$PTGX
Protagonist Therapeutics, Inc

2024 Q1 Form 10-K Financial Statement

#000155837024001850 Filed on February 27, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $255.0M $60.00M $60.00M
YoY Change 125.73%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $14.91M $8.052M $33.49M
YoY Change 73.27% 21.41% 5.52%
% of Gross Profit
Research & Development $33.73M $28.90M $120.2M
YoY Change 23.04% -3.3% -4.8%
% of Gross Profit
Depreciation & Amortization $236.0K $248.0K $977.0K
YoY Change -4.84% -3.13% -5.51%
% of Gross Profit
Operating Expenses $48.64M $36.95M $153.7M
YoY Change 35.04% 1.19% -2.72%
Operating Profit $206.3M -$93.65M
YoY Change -672.75% -28.71%
Interest Expense $4.376M $4.242M $14.90M
YoY Change 75.67% 88.45% 266.95%
% of Operating Profit 2.12%
Other Income/Expense, Net -$19.00K $44.00K -$201.0K
YoY Change -90.26% -38.03% 151.25%
Pretax Income $210.7M $27.34M -$78.96M
YoY Change -724.66% -179.94% -38.02%
Income Tax $3.300M $0.00
% Of Pretax Income 1.57%
Net Earnings $207.3M $27.34M -$78.96M
YoY Change -714.8% -179.94% -38.02%
Net Earnings / Revenue 81.32% 45.56% -131.59%
Basic Earnings Per Share $3.41 -$1.39
Diluted Earnings Per Share $3.26 $0.45 -$1.39
COMMON SHARES
Basic Shares Outstanding 58.27M 57.68M 56.76M
Diluted Shares Outstanding 63.60M 56.76M

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $322.6M $341.6M $341.6M
YoY Change 39.81% 43.93% 43.93%
Cash & Equivalents $172.6M $186.7M $186.7M
Short-Term Investments $150.1M $154.9M $154.9M
Other Short-Term Assets $360.0K $332.0K $3.628M
YoY Change -92.69% -94.14% -36.01%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $627.6M $355.6M $355.6M
YoY Change 166.21% 46.28% 46.28%
LONG-TERM ASSETS
Property, Plant & Equipment $1.111M $1.195M $2.149M
YoY Change -17.15% -23.64% -53.55%
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 $1.723M $2.374M $2.374M
YoY Change -58.2% -51.06% -51.06%
TOTAL ASSETS
Total Short-Term Assets $627.6M $355.6M $355.6M
Total Long-Term Assets $1.723M $2.374M $2.374M
Total Assets $629.3M $358.0M $358.0M
YoY Change 162.35% 44.38% 44.38%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.507M $772.0K $772.0K
YoY Change -12.78% -78.79% -78.79%
Accrued Expenses $16.49M $19.36M $20.40M
YoY Change -0.6% -22.43% -24.6%
Deferred Revenue $3.000K $3.000K
YoY Change -95.65%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $39.91M $21.27M $21.27M
YoY Change 71.81% -31.77% -31.77%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $28.92M $0.00 $0.00
YoY Change 6160.17% -100.0% -100.0%
Total Long-Term Liabilities $28.92M $0.00 $0.00
YoY Change 6160.17% -100.0% -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $39.91M $21.27M $21.27M
Total Long-Term Liabilities $28.92M $0.00 $0.00
Total Liabilities $68.83M $21.27M $21.27M
YoY Change 190.54% -34.18% -34.18%
SHAREHOLDERS EQUITY
Retained Earnings -$408.4M -$615.7M
YoY Change -28.41% 14.7%
Common Stock $969.0M $952.5M
YoY Change 23.17% 26.54%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $560.4M $336.7M $336.7M
YoY Change
Total Liabilities & Shareholders Equity $629.3M $358.0M $358.0M
YoY Change 162.35% 44.38% 44.38%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income $207.3M $27.34M -$78.96M
YoY Change -714.8% -179.94% -38.02%
Depreciation, Depletion And Amortization $236.0K $248.0K $977.0K
YoY Change -4.84% -3.13% -5.51%
Cash From Operating Activities -$27.43M $16.96M -$70.24M
YoY Change -20.14% -153.61% -35.05%
INVESTING ACTIVITIES
Capital Expenditures $242.0K $19.00K $609.0K
YoY Change 2320.0% -72.86% -23.4%
Acquisitions
YoY Change
Other Investing Activities $6.313M -$61.27M -$38.65M
YoY Change -35.82% -1629.79% -141.89%
Cash From Investing Activities $6.071M -$61.29M -$39.26M
YoY Change -38.21% -1657.48% -142.92%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $107.8M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 7.199M 527.0K 170.5M
YoY Change -72.8% -4.7% 804.96%
NET CHANGE
Cash From Operating Activities -27.43M 16.96M -70.24M
Cash From Investing Activities 6.071M -61.29M -39.26M
Cash From Financing Activities 7.199M 527.0K 170.5M
Net Change In Cash -14.16M -43.80M 60.98M
YoY Change -829.09% 61.34% 2833.29%
FREE CASH FLOW
Cash From Operating Activities -$27.43M $16.96M -$70.24M
Capital Expenditures $242.0K $19.00K $609.0K
Free Cash Flow -$27.67M $16.94M -$70.85M
YoY Change -19.46% -153.43% -34.96%

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CY2021 us-gaap Increase Decrease In Income Taxes Receivable
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CY2022 us-gaap Increase Decrease In Accounts Receivable Related Parties
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CY2021 us-gaap Increase Decrease In Accounts Receivable Related Parties
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CY2023 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2022 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
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CY2021 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
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CY2023 us-gaap Increase Decrease In Accounts Payable Trade
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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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CY2023 us-gaap Increase Decrease In Accounts Payable Related Parties
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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
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CY2022 us-gaap Increase Decrease In Other Accounts Payable And Accrued Liabilities
IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities
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CY2021 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
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CY2021 us-gaap Increase Decrease In Contract With Customer Liability
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CY2022 us-gaap Operating Lease Payments
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CY2021 us-gaap Payments To Acquire Property Plant And Equipment
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CY2023 ptgx Proceeds From Exercise Of Warrants In Exchange For Issuance Of Pre Funded Warrants
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CY2023 us-gaap Proceeds From Warrant Exercises
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CY2022 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
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CY2021 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
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CY2023 ptgx Shares Withheld For Net Settlement Of Tax Withholding Upon Vesting Of Restricted Stock Units
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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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CY2022 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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CY2021 us-gaap Net Cash Provided By Used In Financing Activities
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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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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
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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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
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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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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CY2023 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 three financial institutions that management believes are of high credit quality. Such deposits generally 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. </p>
CY2023Q4 ptgx Cash Number Of Financial Institutions
CashNumberOfFinancialInstitutions
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CY2023Q4 us-gaap Contract With Customer Asset Gross 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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CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2023 ptgx Contract Liabilities Payable Additions
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CY2023Q4 us-gaap Contract With Customer Liability Current
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CY2022 ptgx Contract With Customer Asset Additions
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CY2022 ptgx Contract With Customer Asset Deduction
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CY2021Q4 us-gaap Contract With Customer Liability Current
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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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CY2023Q4 ptgx Cash Equivalents And Marketable Securities Amortized Cost
CashEquivalentsAndMarketableSecuritiesAmortizedCost
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CY2023Q4 ptgx Cash Equivalents And Marketable Securities Gross Unrealized Gain
CashEquivalentsAndMarketableSecuritiesGrossUnrealizedGain
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CY2023Q4 ptgx Cash Equivalents And Marketable Securities Gross Unrealized Loss
CashEquivalentsAndMarketableSecuritiesGrossUnrealizedLoss
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CY2023Q4 ptgx Cash Equivalents And Marketable Securities Fair Value
CashEquivalentsAndMarketableSecuritiesFairValue
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CY2023Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
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CY2023Q4 us-gaap Marketable Securities Current
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CY2023Q4 ptgx Cash Equivalents And Marketable Securities Fair Value
CashEquivalentsAndMarketableSecuritiesFairValue
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CY2022Q4 ptgx Cash Equivalents And Marketable Securities Amortized Cost
CashEquivalentsAndMarketableSecuritiesAmortizedCost
232556000
CY2022Q4 ptgx Cash Equivalents And Marketable Securities Gross Unrealized Gain
CashEquivalentsAndMarketableSecuritiesGrossUnrealizedGain
27000
CY2022Q4 ptgx Cash Equivalents And Marketable Securities Gross Unrealized Loss
CashEquivalentsAndMarketableSecuritiesGrossUnrealizedLoss
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CY2022Q4 ptgx Cash Equivalents And Marketable Securities Fair Value
CashEquivalentsAndMarketableSecuritiesFairValue
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CY2022Q4 ptgx Cash Equivalents And Marketable Securities Fair Value
CashEquivalentsAndMarketableSecuritiesFairValue
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CY2023Q4 us-gaap Marketable Securities Current
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CY2022Q4 us-gaap Marketable Securities Current
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CY2023 ptgx Current Contractual Maturities Maximum Period
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CY2023Q4 us-gaap Prepaid Insurance
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CY2022Q4 us-gaap Prepaid Insurance
PrepaidInsurance
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CY2023Q4 ptgx Prepaid Manufacturing Of Clinical Materials
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CY2022Q4 ptgx Prepaid Manufacturing Of Clinical Materials
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CY2023Q4 ptgx Prepaid Licenses
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CY2022Q4 ptgx Prepaid Licenses
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CY2023Q4 us-gaap Other Prepaid Expense Current
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CY2022Q4 us-gaap Other Prepaid Expense Current
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CY2023Q4 us-gaap Other Assets Current
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CY2022Q4 us-gaap Other Assets Current
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CY2023Q4 us-gaap Prepaid Expense And Other Assets Current
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CY2022Q4 us-gaap Prepaid Expense And Other Assets Current
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CY2023Q4 us-gaap Property Plant And Equipment Gross
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CY2022Q4 us-gaap Property Plant And Equipment Gross
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CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
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CY2023Q4 us-gaap Property Plant And Equipment Net
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1195000
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1565000
CY2023 us-gaap Depreciation
Depreciation
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CY2022 us-gaap Depreciation
Depreciation
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CY2021 us-gaap Depreciation
Depreciation
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CY2023Q4 ptgx Accrued Clinical And Research Related Expenses Current
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11841000
CY2022Q4 ptgx Accrued Clinical And Research Related Expenses Current
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CY2022Q4 us-gaap Other Accrued Liabilities Current
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CY2023Q4 us-gaap Accrued Liabilities Current
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CY2022Q4 us-gaap Accrued Liabilities Current
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CY2021Q1 us-gaap Security Deposit
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OperatingLeaseRightOfUseAsset
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CY2022Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
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OperatingLeaseLiabilityCurrent
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CY2022Q4 us-gaap Operating Lease Liability Current
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CY2022Q4 us-gaap Operating Lease Liability Noncurrent
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CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
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CY2022Q4 us-gaap Operating Lease Liability
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CY2023Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
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CY2023Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
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CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
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CY2023 us-gaap Operating Lease Cost
OperatingLeaseCost
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CY2022 us-gaap Operating Lease Cost
OperatingLeaseCost
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CY2021 us-gaap Operating Lease Cost
OperatingLeaseCost
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CY2023 us-gaap Sublease Income
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CY2022 us-gaap Sublease Income
SubleaseIncome
123000
CY2021 us-gaap Sublease Income
SubleaseIncome
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CY2023 us-gaap Lease Cost
LeaseCost
2198000
CY2022 us-gaap Lease Cost
LeaseCost
2212000
CY2021 us-gaap Lease Cost
LeaseCost
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CY2023 us-gaap Operating Lease Payments
OperatingLeasePayments
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CY2022 us-gaap Operating Lease Payments
OperatingLeasePayments
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CY2021 us-gaap Operating Lease Payments
OperatingLeasePayments
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CY2021 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
1160000
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
1160000
CY2023Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
19000
CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
1141000
CY2023Q2 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
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CY2023Q2 us-gaap Sale Of Stock Price Per Share
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CY2023Q2 us-gaap Proceeds From Issuance Of Common Stock
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CY2023Q4 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
400000
CY2023 ptgx Stock Issued During Period Shares Warrants Exercised
StockIssuedDuringPeriodSharesWarrantsExercised
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CY2023Q4 us-gaap Class Of Warrant Or Right Outstanding
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CY2023Q3 ptgx Proceeds From Exercise Of Warrants In Exchange For Issuance Of Pre Funded Warrants
ProceedsFromExerciseOfWarrantsInExchangeForIssuanceOfPreFundedWarrants
34400000
CY2023Q3 ptgx Stock Issued During Period Shares Warrants Exercised
StockIssuedDuringPeriodSharesWarrantsExercised
44748
CY2023Q3 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
2705252
CY2023Q3 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
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0.001
CY2023Q3 ptgx Minimum Percentage Of Common Stock Held By Investors For Not Exercise Of Warrants
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