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Protagonist Therapeutics, Inc. (referred to as Protagonist, the Company, we, our or us ) is an integrated discovery and development company with a validated technology platform. Our programs fall into three broad therapeutic areas: (i) inflammation and immunology ( I&I ), (ii) hematology and (iii) metabolic diseases.
The business is unprofitable at the operating level (-343.63% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 89.4% YoY. Margins deteriorated 401.8pp alongside, both lines moving the wrong way.
Free cash flow declined 69% versus the prior year, cash generation momentum has weakened. ROIC dropped from 48.56% to -19.05%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$74M
▼ -89.4% YoY
Net Income (TTM)
-$115M
▼ -147.3% YoY
Op. Margin
-192.36%
▼ -401.8pp YoY
ROIC
-17.15%
▼ -67.6pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$118M
▼ -69.3% YoY
Op. Cash Flow (TTM)
-$117M
▼ -68.7% YoY
Net Debt
-$538M
Net Cash Position
Cash & Equiv.
$548M
5Y CAGR: +10.0%
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