Protagonist Therapeutics (PTGX) FY2023 results: revenue $60 million, up 125.7% on the year

Protagonist Therapeutics, Inc. (PTGX) reported revenue of $60 million for fiscal 2023, the year ended 31 December 2023, up 125.7% on the year before. Net income was -$79 million, and diluted earnings per share $-1.39. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2024.

Revenue

$60 million

+125.7% on the year

FY2017FY2023

Operating margin

-156.1%

-494.2% a year earlier

FY2017FY2023

Net income

-$79 million

FY2017FY2023

Diluted EPS

-$1.39

FY2017FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	60.0	26.6	27.4	+125.7%
Research and development	120	126	126	-4.8%
Operating income	-93.7	-131	-126
Operating margin	-156.1%	-494.2%	-460.0%
Pre-tax income	-79.0	-127	-126
Income tax	0.0	0.0	0.0
Net income	-79.0	-127	-126
Net margin	-131.6%	-479.3%	-458.9%
Diluted EPS	-$1.39	-$2.60	-$2.71

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2023	FY2022	FY2021	On the year
Operating cash flow	-70.2	-108	-108
Capital expenditure	0.6	0.8	1.1	-23.4%
Free cash flow	-70.8	-109	-109
Free cash flow margin	-118.1%	-409.8%	-398.3%
Cash from investing	-39.3	91.5	-15.9
Cash from financing	170	18.8	130	+805.0%
Depreciation and amortisation	1.0	1.0	0.8	-5.5%
Share-based compensation	29.3	24.2	16.4	+21.0%
Diluted shares, weighted	57m	49m	46m	+15.7%
Shares outstanding at period end	58m	49m	48m	+17.0%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	337	216	300	+56.2%
Debt	n/a	0.0	0.0
Operating lease liabilities	n/a	1.1	3.7
Other liabilities	21.3	31.2	44.0	-31.8%
Total liabilities and equity	358	248	348	+44.4%
Fixed assets	1.2	1.6	1.8	-23.6%
Investments	155	112	203	+38.8%
Cash and equivalents	187	126	124	+48.5%
Other assets	15.1	9.0	19.0	+68.1%
Total assets	358	248	348	+44.4%

10-K for the year ended 31 December 2023, filed 27 February 2024: the filing.