Filing Flows › Protagonist Therapeutics (PTGX) › Q2 2025
Protagonist Therapeutics (PTGX) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 6, 2025
Protagonist Therapeutics (PTGX) reported revenue of $5.5M for the second quarter 2025 (Q2 2025), +33% from a year earlier and -80% from the quarter before. Operating margin was -758.0%, net loss $34.8M (627.0% of revenue).
Protagonist Therapeutics, Q2 2025: revenue $5.5M (+33% year over year), operating margin -758.0%, net loss $34.8M, operating cash flow −$28.8M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $5.5M | -80% | +33% |
| Operating profit | −$42.0M | — | — |
| Net earnings | −$34.8M | — | — |
| Operating cash flow | −$28.8M | -123% | — |
What changed
Revenue was $5.5M in Q2 2025, up 33% year over year and down 80% from the previous quarter.
Operating costs exceeded revenue by $42.0M, an operating margin of -758.0%. Total costs grew 11% against revenue growth of 33%. The fastest-growing cost line was General & admin (+12%). The quarter ended with a net loss of $34.8M, wider than the previous quarter's $11.7M loss. Non-operating items added $7.4M, -22% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$28.8M. Non-cash charges added back $304K of depreciation and amortization and $10.9M of share-based compensation. Working capital and other items used $5.2M. Capital expenditures of $813K exceeded it, leaving free cash flow of −$29.6M.
Questions
What was Protagonist Therapeutics' revenue in the second quarter 2025?
Protagonist Therapeutics (PTGX) reported revenue of $5.5M for the second quarter 2025 (Q2 2025), +33% from a year earlier and -80% from the quarter before.
Was Protagonist Therapeutics profitable in the second quarter 2025?
Operating loss was $42.0M (-758.0% of revenue) and net loss $34.8M.