10-K · February 25, 2026
Protagonist’s 2025 10-K shows a biotech developer transitioning from development to potential near-term commercial milestones: JNJ submitted an NDA for Icotyde (July 2025 U.S., September 2025 EMA filing) and Takeda…
Earnings analysis · 10-Q
PTGX earnings analysis
Filed May 5, 2026 · Our reading of the company's report
The latest report
Protagonist Therapeutics reported robust results for Q1 2026 with total revenue reaching $56.4 million, a substantial increase from $28.3 million in the prior year, marking a 100% growth. The company also posted a net…
Read full summary
Protagonist Therapeutics reported robust results for Q1 2026 with total revenue reaching $56.4 million, a substantial increase from $28.3 million in the prior year, marking a 100% growth. The company also posted a net income of $3.8 million, a significant recovery from a loss of $11.7 million in Q1 2025, showcasing improved operational efficiency and successful collaboration agreements.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.05
What stood out
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Revenue Growth
Total revenue surged to $56.4 million, doubling from $28.3 million in Q1 2025.
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Net Income Turnaround
Net income rose to $3.8 million from a loss of $11.7 million in the previous year.
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Increased Collaboration Revenue
$50 million milestone payment from JNJ boosted overall collaboration revenue significantly.
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Cash Position Maintained
Cash, cash equivalents, and marketable securities stood at $620.3 million, down from $646 million but still strong.
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R&D Investment Rising
R&D expenses increased by $10.8 million to $46.7 million driven by advances in clinical programs.
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Operational Efficiency
Significant improvement in loss from operations, reduced to $3.6 million from $19.3 million year-over-year.
What to watch
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High Cash Burn Rate
Operating cash flow showed a significant outflow of $48.9 million for Q1 2026, compared to a positive inflow of $125.4 million in Q1 2025.
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Variable Revenue Streams
License revenues highly dependent on achieving regulatory and sales milestones which are unpredictable.
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Increased R&D Expenditures
Projected increase in R&D costs as the company advances multiple clinical candidates could affect profitability.
Management's outlook
Outlook suggests anticipation of additional royalties and milestone payments from recent collaborations.
Earlier filings 4
10-Q · May 6, 2025
Protagonist reported Q1 2025 license and collaboration revenue of $28.3M, down sharply from $254.95M in Q1 2024 and down ~83% vs the prior quarter (Q4 2024 $171.0M). The company swung to an operating loss of $19.31M…
10-K · February 21, 2025
Protagonist’s 2024 10-K highlights material de-risking events: a $300.0 million upfront from Takeda (received April 2024), a $165.0 million Phase‑3 milestone under the JNJ collaboration (earned Q4 2024; received Jan…
10-K · February 27, 2024
Protagonist Therapeutics is advancing two late-stage peptide programs (rusfertide for polycythemia vera and JNJ-2113, an oral IL-23R antagonist) and has monetized program risk through collaborations with Takeda and JNJ.…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.