Protagonist Therapeutics (PTGX) Financials

$59.05 +0.91 (+1.57%)

Closing price 04:00 PM Eastern

Extended Trading

$57.15 -1.90 (-3.22%)

As of 05:49 PM Eastern

Annual Income Statements for Protagonist Therapeutics

This table shows Protagonist Therapeutics' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	-15	-38	-37	-39	-77	-66	-126	-127	-79	275
Consolidated Net Income / (Loss)	-15	-37	-37	-39	-77	-66	-126	-127	-79	275
Net Income / (Loss) Continuing Operations	-15	-37	-37	-39	-77	-66	-126	-127	-79	275
Total Pre-Tax Income	-15	-37	-37	-40	-78	-65	-126	-127	-79	279
Total Operating Income	-15	-33	-38	-42	-81	-65	-126	-131	-94	253
Total Gross Profit	0.00	0.00	20	31	0.23	29	27	27	60	434
Total Revenue	0.00	0.00	20	31	0.23	29	27	27	60	434
Operating Revenue	0.00	0.00	20	31	0.23	29	27	27	60	434
Total Cost of Revenue	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Operating Expenses	15	33	58	73	81	93	153	158	154	182
Selling, General & Admin Expense	2.96	6.96	12	14	16	19	27	32	33	43
Research & Development Expense	12	26	46	59	65	75	126	126	120	138
Total Other Income / (Expense), net	-0.06	-4.48	0.94	2.55	2.64	-0.33	0.29	3.98	15	27
Interest & Investment Income	0.02	0.24	0.95	2.57	2.81	0.90	0.44	4.06	15	26
Other Income / (Expense), net	-0.08	-4.72	-0.01	-0.02	-0.00	-0.05	-0.15	-0.08	-0.20	0.25
Income Tax Expense	-	0.00	-	-0.80	-0.69	1.31	-	0.00	0.00	4.22
Basic Earnings per Share	($59.32)	($5.80)	($2.09)	($1.74)	($2.98)	($1.92)	($2.71)	($2.60)	($1.39)	$4.47
Weighted Average Basic Shares Outstanding	251.72K	6.50M	17.69M	22.36M	25.89M	34.40M	46.32M	49.04M	56.76M	61.57M
Diluted Earnings per Share	($59.32)	($5.80)	($2.09)	($1.74)	($2.98)	($1.92)	($2.71)	($2.60)	($1.39)	$4.23
Weighted Average Diluted Shares Outstanding	251.72K	6.50M	17.69M	22.36M	25.89M	34.40M	46.32M	49.04M	56.76M	65.08M
Weighted Average Basic & Diluted Shares Outstanding	251.72K	6.50M	17.69M	22.36M	25.89M	34.40M	46.32M	51.28M	58.27M	61.38M

This table shows Protagonist Therapeutics' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-31	-34	-34	-38	-34	27	207	-31	-33	132	-12
Consolidated Net Income / (Loss)	-31	-34	-34	-38	-34	27	207	-31	-33	132	-12
Net Income / (Loss) Continuing Operations	-31	-34	-34	-38	-34	27	207	-31	-33	132	-12
Total Pre-Tax Income	0.00	-106	-34	-38	-34	27	211	-31	-34	134	-12
Total Operating Income	-32	-37	-36	-42	-38	23	206	-39	-41	127	-19
Total Gross Profit	0.00	-	0.00	0.00	0.00	60	255	4.17	4.68	171	28
Total Revenue	0.00	-	0.00	0.00	0.00	60	255	4.17	4.68	171	28
Operating Revenue	0.00	-	0.00	0.00	0.00	60	255	4.17	4.68	171	28
Total Cost of Revenue	0.00	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00
Total Operating Expenses	32	37	36	42	38	37	49	43	46	44	48
Selling, General & Admin Expense	6.90	6.63	8.61	9.17	7.66	8.05	15	9.44	10	8.95	12
Research & Development Expense	25	30	27	33	31	29	34	34	36	35	36
Total Other Income / (Expense), net	1.07	2.32	2.30	3.89	4.22	4.29	4.36	7.50	7.82	6.88	7.66
Interest & Investment Income	1.16	2.25	2.49	3.91	4.25	4.24	4.38	7.40	7.68	6.85	7.57
Other Income / (Expense), net	-0.09	0.07	-0.20	-0.02	-0.03	0.04	-0.02	0.10	0.14	0.03	0.08
Income Tax Expense	-	-	0.00	0.00	0.00	-	3.33	-0.68	-0.42	1.99	0.00
Basic Earnings per Share	($0.64)	($0.69)	($0.67)	($0.68)	($0.58)	$0.54	$3.41	($0.50)	($0.54)	$2.10	($0.19)
Weighted Average Basic Shares Outstanding	49.11M	49.04M	50.57M	56.78M	59.18M	56.76M	60.86M	61.31M	61.77M	61.57M	62.96M
Diluted Earnings per Share	($0.64)	($0.69)	($0.67)	($0.68)	($0.58)	$0.54	$3.26	($0.50)	($0.54)	$2.01	($0.19)
Weighted Average Diluted Shares Outstanding	49.11M	49.04M	50.57M	56.78M	59.18M	56.76M	63.60M	61.31M	61.77M	65.08M	62.96M
Weighted Average Basic & Diluted Shares Outstanding	49.20M	51.28M	57.25M	57.53M	57.68M	58.27M	58.65M	58.90M	59.60M	61.38M	61.98M

This table details how cash moves in and out of Protagonist Therapeutics' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	-5.23	17	85	-24	-49	84	6.07	2.08	61	-89
Net Cash From Operating Activities	-14	-30	3.87	-50	-42	-72	-108	-108	-70	184
Net Cash From Continuing Operating Activities	-14	-30	3.87	-50	-42	-72	-108	-108	-70	184
Net Income / (Loss) Continuing Operations	-15	-37	-37	-39	-77	-66	-126	-127	-79	275
Consolidated Net Income / (Loss)	-15	-37	-37	-39	-77	-66	-126	-127	-79	275
Depreciation Expense	0.25	0.32	0.41	0.53	0.73	0.95	0.81	1.03	0.98	0.83
Amortization Expense	-0.01	0.12	0.69	0.21	1.20	1.81	3.79	1.79	-2.23	-6.81
Non-Cash Adjustments To Reconcile Net Income	0.18	6.88	4.18	6.26	5.70	9.92	16	24	29	38
Changes in Operating Assets and Liabilities, net	0.05	-0.11	36	-18	28	-19	-3.31	-7.77	-19	-123
Net Cash From Investing Activities	-8.26	-59	16	2.21	-54	-91	-16	91	-39	-299
Net Cash From Continuing Investing Activities	-8.26	-59	16	2.21	-54	-91	-16	91	-39	-299
Purchase of Property, Plant & Equipment	-0.40	-0.35	-0.67	-0.49	-0.97	-0.47	-1.10	-0.80	-0.61	-1.36
Purchase of Investments	-7.87	-73	-40	-71	-167	-280	-287	-215	-191	-622
Sale and/or Maturity of Investments	0.00	14	56	74	114	190	272	307	152	324
Net Cash From Financing Activities	17	106	66	24	46	248	130	19	170	26
Net Cash From Continuing Financing Activities	17	106	66	24	46	248	130	19	170	26
Issuance of Debt	-	-	-	1.51	44	42	0.00	15	24	0.00
Issuance of Common Equity	0.06	84	66	23	1.78	216	130	4.47	113	26
Other Financing Activities, net	-	-	-	-	0.00	-	-0.19	-0.19	34	-0.60
Effect of Exchange Rate Changes	-	-	-	-	-	0.18	-0.13	-0.09	0.00	0.00
Cash Income Taxes Paid	-	-	-	-	-	-	-	0.00	0.00	1.53

This table details how cash moves in and out of Protagonist Therapeutics' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Change in Cash & Equivalents	33	-27	1.94	108	-4.86	-44	-14	183	-225	-34	42
Net Cash From Operating Activities	-25	-32	-34	-26	-27	17	-27	269	-28	-29	125
Net Cash From Continuing Operating Activities	-25	-32	-34	-26	-27	17	-27	269	-28	-29	125
Net Income / (Loss) Continuing Operations	-31	-34	-34	-38	-34	27	207	-31	-33	132	-12
Consolidated Net Income / (Loss)	-31	-34	-34	-38	-34	27	207	-31	-33	132	-12
Depreciation Expense	0.27	0.26	0.25	0.24	0.24	0.25	0.24	0.24	0.23	0.12	0.24
Amortization Expense	0.49	-0.33	-0.67	-0.38	-0.42	-0.76	-1.03	-1.01	-2.42	-2.34	-2.29
Non-Cash Adjustments To Reconcile Net Income	5.95	5.51	7.58	8.34	6.77	6.60	9.35	8.94	10	9.09	157
Changes in Operating Assets and Liabilities, net	-0.68	-2.88	-7.78	4.02	0.91	-16	-243	291	-2.63	-168	-17
Net Cash From Investing Activities	57	3.94	9.83	26	-14	-61	6.07	-88	-209	-8.73	-94
Net Cash From Continuing Investing Activities	57	3.94	9.83	26	-14	-61	6.07	-88	-209	-8.73	-94
Purchase of Property, Plant & Equipment	-0.16	-0.07	-0.01	-0.18	-0.40	-0.02	-0.24	-0.03	-0.78	-0.31	-0.55
Purchase of Investments	-32	-81	-28	-6.06	-59	-98	-66	-175	-267	-114	-214
Sale and/or Maturity of Investments	90	85	38	32	46	37	72	87	59	106	120
Net Cash From Financing Activities	0.68	0.55	26	108	35	0.53	7.20	2.57	12	4.03	11
Net Cash From Continuing Financing Activities	0.68	0.55	26	108	35	0.53	7.20	2.57	12	4.03	11
Issuance of Common Equity	0.68	0.55	2.26	109	0.94	0.53	7.80	2.57	12	4.03	12
Other Financing Activities, net	-0.00	-	-0.10	-0.67	34	-	-0.60	-	-	-	-0.48

This table presents Protagonist Therapeutics' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	15	94	164	139	155	324	348	248	358	745
Total Current Assets	0.00	83	151	138	145	316	341	243	356	592
Cash & Equivalents	4.06	21	106	82	33	117	124	126	187	97
Short-Term Investments	7.87	57	38	47	100	188	203	112	155	322
Prepaid Expenses	1.56	3.39	3.77	2.62	5.53	6.28	9.48	5.71	3.96	7.73
Other Current Assets	0.72	-	-	-	-	-	-	0.01	10	165
Plant, Property, & Equipment, net	0.61	0.56	0.88	0.86	1.68	1.46	1.80	1.57	1.20	3.19
Total Noncurrent Assets	0.03	10	12	1.11	7.93	7.40	5.16	3.29	1.18	150
Long-Term Investments	0.00	10	11	-	0.00	2.00	-	-	0.00	140
Other Noncurrent Operating Assets	0.03	0.03	0.45	0.45	6.49	5.40	5.16	3.29	1.18	9.64
Total Liabilities & Shareholders' Equity	15	94	164	139	155	324	348	248	358	745
Total Liabilities	5.25	6.44	43	27	75	45	48	32	21	69
Total Current Liabilities	3.13	6.44	43	26	35	40	44	31	21	47
Accounts Payable	3.13	6.44	11	18	16	24	40	29	20	25
Current Deferred Revenue	-	-	32	8.22	18	14	1.60	0.07	0.00	19
Current Deferred & Payable Income Tax Liabilities	-	-	-	-	-	-	-	-	0.00	2.69
Other Current Liabilities	-	-	-	-	1.26	1.46	2.20	2.52	1.14	0.51
Total Noncurrent Liabilities	2.12	0.00	0.55	0.80	40	4.62	3.66	1.14	0.00	22
Noncurrent Deferred Revenue	-	0.00	0.55	0.80	24	-	-	-	0.00	12
Other Noncurrent Operating Liabilities	2.12	-	-	-	5.96	4.62	3.66	1.14	0.00	10
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-27	88	121	113	80	280	300	216	337	675
Total Preferred & Common Equity	-27	88	121	113	80	280	300	216	337	675
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	-27	88	121	113	80	280	300	216	337	675
Common Stock	0.12	152	222	253	298	563	710	753	952	1,016
Retained Earnings	-27	-65	-102	-140	-218	-284	-409	-537	-616	-341
Accumulated Other Comprehensive Income / (Loss)	-0.10	-0.25	-0.01	-0.23	-0.22	0.03	-0.30	-0.36	-0.11	-0.08

This table presents Protagonist Therapeutics' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025
Total Assets	282	240	320	330	629	615	604	742
Total Current Assets	277	236	317	325	628	571	477	606
Cash & Equivalents	153	128	235	231	173	356	131	140
Short-Term Investments	115	103	78	90	150	208	338	435
Note & Lease Receivable	-	-	-	-	-	-	-	0.00
Prepaid Expenses	9.06	4.93	3.50	4.13	4.88	6.89	8.05	8.68
Other Current Assets	-	-	-	0.00	300	0.04	0.00	23
Plant, Property, & Equipment, net	1.78	1.34	1.26	1.42	1.11	1.78	2.47	3.53
Total Noncurrent Assets	3.77	2.78	2.26	3.71	0.61	42	125	133
Long-Term Investments	-	-	-	1.99	-	31	115	124
Other Noncurrent Operating Assets	3.77	2.78	2.26	1.73	0.61	10	10	9.23
Total Liabilities & Shareholders' Equity	282	240	320	330	629	615	604	742
Total Liabilities	39	24	26	28	69	73	72	53
Total Current Liabilities	37	23	26	28	40	42	45	35
Accounts Payable	34	21	24	26	20	19	24	15
Current Deferred Revenue	0.00	0.00	0.00	0.00	16	20	20	17
Current Deferred & Payable Income Tax Liabilities	-	-	-	-	3.33	2.65	1.05	1.89
Other Current Liabilities	2.43	2.60	2.45	1.80	0.47	0.00	0.05	1.57
Total Noncurrent Liabilities	1.80	0.46	0.00	0.00	29	32	27	18
Noncurrent Deferred Revenue	-	-	-	-	29	21	17	8.18
Other Noncurrent Operating Liabilities	1.80	0.46	0.00	0.00	-	11	11	9.79
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	244	216	294	302	560	541	532	689
Total Preferred & Common Equity	244	216	294	302	560	541	532	689
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	244	216	294	302	560	541	532	689
Common Stock	747	787	903	945	969	981	1,003	1,041
Retained Earnings	-503	-570	-609	-643	-408	-439	-472	-352
Accumulated Other Comprehensive Income / (Loss)	-0.48	-0.12	-0.20	-0.17	-0.23	-0.25	1.34	0.09

This table displays calculated financial ratios and metrics derived from Protagonist Therapeutics' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	0.00%	0.00%	54.14%	-99.25%	12,293.07%	-4.44%	-2.84%	125.73%	624.06%
EBITDA Growth	-35.16%	-152.43%	0.38%	-12.89%	-89.12%	21.36%	-96.42%	-5.97%	26.06%	359.82%
EBIT Growth	-34.17%	-151.29%	-1.39%	-11.57%	-90.41%	19.82%	-95.15%	-4.33%	28.60%	369.67%
NOPAT Growth	-58.75%	-120.81%	-16.01%	-11.54%	-90.50%	19.88%	-95.06%	-4.39%	28.71%	479.86%
Net Income Growth	-34.19%	-150.22%	0.59%	-5.32%	-98.30%	14.30%	-89.80%	-1.47%	38.02%	448.54%
EPS Growth	-20.13%	90.22%	63.97%	16.75%	-71.26%	35.57%	-41.15%	4.06%	46.54%	404.32%
Operating Cash Flow Growth	-85.78%	-108.36%	112.92%	-1,389.95%	16.86%	-74.55%	-48.81%	-0.25%	35.05%	362.19%
Free Cash Flow Firm Growth	0.00%	-211.76%	132.42%	-693.17%	38.76%	-104.52%	-48.50%	-8.57%	15.17%	255.35%
Invested Capital Growth	0.00%	91.27%	-16,976.96%	53.07%	-164.67%	34.80%	4.73%	19.09%	77.28%	2,450.81%
Revenue Q/Q Growth	0.00%	0.00%	128.48%	-22.40%	271.11%	11.41%	12.16%	-24.48%	0.00%	34.17%
EBITDA Q/Q Growth	0.00%	0.00%	17.99%	-41.54%	-1.87%	-1.99%	-15.73%	-1.69%	38.32%	70.30%
EBIT Q/Q Growth	0.00%	0.00%	17.20%	-39.25%	-2.40%	-2.68%	-16.87%	0.44%	38.81%	69.43%
NOPAT Q/Q Growth	0.00%	0.00%	17.22%	-39.18%	-2.40%	-2.43%	-16.89%	0.38%	38.88%	67.00%
Net Income Q/Q Growth	0.00%	0.00%	18.15%	-38.47%	-4.94%	-2.14%	-16.76%	2.09%	43.80%	61.07%
EPS Q/Q Growth	0.00%	0.00%	-103.94%	-42.62%	-0.68%	9.86%	-16.31%	3.35%	46.95%	53.26%
Operating Cash Flow Q/Q Growth	0.00%	-19.74%	-53.58%	7.44%	-11.12%	-6.74%	-8.09%	-4.54%	40.89%	-20.03%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	10.58%	-7.98%	-7.50%	-7.78%	-6.35%	25.45%	-28.87%
Invested Capital Q/Q Growth	0.00%	0.00%	26.00%	-12.21%	-2.18%	7.25%	-17.84%	8.71%	76.00%	326.08%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	0.00%	0.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
EBITDA Margin	0.00%	0.00%	-183.48%	-134.38%	-34,022.51%	-215.88%	-443.72%	-483.93%	-158.52%	56.88%
Operating Margin	0.00%	0.00%	-188.89%	-136.68%	-34,857.58%	-225.36%	-460.01%	-494.24%	-156.09%	58.20%
EBIT Margin	0.00%	0.00%	-188.93%	-136.75%	-34,858.01%	-225.52%	-460.55%	-494.54%	-156.42%	58.26%
Profit (Net Income) Margin	0.00%	0.00%	-184.20%	-125.87%	-33,414.29%	-231.07%	-458.94%	-479.26%	-131.59%	63.34%
Tax Burden Percent	100.00%	100.00%	100.00%	97.99%	99.11%	102.01%	100.00%	100.00%	100.00%	98.49%
Interest Burden Percent	99.87%	99.44%	97.50%	93.93%	96.72%	100.44%	99.65%	96.91%	84.13%	110.40%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.51%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	447.93%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	442.12%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-393.54%
Return on Equity (ROE)	-154.84%	-76.53%	-35.50%	-33.39%	-80.20%	-36.79%	-43.32%	-49.41%	-28.59%	54.39%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	110.18%
Operating Return on Assets (OROA)	0.00%	0.00%	-29.42%	-27.89%	-54.70%	-26.94%	-37.49%	-44.14%	-30.98%	45.91%
Return on Assets (ROA)	0.00%	0.00%	-28.68%	-25.68%	-52.44%	-27.60%	-37.36%	-42.78%	-26.06%	49.91%
Return on Common Equity (ROCE)	442.11%	-47.39%	-35.50%	-33.39%	-80.20%	-36.79%	-43.32%	-49.41%	-28.59%	54.39%
Return on Equity Simple (ROE_SIMPLE)	54.23%	-42.46%	-30.64%	-34.59%	-96.53%	-23.66%	-41.85%	-59.09%	-23.45%	40.75%
Net Operating Profit after Tax (NOPAT)	-10	-23	-27	-30	-56	-45	-88	-92	-66	249
NOPAT Margin	0.00%	0.00%	-132.22%	-95.68%	-24,400.30%	-157.75%	-322.01%	-345.97%	-109.26%	57.32%
Net Nonoperating Expense Percent (NNEP)	-75.46%	-28.71%	-8.58%	-6.57%	-16.52%	-9.74%	-11.80%	-12.56%	-4.63%	5.81%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-42.65%	-19.47%	36.88%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	0.00%	0.00%	58.71%	44.29%	6,817.75%	65.10%	99.41%	119.40%	55.82%	10.00%
R&D to Revenue	0.00%	0.00%	230.18%	192.39%	28,139.83%	260.26%	460.60%	474.83%	200.27%	31.80%
Operating Expenses to Revenue	0.00%	0.00%	288.89%	236.68%	34,957.58%	325.36%	560.01%	594.24%	256.09%	41.80%
Earnings before Interest and Taxes (EBIT)	-15	-37	-38	-42	-81	-65	-126	-131	-94	253
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-15	-37	-37	-42	-79	-62	-121	-129	-95	247
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	4.20	3.53	1.45	2.40	2.76	5.44	2.49	3.93	3.41
Price to Tangible Book Value (P/TBV)	0.00	4.20	3.53	1.45	2.40	2.76	5.44	2.49	3.93	3.41
Price to Revenue (P/Rev)	0.00	0.00	21.23	5.26	830.33	26.94	59.67	20.19	22.04	5.30
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	8.36
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	11.96%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	14.99
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	13.48	1.10	296.85	16.19	47.72	11.26	16.35	4.01
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	7.05
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	6.88
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	6.99
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	69.86	0.00	0.00	0.00	0.00	0.00	0.00	9.46
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	33.38	0.00	0.00	0.00	0.00	0.00	0.00	13.61
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.12	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.12	0.00	0.00	0.00	0.00	0.00
Financial Leverage	-1.24	-1.03	-1.17	-1.22	-1.31	-1.20	-1.10	-1.09	-1.05	-0.89
Leverage Ratio	1.55	1.12	1.24	1.30	1.53	1.33	1.16	1.16	1.10	1.09
Compound Leverage Factor	1.55	1.11	1.21	1.22	1.48	1.34	1.16	1.12	0.92	1.20
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	10.91%	0.00%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	10.91%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	385.54%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	-285.54%	100.00%	100.00%	100.00%	89.09%	100.00%	100.00%	100.00%	100.00%	100.00%
Debt to EBITDA	0.00	0.00	0.00	0.00	-0.12	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	0.00	0.00	0.00	0.00	1.57	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	-0.12	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.00	0.00	0.00	0.00	-0.17	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	0.00	0.00	0.00	0.00	2.19	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	-0.17	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	0.00	32.98	5.21	2.39	-1.29	9.54	18.80	6.32	35.32	21.82
Noncontrolling Interest Sharing Ratio	385.54%	38.08%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.00	12.94	3.55	5.26	4.10	7.84	7.74	7.80	16.71	12.48
Quick Ratio	3.81	12.06	3.43	5.10	3.95	7.66	7.46	7.61	16.06	8.84
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-8.02	-25	8.11	-48	-29	-60	-89	-97	-82	128
Operating Cash Flow to CapEx	-3,605.26%	-8,637.46%	581.38%	-10,277.16%	-4,294.42%	-15,389.38%	-9,797.00%	-13,602.14%	-11,533.00%	13,590.55%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	-174.22	-50.90	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	-245.72	-61.27	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	-251.44	-61.67	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.00	0.16	0.20	0.00	0.12	0.08	0.09	0.20	0.79
Accounts Receivable Turnover	0.00	0.00	0.00	9.66	0.04	6.24	13.71	0.00	0.00	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.00	27.85	35.55	0.18	18.22	16.78	15.81	43.48	198.15
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	0.00	0.00	0.00	37.79	8,960.67	58.53	26.63	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	0.00	0.00	0.00	37.79	8,960.67	58.53	26.63	0.00	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	-2.34	-0.20	-35	-16	-43	-28	-27	-22	-4.94	116
Invested Capital Turnover	0.00	0.00	-1.15	-1.21	-0.01	-0.80	-0.99	-1.09	-4.50	7.81
Increase / (Decrease) in Invested Capital	-2.34	2.13	-35	18	-27	15	1.33	5.13	17	121
Enterprise Value (EV)	0.00	280	271	34	69	463	1,305	299	981	1,741
Market Capitalization	0.00	368	426	163	192	771	1,632	537	1,323	2,300
Book Value per Share	($108.85)	$5.24	$5.89	$4.65	$2.94	$7.31	$6.29	$4.38	$5.84	$11.33
Tangible Book Value per Share	($108.85)	$5.24	$5.89	$4.65	$2.94	$7.31	$6.29	$4.38	$5.84	$11.33
Total Capital	9.60	88	121	113	90	280	300	216	337	675
Total Debt	0.00	0.00	0.00	0.00	9.79	0.00	0.00	0.00	0.00	0.00
Total Long-Term Debt	0.00	0.00	0.00	0.00	9.79	0.00	0.00	0.00	0.00	0.00
Net Debt	-12	-88	-155	-129	-123	-308	-327	-237	-342	-559
Capital Expenditures (CapEx)	0.40	0.35	0.67	0.49	0.97	0.47	1.10	0.80	0.61	1.36
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-15	-0.80	-36	-18	-23	-30	-30	-25	-7.31	125
Debt-free Net Working Capital (DFNWC)	-3.13	77	108	111	110	275	297	212	334	544
Net Working Capital (NWC)	-3.13	77	108	111	110	275	297	212	334	544
Net Nonoperating Expense (NNE)	4.50	14	10	9.34	21	21	37	35	13	-26
Net Nonoperating Obligations (NNO)	-12	-88	-155	-129	-123	-308	-327	-237	-342	-559
Total Depreciation and Amortization (D&A)	0.24	0.43	1.09	0.73	1.93	2.76	4.61	2.82	-1.26	-5.98
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	0.00%	-177.54%	-56.65%	-10,009.52%	-106.38%	-110.32%	-95.77%	-12.19%	28.85%
Debt-free Net Working Capital to Revenue	0.00%	0.00%	540.26%	360.05%	47,577.92%	961.87%	1,084.62%	797.18%	557.17%	125.28%
Net Working Capital to Revenue	0.00%	0.00%	540.26%	360.05%	47,577.92%	961.87%	1,084.62%	797.18%	557.17%	125.28%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($59.32)	($5.80)	($2.09)	($1.74)	($2.98)	($1.92)	($2.71)	($2.60)	($1.39)	$4.47
Adjusted Weighted Average Basic Shares Outstanding	251.72K	16.79M	21.10M	23.35M	27.29M	43.81M	48.41M	49.04M	56.76M	61.57M
Adjusted Diluted Earnings per Share	($59.32)	($5.80)	($2.09)	($1.74)	($2.98)	($1.92)	($2.71)	($2.60)	($1.39)	$4.23
Adjusted Weighted Average Diluted Shares Outstanding	251.72K	16.79M	21.10M	23.35M	27.29M	43.81M	48.41M	49.04M	56.76M	65.08M
Adjusted Basic & Diluted Earnings per Share	($59.32)	($5.80)	($2.09)	($1.74)	($2.98)	($1.92)	($2.71)	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	251.72K	6.50M	17.69M	22.36M	25.89M	34.40M	46.32M	51.28M	58.27M	61.38M
Normalized Net Operating Profit after Tax (NOPAT)	-10	-23	-27	-30	-56	-45	-88	-92	-66	249
Normalized NOPAT Margin	0.00%	0.00%	-132.22%	-95.68%	-24,400.30%	-157.75%	-322.01%	-345.97%	-109.26%	57.32%
Pre Tax Income Margin	0.00%	0.00%	-184.20%	-128.45%	-33,713.42%	-226.51%	-458.94%	-479.26%	-131.59%	64.32%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	-476.46	-54.57	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	-333.52	-38.18	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	-482.18	-54.97	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	-339.24	-38.57	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from Protagonist Therapeutics' official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-100.00%	0.00%	-100.00%	-100.00%	0.00%	0.00%	0.00%	0.00%	0.00%	184.40%	-88.89%
EBITDA Growth	7.10%	-6.22%	-84.05%	-4.76%	-21.85%	161.82%	660.86%	7.17%	-12.89%	451.83%	-110.38%
EBIT Growth	4.53%	1.58%	-71.66%	-2.05%	-18.43%	163.36%	669.61%	8.68%	-7.70%	449.13%	-109.32%
NOPAT Growth	4.78%	1.35%	-70.63%	-2.20%	-18.65%	190.17%	905.29%	8.41%	-8.16%	441.86%	-106.66%
Net Income Growth	7.61%	7.35%	-61.13%	6.28%	-9.20%	179.94%	714.80%	20.40%	2.62%	381.70%	-105.62%
EPS Growth	8.57%	11.54%	-55.81%	19.05%	9.38%	178.26%	586.57%	26.47%	6.90%	272.22%	-105.83%
Operating Cash Flow Growth	11.48%	-17.43%	8.81%	-92.43%	-5.60%	153.61%	20.14%	1,123.79%	-4.70%	-272.04%	557.05%
Free Cash Flow Firm Growth	31.11%	-12.66%	55.36%	-22.01%	-39.17%	120.34%	-249.16%	122.30%	105.86%	-38.76%	572.38%
Invested Capital Growth	-4.43%	19.09%	-315.61%	19.15%	13.58%	77.28%	1,729.72%	-179.94%	-149.51%	2,450.81%	-103.71%
Revenue Q/Q Growth	-100.00%	0.00%	0.00%	0.00%	0.00%	0.00%	324.92%	-98.37%	12.19%	3,550.01%	-83.40%
EBITDA Q/Q Growth	22.07%	-15.48%	-0.33%	-16.03%	9.35%	158.59%	810.20%	-119.21%	-10.23%	386.39%	-117.08%
EBIT Q/Q Growth	21.99%	-12.52%	0.63%	-17.00%	9.48%	160.21%	793.30%	-118.76%	-6.76%	406.96%	-115.16%
NOPAT Q/Q Growth	22.05%	-13.04%	1.36%	-17.58%	9.51%	185.91%	1,158.51%	-113.37%	-6.86%	530.41%	-110.82%
Net Income Q/Q Growth	23.89%	-9.48%	1.37%	-14.04%	11.32%	180.15%	658.51%	-114.77%	-8.47%	496.49%	-108.85%
EPS Q/Q Growth	23.81%	-7.81%	2.90%	-1.49%	14.71%	193.10%	503.70%	-115.34%	-8.00%	472.22%	-109.45%
Operating Cash Flow Q/Q Growth	-84.83%	-25.53%	-8.57%	23.61%	-1.42%	163.73%	-261.73%	1,079.34%	-110.37%	-4.72%	529.65%
Free Cash Flow Firm Q/Q Growth	23.00%	-42.09%	53.95%	-142.16%	12.17%	120.76%	-7,235.99%	115.47%	-76.91%	116.95%	5,998.56%
Invested Capital Q/Q Growth	0.38%	8.71%	32.90%	-32.49%	-6.49%	76.00%	4,913.95%	-122.76%	5.09%	326.08%	-107.60%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	0.00%	0.00%	0.00%	0.00%	0.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
EBITDA Margin	0.00%	0.00%	0.00%	0.00%	0.00%	37.63%	80.60%	-947.11%	-930.55%	73.01%	-75.13%
Operating Margin	0.00%	0.00%	0.00%	0.00%	0.00%	38.42%	80.92%	-930.96%	-886.70%	74.30%	-68.18%
EBIT Margin	0.00%	0.00%	0.00%	0.00%	0.00%	38.49%	80.91%	-928.63%	-883.68%	74.32%	-67.89%
Profit (Net Income) Margin	0.00%	0.00%	0.00%	0.00%	0.00%	45.56%	81.32%	-734.73%	-710.37%	77.17%	-41.15%
Tax Burden Percent	0.00%	32.12%	100.00%	100.00%	100.00%	100.00%	98.42%	97.84%	98.75%	98.51%	100.00%
Interest Burden Percent	0.00%	292.12%	93.12%	90.77%	88.91%	118.37%	102.12%	80.87%	81.40%	105.40%	60.61%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.58%	0.00%	0.00%	1.49%	0.00%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	224.75%	0.00%	0.00%	571.94%	-86.63%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	223.20%	0.00%	0.00%	570.43%	-86.99%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-159.05%	0.00%	0.00%	-507.75%	71.05%
Return on Equity (ROE)	-45.39%	-49.41%	-54.13%	-48.97%	-51.48%	-28.59%	65.70%	40.69%	40.97%	64.18%	-15.58%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-43.62%	0.00%	0.00%	110.18%	0.00%
Operating Return on Assets (OROA)	0.00%	0.00%	0.00%	0.00%	0.00%	7.62%	58.64%	-633.83%	-612.78%	58.56%	-20.57%
Return on Assets (ROA)	0.00%	0.00%	0.00%	0.00%	0.00%	9.02%	58.94%	-501.48%	-492.61%	60.80%	-12.47%
Return on Common Equity (ROCE)	-45.39%	-49.41%	-54.13%	-48.97%	-51.48%	-28.59%	65.70%	40.69%	40.97%	64.18%	-15.58%
Return on Equity Simple (ROE_SIMPLE)	-53.41%	0.00%	-64.85%	-46.80%	-46.49%	0.00%	28.93%	31.40%	32.12%	0.00%	8.16%
Net Operating Profit after Tax (NOPAT)	-23	-26	-25	-30	-27	23	203	-27	-29	125	-14
NOPAT Margin	0.00%	0.00%	0.00%	0.00%	0.00%	38.42%	79.64%	-651.67%	-620.69%	73.19%	-47.73%
Net Nonoperating Expense Percent (NNEP)	-2.78%	-3.06%	-3.18%	-2.91%	-2.47%	1.48%	1.55%	-0.76%	-0.93%	1.51%	0.36%
Return On Investment Capital (ROIC_SIMPLE)	-	-11.86%	-	-	-	6.85%	-	-	-	18.49%	-1.96%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	13.42%	5.85%	226.54%	217.28%	5.25%	41.45%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	48.17%	13.23%	804.42%	769.41%	20.46%	126.74%
Operating Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	61.59%	19.08%	1,030.96%	986.70%	25.70%	168.18%
Earnings before Interest and Taxes (EBIT)	-32	-36	-36	-42	-38	23	206	-39	-41	127	-19
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-32	-37	-37	-43	-39	23	205	-39	-44	125	-21
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.70	2.49	5.46	5.38	3.18	3.93	2.98	3.75	4.98	3.41	4.31
Price to Tangible Book Value (P/TBV)	1.70	2.49	5.46	5.38	3.18	3.93	2.98	3.75	4.98	3.41	4.31
Price to Revenue (P/Rev)	11.76	20.19	1,372.91	0.00	0.00	22.04	5.30	6.37	8.19	5.30	14.29
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	10.29	11.96	15.51	8.36	52.83
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	9.72%	8.36%	6.45%	11.96%	1.89%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	0.00	5.66	0.00	0.00	14.99	0.00
Enterprise Value to Revenue (EV/Rev)	4.16	11.26	1,104.27	0.00	0.00	16.35	4.27	4.50	6.39	4.01	10.93
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	9.15	9.57	14.25	7.05	108.52
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	9.05	9.43	13.84	6.88	82.35
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	9.05	9.44	13.86	6.99	84.73
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	6.21	8.98	9.46	6.74
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	7.68	11.49	13.61	8.30
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	-1.08	-1.09	-1.04	-1.08	-1.08	-1.05	-0.71	-1.09	-1.09	-0.89	-0.82
Leverage Ratio	1.14	1.16	1.14	1.12	1.12	1.10	1.12	1.12	1.12	1.09	1.10
Compound Leverage Factor	0.00	3.37	1.06	1.02	1.00	1.30	1.14	0.91	0.91	1.15	0.67
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	4.71	7.58	27.11	33.93	18.63	36.39	16.34	16.98	22.18	21.26	34.01
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	7.53	7.80	10.15	12.01	11.66	16.71	15.72	13.73	10.70	12.48	17.26
Quick Ratio	7.28	7.61	9.94	11.87	11.51	16.06	8.08	13.56	10.51	8.84	16.36
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-22	-31	-14	-34	-30	6.24	-49	7.63	1.76	3.82	233
Operating Cash Flow to CapEx	-15,556.17%	-45,192.86%	-343,470.00%	-14,907.95%	-6,586.88%	89,263.16%	-11,334.30%	959,364.29%	-3,595.23%	-9,412.26%	23,002.39%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.11	0.09	0.00	0.00	0.00	0.20	0.72	0.68	0.69	0.79	0.30
Accounts Receivable Turnover	25.48	0.00	0.07	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	20.08	15.81	0.50	0.00	0.00	43.48	256.89	209.74	166.52	198.15	89.55
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	14.33	0.00	5,354.11	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	14.33	0.00	5,354.11	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	-24	-22	-15	-19	-21	-4.94	238	-54	-51	116	-8.83
Invested Capital Turnover	-1.51	-1.09	-0.09	0.00	0.00	-4.50	2.82	-8.69	-9.00	7.81	1.82
Increase / (Decrease) in Invested Capital	-1.01	5.13	-11	4.58	3.23	17	252	-35	-31	121	-247
Enterprise Value (EV)	146	299	949	1,268	637	981	1,346	1,437	2,067	1,741	2,271
Market Capitalization	414	537	1,179	1,581	960	1,323	1,669	2,032	2,651	2,300	2,969
Book Value per Share	$4.96	$4.38	$4.22	$5.14	$5.25	$5.84	$9.21	$9.23	$9.03	$11.33	$11.23
Tangible Book Value per Share	$4.96	$4.38	$4.22	$5.14	$5.25	$5.84	$9.21	$9.23	$9.03	$11.33	$11.23
Total Capital	244	216	216	294	302	337	560	541	532	675	689
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	-267	-237	-231	-313	-323	-342	-323	-595	-583	-559	-698
Capital Expenditures (CapEx)	0.16	0.07	0.01	0.18	0.40	0.02	0.24	0.03	0.78	0.31	0.55
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-28	-25	-18	-23	-24	-7.31	265	-35	-37	125	-3.61
Debt-free Net Working Capital (DFNWC)	240	212	213	291	297	334	588	529	432	544	571
Net Working Capital (NWC)	240	212	213	291	297	334	588	529	432	544	571
Net Nonoperating Expense (NNE)	8.62	8.63	8.51	8.81	7.28	-4.29	-4.29	3.46	4.19	-6.78	-1.86
Net Nonoperating Obligations (NNO)	-267	-237	-231	-313	-323	-342	-323	-595	-583	-559	-698
Total Depreciation and Amortization (D&A)	0.76	-0.07	-0.42	-0.14	-0.18	-0.52	-0.80	-0.77	-2.19	-2.22	-2.05
Debt-free, Cash-free Net Working Capital to Revenue	-78.34%	-95.77%	-2,124.80%	0.00%	0.00%	-12.19%	84.14%	-10.86%	-11.28%	28.85%	-1.74%
Debt-free Net Working Capital to Revenue	681.47%	797.18%	24,738.88%	0.00%	0.00%	557.17%	186.58%	165.88%	133.48%	125.28%	274.66%
Net Working Capital to Revenue	681.47%	797.18%	24,738.88%	0.00%	0.00%	557.17%	186.58%	165.88%	133.48%	125.28%	274.66%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.64)	($0.69)	($0.67)	($0.68)	($0.58)	$0.54	$3.41	($0.50)	($0.54)	$2.10	($0.19)
Adjusted Weighted Average Basic Shares Outstanding	49.11M	49.04M	50.57M	56.78M	59.18M	56.76M	60.86M	61.31M	61.77M	61.57M	62.96M
Adjusted Diluted Earnings per Share	($0.64)	($0.69)	($0.67)	($0.68)	($0.58)	$0.54	$3.26	($0.50)	($0.54)	$2.01	($0.19)
Adjusted Weighted Average Diluted Shares Outstanding	49.11M	49.04M	50.57M	56.78M	59.18M	56.76M	63.60M	61.31M	61.77M	65.08M	62.96M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	49.20M	51.28M	57.25M	57.53M	57.68M	58.27M	58.65M	58.90M	59.60M	61.38M	61.98M
Normalized Net Operating Profit after Tax (NOPAT)	-23	-26	-25	-30	-27	16	203	-27	-29	125	-14
Normalized NOPAT Margin	0.00%	0.00%	0.00%	0.00%	0.00%	26.89%	79.64%	-651.67%	-620.69%	73.19%	-47.73%
Pre Tax Income Margin	0.00%	0.00%	0.00%	0.00%	0.00%	45.56%	82.63%	-750.95%	-719.36%	78.33%	-41.15%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Key Financial Trends

Protagonist Therapeutics (NASDAQ:PTGX) exhibits significant fluctuations in its financial performance and balance sheet over the last several quarters, reflecting the typical volatility seen in biotechnology companies as they invest heavily in R&D and manage clinical development milestones.

Positive Financial Highlights:

As of Q1 2025, Protagonist holds substantial liquidity, with cash and equivalents of approximately $140 million and short-term investments soaring to about $435 million, leading to total current assets exceeding $605 million, up from $476 million in Q3 2024.
The net cash from continuing operating activities in Q1 2025 was strongly positive at $125 million, a substantial turnaround from negative operating cash flows reported in prior quarters such as Q3 2024 (-$27.8 million) and Q4 2024 (-$29.2 million).
Interest and investment income has remained robust, increasing to $7.57 million in Q1 2025 from about $6.85 million in Q4 2024, supporting other income streams despite operating losses.
The company shows a consistent ability to raise equity financing, with issuance of common stock generating $11.9 million in cash in Q1 2025 and previous quarters also showing steady equity inflows, which support its ongoing operations and development programs.

Neutral Financial Observations:

Revenue recognition appears minimal or fluctuating, with revenue of only $28.3 million in Q1 2025, a small fraction compared to a spike of approximately $170.6 million in Q4 2024, suggesting revenue spikes may be milestone or collaboration related rather than from steady sales.
Depreciation and amortization expenses vary but remain relatively modest, indicating limited fixed asset base consistent with a biotech development stage company.
Total liabilities have increased moderately to about $53 million in Q1 2025, from $44.5 million in Q3 2024, remaining at a manageable level relative to the company’s assets and equity base.

Negative Financial Trends and Risks:

The company reported a net loss of -$11.7 million in Q1 2025, continuing a trend of losses in most recent quarters, with steep losses in Q2 to Q3 2024 (-$30 million to -$33 million). This is reflective of ongoing heavy R&D expenses.
R&D expenses remain exceptionally high, increasing to $35.9 million in Q1 2025 compared to approximately $34.9 million in Q4 2024, which is a substantial burden on the company’s profitability.
Selling, General & Administrative expenses are also sizeable at $11.7 million in Q1 2025, showing that operating expenses remain a significant factor keeping the company in an operating loss position.
The equity position has been increasing, reaching around $689 million in Q1 2025 from $532 million in Q3 2024; however, accumulated deficits are also deepening, reflecting ongoing net losses that reduce retained earnings substantially.
The volatility in cash from operations and investing activities across quarters shows reliance on financing and investment activity to sustain operations rather than positive operational cash flows consistently.

Summary:

Protagonist Therapeutics is in a typical clinical-stage biotech position where significant investment in R&D results in recurrent losses and negative operating cash flow historically. Recently, Q1 2025 shows a strong positive cash flow from operations, largely due to non-cash adjustments and changes in working capital, coupled with strong liquidity. This gives the company a reasonable runway to advance its clinical pipeline.

Investors should watch for trends in revenue recognition and the ability to control operating expenses over time, as continued high R&D spending impacts profitability. The balance sheet remains strong, underpinned by substantial cash, investments, and equity financing activities, which should help fund ongoing development initiatives.

08/29/25 05:51 PM ETAI Generated. May Contain Errors.

Financials Breakdown Chart

Frequently Asked Questions About Protagonist Therapeutics' Financials

When does Protagonist Therapeutics' fiscal year end?

According to the most recent income statement we have on file, Protagonist Therapeutics' financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Protagonist Therapeutics' net income changed over the last 9 years?

Protagonist Therapeutics' net income appears to be on a downward trend, with a most recent value of $275.19 million in 2024, falling from -$14.86 million in 2015. The previous period was -$78.96 million in 2023. See Protagonist Therapeutics' forecast for analyst expectations on what’s next for the company.

What is Protagonist Therapeutics' operating income?

Protagonist Therapeutics' total operating income in 2024 was $252.84 million, based on the following breakdown:

Total Gross Profit: $434.43 million
Total Operating Expenses: $181.59 million

How has Protagonist Therapeutics' revenue changed over the last 9 years?

Over the last 9 years, Protagonist Therapeutics' total revenue changed from $0.00 in 2015 to $434.43 million in 2024, a change of 43,443,300,000.0%.

How much debt does Protagonist Therapeutics have?

Protagonist Therapeutics' total liabilities were at $69.43 million at the end of 2024, a 226.4% increase from 2023, and a 1,222.7% increase since 2015.

How much cash does Protagonist Therapeutics have?

In the past 9 years, Protagonist Therapeutics' cash and equivalents has ranged from $4.06 million in 2015 to $186.73 million in 2023, and is currently $97.25 million as of their latest financial filing in 2024.

How has Protagonist Therapeutics' book value per share changed over the last 9 years?

Over the last 9 years, Protagonist Therapeutics' book value per share changed from -108.85 in 2015 to 11.33 in 2024, a change of -110.4%.

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This page (NASDAQ:PTGX) was last updated on 8/29/2025 by MarketBeat.com Staff

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Protagonist Therapeutics (PTGX) Financials

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Protagonist Therapeutics (PTGX) Financials

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