At a glance
Protagonist Therapeutics Inc is worth $9.20B. Revenue fell 89.4% to $46.0M in fiscal 2025, at a loss; over 5 years it has grown 10.0% a year. It pays no dividend. The stock returned +81.0% over the past year with dividends reinvested and +34.4% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 41.4% in the 2020 crash (S&P 500: 33.7%) and 80.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 2 months and 25 months after the lows.
The business in plain English
Protagonist Therapeutics discovers and develops drugs, mostly peptides (short chains of amino acids), for inflammatory and immune diseases, blood disorders and obesity. As of its annual report for fiscal 2025, it had no approved products and had never earned revenue from product sales. Its income comes from licensing deals with large drugmakers. They pay it upfront fees, milestone payments (paid when a drug reaches agreed goals) and royalties (a percentage of future sales).
Icotyde (icotrokinra) is an oral drug for moderate-to-severe plaque psoriasis. It blocks the IL-23 receptor, a key driver of the disease's inflammation. Johnson & Johnson's Janssen unit licensed it and filed for U.S. approval in July 2025. Protagonist has earned $337.5 million in milestones, could earn up to $630.0 million more, and would receive royalties of 6% to 10%. Rusfertide is an injection for polycythemia vera, a rare disorder in which the body makes too many red blood cells. Takeda paid $300.0 million upfront in April 2024, and the partners filed for U.S. approval in December 2025.
Because these payments arrive in lumps, revenue swings widely: $434.4 million in fiscal 2024, then $46.0 million in fiscal 2025. Earlier-stage programs include PN-881, a wholly owned oral drug for psoriasis and related diseases that entered human testing in October 2025. Two obesity candidates, PN-477 and PN-458, are also in development.
Price history
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PTGX +81.0% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $213.5M, up 3749.2% from a year earlier, and net income was $162.8M.
- For fiscal 2025, revenue was $46.0M (-89.4% year over year; +10.0% a year from FY2020 to FY2025) with a -282.8% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +10.0% good |
|---|---|
| Operating margin | -343.6% weak |
| Free cash flow margin | 121.9% good |
| Return on equity (FY2025) | -21.2% weak |
| Return on assets (FY2025) | -19.5% weak |
| Cash and investments | $849.5M (no borrowings found in the filings) good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $28.6M | $-66.2M | $-73.0M |
| FY2021 | $27.4M | $-125.6M | $-109.0M |
| FY2022 | $26.6M | $-127.4M | $-108.9M |
| FY2023 | $60.0M | $-79.0M | $-70.8M |
| FY2024 | $434.4M | $275.2M | $182.8M |
| FY2025 | $46.0M | $-130.1M | $56.1M |
Valuation snapshot
| Market value | $9.20B |
|---|---|
| P/E ratio | — |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Protagonist Therapeutics’s market value went from $735.1M at the end of 2016 to $9.20B on Oct 28, 2026, about 12.5 times as much; since the end of 2025 it is up 68%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $9.20B | +68.5% |
| 2025 | $5.46B | +137.3% |
| 2024 | $2.30B | +73.9% |
| 2023 | $1.32B | +146.4% |
| 2022 | $536.8M | -67.1% |
| 2021 | $1.63B | +5.8% |
| 2020 | $1.54B | +302.1% |
| 2019 | $383.6M | +17.8% |
| 2018 | $325.5M | -61.8% |
| 2017 | $852.0M | +15.9% |
| 2016 | $735.1M |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| PTGX price data to Oct 28, 2026 | +62.7% | +81.0% | +116.1% | +34.4% | +13.7% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +62.7% |
| 2025 | +126.3% |
| 2024 | +68.3% |
| 2023 | +110.2% |
| 2022 | -68.1% |
| 2021 | -15.2% |
| 2020 | +186.0% |
| 2019 | +4.8% |
| 2018 | -67.6% |
| 2017 | -5.4% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 32% over that stretch · deepest drop along the way 41.4%, back to its old high 1.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 76.9% over that stretch · deepest drop along the way 80.4%, back to its old high 25 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 35 sales ($87.5M), 10 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 10, 2026 | Patel Dinesh V Ph D President and CEO, Director | sell (plan) | $9.8M |
| Sep 9, 2026 | Patel Dinesh V Ph D President and CEO, Director | sell (plan) | $9.3M |
| Sep 8, 2026 | Patel Dinesh V Ph D President and CEO, Director | sell (plan) | $7.9M |
| May 12, 2026 | Patel Dinesh V Ph D President and CEO, Director | sell | $7.5M |
| Sep 30, 2026 | Asif Ali Chief Financial Officer | sell (plan) | $6.5M |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 15.2% | Sep 30, 2026 |
| Farallon Capital Management, L.L.C. | 9.99% | Jun 30, 2026 |
| Farallon Capital Partners, L.P. | 9.99% | Dec 31, 2025 |
| RTW Investments, LP | 8.1% | Dec 31, 2025 |
| Vanguard Portfolio Management | 5.53% | Mar 31, 2026 |
| STATE STREET CORPORATION | 5.2% | Jun 30, 2026 |
| Wellington Management Group LLP | 5.1% | Dec 31, 2025 |
| Vanguard Capital Management | 5.09% | Mar 31, 2026 |
| BIOTECHNOLOGY VALUE FUND L P | 4.1% | Sep 30, 2025 |
| Deep Track Capital, LP | 2.76% | Sep 30, 2025 |
ETFs with the most weight in PTGX
| PBE Invesco Biotechnology & Genome ETF | 3.84% |
| PTH Invesco Dorsey Wright Healthcare Momentum ETF | 2.84% |
| SBIO ALPS Medical Breakthroughs ETF | 2.83% |
| RZG Invesco S&P SmallCap 600® Pure Growth ETF | 2% |
| PSCH Invesco S&P SmallCap Health Care ETF | 1.79% |
| BBC Virtus LifeSci Biotech Clinical Trials ETF | 1.49% |
| SIXS ETC 6 Meridian Small Cap Equity ETF | 1.31% |
| FDLS Inspire Fidelis Multi Factor ETF | 0.86% |
What could go wrong
- Heavy reliance on two partnered drugs. Protagonist's future depends heavily on Icotyde and rusfertide winning approval and selling well. Neither was approved as of the fiscal 2025 annual report, and a rejection or delay would hurt the business.
- Partners control marketing and sales. Johnson & Johnson and Takeda make the marketing decisions for Icotyde and rusfertide. If either partner loses interest, launches poorly or disputes the contract, Protagonist's milestones and royalties could shrink.
- Lumpy revenue and a history of losses. Revenue comes from one-off partner payments, not product sales. It fell from $434.4 million in fiscal 2024 to $46.0 million in fiscal 2025, when the company lost $130.1 million.
- Tough competition in psoriasis. Icotyde would compete with established injected drugs such as Skyrizi, Tremfya and Cosentyx, the pills Otezla and Sotyktu, and newer pills in late-stage testing. Doctors and insurers may favor familiar options.
- Early pipeline could fail in testing. PN-881 and obesity candidates PN-477 and PN-458 were early-stage as of the fiscal 2025 annual report. Clinical failure can happen at any stage, and early results may not hold up later.
- Dilution and big price swings. Shares outstanding rose 35.6% from October 2021 to July 2026, and new fundraising could shrink existing holders' stakes. The stock has fallen as much as 92.9% from a peak over about 10 years.
Recent events
- Quarterly results released; Investor presentation or announcement
- Executive or board change; Shareholder vote results
- Quarterly results released
- Quarterly results released
- Investor presentation or announcement
- Quarterly results released
For income and retirement investors
Protagonist Therapeutics does not pay a dividend. It paid no dividends and bought back no shares in fiscal years 2021 through 2025, so it offers no income stream. Any return comes from the share price alone. Instead of shrinking, the share count grew 35.6% between October 29, 2021 and July 31, 2026, which spreads ownership more thinly. As of June 30, 2026, the company held about $849.5 million in cash and investments, and its filings showed no borrowings.
The price has fallen hard in market downturns. During the 2020 COVID crash it dropped 41.4% between February 20 and March 18, 2020, then recovered by May 8, 2020. In the 2022 bear market it fell 80.4% from January 4 to June 13, 2022, and took about 25 months to regain its peak. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Protagonist Therapeutics make money?
Through payments from drug partners, not product sales. Protagonist had never sold a drug as of its fiscal 2025 annual report. It has earned $337.5 million in milestone payments from Johnson & Johnson's Janssen unit for Icotyde (icotrokinra), an oral psoriasis drug. It could earn up to $630.0 million more, plus royalties of 6% to 10% on sales if the drug is approved. Takeda paid $300.0 million upfront in April 2024 and a $25.0 million milestone in September 2025 for rusfertide, a blood-disorder drug.
Is Protagonist Therapeutics profitable?
Not consistently. It earned net income of $275.2 million in fiscal 2024, a year that included a $165.0 million milestone from Johnson & Johnson. It then lost $130.1 million in fiscal 2025 as revenue fell to $46.0 million. In the quarter ended June 30, 2026, it reported net income of $162.8 million on revenue of $213.5 million. Because revenue depends on one-off partner payments, profits can swing sharply from period to period.
Does Protagonist Therapeutics pay a dividend?
No. Protagonist paid no dividends and bought back no shares in fiscal years 2021 through 2025. It has no product sales, so it puts its cash toward research and clinical trials. Shareholder returns have come only from price changes, and those have been large in both directions: the stock gained 126.3% in 2025 and lost 68.1% in 2022. It offers nothing for investors who need regular income.
What is Protagonist's opt-out deal with Takeda on rusfertide?
It is Protagonist's right to stop sharing U.S. profits and losses on rusfertide, which it otherwise splits 50-50 with Takeda. In its annual report filed February 25, 2026, Protagonist said it expected to opt out in the second quarter of 2026. Opting out gives Takeda an exclusive worldwide license. In return, Protagonist would receive royalties of 14% to 29% on worldwide net sales and up to $400.0 million in opt-out payments. It would also be eligible for up to $975.0 million in milestones, including $25.0 million already received.
Have Protagonist Therapeutics insiders sold shares?
Yes. Filings from October 29, 2025 to October 29, 2026 show at least 35 insider sales worth at least $87.5 million. The largest was a $9.8 million sale on August 10, 2026 by President and CEO Dinesh V. Patel. It was made under a prearranged trading plan, which schedules sales in advance. Insiders often reduce holdings for personal reasons such as taxes or diversification, so sales alone do not prove trouble. Still, no insider purchases were reported over that period.