Protagonist Therapeutics (PTGX) FY2025 results: revenue $46 million, down 89.4% on the year
Protagonist Therapeutics, Inc. (PTGX) reported revenue of $46 million for fiscal 2025, the year ended 31 December 2025, down 89.4% on the year before. Net income was -$130 million, and diluted earnings per share $-2.05. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2026.
Revenue
$46 million
-89.4% on the year
FY2018FY2025
Operating margin
-343.6%
58.2% a year earlier
FY2018FY2025
Net income
-$130 million
FY2018FY2025
Diluted EPS
-$2.05
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 3 new, 2 kept.
License revenue fell on lower milestones: License and collaboration revenue was $7.4 million in Q4 2025, against $170.6 million a year earlier, and $46.0 million for full year 2025, against $434.4 million.
Q4 net loss against prior-year income: The company reported a Q4 2025 net loss of $44.4 million, or $0.69 per share, compared with net income of $131.7 million, or $1.98 per diluted share, in Q4 2024.
ICOTYDE U.S. decision expected 2026: A U.S. regulatory decision on ICOTYDE is anticipated in 2026, with commercial launch this year if FDA approval is granted.
Rusfertide NDA submitted to FDA: The NDA for rusfertide in polycythemia vera was submitted to the FDA, with potential approval and launch this year, as management stated.
Takeda opt-out expected in Q2: Protagonist has the right to opt out of the 50:50 U.S. profit and loss sharing with Takeda in a 90-day period beginning 120 days after the NDA filing; it expects to exercise in Q2 2026.
$ million except per share. Read moreFree 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
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
57.7
184
-70.2
-68.7%
Capital expenditure
1.6
1.4
0.6
+17.3%
Free cash flow
56.1
183
-70.8
-69.3%
Free cash flow margin
121.9%
42.1%
-118.1%
Cash from investing
-49.3
-299
-39.3
Cash from financing
22.9
25.9
170
-11.6%
Depreciation and amortisation
1.3
0.8
1.0
+55.0%
Share-based compensation
46.0
37.6
29.3
+22.4%
Diluted shares, weighted
64m
65m
57m
-2.3%
Shares outstanding at period end
63m
61m
58m
+2.5%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
615
675
337
-9.0%
Debt
0.0
0.0
n/a
Operating lease liabilities
8.0
10.4
n/a
-22.4%
Other liabilities
45.4
59.1
21.3
-23.1%
Total liabilities and equity
668
745
358
-10.3%
Fixed assets
3.9
3.2
1.2
+21.0%
Investments
518
462
155
+12.1%
Cash and equivalents
128
97.2
187
+32.0%
Other assets
18.3
182
15.1
-90.0%
Total assets
668
745
358
-10.3%
10-K for the year ended 31 December 2025, filed 25 February 2026: the filing.