Protagonist Therapeutics, Inc 10-Q for FY2026 Q1

Protagonist Therapeutics, Inc (PTGX)

10-Q 2026-05-05 For: 2026-03-31

Added on May 05, 2026

About this 10-Q

Protagonist Therapeutics, Inc filed this 10-Q on May 5, 2026, covering the quarter ended March 31, 2026 (FY2026 Q1).

Headline figures

Quarter ended March 31, 2026, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $56.37M; up 99.0% from $28.32M a year earlier
Net income: $3.78M; compared with a net loss of $11.66M a year earlier
Diluted EPS: $0.05; compared with -$0.19 a year earlier

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Delaware		98-0505495
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

7707 Gateway Boulevard, Suite 140 Newark, California		94560-1160

(Address of registrant’s principal executive offices)		(Zip code)

(510) 474-0170 (Registrant’s telephone number, including area code)


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.00001	PTGX	The Nasdaq Stock Market, LLC


Large accelerated filer	☒	Accelerated filer	☐
		Smaller reporting company	☐
Non-accelerated filer	☐	Emerging growth company	☐

I
		Page

PART I	FINANCIAL INFORMATION

Item 1.	Condensed Consolidated Financial Statements (unaudited)
	Condensed Consolidated Balance Sheets	1
	Condensed Consolidated Statements of Operations	2
	Condensed Consolidated Statements of Comprehensive Income (Loss)	3
	Condensed Consolidated Statements of Stockholders’ Equity	4
	Condensed Consolidated Statements of Cash Flows	5
	Notes to Unaudited Condensed Consolidated Financial Statements	6
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	18
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	27
Item 4.	Controls and Procedures	28

PART II	OTHER INFORMATION

Item 1.	Legal Proceedings	29
Item 1A.	Risk Factors	29
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	29
Item 3.	Defaults Upon Senior Securities	29
Item 4.	Mine Safety Disclosures	29
Item 5.	Other Information	29
Item 6.	Exhibits	30
	SIGNATURES	31


		March 31,			December 31,
		2026			2025
Assets
Current assets:
Cash and cash equivalents		$	193,712		$	128,390
Marketable securities			354,074			438,974
Receivable from collaboration partner			53,663			121
Prepaid expenses and other current assets			12,006			10,089
Total current assets			613,455			577,574
Marketable securities - noncurrent			72,548			78,638
Property and equipment, net			3,778			3,860
Restricted cash - noncurrent			288			287
Operating lease right-of-use asset			7,390			7,829
Total assets		$	697,459		$	668,188
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable		$	8,437		$	5,339
Accrued expenses and other payables			17,491			28,269
Deferred revenue			6,282			9,550
Operating lease liability			2,339			2,283
Total current liabilities			34,549			45,441
Operating lease liability - noncurrent			7,437			8,040
Total liabilities			41,986			53,481
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.00001 par value, 10,000,000 shares authorized; no shares issued and outstanding			—			—
Common stock, $0.00001 par value, 180,000,000 shares authorized; 64,227,057 and 62,577,897 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively			1			1
Additional paid-in capital			1,122,629			1,084,736
Accumulated other comprehensive (loss) income			(269)			641
Accumulated deficit			(466,888)			(470,671)
Total stockholders’ equity			655,473			614,707
Total liabilities and stockholders’ equity		$	697,459		$	668,188


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


		Three Months Ended
		March 31,
		2026		2025
License and collaboration revenue		$	56,368	$	28,321
Operating expenses:
Research and development			46,739		35,893
General and administrative			13,277		11,738
Total operating expenses			60,016		47,631
Loss from operations			(3,648)		(19,310)
Interest income			5,876		7,573
Other income, net			53		82
Income (loss) before income tax benefit			2,281		(11,655)
Income tax benefit			1,502		—
Net income (loss)		$	3,783	$	(11,655)
Net income (loss) per share, basic		$	0.06	$	(0.19)
Net income (loss) per share, diluted		$	0.05	$	(0.19)
Weighted-average shares used to compute net income (loss) per share, basic			65,087,847		62,963,806
Weighted-average shares used to compute net income (loss) per share, diluted			70,492,618		62,963,806


						Accumulated
				Additional		Other				Total
	Common			Paid-In		Comprehensive		Accumulated		Stockholders’
	Stock			Capital		(Loss) income		Deficit		Equity
Three months ended March 31, 2026	Shares	Amount
Balance at December 31, 2025	62,577,897	$	1	$	1,084,736	$	641	$	(470,671)	$	614,707
Issuance of common stock under equity incentive and employee stock purchase plans	1,649,160		—		23,374		—		—		23,374
Stock-based compensation expense	—		—		14,519		—		—		14,519
Other comprehensive loss	—		—		—		(910)		—		(910)
Net income	—		—		—		—		3,783		3,783
Balance at March 31, 2026	64,227,057	$	1	$	1,122,629	$	(269)	$	(466,888)	$	655,473


		March 31, 2026
		Level 1			Level 2			Level 3			Total
Assets:
Money market funds		$	91,204		$	—		$	—		$	91,204
Certificates of deposit			—			12,863			—			12,863
U.S. Treasury and agency securities			—			309,426			—			309,426
Commercial paper			—			111,330			—			111,330
Corporate debt securities			—			79,157			—			79,157
Total financial assets		$	91,204		$	512,776		$	—		$	603,980


		December 31, 2025
		Level 1			Level 2			Level 3			Total
Assets:
Money market funds		$	40,774		$	—		$	—		$	40,774
Certificates of deposit			—			11,391			—			11,391
U.S. Treasury and agency securities			—			348,948			—			348,948
Commercial paper			—			77,865			—			77,865
Corporate debt securities			—			159,211			—			159,211
Total financial assets		$	40,774		$	597,415		$	—		$	638,189


		March 31, 2026
		Amortized			Gross Unrealized
		Cost			Gains			Losses			Fair Value
Money market funds		$	91,204		$	—		$	—		$	91,204
Certificates of deposit			12,875			1			(13)			12,863
U.S. Treasury and agency securities			309,434			194			(202)			309,426
Commercial paper			111,372			7			(49)			111,330
Corporate debt securities			79,222			7			(72)			79,157
Total cash equivalents and marketable securities		$	604,107		$	209		$	(336)		$	603,980
Classified as:
Cash equivalents											$	177,358
Marketable securities - current												354,074
Marketable securities - noncurrent												72,548
Total cash equivalents and marketable securities											$	603,980


		Three Months Ended
		March 31,						Dollar			%
		2026			2025			Change			Change

		(Dollars in thousands)
License and collaboration revenue		$	56,368		$	28,321		$	28,047		99
Operating expenses:
Research and development ⁽¹⁾			46,739			35,893			10,846		30
General and administrative ⁽²⁾			13,277			11,738			1,539		13
Total operating expenses			60,016			47,631			12,385		26
Loss from operations			(3,648)			(19,310)			15,662		(81)
Interest income			5,876			7,573			(1,697)		(22)
Other income, net			53			82			(29)		(35)
Income (loss) before income tax benefit			2,281			(11,655)			13,936		(120)
Income tax benefit			1,502			—			1,502		*
Net income (loss)		$	3,783		$	(11,655)		$	15,438		(132)


		Three Months Ended March 31,						Dollar			%
		2026			2025			Change			Change

		(Dollars in thousands)
License and collaboration revenue:
JNJ License and Collaboration Agreement revenue		$	50,000		$	—		$	50,000		*
Takeda Collaboration Agreement revenue			6,368			28,321			(21,953)		(78)
Total license and collaboration revenue		$	56,368		$	28,321		$	28,047		99


Exhibit		Incorporation By Reference
Number	Exhibit Description	Form	SEC File No.	Exhibit	Filing Date
3.1	Amended and Restated Certificate of Incorporation	8-K	001-37852	3.1	8/16/2016
3.2	Certificate of Amendment to the Amended and Restated Certificate of Incorporation	8-K	001-37852	3.1	6/26/2024
3.3	Amended and Restated Bylaws	S-1/A	333-212476	3.2b	8/1/2016
31.1+	Certification of Chief Executive Officer required by Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2+	Certification of Chief Financial Officer required by Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1+*	Certification of Chief Executive Officer and Chief Financial Officer, as required by Rule 13a-14(b) or Rule 15d-14(b) and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. §1350), as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
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		Three Months Ended
		March 31,
		2026			2025
Cash Flows from Operating Activities
Net income (loss)		$	3,783		$	(11,655)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:
Stock-based compensation			14,519			13,802
Non-cash lease expense			439			569
Depreciation			407			239
Accretion of discount on marketable securities			(1,025)			(2,289)
Other			(2)			5
Changes in operating assets and liabilities:
Receivable from collaboration partner			(53,542)			165,000
Contract asset			—			(22,825)
Prepaid expenses and other assets			(1,918)			(948)
Accounts payable			3,003			1,237
Accrued expenses and other payables			(10,792)			(11,817)
Deferred revenue			(3,268)			(5,496)
Income taxes payable			—			(800)
Operating lease liability			(547)			341
Net cash (used in) provided by operating activities			(48,943)			125,363
Cash Flows from Investing Activities
Purchase of marketable securities			(68,968)			(214,040)
Proceeds from maturities of marketable securities			156,691			113,180
Proceeds from sale of marketable securities			3,384			7,003
Purchases of property and equipment			(215)			(545)
Net cash provided by (used in) investing activities			90,892			(94,402)
Cash Flows from Financing Activities
Proceeds from issuance of common stock upon exercise of stock options and purchases under employee stock purchase plan			23,374			11,922
Tax withholding payments related to net settlement of restricted stock units			—			(479)
Net cash provided by financing activities			23,374			11,443
Net increase in cash, cash equivalents and restricted cash			65,323			42,404
Cash, cash equivalents and restricted cash, beginning of period			128,677			97,474
Cash, cash equivalents and restricted cash, end of period		$	194,000		$	139,878
Supplemental Disclosure of Non-Cash Financing and Investing Information:
Purchases of property and equipment in accounts payable and accrued liabilities		$	110		$	33


	March 31,		December 31,
	2026		2025
Laboratory equipment	$	8,031	$	7,748
Furniture and computer equipment		1,533		1,491
Leasehold improvements		2,936		2,936
Total property and equipment		12,500		12,175
Accumulated depreciation		(8,722)		(8,315)
Property and equipment, net	$	3,778	$	3,860

	PROTAGONIST THERAPEUTICS, INC.


Date: May 5, 2026	By:	/s/ Dinesh V. Patel, Ph.D.
		Dinesh V. Patel, Ph.D.
		President, Chief Executive Officer and Director
		(Principal Executive Officer)

Date: May 5, 2026	By:	/s/ Asif Ali
		Asif Ali
		Executive Vice President, Chief Financial Officer
		(Principal Financial and Accounting Officer)


		/s/ Dinesh V. Patel
Date: May 5, 2026		Dinesh V. Patel, Ph.D.
		President, Chief Executive Officer (Principal Executive Officer)