Protagonist Therapeutics, Inc financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Protagonist Therapeutics, Inc files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue		20.1	30.9	0.23	28.6	27.4	26.6	60	434	46
Research and development	25.7	46.2	59.5	65	74.5	126	126	120	138	159
General and administrative	6.96	11.8	13.7	15.7	18.6	27.2	31.7	33.5	43.5	44.9
Operating expenses	32.7	58	73.2	80.8	93.1	153	158	154	182	204
Operating income	-32.7	-37.9	-42.3	-80.5	-64.5	-126	-131	-93.7	253	-158
Interest expense				0.17	0.6
Interest income	0.24	0.95	2.57	2.81	0.9	0.44	4.06	14.9	26.3	28.8
Other non-operating income	-0.03	-0.01	-0.02	-0	-0.05	-0.15	-0.08	-0.2	0.25	0.03
Pre-tax income	-37.2	-37	-39.7	-77.9	-64.8	-126	-127	-79	279	-129
Income tax	0	0	-0.8	-0.69	1.31	0	0	0	4.22	0.84
Net income	-37.2	-37	-38.9	-77.2	-66.2	-126	-127	-79	275	-130
EBITDA	-32.3	-37.5	-41.7	-79.8	-63.6	-125	-130	-92.7	254	-157
EPS, basic	-5.80	-2.09	-1.74	-2.98	-1.92	-2.71	-2.60	-1.39	4.47	-2.05
EPS, diluted	-5.80	-2.09	-1.74	-2.98	-1.92	-2.71	-2.60	-1.39	4.23	-2.05
Shares, basic (weighted)	6.5	17.7	22.4	25.9	34.4	46.3	49	56.8	61.6	63.6
Shares, diluted (weighted)	6.5	17.7	22.4	25.9	34.4	46.3	49	56.8	65.1	63.6

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	21.1	106	82.2	33	117	124	126	187	97.2	128
Short-term investments			46.6	100	188	203	112	155	322	439
Other current assets	0.5	1.07	2.62	5.53	6.28	9.48	0.04	0.08	0.25	0.01
Total current assets	83.2	151	138	145	316	341	243	356	592	578
Property, plant and equipment	0.56	0.88	0.86	1.68	1.46	1.8	1.57	1.2	3.19	3.86
Lease right-of-use assets				6.04	4.95	4.94	3.06	0.95	9.42	7.83
Long-term investments					2		0		140	78.6
Other non-current assets	0.03
Total assets	94	164	139	155	324	348	248	358	745	668
Accounts payable	1.16	1.26	5.71	2.79	3.08	1.6	3.64	0.77	1.62	5.34
Accrued liabilities	5.27	9.55	11.2	12.4	18.5	37.7	25	19.4	23.7	28.3
Deferred revenue		31.8	8.22	17.7	14.5	0.9	0.07	0
Total current liabilities	6.44	42.6	26.2	35.4	40.2	44	31.2	21.3	47.4	45.4
Lease liabilities				5.96	4.5	3.66	1.14		10.4	8.04
Other non-current liabilities					0.12
Total liabilities	6.44	43.1	27	75	44.9	47.7	32.3	21.3	69.4	53.5
Total debt				9.79
Paid-in capital	152	222	253	298	563	710	753	952	1,016	1,085
Retained earnings	-64.6	-102	-140	-218	-284	-409	-537	-616	-341	-471
Other comprehensive income	-0.25	-0.01	-0.23	-0.22	0.03	-0.3	-0.36	-0.11	-0.08	0.64
Shareholders' equity	87.6	121	113	80	280	300	216	337	675	615
Total equity	87.6	121	113	80	280	300	216	337	675	615
Total liabilities and equity	94	164	139	155	324	348	248	358	745	668
Shares outstanding	16.7	21.1	23.2	27.2	43.7	47.8	49.3	57.7	61	62.6

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-37.2	-37	-38.9	-77.2	-66.2	-126	-127	-79	275	-130
Depreciation and amortization	0.32	0.41	0.53	0.73	0.95	0.81	1.03	0.98	0.83	1.28
Stock-based compensation	2.13	4.24	6.92	8.35	7.9	16.4	24.2	29.3	37.6	46
Deferred income tax			-0.8	-0.78	1.39
Change in payables	-0.12	0.09	4.43
Cash from operations	-30	3.87	-49.9	-41.5	-72.5	-108	-108	-70.2	184	57.7
Capital expenditures	-0.35	-0.67	-0.49	-0.97	-0.47	-1.1	-0.8	-0.61	-1.36	-1.59
Purchases of investments		-39.5	-71.1	-167	-280	-287	-215	-191	-622	-547
Sales and maturities of investments										7
Cash from investing	-59.3	15.8	2.21	-53.7	-91	-15.9	91.5	-39.3	-299	-49.3
Debt issued				9.77
Debt repaid					-10.5
Stock issued	0.15		1.51	34.5	213	124		108
Cash from financing	106	65.6	24.1	46	248	130	18.8	170	25.9	22.9
Exchange rate effect	0.02	0.15	-0.18	-0.03	0.18	-0.13	-0.09
Net change in cash	17	85.4	-23.8	-49.2	84.4	6.07	2.08	61	-89.5	31.2
Free cash flow	-30.3	3.21	-50.4	-42.5	-73	-109	-109	-70.8	183	56.1
Interest paid				0.07	0.44
Income taxes paid									1.53	3.69

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $141.86 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	20.7%	Operating income / revenue.
EBITDA margin	21.2%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	29.9%	Pre-tax income / revenue.
Net margin	29.4%	Net income / revenue.
FCF margin	46.3%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	46.5%	Cash from operations / revenue.
Effective tax rate	1.7%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	9.9%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	9.4%	Net income / average total assets.
Return on invested capital (ROIC)	13.6%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	62.1%	Research and development expense / revenue.
Stock-based pay / revenue	17.7%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.2%	Capital expenditures / revenue.
D&A / revenue	0.5%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-89.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	20.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	10.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-162.5%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	-161.8%	EBITDA vs the same period a year earlier. Only from a positive base.
Net income growth, 1y	-147.3%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-148.5%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	-68.7%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y	-69.3%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	-9.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	41.8%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	17.1%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-10.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	39.2%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	15.5%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-2.3%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	9.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	13.1%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	21.7x	Current assets / current liabilities.
Quick ratio	21.0x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	21.0x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	5.0%	Total liabilities / total assets.
Working capital	$770.0M	Current assets - current liabilities.
Tangible book value	$841.5M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.32x	Revenue / average total assets.
Fixed asset turnover	81.6x	Revenue / average property, plant and equipment.
FCF conversion	157.5%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	0.5%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.17	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$3.97	Revenue / diluted weighted shares.
FCF per share	$1.84	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.85	Cash from operations / diluted weighted shares.
Book value per share	$13.01	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$13.01	Tangible book value / shares outstanding.
Cash per share	$12.10	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$9.18B	Share price x shares outstanding.
Enterprise value	$8.40B	Market cap + total debt - cash - short-term investments.
P/E	111x	Market cap / net income. Only when net income is positive.
P/S	32.6x	Market cap / revenue.
P/B	10.9x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	10.9x	Market cap / tangible book value, when positive.
P/FCF	70.3x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	70.0x	Market cap / cash from operations, when positive.
EV/Sales	29.8x	Enterprise value / revenue.
EV/EBIT	144x	Enterprise value / operating income, when both are positive.
EV/EBITDA	140x	Enterprise value / EBITDA, when both are positive.
EV/FCF	64.3x	Enterprise value / free cash flow, when both are positive.
FCF yield	1.4%	Free cash flow / market cap.
Earnings yield	0.9%	Net income / market cap (the inverse of P/E).

What was Protagonist Therapeutics, Inc's revenue in fiscal 2025?

Protagonist Therapeutics, Inc reported revenue of $46.0M for fiscal 2025, 89.4% lower than the year before.

Was Protagonist Therapeutics, Inc profitable in fiscal 2025?

No. It reported a net loss of $130.1M.

How much free cash flow did Protagonist Therapeutics, Inc generate in fiscal 2025?

Cash from operations of $57.7M minus capital expenditures of $1.6M left free cash flow of $56.1M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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