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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 Revenue | - | 26.58 | 60 | 434.43 | 46.02 |
| Operating Expense | - | 157.95 | 153.65 | 181.59 | 204.14 |
| Research And Development | - | 126.22 | 120.16 | 138.13 | 159.29 |
| Selling General And Administration | - | 31.74 | 33.49 | 43.46 | 44.85 |
| Total Expenses | - | 157.95 | 153.65 | 181.59 | 204.14 |
| Operating Income | - | -131.37 | -93.65 | 252.84 | -158.13 |
| Total Operating Income As Reported | - | -131.37 | -93.65 | 252.84 | -158.13 |
| EBITDA | - | -130.34 | -92.68 | 253.67 | -156.85 |
| Normalized EBITDA | - | -130.34 | -92.68 | 253.67 | -156.85 |
| EBIT | - | -131.37 | -93.65 | 252.84 | -158.13 |
| Interest Income | - | 4.06 | 14.90 | 26.32 | 28.79 |
| Interest Expense | 0 | 0 | - | - | - |
| Net Interest Income | - | 4.06 | 14.90 | 26.32 | 28.79 |
| Other Non Operating Income Expenses | - | -0.08 | -0.20 | 0.25 | 0.03 |
| Other Income Expense | - | -0.08 | -0.20 | 0.25 | 0.03 |
| Interest Income Non Operating | - | 4.06 | 14.90 | 26.32 | 28.79 |
| Interest Expense Non Operating | 0 | 0 | - | - | - |
| Net Non Operating Interest Income Expense | - | 4.06 | 14.90 | 26.32 | 28.79 |
| Pretax Income | - | -127.39 | -78.96 | 279.41 | -129.31 |
| Tax Provision | - | 0 | 0 | 4.22 | 0.84 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | 0 | 0 |
| Net Income Continuous Operations | - | -127.39 | -78.96 | 275.19 | -130.15 |
| Net Income From Continuing And Discontinued Operation | - | -127.39 | -78.96 | 275.19 | -130.15 |
| Net Income From Continuing Operation Net Minority Interest | - | -127.39 | -78.96 | 275.19 | -130.15 |
| Net Income | - | -127.39 | -78.96 | 275.19 | -130.15 |
| Net Income Common Stockholders | - | -127.39 | -78.96 | 275.19 | -130.15 |
| Net Income Including Noncontrolling Interests | - | -127.39 | -78.96 | 275.19 | -130.15 |
| Normalized Income | - | -127.39 | -78.96 | 275.19 | -130.15 |
| Diluted NI Availto Com Stockholders | - | -127.39 | -78.96 | 275.19 | -130.15 |
| Basic Average Shares | - | 49.04 | 56.76 | 61.57 | 63.57 |
| Diluted Average Shares | - | 49.04 | 56.76 | 65.08 | 63.57 |
| Reconciled Depreciation | - | 1.03 | 0.98 | 0.83 | 1.28 |
| Total Unusual Items | 0 | 0 | - | - | - |
| Total Unusual Items Excluding Goodwill | 0 | 0 | - | - | - |
| Special Income Charges | 0 | 0 | - | - | - |
| General And Administrative Expense | - | 31.74 | 33.49 | 43.46 | 44.85 |
| Other Gand A | - | 31.74 | 33.49 | 43.46 | 44.85 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Protagonist Therapeutics, Inc.this co. | PTGX | $6.6B | -50.79 | 10.75 | -21.2% | -41.39 |
| Bio-Techne Corporation | TECH | $8.3B | 113.50 | 4.34 | 3.8% | 39.69 |
| Corcept Therapeutics Incorporated | CORT | $8.0B | 80.68 | 12.41 | 15.4% | 66.11 |
| Alkermes plc | ALKS | $7.2B | 29.92 | 3.97 | 13.3% | 20.89 |
| Glaukos Corporation | GKOS | $7.1B |
| 2021 |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| -38.08 |
| 10.89 |
| -28.6% |
| -49.02 |
| TG Therapeutics, Inc. | TGTX | $6.2B | 13.88 | 9.58 | 69.0% | 47.51 |
| PTC Therapeutics, Inc. | PTCT | $5.9B | 8.58 | - | -332.5% | 7.46 |
| Teleflex Incorporated | TFX | $5.8B | -6.46 | 1.87 | -29.0% | 27.09 |
| Apellis Pharmaceuticals, Inc. | APLS | $5.3B | 234.62 | 14.19 | 6.0% | 75.16 |
| Peer Median | - | 21.90 | 9.58 | 4.9% | 33.39 | |