Zacks Investment Research·17h ago
PTGX Stock Surges 64% in Six Months: What Is Driving the Rally?Protagonist shares rise as rusfertide nears an FDA decision and Icotyde adds milestone payments, royalties and broader pipeline momentum.
Protagonist Therapeutics, Inc.(PTGX)Earnings, Financials & Key Ratios
PTGX•NASDAQ
$140.85
Price updated Jul 7, 2026
AboutProtagonist Therapeutics, Inc., a biopharmaceutical company, discovers and develops peptide-based therapeutic drugs to address hematology and blood disorders, and inflammatory and immunomodulatory diseases. It is developing rusfertide (PTG-300), an injectable hepcidin mimetic that is in Phase II clinical trials for the treatment of patients with polycythemia vera and hereditary hemochromatosis, as well as for the treatment of other blood disorders; PN-943, an oral, alpha-4-beta-7 integrin- specific antagonist peptide that is in Phase II clinical trials for treating inflammatory bowel disease (IBD); and PN-235, an orally delivered interleukin-23 receptor specific antagonist for the treatment of IBD and non-IBD indications. The company has a license and collaboration agreement with Janssen Biotech, Inc. Protagonist Therapeutics, Inc. was incorporated in 2006 and is headquartered in Newark, California.Show more
- Revenue$46M-89.4%
- EBITDA-$157M-161.9%
- Net Income-$130M-147.3%
- EPS (Diluted)-2.05-148.5%
- Gross Margin97.34%-2.7%
- EBITDA Margin-340.97%-683.9%
- Operating Margin-343.63%-690.4%
- Net Margin-282.83%-546.5%
- ROE-20.18%-137.1%
PTGX Price & Volume
Protagonist Therapeutics, Inc. (PTGX) stock price & volume — 10-year historical chart
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Milestone Dependency Masks Underlying Clinical Burn Risks
Investment Thesis • Updated 2026Q1
VerdictNeutral
Growth:Contracting
Profitability:Negative
Financial:Adequate
Cash Flow:Burning
Primary Risk:Binary Clinical Trial Dependence
Key Thesis Takeaways
- Protagonist Therapeutics remains a binary, milestone-dependent biotechnology firm where top-line volatility is driven by sporadic collaboration payments rather than organic commercial growth.
- While the company maintains a substantial cash position of $193.7 million as of 2026Q1, the lack of operating leverage and persistent R&D intensity—evidenced by $46.7 million in quarterly expenditures—creates significant uncertainty regarding long-term sustainability.
- Investors should monitor the progression of rusfertide through regulatory channels, as the current business model relies heavily on non-recurring revenue to offset a $466.9 million accumulated deficit.
Verdict Logic
while the current ratio of 17.76 provides a strong short-term liquidity buffer, the company's reliance on binary clinical outcomes and the lack of recurring revenue streams make the current P/S multiple of 170.34 difficult to justify for risk-averse investors.
PTGX Growth Metrics
Protagonist Therapeutics, Inc. (PTGX) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years-
5 Years9.96%
3 Years20.07%
TTM-91.48%
Profit CAGR
10 Years-
5 Years-
3 Years-
TTM-304.14%
EPS CAGR
10 Years-
5 Years-
3 Years-
TTM-341.33%
Return on Capital
10 Years-34.15%
5 Years-20.43%
3 Years-2.96%
Last Year-23.93%
PTGX Recent Earnings
Protagonist Therapeutics, Inc. (PTGX) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 7/12 qtrs (58%)●Beat Revenue 5/12 qtrs (50%)
Q2 2026Latest
May 5, 2026Metric
Actual
Est
EPS
$0.05+107.7%
$0.65
Rev
$56M+381.7%
$12M
Q1 2026
Feb 25, 2026Metric
Actual
Est
EPS
$0.69-30.2%
$0.53
Rev
$7M-14.9%
$9M
Q4 2025
Nov 6, 2025Metric
Actual
Est
EPS
$0.62-5.1%
$0.59
Rev
$5M-68.4%
$15M
Q3 2025
Aug 6, 2025Metric
Actual
Est
EPS
$0.55-3.8%
$0.53
Rev
$6M-34.2%
$8M
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | May 5, 2026 | $0.05vs $0.65+107.7% | $56Mvs $12M+381.7% |
| Q1 2026 | Feb 25, 2026 | $0.69vs $0.53-30.2% | $7Mvs $9M-14.9% |
| Q4 2025 | Nov 6, 2025 | $0.62vs $0.59-5.1% | $5Mvs $15M-68.4% |
| Q3 2025 | Aug 6, 2025 | $0.55vs $0.53-3.8% | $6Mvs $8M-34.2% |
Based on last 12 quarters of dataView full earnings history →
Latest PTGX News
Recent stock market news and headlines for Protagonist Therapeutics, Inc. (PTGX)
Accesswire·6 days ago
Protagonist Therapeutics Reports Granting of Inducement AwardsNEWARK, CA / ACCESS Newswire / July 1, 2026 / Protagonist Therapeutics, Inc. (Nasdaq:PTGX) today reported that on June 30, 2026, it granted inducement awards to three recently hired employees in accordance with the terms of their employment offer letters. The awards were granted under the Protagonist Therapeutics Amended and Restated Inducement Plan, which was adopted May 29, 2018, and amended February 18, 2020 and February 15, 2022.
Accesswire·Jun 16, 2026
Protagonist Therapeutics Reports Granting of Inducement AwardsNEWARK, CA / ACCESS Newswire / June 16, 2026 / Protagonist Therapeutics, Inc. (Nasdaq:PTGX) today reported that on June 15, 2026, it granted inducement awards to three recently hired employees in accordance with the terms of their employment offer letters. The awards were granted under the Protagonist Therapeutics Amended and Restated Inducement Plan, which was adopted May 29, 2018, and amended February 18, 2020 and February 15, 2022.
Peers Comparison
Key metrics vs top competitors for Protagonist Therapeutics, Inc. (PTGX)
| Company | Price | Market Cap | P/E Ratio | Rev Growth (1Y) | Net Margin | ROE | Div Yield |
|---|---|---|---|---|---|---|---|
| $140.85 | $9.06B | -68.71 | -89.41% | -282.83% | -20.18% | — | |
| $40.09 | $8.23B | -14.47 | — | — | -68.16% | — | |
| $119.24 | $9.74B | -32.31 | -16.72% | -612.17% | -25.02% | — | |
| $9.68 | $506.78M | -2.14 | -92.84% | -260.92% | -49.88% | — | |
| $5.62 | $677.74M | -10.60 | -58.19% | -832.58% | -55.89% | — | |
| $5.38 | $1.32B | -20.69 | 22.09% | -13.58% | -38.11% | — |
Compare PTGX vs Peers
Protagonist Therapeutics, Inc. (PTGX) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
PTGX SEC Filings & Documents
Protagonist Therapeutics, Inc. (PTGX) SEC filings — annual & quarterly reports (10-K, 10-Q)
8-K Announcements
6Material company update
May 5, 2026·SEC
Material company update
Feb 25, 2026·SEC
Material company update
Jan 12, 2026·SEC
10-K Annual Reports
410-Q Quarterly Reports
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PTGX Frequently Asked Questions
Protagonist Therapeutics, Inc. (PTGX) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
What is Protagonist Therapeutics, Inc.'s revenue?
Protagonist Therapeutics, Inc. (PTGX) reported $17.7M in revenue for fiscal year 2025.
How fast is Protagonist Therapeutics, Inc. growing?
Protagonist Therapeutics, Inc. (PTGX) saw revenue decline by 89.4% over the past year.
Is PTGX profitable?
Protagonist Therapeutics, Inc. (PTGX) reported a net loss of $114.7M for fiscal year 2025.
Dividend & Returns
What is PTGX's return on equity?
Protagonist Therapeutics, Inc. (PTGX) has a return on equity (ROE) of -20.2%. Negative ROE indicates the company is unprofitable.
What is Protagonist Therapeutics, Inc.'s free cash flow?
Protagonist Therapeutics, Inc. (PTGX) had negative free cash flow of $116.3M in fiscal year 2025, likely due to heavy capital investments.