Protagonist Therapeutics reported a net loss of $34.8 million for the second quarter ended June 30, 2025, with GAAP revenue of $5.5 million, falling below the estimate of $7.51 million. This represents a 26% decline in revenue compared to the prior year period.
For the six months ended June 30, 2025, license and collaboration revenue was $33.9 million, a substantial decrease from $259.1 million in the first half of 2024, which included large upfront and milestone payments. The company reported a net loss of $46.4 million for the first half of 2025, a shift from net income of $176.7 million in the prior year.
Despite the revenue decline, Protagonist maintained a strong cash position with $673.0 million in cash, cash equivalents, and marketable securities as of June 30, 2025, anticipated to fund operations through at least the end of 2028. The company also filed a shelf registration statement for multiple securities, indicating potential future capital raising activities.
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