Protagonist Therapeutics Q3 2024 Update: Cash Up, Financing Activities Detailed
Ticker: PTGX · Form: 10-Q · Filed: Nov 7, 2024 · CIK: 1377121
Sentiment: neutral
Topics: 10-Q, biotech, financing, cash-reserves
TL;DR
Protagonist Therapeutics' cash reserves increased slightly to $59.5M by Q3 2024, with ongoing financing activities.
AI Summary
Protagonist Therapeutics, Inc. filed its 10-Q for the period ending September 30, 2024. The company reported cash and cash equivalents of $57.7 million as of December 31, 2023, and $59.5 million as of September 30, 2024. The filing details various financing activities, including public offerings and at-marketing offerings, throughout 2023 and 2024.
Why It Matters
This filing provides insight into Protagonist Therapeutics' financial health and ongoing funding strategies, which are crucial for its drug development pipeline.
Risk Assessment
Risk Level: medium — Biotech companies like Protagonist Therapeutics are inherently risky due to the high cost and uncertainty of drug development.
Key Numbers
- $57.7M — Cash and Cash Equivalents (As of December 31, 2023)
- $59.5M — Cash and Cash Equivalents (As of September 30, 2024)
Key Players & Entities
- Protagonist Therapeutics, Inc. (company) — Filer of the 10-Q
- 20240930 (date) — End of the reporting period
- $57,708,613 (dollar_amount) — Cash and cash equivalents as of December 31, 2023
- $59,521,903 (dollar_amount) — Cash and cash equivalents as of September 30, 2024
FAQ
What was the net change in Protagonist Therapeutics' cash and cash equivalents during the first nine months of 2024?
Protagonist Therapeutics' cash and cash equivalents increased from $57,708,613 as of December 31, 2023, to $59,521,903 as of September 30, 2024, representing an increase of $1,813,290.
What types of financing activities are detailed in the filing for 2023 and 2024?
The filing details public offerings, at-marketing offerings, and activities related to the Financing Facility Sales Agreement 2022.
What is the fiscal year end for Protagonist Therapeutics?
The fiscal year end for Protagonist Therapeutics is December 31.
When was the company formerly known as Protagonist Inc.?
The company was formerly known as Protagonist Inc. until October 2, 2006.
What is Protagonist Therapeutics' Standard Industrial Classification code?
Protagonist Therapeutics' Standard Industrial Classification code is 2834, Pharmaceutical Preparations.
Filing Stats: 4,318 words · 17 min read · ~14 pages · Grade level 19.1 · Accepted 2024-11-07 16:39:59
Key Financial Figures
- $0.00001 — h registered Common Stock , par value $0.00001 PTGX The Nasdaq Stock Market, LLC
Filing Documents
- ptgx-20240930x10q.htm (10-Q) — 1753KB
- ptgx-20240930xex31d1.htm (EX-31.1) — 10KB
- ptgx-20240930xex31d2.htm (EX-31.2) — 10KB
- ptgx-20240930xex32d1.htm (EX-32.1) — 10KB
- ptgx-20240930x10q006.jpg (GRAPHIC) — 129KB
- 0001558370-24-014888.txt ( ) — 6910KB
- ptgx-20240930.xsd (EX-101.SCH) — 43KB
- ptgx-20240930_cal.xml (EX-101.CAL) — 58KB
- ptgx-20240930_def.xml (EX-101.DEF) — 128KB
- ptgx-20240930_lab.xml (EX-101.LAB) — 316KB
- ptgx-20240930_pre.xml (EX-101.PRE) — 249KB
- ptgx-20240930x10q_htm.xml (XML) — 1157KB
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 21 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 36 Item 4.
Controls and Procedures
Controls and Procedures 37 PART II OTHER INFORMATION Item 1.
Legal Proceedings
Legal Proceedings 37 Item 1A.
Risk Factors
Risk Factors 37 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 61 Item 3. Defaults Upon Senior Securities 61 Item 4. Mine Safety Disclosure s 61 Item 5. Other Information 61 Item 6. Exhibits 62
SIGNATURES
SIGNATURES 63 Table of Contents
– FINANCIAL INFORMATION
PART I. – FINANCIAL INFORMATION
FINANCIAL STATEMENTS
ITEM 1. FINANCIAL STATEMENTS PROTAGONIST THERAPEUTICS, INC. Condensed Consolidated Balance Sheets (Unaudited) (In thousands, except share and per share data) September 30, December 31, 2024 2023 Assets Current assets: Cash and cash equivalents $ 131,121 $ 186,727 Marketable securities 337,600 154,890 Receivable from collaboration partner — 10,000 Prepaid expenses and other current assets 8,048 3,960 Total current assets 476,769 355,577 Marketable securities - noncurrent 114,560 — Property and equipment, net 2,468 1,195 Restricted cash - noncurrent 225 225 Operating lease right-of-use asset 9,835 954 Total assets $ 603,857 $ 357,951 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 3,049 $ 772 Payable to collaboration partner — 3 Accrued expenses and other payables 20,739 19,358 Deferred revenue 19,696 — Income taxes payable 1,049 — Operating lease liability 45 1,141 Total current liabilities 44,578 21,274 Deferred revenue - noncurrent 16,509 — Operating lease liability - noncurrent 10,855 — Total liabilities 71,942 21,274 Commitments and contingencies Stockholders' equity: Preferred stock, $ 0.00001 par value, 10,000,000 shares authorized; no shares issued and outstanding — — Common stock, $ 0.00001 par value, 180,000,000 and 90,000,000 shares authorized as of September 30, 2024 and December 31, 2023 , respectively; 59,521,903 and 57,708,613 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively 1 1 Additional paid-in capital 1,002,774 952,491 Accumulated other comprehensive income (loss) 1,336 ( 105 ) Accumulated deficit ( 472,196 ) ( 615,710 ) Total stockholders' equity 531,915 336,677 Total liabilities and stockholders' equity $ 603,857 $ 357,951 The accompanying notes are an integral part of these unaudited condensed consolidated financial