Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Sep 25, 2026
Protagonist Therapeutics, Inc (PTGX)
A forensic read on Protagonist Therapeutics, Inc built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Safe
Financial health
13.9
Distress distance
Clean
Earnings quality
3
Forensic signals
111.6
P / E (ttm)
-21.2%
ROE
$9.0B
Market cap
0.00%
Dividend yield
-89.4%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence, going concern, valuation). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Protagonist Therapeutics, Inc earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 13.9, placing it in the Safe zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-25.3%
FY2025
Return on invested capital.Return on invested capital is -25.3% in the latest fiscal year, against -49.3% in FY2023, having run between -49.3% and 37.9% across FY2023–FY2025 with no direction held. After-tax operating profit was ($74M) in FY2023 and ($125M) in FY2025, with operating income at -156.1% of revenue in FY2023, 58.2% in FY2024 and -343.6% in FY2025. The capital base behind it grew +230% across FY2023–FY2025, from $150M to $494M, and the return did not fall doing it, so the dollars added over that window earned at least the -49.3% the older base was already earning.
+5.8%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +12% over the last 2 years to FY2025 (+5.8%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~5.8% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2023 has been diluted ~11%.
100% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 100% of revenue and 82% of free cash flow in FY2025 — about $0.72 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 6.2% a year, and the rate is falling. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
Key fundamentals
Latest Revenue$46.0M
Revenue Growth YoY-89.4%
Revenue CAGR (2yr)-12.4%
Net Margin-282.8%
Free Cash Flow$56.1M
Return on Equity-21.2%
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Protagonist Therapeutics, Inc's actual 10-K/10-Q/8-K filings?