PTGX earnings analysis
What we found in PTGX's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Growth
- Total revenue surged to $56.4 million, doubling from $28.3 million in Q1 2025.
- Net Income Turnaround
- Net income rose to $3.8 million from a loss of $11.7 million in the previous year.
- Increased Collaboration Revenue
- $50 million milestone payment from JNJ boosted overall collaboration revenue significantly.
- Cash Position Maintained
- Cash, cash equivalents, and marketable securities stood at $620.3 million, down from $646 million but still strong.
- R&D Investment Rising
- R&D expenses increased by $10.8 million to $46.7 million driven by advances in clinical programs.
- Operational Efficiency
- Significant improvement in loss from operations, reduced to $3.6 million from $19.3 million year-over-year.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- 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.
- Variable Revenue Streams
- License revenues highly dependent on achieving regulatory and sales milestones which are unpredictable.
- Increased R&D Expenditures
- Projected increase in R&D costs as the company advances multiple clinical candidates could affect profitability.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.05
What they said about what is next.
Outlook suggests anticipation of additional royalties and milestone payments from recent collaborations.
The filing reads better than the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
Read the next one first.
We read every filing PTGX makes the day it lands, and put it next to what the options market did about it. Members get both, and an alert when a filing arrives.
Cancel anytime · Month to month · Switch tiers whenever