PTGXNasdaqPharmaceutical PreparationsUS GAAP · USD

Protagonist Therapeutics, Inc

Protagonist Therapeutics is a U.S.-based biopharmaceutical company focused on discovering and developing peptide-based medicines for inflammatory and immunologic diseases, hematology, and metabolic disorders. Its pipeline includes internally discovered programs and partnered assets developed with large pharmaceutical collaborators.

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Operating profit (EBIT)-158m USD
−162.5 %y/y
Net income-130m USD
−147.3 %y/y
Free cash flow56.1m USD
−69.3 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-200-1000100200300m USD2020: EBIT -65 m USD20202021: EBIT -126 m USD20212022: EBIT -131 m USD20222023: EBIT -94 m USD20232024: EBIT 253 m USD20242025: EBIT -158 m USD2025-158
RevenueOperating profit (EBIT)
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Business

Share of revenue
Partnered development programs55 %

Licensed and collaboration-based drug candidates advanced with pharmaceutical partners.

Internal clinical pipeline35 %

Company-discovered therapeutic candidates in clinical development across I&I and hematology.

Discovery research programs10 %

Early-stage peptide discovery efforts targeting validated biology in new disease areas.

Customers

Protagonist does not sell commercial products directly; its economic counterparties are pharmaceutical partners that license or co-develop its drug candidates. Its end-market is ultimately patients and prescribers in specialty disease areas such as psoriasis and polycythemia vera, but near-term revenue is generated through collaboration agreements, milestones, and development services.

Pharmaceutical collaboration partners

Partners such as JNJ and Takeda fund development, pay milestones, and may commercialize assets.

Specialty prescribers

Dermatologists, hematologists, and other specialists who would prescribe approved therapies.

Patients in targeted disease areas

Patients with psoriasis, polycythemia vera, and other immune-mediated or metabolic diseases.

Payers and reimbursement systems

Insurers and health systems that determine access and uptake for approved specialty drugs.

Strategy

The company’s strategy is to build value through differentiated peptide therapeutics against biologically validated targets, while using partnerships to extend development and commercialization reach. It also continues to broaden its pipeline across inflammation and immunology, hematology, and metabolic disease to diversify scientific and commercial risk.

Advance partnered late-stage assetsShort term

Partnered programs can convert clinical progress into milestone and royalty economics without building a full commercial organization.

Broaden the internal pipelineMedium term

Multiple programs reduce dependence on any single asset and create future partnering opportunities.

Preserve partnering optionalityMedium term

Collaboration structures can provide non-dilutive funding and commercialization leverage.

Geography

Protagonist is headquartered in the United States and conducts its research and development from a U.S. operating base. Its business is global in commercial reach through partners, with regulatory filings and potential launches in the United States and Europe for partnered programs such as Icotyde.

Risks

Protagonist is highly dependent on clinical success, regulatory approval, and partner execution, because it has no commercialized products of its own. Its revenue can be volatile due to milestone timing, while development-stage biotech economics also expose it to funding needs, competitive pressure, and regulatory review risk.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Dependence on clinical development success1Regulatory approval risk2Partner concentration and execution risk3Capital funding risk4Competitive therapeutic landscape5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Dependence on clinical development successImpact: CriticalLikelihood: Medium

    The company’s value is tied to product candidates that must prove safety and efficacy in trials.

    Exposure: All pipeline programs

  2. Regulatory approval riskImpact: HighLikelihood: Medium

    FDA and EMA decisions determine whether partnered and internal assets can reach market.

    ExposureIcotydeRusfertideOther candidates
  3. Partner concentration and execution riskImpact: HighLikelihood: Medium

    Revenue and commercialization depend on a small number of collaboration partners.

    ExposureJNJTakeda
  4. Capital funding riskImpact: HighLikelihood: Medium

    Ongoing R&D and pre-commercial work require external funding if collaboration cash is insufficient.

    Exposure: Clinical and discovery programs

  5. Competitive therapeutic landscapeImpact: MediumLikelihood: Medium

    Competing drugs may offer better efficacy, convenience, or pricing in target indications.

    ExposurePsoriasisPVObesityI&I
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Accounting

Judgemental items
License and collaboration revenue recognition

Upfront fees, milestones, and service obligations under JNJ and Takeda agreements drive reported revenue timing.

Impact: Can create large quarter-to-quarter swings in revenue

Deferred revenue

Cash received before performance obligations are satisfied is recorded as deferred revenue.

Impact: Affects balance sheet liabilities and future revenue recognition

Stock-based compensation

Non-cash equity awards are a significant component of operating expenses.

Impact: Impacts reported operating loss and comparability

Clinical trial accruals and estimates

R&D costs depend on estimates for CRO and trial-related obligations.

Impact: Can shift expense recognition between periods

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Last updated: 24/09/2026