 0.48 | 0.00 | 0.36 | 0.23 | 0.25 | 0.54 | 3.45 | 0.35 | |||||
| Income, $m | |||||||||||||||
| Income, $m | Revenue | — | 20 | 31 | 0 | 29 | 27 | 27 | 60 | 434 | 46 | ||||
| Gross margin, % | 0.00 | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | |||||
| EBT | (37) | (37) | (40) | (78) | (65) | (126) | (127) | (79) | 279 | (129) | |||||
| EBT margin, % | 0.00 | (184.20) | (128.45) | (33,713.42) | (226.51) | (458.94) | (479.26) | (131.59) | 64.32 | (281.01) | |||||
| Net income | (37) | (37) | (39) | (77) | (66) | (126) | (127) | (79) | 275 | (130) | |||||
| Depreciation | 0 | 1 | 1 | 2 | 3 | 5 | 3 | (1) | (6) | (4) | |||||
| 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 | ||||
| Earnings | (5.80) | (2.09) | (1.74) | (2.98) | (1.92) | (2.71) | (2.60) | (1.39) | 4.47 | (2.05) | |||||
| Cash flow | (4.61) | 0.22 | (2.23) | (1.60) | (2.11) | (2.33) | (2.20) | (1.24) | 2.99 | 0.91 | |||||
| Capex | (0.05) | (0.04) | (0.02) | (0.04) | (0.01) | (0.02) | (0.02) | (0.01) | (0.02) | (0.02) | |||||
| Free cash flow | (4.66) | 0.18 | (2.25) | (1.64) | (2.12) | (2.35) | (2.22) | (1.25) | 2.97 | 0.88 | |||||
| Book value | 13.47 | 6.82 | 5.03 | 3.09 | 8.13 | 6.48 | 4.40 | 5.93 | 10.97 | 9.67 | |||||
| Shares, m | 7 | 18 | 22 | 26 | 34 | 46 | 49 | 57 | 62 | 64 | |||||
| Valuation, × | |||||||||||||||
| Valuation, × | P/E | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 8.62 | 0.00 | ||||
| P/S | — | 0.00 | 4.87 | 790.27 | 24.22 | 57.91 | 11.62 | 29.23 | 5.47 | 120.66 | |||||
| P/B | — | 3.10 | 1.34 | 2.28 | 2.48 | 5.28 | 2.45 | 3.95 | 3.52 | 9.03 | |||||
| EV/Sales | — | 0.00 | 0.70 | 256.80 | 13.88 | 46.32 | 6.62 | 21.93 | 4.53 | 108.55 | |||||
| EV/FCF | — | 71.81 | (0.43) | (1.40) | (5.45) | (11.63) | (2.76) | (14.08) | 10.76 | 89.07 | |||||
| Cash, $m | |||||||||||||||
| Cash, $m | Operating cash flow | (30) | 4 | (50) | (42) | (72) | (108) | (108) | (70) | 184 | 58 | ||||
| Capex | 0 | (1) | 0 | (1) | 0 | (1) | (1) | (1) | (1) | (2) | |||||
| Free cash flow | (30) | 3 | (50) | (42) | (73) | (109) | (109) | (71) | 183 | 56 | |||||
| Balance, $m | |||||||||||||||
| Balance, $m | Working capital | 77 | 108 | 111 | 110 | 275 | 297 | 212 | 334 | 544 | 532 | ||||
| Total debt | — | — | — | 10 | 5 | 4 | 1 | — | — | — | |||||
| Net debt | (78) | (144) | (129) | (123) | (306) | (327) | (237) | (342) | (419) | (567) | |||||
| Shareholders’ equity | 88 | 121 | 113 | 80 | 280 | 300 | 216 | 337 | 675 | 615 | |||||
| Returns, % | |||||||||||||||
| Returns, % | ROA | (69.34) | (28.68) | (25.67) | (52.44) | (27.60) | (37.36) | (42.78) | (26.06) | 49.91 | (18.42) | ||||
| ROIC | (205.27) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 61.64 | (208.75) | |||||
| ROE | (125.46) | (35.50) | (33.39) | (80.20) | (36.79) | (43.32) | (49.41) | (28.59) | 54.39 | (20.18) | |||||
Negative figures in brackets.
Fiscal years to Dec 2025 · latest quarter Jun 2026
Charts ten years each
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 |
|---|---|---|---|---|---|---|---|---|---|
| KRYS Krystal Biotech, Inc. | $9.8B | 38.3× | 38.6× | +24.14% (above 0%: growing) | +39.10% (above 0%: growing) | +40.14% (above 0%: growing) | 94.60% | 49.00% | Compare |
| KYMR Kymera Therapeutics, Inc. | $9.0B | — (loss-making) | — (loss-making) | +466.40% (above 0%: growing) | n/m | +9.97% (above 0%: growing) | 100.00% | (116.32%) | Compare |
| CAI Caris Life Sciences,�Inc. | $9.0B | 81.3× | 163× | +45.38% (above 0%: growing) | n/m | +8.47% (above 0%: growing) | 68.10% | 10.21% | Compare |
| CYTK Cytokinetics, Incorporated | $8.9B | — (loss-making) | — (loss-making) | −57.13% (below 0%: shrinking) | n/m | −24.02% (below 0%: shrinking) | 80.46% | (625.95%) | Compare |
| PTGX Protagonist Therapeutics, Inc. | $8.8B | 106× | 25.0× | +3,749.17% (above 0%: growing) | n/m | +839.65% (above 0%: growing) | 100.00% | 74.37% | |
| TGTX TG Therapeutics, Inc. | $8.6B | 17.8× | 29.4× | +70.27% (above 0%: growing) | −73.68% (below 0%: shrinking) | +427.05% (above 0%: growing) | 82.86% | 9.02% | Compare |
| AXSM Axsome Therapeutics, Inc. | $8.5B | — (loss-making) | — (loss-making) | +45.54% (above 0%: growing) | n/m | −2.98% (below 0%: shrinking) | 93.79% | (22.73%) | Compare |
| ARWR Arrowhead Pharmaceuticals, Inc. | $8.3B | — (loss-making) | — (loss-making) | +171.02% (above 0%: growing) | n/m | −15.43% (below 0%: shrinking) | 100.00% | (226.03%) | Compare |
| ABVX Abivax SA Sponsored ADR | $8.1B | — (loss-making) | — | — | n/m | −48.28% (below 0%: shrinking) | 0.00% | 0.00% | Compare |
| Median of peers | $8.7B | 38.3× | 38.6× | +45.54% | — | +2.75% | 88.33% | (11.36%) |
Protagonist Therapeutics, Inc. (PTGX) key facts
- Concern: Protagonist Therapeutics, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $46.0 million, down 89.4% from fiscal 2024.
- Concern: Protagonist Therapeutics, Inc. reported a net loss of $130.1 million, or a loss of $2.05 per share, for fiscal 2025.
- Protagonist Therapeutics, Inc. (PTGX) is a Biotechnology company in the Healthcare sector, listed on Nasdaq.
- As of October 16, 2026, PTGX traded at $128.75, a market capitalization of $8.8 billion.
- At that price the stock trades at 106× trailing-twelve-month earnings and 30.1× sales.
- Return on equity was −20.2% and debt-to-equity 0.00.
- Its Piotroski F-score is 4 out of 9 and its Altman Z-score is 61.55 (safe zone) for fiscal 2025.