Cash flow generation is highly erratic, with free cash flow swinging from a $124.8 million surplus in 2025Q1 to a $49.2 million deficit in 2026Q1, reflecting the instability of milestone-driven funding.
| Cash from Operations | -116.64M | 57.67M | 184.15M | -70.24M | -108.14M | -107.86M | -72.48M | -41.53M | -49.95M | 3.87M | -29.97M | -14.38M | -7.74M |
| Operating CF Margin % | - | 125.33% | 42.39% | -117.06% | -406.82% | -394.29% | -253.19% | -17977.06% | -161.51% | 19.3% | - | - | - |
| Operating CF Growth % | -183.43% | -68.68% | 362.19% | 35.05% | -0.25% | -48.81% | -74.55% | 16.86% | -1389.95% | 112.92% | -108.36% | -85.78% | - |
| Net Income | -114.71M | 0 | 275.19M | -78.95M | -127.39M | -125.55M | -66.15M | -77.19M | -38.92M | -36.96M | -37.18M | -14.86M | -11.07M |
| Depreciation & Amortization | 168K | 0 | 2.9M | 3.31M | 3.37M | 2.77M | 2.56M | 2.5M | 527K | 406K | 317K | 247K | 258K |
| Stock-Based Compensation | 36.13M | 45.97M | 37.55M | 29.29M | 24.2M | 16.39M | 7.9M | 8.35M | 6.92M | 4.24M | 2.13M | 99K | 42K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 1.44M | -775K | -658K | 0 | 151K | -8K | 0 |
| Other Non-Cash Items | -189.89M | -134.51M | -8.88M | -4.38M | -549K | 1.83M | 781K | -557K | 206K | 625K | 4.72M | 83K | 1.77M |
| Working Capital Changes | 21.52M | 146.21M | -122.61M | -19.51M | -7.77M | -3.31M | -19.02M | 26.14M | -18.02M | 35.56M | -112K | 52K | 1.26M |
| Change in Receivables | 417K | 164.88M | -155M | 0 | 4.24M | -915K | 3.34M | -757K | -2.77M | -1.82M | -1.59M | -192K | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | -4.24M | 915K | -3.34M | 757K | 3.85M | 5.53M | 0 | 0 | 0 |
| Change in Payables | 5.49M | 3.72M | 842K | -2.93M | 2.04M | -1.39M | 309K | -3M | 4.43M | 91K | -115K | 898K | 179K |
| Cash from Investing | 135.96M | -49.33M | -299.48M | -39.26M | 91.47M | -15.86M | -90.97M | -53.71M | 2.21M | 15.82M | -59.33M | -8.26M | -299K |
| Capital Expenditures | 330K | -1.59M | -1.35M | -609K | -795K | -1.1M | -471K | -967K | -486K | -666K | -379K | -399K | -299K |
| CapEx % of Revenue | 1.86% | 3.46% | 0.31% | 1.01% | 2.99% | 4.02% | 1.65% | 418.61% | 1.57% | 3.32% | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | -91.47M | 14.76M | 90.49M | 52.74M | 0 | 0 | 32K | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -49.33M | 0 | 0 | 0 | 91.47M | -14.76M | -90.49M | -52.74M | 2.7M | 16.49M | 32K | -7.87M | 0 |
| Cash from Financing | 34.8M | 22.86M | 25.85M | 170.48M | 18.84M | 129.92M | 247.63M | 46.04M | 24.11M | 65.55M | 106.31M | 17.42M | 9M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | -10.52M | 9.77M | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 11.42M | 23.34M | 26.45M | 132.1M | 14.55M | 123.83M | 255.37M | 34.49M | 23.18M | 64.55M | 106.16M | 17.36M | 9M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 23.37M | -479K | -600K | 38.38M | 4.29M | 6.09M | 2.79M | 1.78M | 934K | 1.01M | 151K | 57K | 3K |
| Net Change in Cash | 54.12M | 31.14M | -89.48M | 60.98M | 2.08M | 6.07M | 84.35M | -49.23M | -23.8M | 85.39M | 17.03M | -5.27M | 864K |
| Free Cash Flow | -116.31M | 56.08M | 182.8M | -70.84M | -108.93M | -108.97M | -72.95M | -42.49M | -50.43M | 3.21M | -30.35M | -14.78M | -8.04M |
| FCF Margin % | -657.28% | 121.87% | 42.08% | -118.08% | -409.81% | -398.31% | -254.84% | -18395.67% | -163.08% | 15.98% | - | - | - |
| FCF Growth % | -134.69% | -69.32% | 358.02% | 34.96% | 0.03% | -49.36% | -71.68% | 15.74% | -1673.08% | 110.56% | -105.3% | -83.83% | - |
| FCF per Share | -1.65 | 0.88 | 2.81 | -1.25 | -2.22 | -2.35 | -2.12 | -1.64 | -2.26 | 0.18 | -4.67 | -2.51 | -1.37 |
| FCF Conversion (FCF/Net Income) | 1.01x | -0.44x | 0.67x | 0.89x | 0.85x | 0.86x | 1.10x | 0.54x | 1.28x | -0.10x | 0.81x | 0.97x | 0.70x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Binary Clinical Trial Dependence
As reported in financial statements, the relationship between net income and operating cash flow is highly erratic, with OCF/NI ratios swinging from -12.94 in 2026Q1 to 0.83 in 2025Q4, illustrating that GAAP earnings are fundamentally decoupled from the company's actual cash-generating capacity during this pre-commercial phase.
The extreme volatility in the conversion ratio suggests that net income is an unreliable proxy for operational health, as it is heavily influenced by the timing of non-recurring milestone payments. Investors should monitor the persistent gap between accounting profits and cash outflows, which indicates that the firm's underlying business model remains in a cash-consuming R&D cycle.
Based on the provided cash flow data, the company's free cash flow trajectory is characterized by extreme lumpy inflows followed by significant burn, exemplified by the shift from a $124.8 million surplus in 2025Q1 to a $49.2 million deficit in 2026Q1, highlighting the inherent instability of milestone-driven funding.
The lack of a consistent positive FCF trend suggests that the company remains entirely dependent on external partnership triggers to sustain its operations. This pattern implies that any delay in clinical milestones could rapidly accelerate the depletion of existing cash reserves, necessitating further capital raises.
According to recent SEC filings, working capital changes have been the primary driver of cash flow variance, with a massive $124.7 million inflow in 2025Q1 followed by a $167.7 million outflow in 2024Q4, indicating that cash movements are largely tied to the timing of collaboration-related settlements.
These significant fluctuations in working capital suggest that the company's cash position is highly sensitive to the administrative timing of milestone payments rather than operational efficiency. Analysts should interpret these swings as accounting artifacts of the Janssen partnership rather than indicators of improved or deteriorating internal working capital management.
Based on reported figures, stock-based compensation has consistently added back between $9.1 million and $14.5 million per quarter in recent periods, effectively masking the true magnitude of the company's operational cash burn by reducing the reported net loss without providing a corresponding cash inflow.
The reliance on equity-based incentives to preserve cash suggests that management is attempting to extend the operational runway amidst high R&D spending. Investors should be aware that this practice dilutes existing shareholders while failing to address the fundamental need for sustainable, non-dilutive cash generation from commercial product sales.
Quick answers to the most common questions about buying PTGX stock.
Protagonist Therapeutics, Inc. (PTGX) generated $57.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Protagonist Therapeutics, Inc. (PTGX) generated $56.1M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Protagonist Therapeutics, Inc. (PTGX) spent $1.6M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.