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.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $46M | $-157M | $-130M | $56M | -21.2% | -89.4% | -147.3% |
| 2024 | $434M | $254M | $275M | $183M | 40.8% | 624.1% | -448.5% |
| 2023 | $60M | $-93M | $-79M | $-71M | -23.5% | 125.7% | -38.0% |
| 2022 | $27M | $-130M | $-127M | $-109M | -59.1% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 26.58 | 60 | 434.43 | 46.02 |
| Operating Expense | - | 157.95 | 153.65 | 181.59 | 204.14 |
| Operating Income | - | -131.37 | -93.65 | 252.84 | -158.13 |
| EBITDA | - | -130.34 | -92.68 | 253.67 | -156.85 |
| EBIT | - | -131.37 | -93.65 | 252.84 | -158.13 |
| Pretax Income | - | -127.39 | -78.96 | 279.41 | -129.31 |
| Tax Provision | - | 0 | 0 | 4.22 | 0.84 |
| Net Income | - | -127.39 | -78.96 | 275.19 | -130.15 |
| Net Income Common Stockholders | - | -127.39 | -78.96 | 275.19 | -130.15 |
| Total Expenses | - | 157.95 | 153.65 | 181.59 | 204.14 |
| Interest Expense | 0 | 0 | - | - | - |
| Interest Income | - | 4.06 | 14.90 | 26.32 | 28.79 |
| Research And Development | - | 126.22 | 120.16 | 138.13 | 159.29 |
| Selling General And Administration | - | 31.74 | 33.49 | 43.46 | 44.85 |
| Normalized EBITDA | - | -130.34 | -92.68 | 253.67 | -156.85 |
| Normalized Income | - | -127.39 | -78.96 | 275.19 | -130.15 |
| Market Cap | 6,380.87 | 6,380.87 | 6,380.87 | 6,380.87 | 6,380.87 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Protagonist Therapeutics, Inc.this co. | PTGX | - | -49.03 | 10.38 | -21.2% | -39.93 |
| Integer Holdings Corporation | ITGR | $3.0B | 28.79 | 1.69 | 5.9% | 14.55 |
| Organon & Co. | OGN | $2.9B | 15.67 | 3.90 | 24.9% | 8.53 |
| Prestige Consumer Healthcare Inc. | PBH | $2.9B | 13.00 | 1.52 | 11.7% | 10.32 |
| Privia Health Group, Inc. | PRVA |
| 2021 |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| $2.9B |
| 130.67 |
| 4.06 |
| 3.1% |
| 57.20 |
| Veracyte, Inc. | VCYT | $2.7B | 41.28 | 2.09 | 5.1% | 26.96 |
| National HealthCare Corporation | NHC | $2.7B | 22.47 | 2.52 | 11.2% | 12.59 |
| LeMaitre Vascular, Inc. | LMAT | $2.6B | 44.90 | 6.59 | 14.7% | 30.28 |
| Phibro Animal Health Corporation | PAHC | $2.2B | 46.33 | 7.83 | 16.9% | 19.95 |
| Peer Median | - | 35.04 | 3.21 | 11.5% | 17.25 | |