Protagonist Therapeutics, Inc

For the period ended Dec 31, 2025. Filed Feb 25, 2026.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Feb 25, 2026

PTGX$136.26+0.3%Stored close · as of Nov 10, 2026

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Contents

Item 8. Consolidated Statements of Cash Flows

Consolidated Statements of Cash Flows

(In thousands)


· · Year Ended December 31,
· · 2025 · · 2024 · · 2023
Cash Flows from Operating Activities · · · · · · ·
Net (loss) income	$(130,149)	$275,188	$(78,955)
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Stock-based compensation	45,974	37,554	29,293
Non-cash lease expense	1,588	2,069	2,335
Depreciation	1,280	826	977
Accretion of discount on marketable securities	(7,223)	(8,875)	(4,569)
Other	(8)	—	194
Changes in operating assets and liabilities:
Receivable from collaboration partner	164,879	(155,000)	(9,990)
Prepaid expenses and other assets	(2,360)	(3,768)	1,753
Accounts payable	3,723	842	(2,868)
Accrued expenses and other payables	4,576	4,289	(5,597)
Payable to collaboration partner	—	(3)	(66)
Deferred revenue	(21,017)	30,567	—
Income taxes payable	(2,689)	2,689	—
Operating lease liability	(903)	(2,226)	(2,743)
Net cash provided by (used in) operating activities	57,671	184,152	(70,236)
Cash Flows from Investing Activities
Purchase of marketable securities	(546,585)	(621,702)	(191,045)
Proceeds from maturities of marketable securities	491,840	323,574	152,396
Proceeds from sale of marketable securities	7,003	—	—
Purchases of property and equipment	(1,590)	(1,355)	(609)
Net cash used in investing activities	(49,332)	(299,483)	(39,258)
Cash Flows from Financing Activities
Proceeds from issuance of common stock upon exercise of stock options and purchases under employee stock purchase plan	23,343	26,453	4,774
Tax withholding payments related to net settlement of restricted stock units	(479)	(600)	(769)
Proceeds from public offering of common stock, net of issuance costs	—	—	107,798
Proceeds from at-the-market offering, net of issuance costs	—	—	24,302
Proceeds from exercise of Warrants in exchange for issuance of Pre-Funded Warrants	—	—	33,813
Proceeds from issuance of common stock upon exercise of Warrants	—	—	559
Net cash provided by financing activities	22,864	25,853	170,477
Net increase (decrease) in cash, cash equivalents and restricted cash	31,203	(89,478)	60,983
Cash, cash equivalents and restricted cash, beginning of period	97,474	186,952	125,969
Cash, cash equivalents and restricted cash, end of period	$128,677	$97,474	$186,952
Supplemental Disclosure of Cash Flow Information:
Cash paid for taxes	$3,694	$1,530	$—
Supplemental Disclosure of Non-Cash Financing and Investing Information:
Leasehold improvements obtained under tenant improvement allowance	$360	$1,421	$—
Purchases of property and equipment in accounts payable and accrued liabilities	$—	$46	$61
Right-of-use asset obtained in exchange for lease obligation	$—	$10,511	$—

P****ROTAGONIST THERAPEUTICS, INC.

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