Protagonist Therapeutics 40 R&D expenses $46.4M, est. $40.1M

Protagonist Therapeutics 40 R&D expenses $46.4M, est. $40.1M

Protagonist Therapeutics Reports Q4 2025 R&D Expenses Exceed Estimates
February 25, 2026

Protagonist Therapeutics Inc. (NASDAQ: PTGX) disclosed in its fourth-quarter 2025 financial report that research and development (R&D) expenses totaled $46.4 million, surpassing the estimated $40.1 million previously guided by the company. The variance reflects increased investment in late-stage clinical programs and expanded preclinical activities across its pipeline of peptide-based therapeutics.

The biopharmaceutical firm, which focuses on gastrointestinal and autoimmune disease treatments, attributed the higher spending to accelerated development of its lead candidate, PRGX-123, currently in Phase II trials for Crohn's disease. Additional costs arose from scaled-up manufacturing efforts and regulatory submissions for two Phase I programs targeting irritable bowel syndrome and ulcerative colitis.

For the quarter, Protagonist Therapeutics maintained a cash balance of $182.3 million as of December 31, 2025, down from $201.7 million in September 2025. The company reported a net cash outflow of $49.8 million during the period, with R&D expenses accounting for 91.8% of total operating costs. Management emphasized that the increased burn rate aligns with its strategic goal to advance three programs into Phase III trials by mid-2026.

Analysts note that while the expense overrun may raise near-term concerns about capital efficiency, the company's focus on high-priority programs could enhance long-term value. Protagonist Therapeutics has secured $78.4 million in research grants since 2023, offsetting 17% of its R&D costs over that period. The firm expects to provide updated financial guidance for 2026 following anticipated data reads from ongoing trials in Q2 2026.

[引用越界:1]: Protagonist Therapeutics Q4 2025 earnings release and 10-Q filing.

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