Protagonist Therapeutics, Inc. filed its quarterly report on Form 10-Q with the SEC on November 6, 2026, covering the fiscal quarter and nine-month period ended September 30, 2026.

Key Highlights

  • Revenue surge: License and collaboration revenue reached $544,253 thousand for the nine months ended September 30, 2026, compared to $38,579 thousand for the same period in 2025.
  • Quarterly net income: The company reported net income of $220,015 thousand for the three months ended September 30, 2026, versus a net loss of $39,339 thousand in the same quarter of 2025.
  • Nine-month net income: Net income of $386,647 thousand for the nine months ended September 30, 2026, compared to a net loss of $85,765 thousand in the prior-year period.
  • Total assets grew: Total assets were $1,146,551 thousand as of September 30, 2026, up from $668,188 thousand as of December 31, 2025.
  • Cash position: Cash and cash equivalents stood at $498,298 thousand as of September 30, 2026, compared to $128,390 thousand at December 31, 2025.
  • Shares outstanding: As of October 31, 2026, there were 65,270,114 shares of common stock outstanding.
  • Diluted EPS: Diluted net income per share was $3.07 for the three months ended September 30, 2026, and $5.43 for the nine months ended September 30, 2026.

Protagonist Therapeutics Reports Sharp Revenue and Income Turnaround in Third Quarter 2026

According to the filing, Protagonist Therapeutics (NASDAQ:PTGX) recorded license and collaboration revenue of $274,410 thousand for the three months ended September 30, 2026, a substantial increase from $4,712 thousand in the third quarter of 2025. For the nine-month period, revenue totaled $544,253 thousand versus $38,579 thousand a year earlier. The company also recognized $1,100 thousand in cost of revenue in both the three- and nine-month periods ending September 30, 2026, a line item that did not appear in the comparable 2025 periods.

The company disclosed total operating expenses of $56,078 thousand for the three months ended September 30, 2026, compared to $51,133 thousand in the year-ago quarter. Research and development expenses were $41,274 thousand for the quarter and $130,074 thousand for the nine-month period, while general and administrative expenses were $13,704 thousand and $39,629 thousand for the same respective periods. Income from operations was $218,332 thousand for the third quarter of 2026, compared to a loss from operations of $46,421 thousand in the third quarter of 2025.

On the balance sheet, the receivable from collaboration partner increased to $283,785 thousand as of September 30, 2026, from $121 thousand at December 31, 2025. The accumulated deficit narrowed to $84,024 thousand from $470,671 thousand over the same period. Total stockholders' equity rose to $1,084,910 thousand at September 30, 2026, from $614,707 thousand at December 31, 2025. The company also reported the repurchase of 40,560 shares of common stock at a cost of $5,791 thousand during the third quarter of 2026.

What Was Disclosed

Protagonist Therapeutics filed its Form 10-Q for the quarter ended September 30, 2026, disclosing a significant year-over-year increase in license and collaboration revenue, a shift from net losses to net income, and substantial growth in total assets and stockholders' equity.