Filing Flows › Protagonist Therapeutics (PTGX) › Q3 2025
Protagonist Therapeutics (PTGX) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 6, 2025
Protagonist Therapeutics (PTGX) reported revenue of $4.7M for the third quarter 2025 (Q3 2025), +0.8% from a year earlier and -15% from the quarter before. Operating margin was -985.2%, net loss $39.3M (834.9% of revenue).
Protagonist Therapeutics, Q3 2025: revenue $4.7M (+0.8% year over year), operating margin -985.2%, net loss $39.3M, operating cash flow −$1.9M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $4.7M | -15% | +0.8% |
| Operating profit | −$46.4M | — | — |
| Net earnings | −$39.3M | — | — |
| Operating cash flow | −$1.9M | — | — |
What changed
Revenue was $4.7M in Q3 2025, up 1% year over year and down 15% from the previous quarter.
Operating costs exceeded revenue by $46.4M, an operating margin of -985.2%. Total costs grew 11% against revenue growth of 1%. The fastest-growing cost line was Research & development (+11%). The quarter ended with a net loss of $39.3M, wider than the previous quarter's $34.8M loss.
Operating cash flow was −$1.9M. Non-cash charges added back $361K of depreciation and amortization and $10.6M of share-based compensation. Working capital and other items added $26.5M. Capital expenditures of $88K exceeded it, leaving free cash flow of −$2.0M.
Questions
What was Protagonist Therapeutics' revenue in the third quarter 2025?
Protagonist Therapeutics (PTGX) reported revenue of $4.7M for the third quarter 2025 (Q3 2025), +0.8% from a year earlier and -15% from the quarter before.
Was Protagonist Therapeutics profitable in the third quarter 2025?
Operating loss was $46.4M (-985.2% of revenue) and net loss $39.3M.