Filing Flows

Filing Flows › Companies › Protagonist Therapeutics › Cash flow

Protagonist Therapeutics cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$23.5M in Q3 2026 · $109M over twelve months

Operating cash flow−$23.2M
Capital spending−$237K
Free cash flow−$23.5M
Cash / net income-0.1×

Analysis

In Q3 2026, Protagonist Therapeutics generated −$23.2M of operating cash flow and spent $237K on capital projects, leaving free cash flow of −$23.5M. That is $21.4M less than in Q3 2025 (−$2.0M).

Over the twelve months to Sep 30, 2026, operating cash flow was $110M; the largest uses were other financing ($5.8M), capital spending ($764K); besides operations, cash came from other investing ($231M), shares issued ($49.8M); the cash balance rose by $385M.

Operating cash flow was −$23.2M against net income of $220M — -0.1× profit, less cash than reported earnings, worth checking against working capital. The largest differences: stock-based pay +$14.4M, deferred revenue +$6.7M, payables +$2.5M.

Free cash flow

Protagonist Therapeutics: free cash flow by quarterProtagonist Therapeutics: free cash flow by quarter−$29.5MQ4 2024$125MQ1 2025−$29.6MQ2 2025−$2.0MQ3 2025−$37.1MQ4 2025−$49.2MQ1 2026$219MQ2 2026−$23.5MQ3 2026
Operating cash flow less capital spending.
Protagonist Therapeutics: operating cash flow against capital spendingProtagonist Therapeutics: operating cash flow against capital spendingOperating cash flowCapital spending−$29.2M$310KQ4 2024$125M$545KQ1 2025−$28.8M$813KQ2 2025−$1.9M$88KQ3 2025−$37.0M$144KQ4 2025−$48.9M$215KQ1 2026$219M$168KQ2 2026−$23.2M$237KQ3 2026
Latest (Q3 2026): Operating cash flow −$23.2M, Capital spending $237K.

Capital allocation, year by year

Protagonist Therapeutics: where the cash came from (up) and went (down), by fiscal yearProtagonist Therapeutics: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingFY2021: Operating cash flow −$108MFY2021: Shares issued $130MFY2021: Capital spending −$1.1M$130MFY2021FY2022: Operating cash flow −$108MFY2022: Net borrowing $14.6MFY2022: Shares issued $4.4MFY2022: Capital spending −$795K$19.0MFY2022FY2023: Operating cash flow −$70.2MFY2023: Net borrowing $24.3MFY2023: Shares issued $113MFY2023: Capital spending −$609K$137MFY2023FY2024: Operating cash flow $184MFY2024: Shares issued $26.5MFY2024: Capital spending −$1.4M$211MFY2024FY2025: Operating cash flow $57.7MFY2025: Shares issued $23.3MFY2025: Capital spending −$1.6M$81.0MFY2025
Over these 5 years operating cash flow totalled −$44.4M; the largest uses were operating cash flow ($286M) and capital spending ($5.5M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$800M
Debtnone
Net cash$800M
Cash runway8.5 years

Protagonist Therapeutics is burning cash: its operations consume cash, a free cash flow of −$93.8M a year at the current rate against $800M of cash and investments: a runway of about 8.5 years before any new financing.

Where the cash came from and went

Protagonist Therapeutics: sources (+) and uses (−) of cash, Q3 2026Protagonist Therapeutics: sources (+) and uses (−) of cash, Q3 2026Other investing$93.7MCash drawn (+) / kept (−)−$78.2MOperating cash flow−$23.2MShares issued$13.8MOther financing−$5.8MCapital spending−$237K
Protagonist Therapeutics: sources (+) and uses (−) of cash, TTM to Q3 2026Protagonist Therapeutics: sources (+) and uses (−) of cash, TTM to Q3 2026Cash drawn (+) / kept (−)−$385MOther investing$231MOperating cash flow$110MShares issued$49.8MOther financing−$5.8MCapital spending−$764K

From profit to cash

Protagonist Therapeutics: net income to operating cash flow, Q3 2026Protagonist Therapeutics: net income to operating cash flow, Q3 2026Net income$220MDepreciation & amortization$409KStock-based pay$14.4MPayables$2.5MDeferred revenue$6.7MContract assets−$641KPrepaid and other assets−$403KOperating cash flow−$23.2M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingShares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026−$23.2M−$237K$13.8M−$78.2M−$23.5M
Q2 2026$219M−$168K$9.7M−$226M$219M
Q1 2026−$48.9M−$215K$23.4M−$65.3M−$49.2M
Q4 2025−$37.0M−$144K$2.8M−$14.7M−$37.1M
Q3 2025−$1.9M−$88K$5.7M$54.8M−$2.0M
Q2 2025−$28.8M−$813K$2.9M−$29.0M−$29.6M
Q1 2025$125M−$545K$11.9M−$42.4M$125M
Q4 2024−$29.2M−$310K$4.0M$33.9M−$29.5M

Protagonist Therapeutics: income statement and cash flow

Protagonist Therapeutics, Q3 2026: revenue $274M (58× year over year), operating margin 79.6%. The chart follows the revenue to costs, profit and cash.

Protagonist Therapeutics: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.