Filing Flows › Protagonist Therapeutics (PTGX) › Q4 2025
Protagonist Therapeutics (PTGX) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 25, 2026
Protagonist Therapeutics (PTGX) reported revenue of $7.4M for the fourth quarter 2025 (Q4 2025), -96% from a year earlier and +58% from the quarter before. Operating margin was -677.1%, net loss $44.4M (596.8% of revenue).
Protagonist Therapeutics, Q4 2025: revenue $7.4M (-96% year over year), operating margin -677.1%, net loss $44.4M, operating cash flow −$37.0M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $7.4M | +58% | -96% |
| Operating profit | −$50.4M | — | — |
| Net earnings | −$44.4M | — | — |
| Operating cash flow | −$37.0M | — | — |
What changed
Revenue was $7.4M in Q4 2025, down 96% year over year and up 58% from the previous quarter.
Operating costs exceeded revenue by $50.4M, an operating margin of -677.1%. Total costs grew 32% against a revenue fall of 96%. The fastest-growing cost line was Research & development (+33%). The quarter ended with a net loss of $44.4M, wider than the previous quarter's $39.3M loss.
Operating cash flow was −$37.0M. Non-cash charges added back $376K of depreciation and amortization and $10.7M of share-based compensation. Working capital and other items used $3.7M. Capital expenditures of $144K exceeded it, leaving free cash flow of −$37.1M.
Questions
What was Protagonist Therapeutics' revenue in the fourth quarter 2025?
Protagonist Therapeutics (PTGX) reported revenue of $7.4M for the fourth quarter 2025 (Q4 2025), -96% from a year earlier and +58% from the quarter before.
Was Protagonist Therapeutics profitable in the fourth quarter 2025?
Operating loss was $50.4M (-677.1% of revenue) and net loss $44.4M.