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Drug manufacturers · Healthcare · Fiscal year ends Dec 31
Protagonist Therapeutics reported revenue of $46M in the fiscal year ended Dec 2025, down 89.4% from the year before. Operating income was −$158M, an operating margin of −343.6%, and net income was −$130M. Operating cash flow of $58M less capital expenditure of $2M left free cash flow of $56M.
Ranks among the 78 drug manufacturers companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 27.4 | 26.6 | 60.0 | 434 | 46.0 |
| Research & development | 126 | 126 | 120 | 138 | 159 |
| Operating income | −126 | −131 | −93.7 | 253 | −158 |
| Pre-tax income | −126 | −127 | −79.0 | 279 | −129 |
| Income tax | 0.0 | 0.0 | 0.0 | 4.2 | 0.8 |
| Net income | −126 | −127 | −79.0 | 275 | −130 |
| Diluted EPS | −2.71 | −2.60 | −1.39 | 4.23 | −2.05 |
| Diluted shares | 46.3 | 49.0 | 56.8 | 65.1 | 63.6 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 124 | 126 | 187 | 97.2 | 128 |
| Current assets | 341 | 243 | 356 | 592 | 578 |
| Net PP&E | 1.8 | 1.6 | 1.2 | 3.2 | 3.9 |
| Total assets | 348 | 248 | 358 | 745 | 668 |
| Payables | 1.6 | 3.6 | 0.8 | 1.6 | 5.3 |
| Deferred revenue | 0.9 | 0.1 | 0.0 | 30.6 | – |
| Current liabilities | 44.0 | 31.2 | 21.3 | 47.4 | 45.4 |
| Total liabilities | 47.7 | 32.3 | 21.3 | 69.4 | 53.5 |
| Shareholders' equity | 300 | 216 | 337 | 675 | 615 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −108 | −108 | −70.2 | 184 | 57.7 |
| Capital expenditure | 1.1 | 0.8 | 0.6 | 1.4 | 1.6 |
| Free cash flow | −109 | −109 | −70.8 | 183 | 56.1 |
| Depreciation & amortisation | 0.8 | 1.0 | 1.0 | 0.8 | 1.3 |
| Stock-based compensation | 16.4 | 24.2 | 29.3 | 37.6 | 46.0 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −2.8% | 125.7% | 624.1% | −89.4% |
| Operating income growth (YoY) | – | – | – | – | −162.5% |
| EPS growth (YoY) | – | – | – | – | −148.5% |
| Operating margin | −460.0% | −494.2% | −156.1% | 58.2% | −343.6% |
| Net margin | −458.9% | −479.3% | −131.6% | 63.3% | −282.8% |
| Return on equityBlank when equity is negative | −41.8% | −59.1% | −23.5% | 40.8% | −21.2% |
| ROCEEBIT ÷ (assets − current liabilities) | −41.4% | −60.6% | −27.8% | 36.3% | −25.4% |
| Free cash flow margin | −398.3% | −409.8% | −118.1% | 42.1% | 121.9% |
| Cash conversion (CFO ÷ net income) | 0.86x | 0.85x | 0.89x | 0.67x | −0.44x |
| Current ratio | 7.74x | 7.80x | 16.7x | 12.5x | 12.7x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.