Protagonist Therapeutics(PTGX) - 2025 Q4 - Annual Results

Financial Performance - License and collaboration revenue decreased by $163.2 million from $170.6 million in Q4 2024 to $7.4 million in Q4 2025, and decreased by $388.4 million from $434.4 million in 2024 to $46 million in 2025[12] - The net loss for Q4 2025 was $44.4 million, or $0.69 per share, compared to a net income of $131.7 million, or $2.11 per share, in Q4 2024[14] - Protagonist's total operating expenses for 2025 were $204.1 million, compared to $181.6 million in 2024[20] - Total stockholders' equity decreased to $614,707,000 in 2025 from $675,295,000 in 2024, a decline of approximately 9%[24] - The accumulated deficit increased to $(470,671,000) in 2025 from $(340,522,000) in 2024, indicating a worsening financial position[24] Cash and Assets - Protagonist reported cash, cash equivalents, and marketable securities of $646 million as of December 31, 2025, up from $559.2 million in the previous year[2] - Cash, cash equivalents, and marketable securities as of December 31, 2025, were $646,002,000, up from $559,165,000 in 2024, indicating a 16% increase[24] - Total assets decreased to $668,188,000 in 2025 from $744,725,000 in 2024, a decline of approximately 10%[24] - Deferred revenue significantly decreased to $9,550,000 in 2025 from $30,567,000 in 2024, a reduction of about 69%[24] Research and Development - Research and development expenses increased by $11.5 million in Q4 2025 compared to the prior year, primarily due to drug discovery and pre-clinical research expenses[11] - Research and development expenses for Q4 2025 were $6,121,000, up from $5,322,000 in Q4 2024, representing a 15% increase[22] - The Phase 1 study of PN-881 is expected to be completed by mid-2026, informing future clinical development plans[6] - Protagonist's pipeline includes new candidates PN-477, PN-458, and PN-8047, expanding its focus on obesity and hepcidin mimetics[2] Future Outlook - Protagonist expects to opt-out of the 50:50 profit and loss sharing arrangement for rusfertide with Takeda in Q2 2026[1] - The company anticipates a U.S. regulatory decision for ICOTYDE™ in 2026, with a potential launch this year if approved[1] - The company projects a cash runway through at least the end of 2028 based on current cash reserves[2] Expenses - General and administrative expenses for Q4 2025 were $4,580,000, compared to $3,771,000 in Q4 2024, reflecting a 21% increase[22] - Total stock-based compensation expense for Q4 2025 was $10,701,000, an increase of 18% from $9,093,000 in Q4 2024[22]