Protagonist Therapeutics, Inc · Drugmakers

PTGX

Moderate riskNext report: Around Nov 5 (est.)

View price ↗

The short version

A company still losing money with shrinking sales.

Going well

No debt reported

Watch out for

Losing money, losses are large next to sales
Share count growing 9% a year
Revenue down 89.4% from the year before

Money moves

Insiders sold $8.3M in the last 30 days, all through pre-planned sales
Institutions cut 2.9% from their holdings in the quarter ending June 2026 (200 bought, 121 sold)
Held by Ray Dalio (Bridgewater), Stanley Druckenmiller (Duquesne)

Facts from SEC filings, not a recommendation.

What the price means

Price as of Oct 26

$140.33+1.4% that day

Company value: $9.1B; Share price times all shares
Price vs profit (P/E): 137.6x; You pay about $138 for each $1 of yearly profit
Price vs sales: 32.2x; Company value is 32.2 times a year of sales
Cash vs value: 5%; Cash as a share of company value

From PTGX's last IEX trade and its SEC filings (profits and sales over the last four quarters). A starting point for research, not a verdict.

The business over time

Last 12 quarters, from SEC filings

Sales, Jun '26

$213.5M

Sep '23Tap a barJun '26

Last 12 months: $282.0M, up 35% from the 12 months before. Over 5 years, sales grew about 10% a year.

What the price assumes

Your guesses, our math

Move the sliders to your own view of PTGX. Starting points are the company's recent numbers.

Sales growth+30% a yearRecently: +35% a yearProfit margin29%Last 12 months: 29.4%P/E at the end40xToday: 137.6x. Many steady companies trade at 12x to 25xShare count change+10% a yearBelow zero means buybacks; above zero means new shares (dilution)

Sales in 5 years$1.0B

Profit in 5 years$304M

Price these guesses point to$116.54-17% vs $140.33 todayAbout -3.6% a year, before dividends

What today's price needs: with a 29% margin and a 40x P/E, sales would have to grow about 35% a year for 5 years just to match today's price.

Simple math on your guesses, not a forecast or a price target. Real results depend on many things these sliders leave out.

Price

Price chart by TradingView.

Business quality

The checklist Warren Buffett-style investors use. Annual numbers for 2025.

2/6Weak

MissReturn on equity 15%+Earns a lot on the money owners have in the business.-20.2%
PassDebt under half of equityNot relying on borrowed money.No debt reported
MissNet margin 10%+Keeps at least 10 cents of profit from each dollar of sales.-282.8%
MissProfitable every yearSteady profits, not one good year.1 of 10 years
PassFree cash flow positiveBrings in more cash than it spends to run and grow.$56.1M
MissShare count not growingNot diluting owners. Falling means buybacks.+29.6% in 3 years

Revenue: $46.0M; -89.4% vs prior year
5-year growth: +10.0%/yr; revenue, per year
Total debt: None; 0.00x equity
Current ratio: 12.71x; short-term assets / bills due

From annual reports filed with the SEC. Not in this company's SEC data, so not scored: gross margin 40%+. A checklist is a starting point for research, not a verdict.

Latest quarter

Quarter ended Jun 30, 2026

Reported Aug 5

Revenue: $213.5M; +3749.2% YoY
EPS: $2.29; vs -$0.55
Op. margin: 74.4%; +832.4 pts
Free cash flow: $218.9M
Share count: +11.8%; vs a year ago

Insider rating

Last 90 days

43Mixed

Pre-planned sales of $8.3M (weaker signal)

50 is neutral. Buying by more insiders, top executives and bigger stakes raises it. Selling lowers it; pre-planned sales count less.

Weekly insider trend

13 weeks agoBoughtSoldThis week

Filing buzz

Last 7 days vs normal

0/ 100

This week: 1
Normal week: 1.7
vs normal: 0.6x

SEC filings of any kind. 50 means a normal week.

Institutional ownership

Steady-2.9%

Institutions cut 2.9% from their holdings. 200 bought, 121 sold.

Shares held by institutions75.8M

Sep '24Jun '26

Safety check

From SEC filings

Share count growthYearly rate, last 3 years

+4.0%

Cash runwayAt last year's cash burn

Cash flow positive

Debt to equityLatest balance sheet: debt compared with what owners have

No debt reported

Shares outstandingLatest reported

65M

Why moderate risk

Losing money, losses are large next to sales
Revenue down 89.4% from the year before

Earnings reports

Last 12

Next reportAround Nov 5 (est.)Estimated from the same quarter last year

Results filedAug 5
Results filedMay 5
Results filedFeb 25
Results filedNov 6, 2025
Results filedAug 6, 2025

Flags and big holders

Offerings 6 months, flags 12 months, holders 90 days

5%+ holder update (passive)Oct 27 · View filing ↗Big holder 5%+ holder update (passive)Aug 13 · View filing ↗Big holder New 5%+ holder (passive)Aug 7 · View filing ↗Big holder

Insider trades

Open-market buys and sells, last 90 days

Bought$00 insiders

Sold$8.3M1 insider, 1 pre-planned

Insider	Trade	Shares	Avg price	Value	Owns after	Date
Asif AliChief Financial Officer	Sell	59K	$141.78	$8.3M	59K	Sep 30Filing ↗
-49.8% of their holdings $141.77 to $141.78 across 2 trades Pre-planned sale (10b5-1) Filed 2 days after