Filing Flows › Protagonist Therapeutics (PTGX) › Q1 2026
Protagonist Therapeutics (PTGX) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 5, 2026
Protagonist Therapeutics (PTGX) reported revenue of $56.4M for the first quarter 2026 (Q1 2026), +99% from a year earlier and +658% from the quarter before. Operating margin was -6.5%, net earnings $3.8M (6.7% of revenue).
Protagonist Therapeutics, Q1 2026: revenue $56.4M (+99% year over year), operating margin -6.5%, net earnings $3.8M, operating cash flow −$48.9M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $56.4M | +658% | +99% |
| Operating profit | −$3.6M | — | — |
| Net earnings | $3.8M | — | — |
| Operating cash flow | −$48.9M | — | -139% |
What changed
Revenue was $56.4M in Q1 2026, up 99% year over year and up 658% from the previous quarter.
Operating costs exceeded revenue by $3.6M, an operating margin of -6.5%. Total costs grew 26% against revenue growth of 99%. The fastest-growing cost line was Research & development (+30%). Net earnings were $3.8M. The effective tax rate was -65.8%. Non-operating items added $5.9M, 260% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$48.9M. Non-cash charges added back $407K of depreciation and amortization and $14.5M of share-based compensation. Working capital and other items used $67.7M. Capital expenditures of $215K exceeded it, leaving free cash flow of −$49.2M.
Questions
What was Protagonist Therapeutics' revenue in the first quarter 2026?
Protagonist Therapeutics (PTGX) reported revenue of $56.4M for the first quarter 2026 (Q1 2026), +99% from a year earlier and +658% from the quarter before.
Was Protagonist Therapeutics profitable in the first quarter 2026?
Operating loss was $3.6M (-6.5% of revenue) and net earnings $3.8M.