Protagonist Therapeutics Reports Revenue Decline and Increased Operating Expenses in Q3 2025

Protagonist Therapeutics, Inc. reported its financial results for the third quarter of 2025, revealing a significant decline in revenue and an increase in operating expenses compared to the same period last year. The company generated $4.7 million in license and collaboration revenue for the three months ended September 30, 2025, a slight increase from $4.7 million in the same quarter of 2024. However, for the nine months ended September 30, 2025, revenue plummeted to $38.6 million from $263.8 million in the prior year, primarily due to the recognition of a substantial upfront payment from Takeda in 2024, which was not repeated in 2025.

Operating expenses for the third quarter increased by 11% to $51.1 million, up from $46.1 million in the prior year. This rise was driven by higher research and development costs, which totaled $40.0 million, reflecting an increase in pre-clinical and drug discovery expenses. The company reported a net loss of $39.3 million for the quarter, compared to a loss of $33.2 million in the same quarter of 2024. For the nine-month period, the net loss was $85.8 million, a stark contrast to a net income of $143.5 million in the previous year, largely due to the absence of significant revenue from collaboration agreements.

Protagonist continues to advance its clinical programs, with icotrokinra and rusfertide in Phase 3 development. The company submitted a New Drug Application (NDA) for icotrokinra to the FDA in July 2025, and a Marketing Authorization Application (MAA) to the European Medicines Agency in September 2025. Additionally, rusfertide received Breakthrough Therapy designation from the FDA in August 2025, indicating its potential for expedited development. The company is also progressing with other drug candidates, including PN-881 and PN-477, which are in various stages of development.

As of September 30, 2025, Protagonist reported cash, cash equivalents, and marketable securities totaling $678.8 million, an increase from $559.2 million at the end of 2024. The company has incurred an accumulated deficit of $426.3 million since its inception. Looking ahead, Protagonist anticipates continued investment in its research and development activities, particularly as it prepares for regulatory filings and commercialization efforts for its lead product candidates. The company may seek additional funding to support its ongoing operations and development programs, given the expected decrease in revenue from collaboration agreements in the near term.