Feed / PTGX

Protagonist Therapeutics, Inc.

PTGX

Healthcare · 145.11 +0.1% today

Isolated · not yet confirmedMarket checked 10 Sept, 15:55 GMT-4

Market read

Protagonist Therapeutics, Inc.'s current read is isolated; its market group is not confirming.

No new filing conclusion is available. 0 of 37 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 11 directly disclosed connections are confirming.

Company+0.1% todayVolume comparison unavailable
Market group0 of 37 activeBiotechnology · unavailable
Disclosed network0 of 8 confirmingNo filing-linked name is confirming now
What would change this read
  • Company opted out of U.S. profit-and-loss sharing with Takeda and is eligible for specified milestone payments including up to $400M plus a $75M enhanced approval milestone.
  • R&D costs rose due to $8.9M in Phase 1 study costs for PN-881 (initiated Q3 2025) plus $6.0M in preclinical/discovery expense, partly offset by lower rusfertide costs.

Invalidation: The isolated read changes if PTGX's group or a disclosed connection begins moving with it.

Watch this read

Research brief

The story so far

Healthcare · Biotechnology

No new filing conclusion is available. 0 of 37 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 11 directly disclosed connections are confirming.

Evidence that supports

No thresholded supportive filing evidence is available yet.

Evidence that challenges

No thresholded adverse filing evidence is available yet.

What would clarify the read
  • Company opted out of U.S. profit-and-loss sharing with Takeda and is eligible for specified milestone payments including up to $400M plus a $75M enhanced approval milestone.
  • R&D costs rose due to $8.9M in Phase 1 study costs for PN-881 (initiated Q3 2025) plus $6.0M in preclinical/discovery expense, partly offset by lower rusfertide costs.

Company research

Understand the business, not just the ticker

As of Sep 10, 2026
Business model and earnings drivers

Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.

Key research questions
  • Which operating variable is changing?
  • Is that change durable, cyclical or one-off?
  • What evidence would disprove the current interpretation?
Annual periods9
Price observations327
Usable filing statements72
Verified relationships11
Evidence supporting the case

No qualifying supportive evidence was identified.

Evidence challenging the case
  • Latest annual revenue changed -89.4% year over year.
  • Operating margin changed -401.8 percentage points in the latest annual period.
  • Net margin changed -346.2 percentage points in the latest annual period.
Questions before a position
  • EV/sales is 79% below the available filing-peer median; determine whether growth and quality justify the difference.
Longer-term price context

Price as of Sep 10, 2026

145.11
6m+50.4%12m+148.6%24m
Annual trajectory

Reported annual revenue and per-share history. This is accounting history, not a forecast.

PeriodRevenueYoYDiluted EPSShare change
2021-12-31$27.4M-4.4%$-2.71+34.7%
2022-12-31$26.6M-2.8%$-2.60+5.9%
2023-12-31$60.0M+125.7%$-1.39+15.7%
2024-12-31$434.4M+624.1%$4.23+14.6%
2025-12-31$46.0M-89.4%$-2.05-2.3%

What management says matters

Persistent and emerging business drivers

Product pipeline and R&Dmixed · 3 filings
Research and development personnel-related expenses for the three months ended March 31, 2026 increased by $1.0 million as compared to the three months ended March 31, 2025, primarily driven by increases in wages and benefits.
10-Q · May 5, 2026

Valuation discipline

Descriptive valuation snapshot

Price/sales 200.5× · EV/sales 197.7×. Comparisons use only industry-matched filing peers.

Scenario scaffold

Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.

Price action

How the market is pricing the story

145.11+0.1% today

Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 10 Sept, 15:55 GMT-4; this is a coverage limitation, not a flat-price conclusion.

Developments

No sourced recent-development timeline yet

Jodie has not returned a relevant primary source or news item for PTGX. This is an evidence-coverage gap, not a conclusion that nothing material happened.

Business and financial condition

Reported financial figures are not available yet

Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.

Filing analysis

No comparable filing assessment is available yet

Jodie has not yet found a suitable current-versus-prior filing comparison for PTGX. This does not mean the latest filing was neutral or immaterial.

Business ecosystem

The relationships behind PTGX

Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.

Depends on

TAKTakeda Pharmaceutical Company LimitedpartnerMay 5, 2026

We discovered rusfertide, advanced it into Phase 3 development, and in early 2024 entered into a co-development and co-commercialization arrangement with Takeda Pharmaceuticals, Inc.

PFEPfizer Inc.customerFeb 25, 2026

Pfizer, which completed its acquisition of Metsera in 2025, is developing next-generation oral and peptide-based incretin therapies for obesity and related cardiometabolic conditions.

ALTAltimmune, Inc.partnerFeb 25, 2026

Other emerging approaches include dual GLP-1/glucagon receptor agonists, such as survodutide (Boehringer Ingelheim) and pemvidutide (Altimmune).

Filing peers

Companies whose filings use similar operating language.

Open the three relationships above to see Jodie’s filing proof. Pro unlocks 12 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →

What is moving around it

Live connections

PTGX is currently a Follower in the organic co-movement group Biotechnology. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 3 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.

This group is retained as the last observed read for PTGX; it is not active in the latest market snapshot.

Context history

Theme membership history

No durable theme membership has been observed for this name yet.