Protagonist Therapeutics (PTGX) Financials

$99.21 -0.31 (-0.31%)

Closing price 04:00 PM Eastern

Extended Trading

$101.21 +2.00 (+2.02%)

As of 05:35 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	2025
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	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-15	-38	-37	-39	-77	-66	-126	-127	-79	275	-130
Consolidated Net Income / (Loss)	-15	-37	-37	-39	-77	-66	-126	-127	-79	275	-130
Net Income / (Loss) Continuing Operations	-15	-37	-37	-39	-77	-66	-126	-127	-79	275	-130
Total Pre-Tax Income	-15	-37	-37	-40	-78	-65	-126	-127	-79	279	-129
Total Operating Income	-15	-33	-38	-42	-81	-65	-126	-131	-94	253	-158
Total Gross Profit	0.00	0.00	20	31	0.23	29	27	27	60	434	46
Total Revenue	0.00	0.00	20	31	0.23	29	27	27	60	434	46
Operating Revenue	0.00	0.00	20	31	0.23	29	27	27	60	434	46
Total Cost of Revenue	0.00	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	204
Selling, General & Admin Expense	2.96	6.96	12	14	16	19	27	32	33	43	45
Research & Development Expense	12	26	46	59	65	75	126	126	120	138	159
Total Other Income / (Expense), net	-0.06	-4.48	0.94	2.55	2.64	-0.33	0.29	3.98	15	27	29
Interest & Investment Income	0.02	0.24	0.95	2.57	2.81	0.90	0.44	4.06	15	26	29
Other Income / (Expense), net	-0.08	-4.72	-0.01	-0.02	-0.00	-0.05	-0.15	-0.08	-0.20	0.25	0.03
Income Tax Expense	-	0.00	-	-0.80	-0.69	1.31	-	0.00	0.00	4.22	0.84
Basic Earnings per Share	($59.32)	($5.80)	($2.09)	($1.74)	($2.98)	($1.92)	($2.71)	($2.60)	($1.39)	$4.47	($2.05)
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	63.57M
Diluted Earnings per Share	($59.32)	($5.80)	($2.09)	($1.74)	($2.98)	($1.92)	($2.71)	($2.60)	($1.39)	$4.23	($2.05)
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	63.57M
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	63.81M

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

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-38	-34	27	207	-31	-33	132	-12	-35	-39	-44
Consolidated Net Income / (Loss)	-38	-34	27	207	-31	-33	132	-12	-35	-39	-44
Net Income / (Loss) Continuing Operations	-38	-34	27	207	-31	-33	132	-12	-35	-39	-44
Total Pre-Tax Income	-38	-34	27	211	-31	-34	134	-12	-35	-39	-44
Total Operating Income	-42	-38	23	206	-39	-41	127	-19	-42	-46	-50
Total Gross Profit	0.00	0.00	60	255	4.17	4.68	171	28	5.55	4.71	7.44
Total Revenue	0.00	0.00	60	255	4.17	4.68	171	28	5.55	4.71	7.44
Operating Revenue	0.00	0.00	60	255	4.17	4.68	171	28	5.55	4.71	7.44
Total Operating Expenses	42	38	37	49	43	46	44	48	48	51	58
Selling, General & Admin Expense	9.17	7.66	8.05	15	9.44	10	8.95	12	11	11	11
Research & Development Expense	33	31	29	34	34	36	35	36	37	40	46
Total Other Income / (Expense), net	3.89	4.22	4.29	4.36	7.50	7.82	6.88	7.66	7.44	7.08	6.64
Interest & Investment Income	3.91	4.25	4.24	4.38	7.40	7.68	6.85	7.57	7.41	7.05	6.76
Other Income / (Expense), net	-0.02	-0.03	0.04	-0.02	0.10	0.14	0.03	0.08	0.04	0.03	-0.12
Income Tax Expense	0.00	0.00	-	3.33	-0.68	-0.42	1.99	0.00	0.17	0.00	0.67
Basic Earnings per Share	($0.68)	($0.58)	$0.54	$3.41	($0.50)	($0.54)	$2.10	($0.19)	($0.55)	($0.62)	($0.69)
Weighted Average Basic Shares Outstanding	56.78M	59.18M	56.76M	60.86M	61.31M	61.77M	61.57M	62.96M	63.51M	63.77M	63.57M
Diluted Earnings per Share	($0.68)	($0.58)	$0.54	$3.26	($0.50)	($0.54)	$2.01	($0.19)	($0.55)	($0.62)	($0.69)
Weighted Average Diluted Shares Outstanding	56.78M	59.18M	56.76M	63.60M	61.31M	61.77M	65.08M	62.96M	63.51M	63.77M	63.57M
Weighted Average Basic & Diluted Shares Outstanding	57.53M	57.68M	58.27M	58.65M	58.90M	59.60M	61.38M	61.98M	62.21M	62.52M	63.81M

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	2025
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	12/31/2025
Net Change in Cash & Equivalents	-5.23	17	85	-24	-49	84	6.07	2.08	61	-89	31
Net Cash From Operating Activities	-14	-30	3.87	-50	-42	-72	-108	-108	-70	184	58
Net Cash From Continuing Operating Activities	-14	-30	3.87	-50	-42	-72	-108	-108	-70	184	58
Net Income / (Loss) Continuing Operations	-15	-37	-37	-39	-77	-66	-126	-127	-79	275	-130
Consolidated Net Income / (Loss)	-15	-37	-37	-39	-77	-66	-126	-127	-79	275	-130
Depreciation Expense	0.25	0.32	0.41	0.53	0.73	0.95	0.81	1.03	0.98	0.83	1.28
Amortization Expense	-0.01	0.12	0.69	0.21	1.20	1.81	3.79	1.79	-4.57	-8.88	-7.22
Non-Cash Adjustments To Reconcile Net Income	0.18	6.88	4.18	6.26	5.70	9.92	16	24	22	-115	212
Changes in Operating Assets and Liabilities, net	0.05	-0.11	36	-18	28	-19	-3.31	-7.77	-9.33	32	-19
Net Cash From Investing Activities	-8.26	-59	16	2.21	-54	-91	-16	91	-39	-299	-49
Net Cash From Continuing Investing Activities	-8.26	-59	16	2.21	-54	-91	-16	91	-39	-299	-49
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	-1.59
Purchase of Investments	-7.87	-73	-40	-71	-167	-280	-287	-215	-191	-622	-547
Sale and/or Maturity of Investments	0.00	14	56	74	114	190	272	307	152	324	499
Net Cash From Financing Activities	17	106	66	24	46	248	130	19	170	26	23
Net Cash From Continuing Financing Activities	17	106	66	24	46	248	130	19	170	26	23
Issuance of Debt	-	-	-	1.51	44	42	0.00	15	24	0.00	0.00
Issuance of Common Equity	0.06	84	66	23	1.78	216	130	4.47	113	26	23
Other Financing Activities, net	-	-	-	-	0.00	-	-0.19	-0.19	34	-0.60	-0.48
Cash Income Taxes Paid	-	-	-	-	-	-	-	0.00	0.00	1.53	3.69

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	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Net Change in Cash & Equivalents	108	-4.86	-44	-14	183	-225	-34	42	29	-55	15
Net Cash From Operating Activities	-26	-27	17	-27	269	-28	-29	125	-29	-1.94	-37
Net Cash From Continuing Operating Activities	-26	-27	17	-27	269	-28	-29	125	-29	-1.94	-37
Net Income / (Loss) Continuing Operations	-38	-34	27	207	-31	-33	132	-12	-35	-39	-44
Consolidated Net Income / (Loss)	-38	-34	27	207	-31	-33	132	-12	-35	-39	-44
Depreciation Expense	0.24	0.24	0.25	0.24	0.24	0.23	0.12	0.24	0.30	0.36	0.38
Amortization Expense	-0.38	-0.42	-0.76	-1.62	-1.01	-2.42	-2.34	-2.29	-1.91	-1.68	-1.34
Non-Cash Adjustments To Reconcile Net Income	8.34	6.77	6.60	-280	8.94	10	9.09	157	12	32	12
Changes in Operating Assets and Liabilities, net	4.02	0.91	-16	47	291	-2.63	-168	-17	-4.52	6.46	-3.14
Net Cash From Investing Activities	26	-14	-61	6.07	-88	-209	-8.73	-94	55	-59	49
Net Cash From Continuing Investing Activities	26	-14	-61	6.07	-88	-209	-8.73	-94	55	-59	49
Purchase of Property, Plant & Equipment	-0.18	-0.40	-0.02	-0.24	-0.03	-0.78	-0.31	-0.55	-0.81	-0.09	-0.14
Purchase of Investments	-6.06	-59	-98	-66	-175	-267	-114	-214	-67	-161	-104
Sale and/or Maturity of Investments	32	46	37	72	87	59	106	120	123	103	153
Net Cash From Financing Activities	108	35	0.53	7.20	2.57	12	4.03	11	2.93	5.66	2.84
Net Cash From Continuing Financing Activities	108	35	0.53	7.20	2.57	12	4.03	11	2.93	5.66	2.84
Issuance of Common Equity	109	0.94	0.53	7.80	2.57	12	4.03	12	2.93	5.66	2.84

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	2025
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	12/31/2025
Total Assets	15	94	164	139	155	324	348	248	358	745	668
Total Current Assets	0.00	83	151	138	145	316	341	243	356	592	578
Cash & Equivalents	4.06	21	106	82	33	117	124	126	187	97	128
Short-Term Investments	7.87	57	38	47	100	188	203	112	155	322	439
Note & Lease Receivable	-	-	-	-	-	-	-	-	-	165	0.12
Prepaid Expenses	1.56	3.39	3.77	2.62	5.53	6.28	9.48	5.71	3.96	7.73	10
Plant, Property, & Equipment, net	0.61	0.56	0.88	0.86	1.68	1.46	1.80	1.57	1.20	3.19	3.86
Total Noncurrent Assets	0.03	10	12	1.11	7.93	7.40	5.16	3.29	1.18	150	87
Long-Term Investments	0.00	10	11	-	0.00	2.00	-	-	0.00	140	79
Other Noncurrent Operating Assets	0.03	0.03	0.45	0.45	6.49	5.40	5.16	3.29	1.18	9.64	8.12
Total Liabilities & Shareholders' Equity	15	94	164	139	155	324	348	248	358	745	668
Total Liabilities	5.25	6.44	43	27	75	45	48	32	21	69	53
Total Current Liabilities	3.13	6.44	43	26	35	40	44	31	21	47	45
Accounts Payable	3.13	6.44	11	18	16	24	40	29	20	25	34
Current Deferred Revenue	-	-	32	8.22	18	14	1.60	0.07	0.00	19	9.55
Current Deferred & Payable Income Tax Liabilities	-	-	-	-	-	-	-	-	0.00	2.69	0.00
Other Current Liabilities	-	-	-	-	1.26	1.46	2.20	2.52	1.14	0.51	2.28
Total Noncurrent Liabilities	2.12	0.00	0.55	0.80	40	4.62	3.66	1.14	0.00	22	8.04
Noncurrent Deferred Revenue	-	0.00	0.55	0.80	24	-	-	-	0.00	12	0.00
Other Noncurrent Operating Liabilities	2.12	-	-	-	5.96	4.62	3.66	1.14	0.00	10	8.04
Commitments & Contingencies	0.00	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	615
Total Preferred & Common Equity	-27	88	121	113	80	280	300	216	337	675	615
Preferred Stock	0.00	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	615
Common Stock	0.12	152	222	253	298	563	710	753	952	1,016	1,085
Retained Earnings	-27	-65	-102	-140	-218	-284	-409	-537	-616	-341	-471
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	0.64

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	Q2 2025	Q3 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	6/30/2025	9/30/2025
Total Assets	282	240	320	330	629	615	604	742	718	702
Total Current Assets	277	236	317	325	628	571	477	606	603	586
Cash & Equivalents	153	128	235	231	173	356	131	140	169	114
Short-Term Investments	115	103	78	90	150	208	338	435	402	462
Note & Lease Receivable	-	-	-	-	-	-	-	0.00	0.00	0.58
Prepaid Expenses	9.06	4.93	3.50	4.13	4.88	6.89	8.05	8.68	8.70	9.72
Plant, Property, & Equipment, net	1.78	1.34	1.26	1.42	1.11	1.78	2.47	3.53	4.11	4.10
Total Noncurrent Assets	3.77	2.78	2.26	3.71	0.61	42	125	133	111	111
Long-Term Investments	-	-	-	1.99	-	31	115	124	102	103
Other Noncurrent Operating Assets	3.77	2.78	2.26	1.73	0.61	10	10	9.23	8.88	8.46
Total Liabilities & Shareholders' Equity	282	240	320	330	629	615	604	742	718	702
Total Liabilities	39	24	26	28	69	73	72	53	50	56
Total Current Liabilities	37	23	26	28	40	42	45	35	36	45
Accounts Payable	34	21	24	26	20	19	24	15	19	29
Current Deferred Revenue	0.00	0.00	0.00	0.00	16	20	20	17	15	14
Current Deferred & Payable Income Tax Liabilities	-	-	-	-	3.33	2.65	1.05	1.89	0.00	0.00
Other Current Liabilities	2.43	2.60	2.45	1.80	0.47	0.00	0.05	1.57	2.17	2.23
Total Noncurrent Liabilities	1.80	0.46	0.00	0.00	29	32	27	18	14	11
Noncurrent Deferred Revenue	-	-	-	-	29	21	17	8.18	5.38	2.79
Other Noncurrent Operating Liabilities	1.80	0.46	0.00	0.00	-	11	11	9.79	9.11	8.52
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	244	216	294	302	560	541	532	689	668	645
Total Preferred & Common Equity	244	216	294	302	560	541	532	689	668	645
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	244	216	294	302	560	541	532	689	668	645
Common Stock	747	787	903	945	969	981	1,003	1,041	1,055	1,071
Retained Earnings	-503	-570	-609	-643	-408	-439	-472	-352	-387	-426
Accumulated Other Comprehensive Income / (Loss)	-0.48	-0.12	-0.20	-0.17	-0.23	-0.25	1.34	0.09	-0.02	0.53

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	2025
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	12/31/2025
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%	-89.41%
EBITDA Growth	-35.16%	-152.43%	0.38%	-12.89%	-89.12%	21.36%	-96.42%	-5.97%	26.06%	359.82%	-166.94%
EBIT Growth	-34.17%	-151.29%	-1.39%	-11.57%	-90.41%	19.82%	-95.15%	-4.33%	28.60%	369.67%	-162.47%
NOPAT Growth	-58.75%	-120.81%	-16.01%	-11.54%	-90.50%	19.88%	-95.06%	-4.39%	28.71%	479.86%	-144.45%
Net Income Growth	-34.19%	-150.22%	0.59%	-5.32%	-98.30%	14.30%	-89.80%	-1.47%	38.02%	448.54%	-147.29%
EPS Growth	-20.13%	90.22%	63.97%	16.75%	-71.26%	35.57%	-41.15%	4.06%	46.54%	404.32%	-148.46%
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%	-68.68%
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%	-71.29%
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%	-126.95%
Revenue Q/Q Growth	0.00%	0.00%	128.48%	-22.40%	271.11%	11.41%	12.16%	-24.48%	0.00%	34.17%	-78.01%
EBITDA Q/Q Growth	0.00%	0.00%	17.99%	-41.54%	-1.87%	-1.99%	-15.73%	-1.69%	38.32%	70.30%	-1,303.19%
EBIT Q/Q Growth	0.00%	0.00%	17.20%	-39.25%	-2.40%	-2.68%	-16.87%	0.44%	38.81%	69.43%	-923.87%
NOPAT Q/Q Growth	0.00%	0.00%	17.22%	-39.18%	-2.40%	-2.43%	-16.89%	0.38%	38.88%	67.00%	-709.75%
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%	-383.49%
EPS Q/Q Growth	0.00%	0.00%	-103.94%	-42.62%	-0.68%	9.86%	-16.31%	3.35%	46.95%	53.26%	-415.38%
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%	-11.91%
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%	21,495.18%
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%	6.25%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	0.00%	0.00%	100.00%	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%	-356.49%
Operating Margin	0.00%	0.00%	-188.89%	-136.68%	-34,857.58%	-225.36%	-460.01%	-494.24%	-156.09%	58.20%	-343.63%
EBIT Margin	0.00%	0.00%	-188.93%	-136.75%	-34,858.01%	-225.52%	-460.55%	-494.54%	-156.42%	58.26%	-343.58%
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%	-282.83%
Tax Burden Percent	100.00%	100.00%	100.00%	97.99%	99.11%	102.01%	100.00%	100.00%	100.00%	98.49%	100.65%
Interest Burden Percent	99.87%	99.44%	97.50%	93.93%	96.72%	100.44%	99.65%	96.91%	84.13%	110.40%	81.79%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.51%	0.00%
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%	-260.95%
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%	-257.72%
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%	240.77%
Return on Equity (ROE)	-154.84%	-76.53%	-35.50%	-33.39%	-80.20%	-36.79%	-43.32%	-49.41%	-28.59%	54.39%	-20.18%
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%	0.00%
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%	-22.38%
Return on Assets (ROA)	0.00%	0.00%	-28.68%	-25.68%	-52.44%	-27.60%	-37.36%	-42.78%	-26.06%	49.91%	-18.42%
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%	-20.18%
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%	0.00%
Net Operating Profit after Tax (NOPAT)	-10	-23	-27	-30	-56	-45	-88	-92	-66	249	-111
NOPAT Margin	0.00%	0.00%	-132.22%	-95.68%	-24,400.30%	-157.75%	-322.01%	-345.97%	-109.26%	57.32%	-240.54%
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%	-3.23%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-42.65%	-19.47%	36.88%	-18.01%
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%	58.71%	44.29%	6,817.75%	65.10%	99.41%	119.40%	55.82%	10.00%	97.47%
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%	346.16%
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%	443.63%
Earnings before Interest and Taxes (EBIT)	-15	-37	-38	-42	-81	-65	-126	-131	-94	253	-158
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-15	-37	-37	-42	-79	-62	-121	-129	-95	247	-164
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	8.88
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	8.88
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	118.66
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	0.00
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%	0.00%	0.00%	0.00%	11.96%	0.00%
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	0.00
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	104.62
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	0.00
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	0.00
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	0.00
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	83.48
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	131.05
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	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	0.00
Financial Leverage	-1.24	-1.03	-1.17	-1.22	-1.31	-1.20	-1.10	-1.09	-1.05	-0.89	-0.93
Leverage Ratio	1.55	1.12	1.24	1.30	1.53	1.33	1.16	1.16	1.10	1.09	1.10
Compound Leverage Factor	1.55	1.11	1.21	1.22	1.48	1.34	1.16	1.12	0.92	1.20	0.90
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	10.91%	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%	10.91%	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	385.54%	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	-285.54%	100.00%	100.00%	100.00%	89.09%	100.00%	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	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	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	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	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	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	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	60.51
Noncontrolling Interest Sharing Ratio	385.54%	38.08%	0.00%	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	12.71
Quick Ratio	3.81	12.06	3.43	5.10	3.95	7.66	7.46	7.61	16.06	8.84	12.49
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-8.02	-25	8.11	-48	-29	-60	-89	-97	-82	128	37
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%	3,627.11%
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	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	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	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	0.07
Accounts Receivable Turnover	0.00	0.00	0.00	9.66	0.04	6.24	13.71	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	0.00	0.00	27.85	35.55	0.18	18.22	16.78	15.81	43.48	198.15	13.05
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)	0.00	0.00	0.00	37.79	8,960.67	58.53	26.63	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)	0.00	0.00	0.00	37.79	8,960.67	58.53	26.63	0.00	0.00	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	-2.34	-0.20	-35	-16	-43	-28	-27	-22	-4.94	116	-31
Invested Capital Turnover	0.00	0.00	-1.15	-1.21	-0.01	-0.80	-0.99	-1.09	-4.50	7.81	1.08
Increase / (Decrease) in Invested Capital	-2.34	2.13	-35	18	-27	15	1.33	5.13	17	121	-147
Enterprise Value (EV)	0.00	280	271	34	69	463	1,305	299	981	1,741	4,814
Market Capitalization	0.00	368	426	163	192	771	1,632	537	1,323	2,300	5,460
Book Value per Share	($108.85)	$5.24	$5.89	$4.65	$2.94	$7.31	$6.29	$4.38	$5.84	$11.33	$9.83
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	$9.83
Total Capital	9.60	88	121	113	90	280	300	216	337	675	615
Total Debt	0.00	0.00	0.00	0.00	9.79	0.00	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	0.00
Net Debt	-12	-88	-155	-129	-123	-308	-327	-237	-342	-559	-646
Capital Expenditures (CapEx)	0.40	0.35	0.67	0.49	0.97	0.47	1.10	0.80	0.61	1.36	1.59
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-15	-0.80	-36	-18	-23	-30	-30	-25	-7.31	125	-35
Debt-free Net Working Capital (DFNWC)	-3.13	77	108	111	110	275	297	212	334	544	532
Net Working Capital (NWC)	-3.13	77	108	111	110	275	297	212	334	544	532
Net Nonoperating Expense (NNE)	4.50	14	10	9.34	21	21	37	35	13	-26	19
Net Nonoperating Obligations (NNO)	-12	-88	-155	-129	-123	-308	-327	-237	-342	-559	-646
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	-5.94
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%	-76.56%
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%	1,156.41%
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%	1,156.41%
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	($2.05)
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	63.57M
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	($2.05)
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	63.57M
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	$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	63.81M
Normalized Net Operating Profit after Tax (NOPAT)	-10	-23	-27	-30	-56	-45	-88	-92	-66	249	-111
Normalized NOPAT Margin	0.00%	0.00%	-132.22%	-95.68%	-24,400.30%	-157.75%	-322.01%	-345.97%	-109.26%	57.32%	-240.54%
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%	-281.01%
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	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	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	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	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%

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

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-100.00%	0.00%	0.00%	0.00%	0.00%	0.00%	184.40%	-88.89%	33.09%	0.79%	-95.64%
EBITDA Growth	-4.76%	-21.85%	161.82%	660.86%	7.17%	-12.89%	451.83%	-110.38%	-8.72%	-8.63%	-141.43%
EBIT Growth	-2.05%	-18.43%	163.36%	669.61%	8.68%	-7.70%	449.13%	-109.32%	-8.55%	-12.29%	-139.81%
NOPAT Growth	-2.20%	-18.65%	190.17%	905.29%	8.41%	-8.16%	441.86%	-106.66%	-8.37%	-11.98%	-128.22%
Net Income Growth	6.28%	-9.20%	179.94%	714.80%	20.40%	2.62%	381.70%	-105.62%	-13.57%	-18.46%	-133.71%
EPS Growth	19.05%	9.38%	178.26%	586.57%	26.47%	6.90%	272.22%	-105.83%	-10.00%	-14.81%	-134.33%
Operating Cash Flow Growth	-92.43%	-5.60%	153.61%	20.14%	1,123.79%	-4.70%	-272.04%	557.05%	-110.71%	93.05%	-26.72%
Free Cash Flow Firm Growth	-22.01%	-39.17%	120.34%	-249.16%	122.30%	105.86%	-38.76%	572.38%	-1,130.00%	-2,964.96%	2,834.65%
Invested Capital Growth	19.15%	13.58%	77.28%	1,729.72%	-179.94%	-149.51%	2,450.81%	-103.71%	90.87%	35.01%	-126.95%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	324.92%	-98.37%	12.19%	3,550.01%	-83.40%	-80.42%	-15.04%	57.83%
EBITDA Q/Q Growth	-16.03%	9.35%	158.59%	810.20%	-119.21%	-10.23%	386.39%	-117.08%	-104.98%	-9.39%	-7.81%
EBIT Q/Q Growth	-17.00%	9.48%	160.21%	793.30%	-118.76%	-6.76%	406.96%	-115.16%	-118.46%	-10.43%	-8.82%
NOPAT Q/Q Growth	-17.58%	9.51%	185.91%	1,158.51%	-113.37%	-6.86%	530.41%	-110.82%	-117.72%	-10.42%	-8.47%
Net Income Q/Q Growth	-14.04%	11.32%	180.15%	658.51%	-114.77%	-8.47%	496.49%	-108.85%	-198.34%	-13.14%	-12.82%
EPS Q/Q Growth	-1.49%	14.71%	193.10%	503.70%	-115.34%	-8.00%	472.22%	-109.45%	-189.47%	-12.73%	-11.29%
Operating Cash Flow Q/Q Growth	23.61%	-1.42%	163.73%	-261.73%	1,079.34%	-110.37%	-4.72%	529.65%	-122.96%	93.27%	-1,808.88%
Free Cash Flow Firm Q/Q Growth	-142.16%	12.17%	120.76%	-7,235.99%	115.47%	-76.91%	116.95%	5,998.56%	-133.72%	35.79%	322.23%
Invested Capital Q/Q Growth	-32.49%	-6.49%	76.00%	4,913.95%	-122.76%	5.09%	326.08%	-107.60%	44.02%	-575.77%	6.25%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	0.00%	0.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
EBITDA Margin	0.00%	0.00%	37.63%	80.60%	-947.11%	-930.55%	73.01%	-75.13%	-786.42%	-1,012.54%	-691.66%
Operating Margin	0.00%	0.00%	38.42%	80.92%	-930.96%	-886.70%	74.30%	-68.18%	-758.04%	-985.17%	-677.09%
EBIT Margin	0.00%	0.00%	38.49%	80.91%	-928.63%	-883.68%	74.32%	-67.89%	-757.39%	-984.47%	-678.75%
Profit (Net Income) Margin	0.00%	0.00%	45.56%	81.32%	-734.73%	-710.37%	77.17%	-41.15%	-626.96%	-834.87%	-596.80%
Tax Burden Percent	100.00%	100.00%	100.00%	98.42%	97.84%	98.75%	98.51%	100.00%	100.50%	100.00%	101.52%
Interest Burden Percent	90.77%	88.91%	118.37%	102.12%	80.87%	81.40%	105.40%	60.61%	82.37%	84.80%	86.61%
Effective Tax Rate	0.00%	0.00%	0.00%	1.58%	0.00%	0.00%	1.49%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	224.75%	0.00%	0.00%	571.94%	-86.63%	0.00%	0.00%	-514.17%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	223.20%	0.00%	0.00%	570.43%	-86.99%	0.00%	0.00%	-512.65%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	-159.05%	0.00%	0.00%	-507.75%	71.05%	0.00%	0.00%	478.94%
Return on Equity (ROE)	-48.97%	-51.48%	-28.59%	65.70%	40.69%	40.97%	64.18%	-15.58%	8.61%	7.80%	-35.23%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	-43.62%	0.00%	0.00%	110.18%	0.00%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	0.00%	0.00%	7.62%	58.64%	-633.83%	-612.78%	58.56%	-20.57%	-237.77%	-315.53%	-44.21%
Return on Assets (ROA)	0.00%	0.00%	9.02%	58.94%	-501.48%	-492.61%	60.80%	-12.47%	-196.82%	-267.58%	-38.87%
Return on Common Equity (ROCE)	-48.97%	-51.48%	-28.59%	65.70%	40.69%	40.97%	64.18%	-15.58%	8.61%	7.80%	-35.23%
Return on Equity Simple (ROE_SIMPLE)	-46.80%	-46.49%	0.00%	28.93%	31.40%	32.12%	0.00%	8.16%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-30	-27	23	203	-27	-29	125	-14	-29	-32	-35
NOPAT Margin	0.00%	0.00%	38.42%	79.64%	-651.67%	-620.69%	73.19%	-47.73%	-530.63%	-689.62%	-473.96%
Net Nonoperating Expense Percent (NNEP)	-2.91%	-2.47%	1.48%	1.55%	-0.76%	-0.93%	1.51%	0.36%	-0.84%	-1.08%	-1.52%
Return On Investment Capital (ROIC_SIMPLE)	-	-	6.85%	-	-	-	18.49%	-1.96%	-4.41%	-5.03%	-5.73%
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%	13.42%	5.85%	226.54%	217.28%	5.25%	41.45%	190.25%	236.21%	153.74%
R&D to Revenue	0.00%	0.00%	48.17%	13.23%	804.42%	769.41%	20.46%	126.74%	667.80%	848.96%	623.34%
Operating Expenses to Revenue	0.00%	0.00%	61.59%	19.08%	1,030.96%	986.70%	25.70%	168.18%	858.04%	1,085.17%	777.09%
Earnings before Interest and Taxes (EBIT)	-42	-38	23	206	-39	-41	127	-19	-42	-46	-50
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-43	-39	23	205	-39	-44	125	-21	-44	-48	-51
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	5.38	3.18	3.93	2.98	3.75	4.98	3.41	4.31	5.13	6.40	8.88
Price to Tangible Book Value (P/TBV)	5.38	3.18	3.93	2.98	3.75	4.98	3.41	4.31	5.13	6.40	8.88
Price to Revenue (P/Rev)	0.00	0.00	22.04	5.30	6.37	8.19	5.30	14.29	16.38	19.75	118.66
Price to Earnings (P/E)	0.00	0.00	0.00	10.29	11.96	15.51	8.36	52.83	65.83	90.02	0.00
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%	9.72%	8.36%	6.45%	11.96%	1.89%	1.52%	1.11%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	5.66	0.00	0.00	14.99	0.00	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	16.35	4.27	4.50	6.39	4.01	10.93	13.16	16.51	104.62
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	9.15	9.57	14.25	7.05	108.52	157.97	253.33	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	9.05	9.43	13.84	6.88	82.35	113.44	179.98	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	9.05	9.44	13.86	6.99	84.73	118.66	190.26	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	6.21	8.98	9.46	6.74	69.62	52.76	83.48
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	7.68	11.49	13.61	8.30	0.00	20,303.49	131.05
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	-1.08	-1.05	-0.71	-1.09	-1.09	-0.89	-0.82	-1.05	-1.07	-0.93
Leverage Ratio	1.12	1.12	1.10	1.12	1.12	1.12	1.09	1.10	1.10	1.11	1.10
Compound Leverage Factor	1.02	1.00	1.30	1.14	0.91	0.91	1.15	0.67	0.91	0.94	0.95
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	33.93	18.63	36.39	16.34	16.98	22.18	21.26	34.01	41.41	44.24	61.05
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	12.01	11.66	16.71	15.72	13.73	10.70	12.48	17.26	16.97	13.05	12.71
Quick Ratio	11.87	11.51	16.06	8.08	13.56	10.51	8.84	16.36	16.07	12.83	12.49
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-34	-30	6.24	-49	7.63	1.76	3.82	233	-79	-50	112
Operating Cash Flow to CapEx	-14,907.95%	-6,586.88%	89,263.16%	-11,334.30%	959,364.29%	-3,595.23%	-9,412.26%	23,002.39%	-3,539.98%	-2,201.14%	-25,677.08%
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	0.00	0.00	0.20	0.72	0.68	0.69	0.79	0.30	0.31	0.32	0.07
Accounts Receivable Turnover	0.00	0.00	0.00	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	0.00	0.00	43.48	256.89	209.74	166.52	198.15	89.55	71.05	63.71	13.05
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)	0.00	0.00	0.00	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)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	-19	-21	-4.94	238	-54	-51	116	-8.83	-4.94	-33	-31
Invested Capital Turnover	0.00	0.00	-4.50	2.82	-8.69	-9.00	7.81	1.82	-7.08	-4.94	1.08
Increase / (Decrease) in Invested Capital	4.58	3.23	17	252	-35	-31	121	-247	49	18	-147
Enterprise Value (EV)	1,268	637	981	1,346	1,437	2,067	1,741	2,271	2,753	3,454	4,814
Market Capitalization	1,581	960	1,323	1,669	2,032	2,651	2,300	2,969	3,426	4,133	5,460
Book Value per Share	$5.14	$5.25	$5.84	$9.21	$9.23	$9.03	$11.33	$11.23	$10.78	$10.37	$9.83
Tangible Book Value per Share	$5.14	$5.25	$5.84	$9.21	$9.23	$9.03	$11.33	$11.23	$10.78	$10.37	$9.83
Total Capital	294	302	337	560	541	532	675	689	668	645	615
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	-313	-323	-342	-323	-595	-583	-559	-698	-673	-679	-646
Capital Expenditures (CapEx)	0.18	0.40	0.02	0.24	0.03	0.78	0.31	0.55	0.81	0.09	0.14
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-23	-24	-7.31	265	-35	-37	125	-3.61	-3.45	-35	-35
Debt-free Net Working Capital (DFNWC)	291	297	334	588	529	432	544	571	567	541	532
Net Working Capital (NWC)	291	297	334	588	529	432	544	571	567	541	532
Net Nonoperating Expense (NNE)	8.81	7.28	-4.29	-4.29	3.46	4.19	-6.78	-1.86	5.34	6.84	9.14
Net Nonoperating Obligations (NNO)	-313	-323	-342	-323	-595	-583	-559	-698	-673	-679	-646
Total Depreciation and Amortization (D&A)	-0.14	-0.18	-0.52	-0.80	-0.77	-2.19	-2.22	-2.05	-1.61	-1.32	-0.96
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	0.00%	-12.19%	84.14%	-10.86%	-11.28%	28.85%	-1.74%	-1.65%	-16.55%	-76.56%
Debt-free Net Working Capital to Revenue	0.00%	0.00%	557.17%	186.58%	165.88%	133.48%	125.28%	274.66%	271.07%	258.81%	1,156.41%
Net Working Capital to Revenue	0.00%	0.00%	557.17%	186.58%	165.88%	133.48%	125.28%	274.66%	271.07%	258.81%	1,156.41%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.68)	($0.58)	$0.54	$3.41	($0.50)	($0.54)	$2.10	($0.19)	($0.55)	($0.62)	($0.69)
Adjusted Weighted Average Basic Shares Outstanding	56.78M	59.18M	56.76M	60.86M	61.31M	61.77M	61.57M	62.96M	63.51M	63.77M	63.57M
Adjusted Diluted Earnings per Share	($0.68)	($0.58)	$0.54	$3.26	($0.50)	($0.54)	$2.01	($0.19)	($0.55)	($0.62)	($0.69)
Adjusted Weighted Average Diluted Shares Outstanding	56.78M	59.18M	56.76M	63.60M	61.31M	61.77M	65.08M	62.96M	63.51M	63.77M	63.57M
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	57.53M	57.68M	58.27M	58.65M	58.90M	59.60M	61.38M	61.98M	62.21M	62.52M	63.81M
Normalized Net Operating Profit after Tax (NOPAT)	-30	-27	16	203	-27	-29	125	-14	-29	-32	-35
Normalized NOPAT Margin	0.00%	0.00%	26.89%	79.64%	-651.67%	-620.69%	73.19%	-47.73%	-530.63%	-689.62%	-473.96%
Pre Tax Income Margin	0.00%	0.00%	45.56%	82.63%	-750.95%	-719.36%	78.33%	-41.15%	-623.86%	-834.87%	-587.84%
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%

Financials Breakdown Chart

Key Financial Trends

Here’s a concise, data-driven look at Protagonist Therapeutics (PTGX) across the last four quarters in 2025, with key trends from the income statements, cash flow statements, and balance sheets).

Strong liquidity position: Across 2025, PTGX held roughly $570M in cash and short-term investments (e.g., Q1 2025: $139.7M cash + $434.7M ST investments; Q2 2025: $168.5M cash + $401.9M ST investments; Q3 2025: $113.7M cash + $462.4M ST investments). The Q3 2025 balance sheet also shows Total Current Assets of about $586.4M vs Total Current Liabilities of $44.9M, implying a current ratio around 13x.
Gross margin near 100% in recent quarters
Revenue uptick in Q4 2025: Revenue rose to $7.44M in Q4 2025, up from $4.71M in Q3 2025, indicating improving top-line momentum.
Large cash inflows from investing activities: Proceeds from sale/maturity of investments contributed significant liquidity in 2025 (Q1 $120.18M; Q2 $122.78M; Q3 $102.65M; Q4 $153.23M; total ~ $498.8M).

Ongoing high R&D and SG&A spend: R&D remains very high (e.g., Q4 2025 RD $46.36M; Q3 2025 RD $40.00M; Q2 2025 RD $37.04M; Q1 2025 RD ~$35.89M) along with SG&A (Q4 2025 SG&A $11.43M). This supports the pipeline but keeps profitability challenged.
Notable non-cash adjustments in cash flow (e.g., Q1 2025 non-cash adjustments around $156.6M) can inflate quarterly cash flow figures and may not reflect ongoing cash generation.
Valuation of share count and dilution indicators: Weighted average shares outstanding are in the mid-60 million range (e.g., Q4 2025 around 63.6M basic; ~63.6M diluted), with earnings per share negative in the period, reflecting ongoing dilution and losses.

Persistent net losses: Net income for 2025 quarters remains negative (Q4 2025: -$44.38M; Q3 2025: -$39.34M; Q2 2025: -$34.77M; Q1 2025: -$11.66M), indicating ongoing profitability challenges despite top-line movement.
Operating cash burn continues: Cash flow from operating activities is negative in most quarters (Q4 2025: -$36.98M; Q3 2025: -$1.94M; Q2 2025: -$28.78M), signaling that core operations consume cash even as investing activities provide liquidity.
Accumulated deficit persists: Retained earnings are negative (e.g., Q3 2025 around -$426.3M; Q2 2025 around -$386.9M), illustrating a sizable cumulative deficit that investors should monitor as R&D continues.

05/05/26 05:43 PM ETAI Generated. May Contain Errors.

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 2025 ended on December 31, 2025.

How has Protagonist Therapeutics' net income changed over the last 10 years?

Protagonist Therapeutics' net income appears to be on a downward trend, with a most recent value of -$130.15 million in 2025, rising from -$14.86 million in 2015. The previous period was $275.19 million in 2024. See Protagonist Therapeutics' forecast for analyst expectations on whatâ€™s next for the company.

What is Protagonist Therapeutics' operating income?

Protagonist Therapeutics' total operating income in 2025 was -$158.13 million, based on the following breakdown:

Total Gross Profit: $46.02 million
Total Operating Expenses: $204.14 million

How has Protagonist Therapeutics' revenue changed over the last 10 years?

Over the last 10 years, Protagonist Therapeutics' total revenue changed from $0.00 in 2015 to $46.02 million in 2025, a change of 4,601,600,000.0%.

How much debt does Protagonist Therapeutics have?

Protagonist Therapeutics' total liabilities were at $53.48 million at the end of 2025, a 23.0% decrease from 2024, and a 918.9% increase since 2015.

How much cash does Protagonist Therapeutics have?

In the past 10 years, Protagonist Therapeutics' cash and equivalents has ranged from $4.06 million in 2015 to $186.73 million in 2023, and is currently $128.39 million as of their latest financial filing in 2025.

How has Protagonist Therapeutics' book value per share changed over the last 10 years?

Over the last 10 years, Protagonist Therapeutics' book value per share changed from -108.85 in 2015 to 9.83 in 2025, a change of -109.0%.

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Financial statements for NASDAQ:PTGX last updated on 2/27/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Protagonist Therapeutics (PTGX) Financials

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