Protagonist reports Q3 2025 net loss of $39.3 million, wider than a year earlier
Protagonist Therapeutics reported third-quarter 2025 results on November 6, 2025. The net loss widened to $39.3 million, or $0.62 per share, from $33.2 million, or $0.54 per share, a year earlier, as research and development expense rose to $40.0 million while license and collaboration revenue stayed flat at $4.7 million. The company said cash, cash equivalents and marketable securities of $678.8 million at September 30, 2025 are expected to fund operations through at least the end of 2028.
Key points
- Q3 2025 license and collaboration revenue was $4.7 million, unchanged from $4.7 million in Q3 2024.
- Q3 2025 research and development expense was $40.0 million, up from $36.0 million; general and administrative expense was $11.1 million.
- Nine-month net loss was $85.8 million, compared with net income of $143.5 million in the same period of 2024.
- Cash, cash equivalents and marketable securities were $678.8 million at September 30, 2025, with runway stated as through at least end of 2028.
The filing
Written by AI on Nov 8, 2026, 1:17 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on November 06, 2025.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.