PTGXProtagonist Therapeutics, Inc

Pharmaceutical Preparations

Revenue: $46M; 89% YoY
Operating margin: -343.6%; 690% YoY
EBITDA: −$157M; 162% YoY
Market cap: $9.4B
Employees: 132; $349K revenue each
Net debt / EBITDA: —; −$410M net debt
AI in 10-K: 0.5; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 1 of 7

TSR below peersNo
1 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$7M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCYes
100% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentNo
80% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$349K · 47th pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.5 per 10K words · 22nd pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedNo
$9.4B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$88M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$27M	$27M	$60M	$434M	$46M	89%
Operating income	−$126M	−$131M	−$94M	$253M	−$158M	163%
Net income	−$126M	−$127M	−$79M	$275M	−$130M	147%
Operating cash flow	−$108M	−$108M	−$70M	$184M	$58M	69%
Capex	$1M	$795K	$609K	$1M	$2M	17%
Stock-based comp	$16M	$24M	$29M	$38M	$46M	22%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Jun 8, 2020	Lilly Ventures Fund I LLC	SC 13D/A	4.5%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $88M · 36
Net: −$88M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$13M	$46M	433	125
FY2024	$9M	$18M	191	93
FY2023	$7M	$15M	114	94
FY2022	$6M	−$5M	54	90
FY2021	$6M	$12M	170	100