Protagonist Therapeutics, Inc. (PTGX) Stock Analysis
Healthcare · Biotechnology · NasdaqGM
Protagonist Therapeutics, Inc. (PTGX) posted $46.02M in revenue for fiscal 2025 (down 89.4% year over year), with a net loss of $130.15M, and has compounded revenue about 10.0%/yr over five years, per its SEC filings.
Data last refreshed August 2, 2026 from SEC filings · how we compute this
The analyst's take on Protagonist Therapeutics, Inc.
Protagonist Therapeutics, Inc. has grown revenue from $0 to $46.02M over the last 10 fiscal years, compounding about 10% a year. The most recent year was down 89.4%, so growth has cooled from its longer-run pace.
Net margin sits at -282.8%, down 346.1 points year over year.
At today's valuation the market is pricing in roughly 32.8% annual free-cash-flow growth. The one thing worth a second look in the filings is share count rising (dilution).
Synthesised from Protagonist Therapeutics, Inc.'s SEC filings — descriptive, not advice. Ask the analyst your own question →
Protagonist Therapeutics, Inc. revenue & earnings — last 10 fiscal years
| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0 | $20.06M | $30.93M | $231,000 | $28.63M | $27.36M | $26.58M | $60.00M | $434.43M | $46.02M |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Net income | $-37.18M | $-36.96M | $-38.92M | $-77.19M | $-66.15M | $-125.55M | $-127.39M | $-78.95M | $275.19M | $-130.15M |
| Net margin | — | -184.2% | -125.9% | -33414.3% | -231.1% | -458.9% | -479.3% | -131.6% | 63.3% | -282.8% |
Source: Protagonist Therapeutics, Inc. SEC filings (10-K). 12 years of history available in the interactive view.
Protagonist Therapeutics, Inc.: 2 potential red flags in the filings
Patterns in the filed statements worth a second look — computed and cited, not AI guesswork, and not a signal to sell. The kind of thing that hides in a 10-K.
- Share count rising (dilution)Shares outstanding grew 30.8% over 4 years (47.8M → 62.6M) — existing holders' stakes are being diluted.
- Currently unprofitableThe latest fiscal year was a net loss (net margin -282.8%).
What growth is priced into PTGX stock?
At today's market cap of $6.87B, Protagonist Therapeutics, Inc. is priced for free-cash-flow growth of about 32.8% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $56.08M from the FY ending 2025-12-31). For comparison, revenue 10%/yr, computed from its SEC filings. This is a reverse DCF — a translation of the price into a growth assumption you can judge, not a fair value and not advice. Change the assumptions yourself in the interactive view →
Explore 12 years of Protagonist Therapeutics, Inc. financials — interactive
Full income statement, balance sheet and cash flow with CAGR and trend on every row, 48 quarters, valuation ratios, plain-English health checks, and Ask — our SEC-grounded research assistant.
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Protagonist Therapeutics, Inc. financial history by metric
Compare Protagonist Therapeutics, Inc. with peers
About Protagonist Therapeutics, Inc.
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.
Protagonist Therapeutics, Inc. — frequently asked questions
What is Protagonist Therapeutics, Inc.'s revenue?
Protagonist Therapeutics, Inc. (PTGX) reported revenue of $46.02M for fiscal year 2025, down 89.4% from the prior year, according to its SEC filings.
Is Protagonist Therapeutics, Inc. profitable?
No — PTGX reported a net loss of $-130.15M in fiscal 2025.
What is PTGX's P/E ratio?
Protagonist Therapeutics, Inc. trades at a price-to-earnings ratio of about 0.0 based on the latest data in our nightly-refreshed cache.
How fast is Protagonist Therapeutics, Inc. growing?
PTGX's revenue grew at roughly 10.0% per year over the last five fiscal years (compound annual growth rate), computed from SEC-filed statements.
How much debt does Protagonist Therapeutics, Inc. have?
As of fiscal year 2025, PTGX carried roughly $0 in total debt (short- plus long-term borrowings), per its filed balance sheet.
What is Protagonist Therapeutics, Inc.'s market cap?
Protagonist Therapeutics, Inc. (PTGX) has a market capitalization of about $6.87B, based on the latest data in our nightly-refreshed cache.
When does Protagonist Therapeutics, Inc.'s fiscal year end?
PTGX's fiscal year ends in December. Its most recent annual filing covers the fiscal year ending 2025-12-31.
What growth is priced into PTGX stock?
At today's market cap of $6.87B, Protagonist Therapeutics, Inc. is priced for free-cash-flow growth of about 32.8% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $56.08M from the FY ending 2025-12-31). For comparison, revenue 10%/yr, computed from its SEC filings.
Where does this data come from?
All figures are computed from Protagonist Therapeutics, Inc.'s official SEC filings (10-K and 10-Q), covering 12 years of history, refreshed nightly. stockportfolio.pro does not provide investment advice.