PTGX Nasdaq Pharmaceutical Preparations Financials FY2016βFY2025
Protagonist Therapeutics, Inc had $46.0M of revenue in fiscal 2025, down 89.4% on the year before. Over five years, revenue changed +10.0% a year on average.
Last close Β· Oct 23, 2026
$138.43
0.8%Hi! I read Protagonist Therapeutics, Incβs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
β89.4%
No. Sales fell 89.4% last year.
Does it make a profit?
β282.8%
No. It lost money last year.
Does profit turn into cash?
121.9%
Yes. 121.9% of sales ends up as free cash.
How healthy are the accounts?
4 / 7
Mixed. It passes 4 of 7 health tests.
How is the share priced?
134.4x
One share costs 134.4 times its yearly profit per share.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
KIRA Β· Protagonist Therapeutics, Inc had $46.0M of revenue in fiscal 2025, down 89.4% on the year before. Over five years, revenue changed +10.0% a year on average. Its operating margin was β343.6%, down 401.8Β pts: of every 100 in sales, about β344 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA Β· Protagonist Therapeutics, Inc lost $130M in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was $56.1M in fiscal 2025, 121.9% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· In the last 12 months, insiders sold $87.7M of shares on the open market and bought none.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$87.7M
7 insiders
Of sales under plans
51%
$44.4M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Sep 30, 2026 | Asif AliChief Financial Officer | Sold plan | 58,629 | $141.78 | $8.3M | Form 4 |
| Sep 10, 2026 | Dinesh V PH D PatelPresident and CEO, Director | Sold plan | 7,278 | $144.10 | $1.0M | Form 4 |
| Sep 9, 2026 | Dinesh V PH D PatelPresident and CEO, Director | Sold plan | 63,548 | $146.18 | $9.3M | Form 4 |
| Sep 8, 2026 | Dinesh V PH D PatelPresident and CEO, Director | Sold plan | 54,174 | $145.87 | $7.9M | Form 4 |
| Aug 11, 2026 | Dinesh V PH D PatelPresident and CEO, Director | Sold plan | 34,239 | $148.52 | $5.1M | Form 4 |
| Aug 10, 2026 | Dinesh V PH D PatelPresident and CEO, Director | Sold plan | 65,761 | $149.11 | $9.8M | Form 4 |
| Jun 23, 2026 | William D. WaddillDirector | Sold plan | 9,000 | $117.94 | $1.1M | Form 4 |
| Jun 10, 2026 | William D. WaddillDirector | Sold plan | 9,000 | $107.68 | $1.0M | Form 4 |
| May 29, 2026 | William D. WaddillDirector | Sold plan | 9,000 | $99.64 | $0.9M | Form 4 |
| May 12, 2026 | Dinesh V PH D PatelPresident and CEO, Director | Sold | 75,000 | $100.12 | $7.5M | Form 4 |
| May 8, 2026 | Bryan GiraudoDirector | Sold | 11,130 | $100.00 | $1.1M | Form 4 |
| May 7, 2026 | Bryan GiraudoDirector | Sold | 48,000 | $100.12 | $4.8M | Form 4 |
| Apr 20, 2026 | Asif AliChief Financial Officer | Sold | 1,750 | $105.47 | $0.2M | Form 4 |
| Mar 26, 2026 | Harold E SelickDirector | Sold | 24,000 | $105.00 | $2.5M | Form 4 |
| Mar 26, 2026 | Asif AliChief Financial Officer | Sold | 24,765 | $104.24 | $2.6M | Form 4 |
| Mar 26, 2026 | Arturo Molina MDChief Medical Officer | Sold | 15,000 | $104.79 | $1.6M | Form 4 |
| Mar 25, 2026 | Dinesh V PH D PatelPresident and CEO, Director | Sold | 54,641 | $101.00 | $5.5M | Form 4 |
| Mar 24, 2026 | Dinesh V PH D PatelPresident and CEO, Director | Sold | 59 | $101.00 | $0.0M | Form 4 |
| Feb 17, 2026 | Lewis T WilliamsDirector | Sold | 18,000 | $82.42 | $1.5M | Form 4 |
| Feb 6, 2026 | William D. WaddillDirector | Sold | 20,000 | $83.68 | $1.7M | Form 4 |
| Jan 27, 2026 | Dinesh V PH D PatelPresident and CEO, Director | Sold | 4,068 | $83.19 | $0.3M | Form 4 |
| Jan 27, 2026 | Asif AliChief Financial Officer | Sold | 46,203 | $83.13 | $3.8M | Form 4 |
| Jan 27, 2026 | Arturo Molina MDChief Medical Officer | Sold | 5,000 | $82.00 | $0.4M | Form 4 |
| Jan 26, 2026 | Dinesh V PH D PatelPresident and CEO, Director | Sold | 24,890 | $84.03 | $2.1M | Form 4 |
| Jan 26, 2026 | Arturo Molina MDChief Medical Officer | Sold | 5,000 | $82.28 | $0.4M | Form 4 |
| Jan 23, 2026 | Dinesh V PH D PatelPresident and CEO, Director | Sold | 19,315 | $84.59 | $1.6M | Form 4 |
| Jan 23, 2026 | Arturo Molina MDChief Medical Officer | Sold | 13,151 | $82.42 | $1.1M | Form 4 |
| Jan 20, 2026 | Dinesh V PH D PatelPresident and CEO, Director | Sold | 34,438 | $82.48 | $2.8M | Form 4 |
| Jan 20, 2026 | Asif AliChief Financial Officer | Sold | 8,588 | $82.48 | $0.7M | Form 4 |
| Jan 20, 2026 | Arturo Molina MDChief Medical Officer | Sold | 9,514 | $82.48 | $0.8M | Form 4 |
| Nov 17, 2025 | Arturo Molina MDChief Medical Officer | Sold | 2,712 | $84.77 | $0.2M | Form 4 |
| Oct 10, 2025 | William D. WaddillDirector | Sold plan | 12,000 | $81.62 | $1.0M | Form 4 |
Can it carry its debts, and how well does it use its money?
Cash, debt and the ratios that show how comfortably Protagonist Therapeutics, Inc can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $327M | $237M | $342M | $419M | $567M |
| Current ratio | 7.7x | 7.8x | 16.7x | 12.5x | 12.7x |
| Quick ratio | 7.7x | 7.8x | 16.7x | 12.5x | 12.7x |
| Total assets | $348M | $248M | $358M | $745M | $668M |
| Total liabilities | $47.7M | $32.3M | $21.3M | $69.4M | $53.5M |
| Shareholders' equity | $300M | $216M | $337M | $675M | $615M |
| Net debt (β = net cash) | β | β | β | β | β |
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· Protagonist Therapeutics, Inc passes 4 of 7 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β | β | β | β | β |
| F-score | β / 3 | β / 6 | 2 / 7 | 1 / 7 | 3 / 7 | 1 / 7 | 3 / 7 | 4 / 7 | 4 / 7 | 4 / 7 |
| Accruals ratio | β7.7% | β31.7% | 7.3% | β24.2% | 2.6% | β5.3% | β6.5% | β2.9% | 16.5% | β26.6% |
| Altman Z'' | 15.07 | 3.70 | 4.30 | β2.30 | 7.92 | 5.94 | 1.99 | 15.38 | 15.80 | 13.41 |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | β | $20.1M | $30.9M | $0.2M | $28.6M | $27.4M | $26.6M | $60.0M | $434M | $46.0M |
| Research and development | $25.7M | $46.2M | $59.5M | $65.0M | $74.5M | $126M | $126M | $120M | $138M | $159M |
| Operating income | β$32.7M | β$37.9M | β$42.3M | β$80.5M | β$64.5M | β$126M | β$131M | β$93.7M | $253M | β$158M |
| Interest expense | β | β | β | $0.2M | $0.6M | β | β | β | β | β |
| Pretax income | β$37.2M | β$37.0M | β$39.7M | β$77.9M | β$64.8M | β$126M | β$127M | β$79.0M | $279M | β$129M |
| Income tax | $0.0M | $0.0M | β$0.8M | β$0.7M | $1.3M | $0.0M | $0.0M | $0.0M | $4.2M | $0.8M |
| Net income | β$37.2M | β$37.0M | β$38.9M | β$77.2M | β$66.2M | β$126M | β$127M | β$79.0M | $275M | β$130M |
| Net income to common | β$37.7M | β$37.0M | β$38.9M | β | β | β | β | β | β | β |
| Diluted EPS | β$5.80 | β$2.09 | β$1.74 | β$2.98 | β$1.92 | β$2.71 | β$2.60 | β$1.39 | $4.23 | β$2.05 |
| Diluted shares | 0.01B | 0.02B | 0.02B | 0.03B | 0.03B | 0.05B | 0.05B | 0.06B | 0.07B | 0.06B |
| Cash flow | ||||||||||
| Cash from operations | β$30.0M | $3.9M | β$49.9M | β$41.5M | β$72.5M | β$108M | β$108M | β$70.2M | $184M | $57.7M |
| Capital expenditure | $0.3M | $0.7M | $0.5M | $1.0M | $0.5M | $1.1M | $0.8M | $0.6M | $1.4M | $1.6M |
| Free cash flow | β$30.3M | $3.2M | β$50.4M | β$42.5M | β$73.0M | β$109M | β$109M | β$70.8M | $183M | $56.1M |
| Depreciation and amortization | $0.3M | $0.4M | $0.5M | $0.7M | $0.9M | $0.8M | $1.0M | $1.0M | $0.8M | $1.3M |
| Stock-based compensation | $2.1M | $4.2M | $6.9M | $8.4M | $7.9M | $16.4M | $24.2M | $29.3M | $37.6M | $46.0M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $21.1M | $106M | $129M | $133M | $306M | $327M | $237M | $342M | $419M | $567M |
| Total debt | β | β | β | $9.8M | β | β | β | β | β | β |
| Current assets | $83.2M | $151M | $138M | $145M | $316M | $341M | $243M | $356M | $592M | $578M |
| Current liabilities | $6.4M | $42.6M | $26.2M | $35.4M | $40.2M | $44.0M | $31.2M | $21.3M | $47.4M | $45.4M |
| Property and equipment, net | $0.6M | $0.9M | $0.9M | $1.7M | $1.5M | $1.8M | $1.6M | $1.2M | $3.2M | $3.9M |
| Total assets | $94.0M | $164M | $139M | $155M | $324M | $348M | $248M | $358M | $745M | $668M |
| Total liabilities | $6.4M | $43.1M | $27.0M | $75.0M | $44.9M | $47.7M | $32.3M | $21.3M | $69.4M | $53.5M |
| Preferred stock | $0.0M | β | β | β | β | β | β | β | β | β |
| Shareholders' equity | $87.6M | $121M | $113M | $80.0M | $280M | $300M | $216M | $337M | $675M | $615M |
| Margins | ||||||||||
| Operating margin | β | β188.9% | β136.7% | β34,857.6% | β225.4% | β460.0% | β494.2% | β156.1% | 58.2% | β343.6% |
| EBITDA margin | β | β186.9% | β135.0% | β34,540.7% | β222.0% | β457.0% | β490.3% | β154.5% | 58.4% | β340.9% |
| Net margin | β | β184.2% | β125.9% | β33,414.3% | β231.1% | β458.9% | β479.3% | β131.6% | 63.3% | β282.8% |
| FCF margin | β | 16.0% | β163.1% | β18,395.7% | β254.8% | β398.3% | β409.8% | β118.1% | 42.1% | 121.9% |
| Returns | ||||||||||
| Return on capital employed | β37.3% | β31.3% | β37.3% | β67.4% | β22.7% | β41.4% | β60.6% | β27.8% | 36.3% | β25.4% |
| Return on equity | β42.5% | β35.5% | β33.4% | β80.2% | β36.8% | β43.3% | β49.4% | β28.6% | 54.4% | β20.2% |
| Return on assets | β39.6% | β28.7% | β25.7% | β52.4% | β27.6% | β37.4% | β42.8% | β26.1% | 49.9% | β18.4% |
| Return on tangible equity | β43.1% | β30.6% | β34.6% | β96.5% | β23.7% | β41.8% | β59.1% | β23.5% | 40.8% | β21.2% |
| Growth | ||||||||||
| Revenue growth | β | β | 54.1% | β99.3% | 12,293.1% | β4.4% | β2.8% | 125.7% | 624.1% | β89.4% |
| Net income growth | β | β | β | β | β | β | β | β | β | β147.3% |
| EPS growth | β | β | β | β | β | β | β | β | β | β148.5% |
| FCF growth | β | β | β1,673.1% | β | β | β | β | β | β | β69.3% |
| Share count change | β | 172.1% | 26.4% | 15.8% | 32.8% | 34.7% | 5.9% | 15.7% | 14.6% | β2.3% |
| Financial health | ||||||||||
| Debt / equity | β | β | β | 0.1x | β | β | β | β | β | β |
| Interest coverage | β | β | β | β476.5x | β107.9x | β | β | β | β | β |
| Current ratio | 12.9x | 3.5x | 5.3x | 4.1x | 7.8x | 7.7x | 7.8x | 16.7x | 12.5x | 12.7x |
| Quick ratio | 12.9x | 3.5x | 5.3x | 4.1x | 7.8x | 7.7x | 7.8x | 16.7x | 12.5x | 12.7x |
| Capital allocation | ||||||||||
| Capex / revenue | β | 3.3% | 1.6% | 418.6% | 1.6% | 4.0% | 3.0% | 1.0% | 0.3% | 3.5% |
| Stock comp / revenue | β | 21.1% | 22.4% | 3,616.0% | 27.6% | 59.9% | 91.1% | 48.8% | 8.6% | 99.9% |
| Quality scores | ||||||||||
| Piotroski F-score | β | β | 2.0 | 1.0 | 3.0 | 1.0 | 3.0 | 4.0 | 4.0 | 4.0 |
| Altman Z'' | 15.1 | 3.7 | 4.3 | β2.3 | 7.9 | 5.9 | 2.0 | 15.4 | 15.8 | 13.4 |
| Accruals ratio | β7.7% | β31.7% | 7.3% | β24.2% | 2.6% | β5.3% | β6.5% | β2.9% | 16.5% | β26.6% |
Source: SEC EDGAR XBRL filings (CIK 0001377121). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β not investment advice. Check the original filings before relying on any figure.
