Protagonist Therapeutics, Inc.
PTGXHealthcareNASDAQBiotechnology · Last scanned Jul 16, 2026
Scan Results
Daily timeframeProtagonist Therapeutics, Inc. operates as a discovery and development company in the United States. The $8.71B market capitalization puts PTGX squarely in mid-cap range for its industry. It develops Icotyde, a first-in-class investigational targeted oral peptide for the treatment of adults and pediatric patients 12 years of age and older with moderate-to-severe plaque psoriasis; and Rusfertide, a first-in-class investigational injectable mimetic of the natural hormone hepcidin in Phase 3 development for the treatment of the rare blood disorder polycythemia vera.
Market Cap
$8.71B
Beta
1.79
P/E (TTM)
—
P/E (Fwd)
-247.43
EPS (TTM)
$-1.87
EPS (Fwd)
$-0.55
ROE
-17.1%
ROA
-12.4%
Cash
$547.8M
Total Debt
$9.8M
Free CF
-$77.7M
52W Change
139.2%
Annual Financials
Cash vs Debt
Protagonist Therapeutics, Inc. holds $547.8M in cash against $9.8M in total debt, giving it a net cash position. This means the company could theoretically pay off all its debt and still have cash remaining. Free cash flow is running at -$77.7M, which bears watching. Negative free cash flow can be acceptable during heavy investment periods but needs to improve over time. ROE of -17.1% points to negative capital efficiency, indicating how much profit the company produces per dollar of shareholder equity. Revenue has grown from $26.6M (2022) to $46.0M (2025), reflecting a 73% increase over the period.
With a beta above 1.5, PTGX tends to amplify broader market moves — both up and down. This higher volatility means larger price swings are common. The strong cash position relative to debt provides a financial cushion that reduces balance sheet risk. Negative free cash flow means the company is currently spending more than it generates, which may require future fundraising or debt if the trend continues. It is important to consider these factors alongside broader market conditions and individual financial goals when reviewing PTGX.