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AI brief of an SEC Form 8-K · Protagonist Therapeutics (PTGX)

Protagonist Therapeutics reports Q4 net loss of $44.4 million as license revenue falls

Negative Impact 4 of 5 earnings Written later

Protagonist reported fourth-quarter 2025 license and collaboration revenue of $7.4 million, down from $170.6 million a year earlier, and a net loss of $44.4 million, or $0.69 per share, compared with net income of $131.7 million in the prior-year quarter. For the full year, revenue fell to $46.0 million and the net loss was $130.1 million, and the company said the decline reflects lower, highly variable milestone revenue.

Key points

  • Q4 2025 license and collaboration revenue was $7.4 million, versus $170.6 million in Q4 2024, a decrease of $163.2 million.
  • Q4 2025 net loss was $44.4 million, or $0.69 per share, versus net income of $131.7 million, or $2.11 per basic share, a year earlier.
  • Full-year 2025 net loss was $130.1 million, or $2.05 per share, compared with net income of $275.2 million in 2024.
  • Cash, cash equivalents and marketable securities were $646.0 million at December 31, 2025, which the company expects to fund operations through at least the end of 2028.

The filing

CompanyProtagonist Therapeutics (PTGX)
Form8-K, current report
Filed with the SECFeb 25, 2026, 4:08 PM ET
Accession number0001104659-26-019658

Items reported: 2.02 Results of Operations

Read the filing on SEC.gov ↗

Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 1:17 AM ET, from the text of the filing and its press-release exhibits 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 February 25, 2026.

Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.