Protagonist Therapeutics, Inc (PTGX)
Protagonist Therapeutics, Inc. operates as a discovery and development company in the United States. It develops Icotyde, a first-in-class investigational targeted oral peptide for the treatment of adults and pediatric patients 12 years of age and older with moderate-to-severe plaque psoriasis; and Rusfertide, a first-in-class investigational injectable mimetic of the natural hormone hepcidin in Phase 3 development for the treatment of the rare blood disorder polycythemia vera. The company is also developing PN-881, a potential best-in-class oral peptide IL-17 antagonist, for the treatment of immune-mediated skin diseases in Phase 1 clinical trials; PN-477 and PN-458, which are development candidates for the treatment of obesity; PN-8047, an orally administered hepcidin functional mimetic small molecule; L-4R alpha antagonist for the treatment of atopic dermatitis and moderate-to-severe asthma; and amylinR-based oral and subcutaneous mono- and poly-agonists for the treatment of obesity. Protagonist Therapeutics, Inc. was incorporated in 2006 and is headquartered in Newark, California.
- Symbol
- PTGX
- Exchange
- Nasdaq
- Sector
- Healthcare
- Industry
- Biotechnology
- Market cap
- $9.38B
- 52 week range
- 62.24 - 160.81
Valuation
- Share price
- $138.70 (close of 2026-09-23)
- P/E (TTM)
- 118.91x
- Price to book
- 11.15x
- Price to free cash flow
- 71.85x
- Enterprise value
- $8.97B
- Book value per share
- $13.01
Price performance
| Period | Change |
|---|
| 1 day | -4.33% |
| 5 days | -3.28% |
| 1 month | -10.12% |
| 3 months | +16.59% |
| 6 months | +40.76% |
| Year to date | +58.80% |
| 1 year | +113.19% |
| 3 years | +710.64% |
| 5 years | +670.56% |
| 10 years | +715.88% |
| All time | +1085.47% |
Profitability and growth
- Return on equity
- -21.17%
- Return on invested capital
- -31.84%
- Return on assets
- -19.48%
- Return on capital employed
- -25.39%
- Net margin
- -282.83%
- EBITDA margin
- -340.85%
- Revenue growth
- -89.41%
- Net income growth
- -147.29%
- Free cash flow growth
- -69.32%
Cash flow and balance sheet
- Free cash flow yield (TTM)
- 1.39%
- Current ratio
- 21.71x
- Net debt to EBITDA
- -6.86x
Latest reported year
- Period end
- 2025-12-31
- Fiscal year
- 2025
- Revenue
- $46.02M
- EBITDA
- $-156.85M
- Net income
- $-130.15M
- Earnings per share
- $-2.05
- Research and development
- $159.29M
- Shares outstanding
- 63.57M
Income statement by year
| Period end | Revenue | Net income | EPS |
|---|
| 2025-12-31 | $46.02M | $-130.15M | $-2.05 |
| 2024-12-31 | $434.43M | $275.19M | $4.47 |
| 2023-12-31 | $60.00M | $-78.95M | $-1.39 |
| 2022-12-31 | $26.58M | $-127.39M | $-2.60 |
| 2021-12-31 | $27.36M | $-125.55M | $-2.71 |
| 2020-12-31 | $28.63M | $-66.15M | $-1.92 |
| 2019-12-31 | $231.00K | $-77.19M | $-2.98 |
| 2018-12-31 | $30.93M | $-38.92M | $-1.74 |
| 2017-12-31 | $20.06M | $-36.96M | $-2.09 |
| 2016-12-31 | - | $-37.18M | $-5.80 |
Margins and returns by year
| Period end | Net margin | Return on equity | Return on capital |
|---|
| 2025-12-31 | -282.83% | -21.17% | -31.84% |
| 2024-12-31 | 63.34% | 40.75% | 42.22% |
| 2023-12-31 | -131.59% | -23.45% | -61.98% |
| 2022-12-31 | -479.26% | -59.09% | -140.48% |
| 2021-12-31 | -458.94% | -41.85% | -69.06% |
| 2020-12-31 | -231.07% | -23.66% | -38.36% |
| 2019-12-31 | -33414.29% | -96.53% | -124.79% |
| 2018-12-31 | -125.87% | -34.59% | - |
| 2017-12-31 | -184.20% | -30.64% | - |
| 2016-12-31 | - | -42.46% | -328.10% |
Cash and debt by year
| Period end | Cash | Debt |
|---|
| 2025-12-31 | $128.39M | - |
| 2024-12-31 | $97.25M | - |
| 2023-12-31 | $186.73M | - |
| 2022-12-31 | $125.74M | - |
| 2021-12-31 | $123.67M | - |
| 2020-12-31 | $117.36M | - |
| 2019-12-31 | $33.01M | $9.79M |
| 2018-12-31 | $128.85M | - |
| 2017-12-31 | $144.00M | - |
| 2016-12-31 | $77.60M | - |
Free cash flow by year
| Period end | Free cash flow | Stock-based compensation |
|---|
| 2025-12-31 | $56.08M | $45.97M |
| 2024-12-31 | $182.80M | $37.55M |
| 2023-12-31 | $-70.84M | $29.29M |
| 2022-12-31 | $-108.93M | $24.20M |
| 2021-12-31 | $-108.97M | $16.39M |
| 2020-12-31 | $-72.95M | $7.90M |
| 2019-12-31 | $-42.49M | $8.35M |
| 2018-12-31 | $-50.43M | $6.92M |
| 2017-12-31 | $3.21M | $4.24M |
| 2016-12-31 | $-30.32M | $2.13M |
Investor relations
Next earnings report
- Next confirmed report
- 2026-11-05
- Consensus EPS estimate
- $2.19
Past earnings dates
| Reported | Fiscal period | EPS estimate |
|---|
| 2026-08-05 | Jun/2026 | $2.11 |
| 2026-05-05 | - | - |
| 2026-02-25 | - | - |
| 2025-11-06 | - | - |
| 2025-08-06 | - | - |
| 2025-05-06 | - | - |
| 2025-02-21 | - | - |
| 2024-11-07 | - | - |
Filings and sources
- Company website
- protagonist-inc.com
- SEC filings
- 10-K, 10-Q and 8-K on EDGAR
- Earnings calendar
- All upcoming reports
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