$PTGX
Protagonist Therapeutics, Inc

2023 Q1 Form 10-K Financial Statement

#000155837023003906 Filed on March 15, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $0.00 $0.00 $26.58M
YoY Change -100.0% -100.0% -2.84%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $8.605M $6.632M $31.74M
YoY Change -18.16% -8.65% 16.7%
% of Gross Profit
Research & Development $27.42M $29.88M $126.2M
YoY Change -24.51% -22.12% 0.17%
% of Gross Profit
Depreciation & Amortization $248.0K $256.0K $1.034M
YoY Change -0.4% 8.94% 27.18%
% of Gross Profit
Operating Expenses $36.02M $36.52M $158.0M
YoY Change -23.09% -19.98% 3.1%
Operating Profit -$36.02M -$131.4M
YoY Change 70.63% 4.39%
Interest Expense $2.491M $2.251M $4.060M
YoY Change 1382.74% 1745.08% 816.48%
% of Operating Profit
Other Income/Expense, Net -$195.0K $71.00K -$80.00K
YoY Change -1600.0% -646.15% -46.31%
Pretax Income -$33.73M -$34.19M -$127.4M
YoY Change 61.13% -7.35% 1.47%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$33.73M -$34.19M -$127.4M
YoY Change 61.13% -7.35% 1.47%
Net Earnings / Revenue -479.26%
Basic Earnings Per Share -$0.67 -$2.60
Diluted Earnings Per Share -$0.67 -$0.69 -$2.60
COMMON SHARES
Basic Shares Outstanding 51.28M 49.20M 49.04M
Diluted Shares Outstanding 50.57M 49.04M

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $230.8M $237.4M $237.4M
YoY Change -24.41% -27.39% -27.39%
Cash & Equivalents $127.7M $125.7M $125.7M
Short-Term Investments $103.1M $111.6M $111.6M
Other Short-Term Assets $4.926M $5.670M $5.670M
YoY Change -36.27% -40.18% -33.32%
Inventory
Prepaid Expenses
Receivables
Other Receivables $42.00K
Total Short-Term Assets $235.7M $243.1M $243.1M
YoY Change -30.97% -28.66% -28.66%
LONG-TERM ASSETS
Property, Plant & Equipment $1.341M $1.565M $4.626M
YoY Change -35.03% -12.96% -31.3%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $225.0K $225.0K $225.0K
YoY Change 0.0% 0.0% 0.0%
Total Long-Term Assets $4.122M $4.851M $4.851M
YoY Change -39.15% -30.29% -30.29%
TOTAL ASSETS
Total Short-Term Assets $235.7M $243.1M $243.1M
Total Long-Term Assets $4.122M $4.851M $4.851M
Total Assets $239.9M $247.9M $247.9M
YoY Change -31.13% -28.69% -28.69%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.021M $3.640M $3.640M
YoY Change -43.83% 127.5% 127.5%
Accrued Expenses $16.59M $24.96M $27.06M
YoY Change -49.54% -33.83% -31.52%
Deferred Revenue $69.00K
YoY Change -95.69%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $23.23M $31.18M $31.18M
YoY Change -46.55% -29.16% -29.16%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $462.0K $1.141M $1.141M
YoY Change -84.91% -68.81% -68.81%
Total Long-Term Liabilities $462.0K $1.141M $1.141M
YoY Change -84.91% -68.81% -68.81%
TOTAL LIABILITIES
Total Short-Term Liabilities $23.23M $31.18M $31.18M
Total Long-Term Liabilities $462.0K $1.141M $1.141M
Total Liabilities $23.69M $32.32M $32.32M
YoY Change -49.07% -32.21% -32.21%
SHAREHOLDERS EQUITY
Retained Earnings -$570.5M -$536.8M
YoY Change 32.58% 31.13%
Common Stock $786.8M $752.7M
YoY Change 7.4% 6.06%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $216.2M $215.6M $215.6M
YoY Change
Total Liabilities & Shareholders Equity $239.9M $247.9M $247.9M
YoY Change -31.13% -28.69% -28.69%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$33.73M -$34.19M -$127.4M
YoY Change 61.13% -7.35% 1.47%
Depreciation, Depletion And Amortization $248.0K $256.0K $1.034M
YoY Change -0.4% 8.94% 27.18%
Cash From Operating Activities -$34.35M -$31.64M -$108.1M
YoY Change -8.81% 17.43% 0.25%
INVESTING ACTIVITIES
Capital Expenditures $10.00K $70.00K $795.0K
YoY Change -96.34% -135.71% -27.79%
Acquisitions
YoY Change
Other Investing Activities $9.836M $4.005M $92.26M
YoY Change -334.02% -85.73% -725.13%
Cash From Investing Activities $9.826M $3.935M $91.47M
YoY Change -319.53% -85.88% -676.72%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 26.46M 553.0K 18.84M
YoY Change 56.35% -74.55% -85.5%
NET CHANGE
Cash From Operating Activities -34.35M -31.64M -108.1M
Cash From Investing Activities 9.826M 3.935M 91.47M
Cash From Financing Activities 26.46M 553.0K 18.84M
Net Change In Cash 1.942M -27.15M 2.079M
YoY Change -107.71% -975.43% -65.76%
FREE CASH FLOW
Cash From Operating Activities -$34.35M -$31.64M -$108.1M
Capital Expenditures $10.00K $70.00K $795.0K
Free Cash Flow -$34.36M -$31.71M -$108.9M
YoY Change -9.44% 18.55% -0.03%

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OperatingLeaseRightOfUseAssetAmortizationExpense
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CY2020 us-gaap Accretion Amortization Of Discounts And Premiums Investments
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DepreciationDepletionAndAmortization
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CY2021 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
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CY2020 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
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CY2021 us-gaap Increase Decrease In Income Taxes Receivable
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CY2020 us-gaap Increase Decrease In Income Taxes Receivable
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CY2021 us-gaap Increase Decrease In Accounts Receivable Related Parties
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CY2020 us-gaap Increase Decrease In Accounts Receivable Related Parties
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CY2022 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2021 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
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CY2020 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
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CY2022 us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
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CY2021 us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
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CY2020 us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
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CY2022 us-gaap Increase Decrease In Accounts Payable Related Parties
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CY2021 us-gaap Increase Decrease In Accounts Payable Related Parties
IncreaseDecreaseInAccountsPayableRelatedParties
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CY2020 us-gaap Increase Decrease In Accounts Payable Related Parties
IncreaseDecreaseInAccountsPayableRelatedParties
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CY2022 us-gaap Increase Decrease In Other Accounts Payable And Accrued Liabilities
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-12715000
CY2021 us-gaap Increase Decrease In Other Accounts Payable And Accrued Liabilities
IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities
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CY2020 us-gaap Increase Decrease In Other Accounts Payable And Accrued Liabilities
IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities
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CY2022 us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
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CY2021 us-gaap Increase Decrease In Contract With Customer Liability
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CY2020 us-gaap Increase Decrease In Contract With Customer Liability
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CY2021 us-gaap Operating Lease Payments
OperatingLeasePayments
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CY2020 us-gaap Operating Lease Payments
OperatingLeasePayments
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CY2020 us-gaap Increase Decrease In Other Operating Liabilities
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CY2021 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
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CY2020 us-gaap Payments To Acquire Property Plant And Equipment
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CY2022 us-gaap Net Cash Provided By Used In Investing Activities
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CY2021 us-gaap Net Cash Provided By Used In Investing Activities
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CY2021 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
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CY2020 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
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CY2022 ptgx Shares Withheld For Net Settlement Of Tax Withholding Upon Vesting Of Restricted Stock Units
SharesWithheldForNetSettlementOfTaxWithholdingUponVestingOfRestrictedStockUnits
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CY2021 ptgx Shares Withheld For Net Settlement Of Tax Withholding Upon Vesting Of Restricted Stock Units
SharesWithheldForNetSettlementOfTaxWithholdingUponVestingOfRestrictedStockUnits
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CY2022 ptgx Issuance Costs Reversals Related To Prior Period Common Stock Offering
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CY2020 us-gaap Payments Of Debt Issuance Costs
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CY2022 us-gaap Net Cash Provided By Used In Financing Activities
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CY2021 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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CY2020 us-gaap Net Cash Provided By Used In Financing Activities
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CY2022 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2021 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2020 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2021 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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CY2020 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
33466000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
125969000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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123890000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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117818000
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CY2022 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
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CY2021 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
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CY2020 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
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CY2022 us-gaap Number Of Operating Segments
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CY2022 us-gaap Use Of Estimates
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Use of Estimates</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:23.75pt;margin:0pt 0pt 12pt 0pt;">The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates, assumptions and judgments that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, management evaluates its estimates, including those related to revenue recognition, accruals for research and development activities, stock-based compensation, income taxes, marketable securities and leases. Estimates related to revenue recognition include actual costs incurred versus total estimated costs of the Company’s deliverables to determine percentage of completion in addition to the application and estimates of potential revenue constraints in the determination of the transaction price under its license and collaboration agreements. Management bases these estimates on historical and anticipated results, trends and various other assumptions that the Company believes are reasonable under the circumstances, including assumptions as to forecasted amounts and future events.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:23.75pt;margin:0pt 0pt 12pt 0pt;">Due to the prolonged nature of the COVID-19 pandemic, military conflict between Ukraine and Russia, rising tensions between China and Taiwan and inflationary pressures, there has been uncertainty and disruption in the global economy and financial markets. The Company has taken into consideration any known impacts in its accounting estimates to date and is not aware of any additional specific events or circumstances that would require any additional updates to its estimates or judgments or a revision of the carrying value of its assets or liabilities as of the filing date of this Annual Report on Form 10-K. These estimates may change as new events occur and additional information is obtained. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:23.75pt;margin:0pt 0pt 12pt 0pt;">Actual results could differ materially from these estimates under different assumptions or conditions.</p>
CY2022 us-gaap Concentration Risk Credit Risk
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Concentrations of Credit Risk</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:23.75pt;margin:0pt 0pt 12pt 0pt;">Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash, cash equivalents and marketable securities. Substantially all of the Company’s cash is held by two financial institutions that management believes are of high credit quality. Such deposits may, at times, exceed federally insured limits. The primary focus of the Company’s investment strategy is to preserve capital and to meet liquidity requirements. The Company’s cash equivalents and marketable securities are managed by external managers within the guidelines of the Company’s investment policy. The Company’s investment policy addresses the level of credit exposure by limiting concentration in any one corporate issuer and establishing a minimum allowable credit rating. To manage its credit risk exposure, the Company maintains its U.S. portfolio of cash equivalents and marketable securities in fixed income securities denominated and payable in U.S. dollars. Permissible investments of fixed income securities include obligations of the U.S. government and its agencies, money market instruments including commercial paper and negotiable certificates of deposit, and highly rated corporate debt obligations and money market funds, and highly rated supranational and sovereign government securities. </p>
CY2022Q4 ptgx Cash Number Of Financial Institutions
CashNumberOfFinancialInstitutions
2
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
125744000
CY2021Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
123665000
CY2020Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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CY2020Q4 us-gaap Restricted Cash Current
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CY2022Q4 us-gaap Restricted Cash Noncurrent
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CY2021Q4 us-gaap Restricted Cash Noncurrent
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CY2020Q4 us-gaap Restricted Cash Noncurrent
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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125969000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
123890000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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117818000
CY2022Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
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0
CY2022 us-gaap Contract With Customer Liability Revenue Recognized
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CY2021 us-gaap Contract With Customer Liability Revenue Recognized
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CY2020 us-gaap Contract With Customer Liability Revenue Recognized
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14100000
CY2022Q4 ptgx Cash Equivalents And Marketable Securities Amortized Cost
CashEquivalentsAndMarketableSecuritiesAmortizedCost
232556000
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CashEquivalentsAndMarketableSecuritiesGrossUnrealizedGain
27000
CY2022Q4 ptgx Cash Equivalents And Marketable Securities Gross Unrealized Loss
CashEquivalentsAndMarketableSecuritiesGrossUnrealizedLoss
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232502000
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CashEquivalentsAndMarketableSecuritiesAmortizedCost
318713000
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CashEquivalentsAndMarketableSecuritiesGrossUnrealizedLoss
143000
CY2021Q4 ptgx Cash Equivalents And Marketable Securities Fair Value
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CY2022Q4 us-gaap Marketable Securities Current
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CY2021Q4 us-gaap Marketable Securities Current
MarketableSecuritiesCurrent
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CY2022 ptgx Current Contractual Maturities Maximum Period
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CY2021 us-gaap Marketable Securities Realized Gain Loss Excluding Other Than Temporary Impairments
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0
CY2022 us-gaap Marketable Securities Realized Gain Loss Excluding Other Than Temporary Impairments
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0
CY2022Q4 ptgx Prepaid Manufacturing Of Clinical Materials
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2746000
CY2021Q4 ptgx Prepaid Manufacturing Of Clinical Materials
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5242000
CY2022Q4 us-gaap Prepaid Insurance
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CY2021Q4 us-gaap Prepaid Insurance
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1746000
CY2022Q4 us-gaap Other Prepaid Expense Current
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1507000
CY2021Q4 us-gaap Other Prepaid Expense Current
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1515000
CY2022Q4 us-gaap Other Receivables Net Current
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42000
CY2021Q4 us-gaap Other Receivables Net Current
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CY2022Q4 us-gaap Prepaid Expense And Other Assets Current
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CY2021Q4 us-gaap Prepaid Expense And Other Assets Current
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CY2022Q4 us-gaap Property Plant And Equipment Gross
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6819000
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
6056000
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
5254000
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
4258000
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
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CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
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CY2022 us-gaap Depreciation
Depreciation
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CY2021 us-gaap Depreciation
Depreciation
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CY2020 us-gaap Depreciation
Depreciation
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CY2022Q4 ptgx Accrued Clinical And Research Related Expenses Current
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CY2021Q4 ptgx Accrued Clinical And Research Related Expenses Current
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27950000
CY2022Q4 us-gaap Accrued Employee Benefits Current
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464000
CY2021Q4 us-gaap Accrued Professional Fees Current
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CY2021Q4 ptgx Accrued Milestone Payment To Former Collaboration Partner
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CY2022Q4 us-gaap Other Accrued Liabilities Current
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415000
CY2021Q4 us-gaap Other Accrued Liabilities Current
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CY2022Q4 us-gaap Accrued Liabilities Current
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24955000
CY2021Q4 us-gaap Accrued Liabilities Current
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37716000
CY2022Q4 us-gaap Income Taxes Receivable
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3800000
CY2020Q4 us-gaap Income Taxes Receivable
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CY2021Q1 us-gaap Security Deposit
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2515000
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CY2021Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
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CY2021Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
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CY2022 us-gaap Operating Lease Cost
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CY2021 us-gaap Operating Lease Cost
OperatingLeaseCost
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OperatingLeaseCost
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CY2022 us-gaap Sublease Income
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123000
CY2021 us-gaap Sublease Income
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CY2020 us-gaap Sublease Income
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CY2022 us-gaap Lease Cost
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CY2021 us-gaap Lease Cost
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CY2020 us-gaap Lease Cost
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1686000
CY2022 us-gaap Operating Lease Payments
OperatingLeasePayments
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CY2021 us-gaap Operating Lease Payments
OperatingLeasePayments
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CY2020 us-gaap Operating Lease Payments
OperatingLeasePayments
1941000
CY2021 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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2743000
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
3904000
CY2022Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
248000
CY2022Q4 us-gaap Operating Lease Liability
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3656000
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400000
CY2022 ptgx Stock Issued During Period Shares Warrants Exercised
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399997
CY2022Q4 us-gaap Class Of Warrant Or Right Outstanding
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CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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5890540
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
17.66
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
1763300
CY2022 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
22.39
CY2022 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
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