On August 6, 2024, Protagonist Therapeutics Inc (PTGX, Financial) released its 8-K filing detailing the financial results for the second quarter ended June 30, 2024. Protagonist Therapeutics Inc is a clinical-stage biopharmaceutical company with a proprietary technology platform focused on developing novel constrained peptide-based drug candidates. Its pipeline includes Rusfertide (PTG-300) and JNJ-2113.
Performance Overview
Protagonist Therapeutics Inc (PTGX, Financial) reported a net loss of $30.6 million for Q2 2024, translating to a loss per share of $0.50. This result was better than the analyst estimate of -$0.60 per share. The company generated $4.2 million in revenue for the quarter, missing the estimated revenue of $8.00 million. The financial performance underscores the challenges faced by the company in its clinical development stages.
Financial Achievements and Challenges
Despite the quarterly loss, Protagonist Therapeutics Inc (PTGX, Financial) achieved significant milestones. The company recognized $259.1 million in license and collaboration revenue for the first half of 2024, primarily from a $300 million upfront payment from the Takeda Collaboration Agreement. This revenue is crucial for sustaining the company's operations and advancing its clinical trials.
However, the company also reported substantial research and development expenses amounting to $33.5 million for Q2 2024, reflecting its ongoing investment in clinical trials and drug development. General and administrative expenses were $9.4 million for the same period.
Key Financial Metrics
| Metric | Q2 2024 | Q2 2023 | H1 2024 | H1 2023 |
|---|---|---|---|---|
| License and collaboration revenue | $4.2M | $0 | $259.1M | $0 |
| Research and development expense | $33.5M | $33.2M | $67.3M | $60.6M |
| General and administrative expense | $9.4M | $9.2M | $24.4M | $17.8M |
| Net income (loss) | $(30.6M) | $(38.5M) | $176.7M | $(72.2M) |
| Basic earnings (loss) per share | $(0.50) | $(0.68) | $2.89 | $(1.34) |
Balance Sheet Highlights
As of June 30, 2024, Protagonist Therapeutics Inc (PTGX, Financial) reported cash, cash equivalents, and marketable securities totaling $595.4 million, providing a cash runway through the end of 2027. The company's total assets stood at $614.6 million, with total stockholders' equity of $541.3 million. This strong financial position is essential for supporting the company's long-term research and development initiatives.
Corporate Developments
Protagonist Therapeutics Inc (PTGX, Financial) made significant progress in its clinical trials. The company is advancing its Phase 3 trials for JNJ-2113 in moderate-to-severe plaque psoriasis and ulcerative colitis, with primary endpoint results expected in Q4 2024. Additionally, the Phase 3 VERIFY study for Rusfertide in polycythemia vera is anticipated to yield topline results in Q1 2025.
"During the second quarter of 2024 our team made tremendous strides in the late-stage clinical development of rusfertide and also in leveraging our proprietary discovery platform for early-stage, but highly differentiated, oral peptides-based discovery programs," said Dinesh V. Patel, Ph.D., the Company’s President and CEO.
Protagonist Therapeutics Inc (PTGX, Financial) continues to focus on its strategic collaborations and clinical advancements, aiming to introduce new development candidates over the next 12 months. The company's addition to the S&P SmallCap 600® index further highlights its value to shareholders and visibility within the investment community.
For more detailed information, please refer to the full 8-K filing.
Explore the complete 8-K earnings release (here) from Protagonist Therapeutics Inc for further details.
