While the financials show a significant decline due to non-recurring 2024 milestones, traders should focus on the upcoming regulatory catalysts (rusfertide and ICOTYDE FDA decisions) and the potential for Protagonist to gain full U.S. rights and profits from rusfertide. The strong cash position reduces near-term dilution risk.
Price Chart
Executive Summary
Protagonist Therapeutics reported a significant year-over-year decline in revenue and a net loss for 2025, driven by the non-recurrence of large milestone payments from 2024. However, the company highlighted major upcoming catalysts including potential FDA approvals for rusfertide and ICOTYDE, a planned opt-out from profit sharing with Takeda, and a strong cash position extending into 2028.
Key Financial Metrics
Key Facts
- License and collaboration revenue dropped to $46.0 million in 2025 from $434.4 million in 2024, primarily due to the absence of a $300 million upfront payment from Takeda and a $165 million milestone from J&J in 2024.
- The company reported a net loss of $130.1 million for 2025, compared to net income of $275.2 million in 2024.
- Cash, cash equivalents, and marketable securities were $646 million as of December 31, 2025, providing a cash runway into at least 2028.
- The company submitted an NDA for rusfertide and expects a U.S. regulatory decision for ICOTYDE in 2026.
- Protagonist expects to opt-out of the 50:50 profit and loss sharing arrangement with Takeda for rusfertide in Q2 2026.
Financial Impact
Revenue declined by $388.4 million year-over-year. Net income swung to a $130.1 million loss from a $275.2 million gain.
Risk Factors
- Failure to gain FDA approval for rusfertide or ICOTYDE.
- The significant revenue decline highlights the company's dependence on large, non-recurring milestone payments.
- Increased R&D expenses could pressure the cash runway if clinical programs face delays or setbacks.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001104659-26-019658 |
| Document: tm267184d1_8k.htm | 0001104659-26-019658 |
| Document: 0001104659-26-019658-index-headers.html | 0001104659-26-019658 |
| Document: 0001104659-26-019658-index.html | 0001104659-26-019658 |
| Document: 0001104659-26-019658.txt | 0001104659-26-019658 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 10, 2026 7w ago | 144 | $148.29 $145.09 | ▲ +2.16% | ▲ +1.10% | $140.06 (+5.55%) |
Jun 18, 2026 15w ago | 8-K | $115.03 $140.91 | ▲ +22.50% | ▲ +22.65% | $140.06 (+21.76%) |
Jun 12, 2026 16w ago | Institutional Cluster | $109.78 $131.42 | ▲ +19.71% | ▲ +17.93% | $140.06 (+27.58%) |
May 12, 2026 20w ago | 144 | $103.88 $109.79 | ▼ −5.69% | ▼ −6.30% | $140.06 (−34.83%) |
May 8, 2026 21w ago | Insider Cluster | $99.36 $97.38 | ▼ −1.99% | ▼ −2.02% | $140.06 (+40.96%) |
May 8, 2026 21w ago | Insider Cluster | $99.36 $97.38 | ▼ −1.99% | ▼ −2.02% | $140.06 (+40.96%) |
May 5, 2026 21w ago | 8-K | $103.97 $95.41 | ▼ −8.23% | ▼ −11.01% | $140.06 (+34.71%) |
Feb 25, 2026 31w ago | 8-K | $87.10 $104.31 | ▲ +19.76% | ▲ +25.00% | $140.06 (+60.80%) |
US Market Status
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