Protagonist Therapeutics, Inc. (PTGX) Income Statement
PTGX 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsPTGX revenue and net income
Where PTGX's revenue goes
2025Each bar shows an amount and its share of revenue. PTGX kept −282.8% of revenue as net income.
PTGX profit margins
PTGX growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −89.4% | +20.1% | +10.0% | — |
| Gross profit | −89.7% | +19.0% | +9.4% | — |
| Operating income | −162.5% | — | — | — |
| Net income | −147.3% | — | — | — |
| EPS (diluted) | −148.8% | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
PTGX quarterly EPS vs estimates
Protagonist Therapeutics beat the analyst EPS estimate in 4 of the last 8 quarters. Next report: November 5, 2026 (estimate $2.19).
PTGX income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $46.0M | $434.4M | $60.0M | $26.6M | $27.4M | $28.6M | $231,000 | $30.9M | $20.1M | $0 |
| Cost of revenue | $1.2M | $3.0M | $3.3M | $1.0M | $2.8M | $0 | $0 | $0 | $57.6M | $317,000 |
| Gross profit | $44.8M | $434.4M | $60.0M | $26.6M | $27.4M | $28.6M | $231,000 | $30.9M | $20.1M | −$317,000 |
| Research & development | $159.3M | $138.1M | $120.2M | $126.2M | $126.0M | $76.0M | $65.0M | $59.5M | $46.2M | $25.7M |
| Sales, general & admin | $44.9M | $43.5M | $33.5M | $31.7M | $27.2M | $18.6M | $15.7M | $13.7M | $11.8M | $7.0M |
| Total operating expenses | $202.9M | $181.6M | $153.7M | $158.0M | $153.2M | $93.1M | $80.8M | $73.2M | $58.0M | $32.7M |
| Operating income | −$158.1M | $252.8M | −$93.7M | −$131.4M | −$125.8M | −$64.5M | −$80.5M | −$42.3M | −$37.9M | −$32.7M |
| Interest income | $28.8M | $26.3M | $12.9M | $4.1M | $443,000 | $900,000 | $2.8M | $2.5M | $940,000 | $242,000 |
| Interest expense | — | — | — | $3.4M | $2.5M | $598,000 | $169,000 | $0 | $0 | $0 |
| Income before taxes | −$129.3M | $279.4M | −$79.0M | −$127.4M | −$125.6M | −$64.8M | −$77.9M | −$39.7M | −$37.0M | −$37.2M |
| Income taxes | $838,000 | $4.2M | −$14.9M | −$4.0M | −$2.9M | $1.3M | −$691,000 | −$799,000 | −$406,000 | $4.2M |
| Net income | −$130.1M | $275.2M | −$79.0M | −$123.4M | −$125.6M | −$66.2M | −$77.2M | −$38.9M | −$37.0M | −$37.2M |
| EBITDA | −$128.0M | $282.4M | −$75.6M | −$128.0M | −$122.8M | −$61.8M | −$75.2M | −$41.7M | −$37.5M | −$32.3M |
| EPS (diluted) | −$2.05 | $4.20 | −$1.49 | −$2.60 | −$2.70 | −$1.98 | −$3.00 | −$1.72 | −$2.17 | −$20.61 |
| Gross margin | 97.3% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | — |
| Operating margin | −343.6% | 58.2% | −156.1% | −494.2% | −460.0% | −225.4% | −34,857.6% | −136.7% | −188.9% | — |
| Net margin | −282.8% | 63.3% | −131.6% | −464.3% | −458.9% | −231.1% | −33,414.3% | −125.9% | −184.2% | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $213.5M | $56.4M | $7.4M | $4.7M | $5.5M | $28.3M | $170.6M | $4.7M | $4.2M | $255.0M | $60.0M | $0 |
| Cost of revenue | $0 | $407,000 | $376,000 | $0 | $0 | $0 | $604,000 | $0 | $892,000 | $820,000 | $832,000 | $827,000 |
| Gross profit | $213.5M | $56.0M | $7.4M | $4.7M | $5.5M | $28.3M | $170.6M | $4.7M | $4.2M | $255.0M | $60.0M | −$827,000 |
| Research & development | $42.1M | $46.7M | $46.4M | $40.0M | $37.0M | $35.9M | $34.9M | $36.0M | $33.5M | $33.7M | $28.9M | $30.7M |
| Sales, general & admin | $12.6M | $13.3M | $11.4M | $11.1M | $10.6M | $11.7M | $9.0M | $10.2M | $9.4M | $15.7M | $8.1M | $7.7M |
| Total operating expenses | $54.7M | $59.6M | $57.8M | $51.1M | $47.6M | $47.6M | $43.9M | $46.1M | $43.0M | $48.6M | $37.0M | $38.3M |
| Operating income | $158.8M | −$3.6M | −$50.4M | −$46.4M | −$42.0M | −$19.3M | $126.8M | −$41.5M | −$38.8M | $206.3M | $23.0M | −$38.3M |
| Interest income | $6.4M | $5.9M | $6.8M | $7.0M | $7.4M | $7.6M | $6.9M | $7.7M | $7.4M | $4.4M | $4.2M | $4.3M |
| Interest expense | — | — | — | — | — | — | — | — | — | — | $2.3M | — |
| Income before taxes | $165.1M | $2.3M | −$43.7M | −$39.3M | −$34.6M | −$11.7M | $133.7M | −$33.6M | −$31.3M | $210.7M | $27.3M | −$34.1M |
| Income taxes | $2.3M | −$1.5M | $666,000 | — | $172,000 | — | $2.0M | −$420,000 | −$676,000 | $3.3M | −$4.2M | −$827,000 |
| Net income | $162.8M | $3.8M | −$44.4M | −$39.3M | −$34.8M | −$11.7M | $131.7M | −$33.2M | −$30.6M | $207.3M | $27.3M | −$34.1M |
| EBITDA | $165.5M | $2.7M | −$43.3M | −$39.0M | −$34.3M | −$11.4M | $134.2M | −$33.0M | −$29.8M | $210.9M | $28.2M | −$33.3M |
| EPS (diluted) | $2.29 | $0.05 | −$0.69 | −$0.62 | −$0.55 | −$0.19 | $1.98 | −$0.54 | −$0.50 | $3.26 | $0.44 | −$0.58 |
| Gross margin | 100.0% | 99.3% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | — |
| Operating margin | 74.4% | −6.5% | −677.1% | −985.2% | −758.0% | −68.2% | 74.3% | −886.7% | −931.0% | 80.9% | 38.4% | — |
| Net margin | 76.3% | 6.7% | −596.8% | −834.9% | −627.0% | −41.2% | 77.2% | −710.4% | −734.7% | 81.3% | 45.6% | — |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in PTGX's financial statements (latest annual report filed February 25, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
PTGX financial results
In fiscal year 2025 (ended December 31, 2025), Protagonist Therapeutics reported revenue of $46.0 million, down 89.4% from the year before. It had a net loss of $130.1 million, a net profit margin of −282.8%. Diluted earnings per share came to −$2.05. Over five years revenue grew at an average rate of 10.0% a year.
See the PTGX stock overview for the latest quote and news, or the PTGX chart for price history and technical indicators.
PTGX income statement FAQ
What is Protagonist Therapeutics's annual revenue?
Protagonist Therapeutics reported total revenue of $46.0 million for fiscal year 2025, which ended on December 31, 2025. That was down 89.4% from $434.4 million the previous year.
Is Protagonist Therapeutics profitable?
No. Protagonist Therapeutics reported a net loss of $130.1 million in fiscal 2025, a net profit margin of −282.8%; its operating margin was −343.6%.
What is Protagonist Therapeutics's gross margin?
Protagonist Therapeutics's gross margin was 97.3% in fiscal 2025: for every $100 of revenue, Protagonist Therapeutics kept $97 after the direct cost of its products and services.
How much does Protagonist Therapeutics spend on research and development?
Protagonist Therapeutics spent $159.3 million on research and development in fiscal 2025, 346.2% of revenue.
How fast is Protagonist Therapeutics growing?
Revenue grew 10.0% a year on average over the last five fiscal years, from $28.6 million to $46.0 million.
What are Protagonist Therapeutics's earnings per share?
Protagonist Therapeutics earned $-2.05 per diluted share in fiscal 2025, compared with $4.20 a year earlier.
When will Protagonist Therapeutics report its next earnings?
Protagonist Therapeutics is expected to report results for the quarter ending September 30, 2026 on November 5, 2026 after the market closes.
When does Protagonist Therapeutics's fiscal year end?
Protagonist Therapeutics's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 25, 2026.