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Protagonist Therapeutics(PTGX) - 2024 Q4 - Annual Results
PTGXProtagonist Therapeutics(PTGX)2025-02-21 12:07

Financial Performance - Protagonist earned a 165.0millionmilestonefromicotrokinrainQ42024,receivedinJanuary2025[1]−NetincomeforQ42024was165.0 million milestone from icotrokinra in Q4 2024, received in January 2025[1] - Net income for Q4 2024 was 131.7 million, or 2.11perbasicshare,comparedto2.11 per basic share, compared to 27.3 million, or 0.45perbasicshareinQ42023[17]−Licenseandcollaborationrevenueincreasedfrom0.45 per basic share in Q4 2023[17] - License and collaboration revenue increased from 60.0 million in 2023 to 434.4millionin2024,agrowthof434.4 million in 2024, a growth of 374.4 million[14] - Total revenue from the Takeda Agreement was 269.4millionfortheyearendedDecember31,2024[16]−LicenseandcollaborationrevenueforQ42024was269.4 million for the year ended December 31, 2024[16] - License and collaboration revenue for Q4 2024 was 170.638 million, a significant increase from 60millioninQ42023[23]−NetincomeforQ42024was60 million in Q4 2023[23] - Net income for Q4 2024 was 131.674 million, compared to a net income of 27.335millioninQ42023,representinga382.527.335 million in Q4 2023, representing a 382.5% increase[23] - The company reported a diluted net income per share of 4.23 for the twelve months ended December 31, 2024, compared to a loss of (1.39)persharein2023[23]CashandEquity−Cash,cashequivalents,andmarketablesecuritiestotaled(1.39) per share in 2023[23] Cash and Equity - Cash, cash equivalents, and marketable securities totaled 559.2 million as of December 31, 2024, up from 341.6millionthepreviousyear[13]−Cash,cashequivalents,andmarketablesecuritiesasofDecember31,2024,totaled341.6 million the previous year[13] - Cash, cash equivalents, and marketable securities as of December 31, 2024, totaled 559.165 million, up from 341.617millionin2023,indicatinga63.8341.617 million in 2023, indicating a 63.8% increase[27] - Total stockholders' equity increased to 675.295 million as of December 31, 2024, compared to 336.677millionin2023,reflectinga100.6336.677 million in 2023, reflecting a 100.6% growth[27] - The accumulated deficit decreased to (340.522) million in 2024 from (615.710)millionin2023,showinganimprovementof44.6(615.710) million in 2023, showing an improvement of 44.6%[27] - Interest income for the twelve months ended December 31, 2024, was 26.315 million, compared to 14.898millionin2023,a76.514.898 million in 2023, a 76.5% increase[23] Research and Development - Protagonist's research and development expenses increased by 18.0 million for the full year 2024 compared to the previous year, primarily due to drug discovery and pre-clinical research[14] - Research and development expenses for the twelve months ended December 31, 2024, were 138.128million,anincreasefrom138.128 million, an increase from 120.161 million in 2023, marking a 14.9% rise[23] - Total stock-based compensation expense for the twelve months ended December 31, 2024, was 37.554million,upfrom37.554 million, up from 29.293 million in 2023, representing a 28.2% increase[25] Clinical Trials and Development - The Phase 3 VERIFY trial results for rusfertide in polycythemia vera are expected in March 2025[2] - Topline results for the Phase 2b ANTHEM trial of icotrokinra in ulcerative colitis are also expected in March 2025[11] - PN-881, a potential best-in-class oral IL-17 receptor antagonist, was nominated as a development candidate in Q4 2024[1] - The company plans to nominate an oral peptide-based development candidate in the obesity program in Q2 2025[12] Operating Expenses - Total operating expenses for Q4 2024 were 43.858million,upfrom43.858 million, up from 36.951 million in Q4 2023, reflecting a 18.5% increase[23]