Recent News
On March 2, 2026 Takeda and Protagonist announced the U.S. Food and Drug Administration accepted the rusfertide NDA and granted Priority Review. On April 28, 2026 Protagonist exercised its U.S. opt-out right under the Takeda collaboration for rusfertide. On May 5, 2026 Protagonist published a corporate update accompanying first-quarter disclosures.
Technical Analysis
ADX at 12.12 indicates no trend; volatility appears low enough that directional trend strength lacks conviction, which tempers momentum-driven moves despite nearby catalysts.
DI+ shows a peak-and-reversal, a bearish signal that indicates sellers regained short-term control relative to recent directional gains. DI- displays a dip-and-reversal, a bearish signal consistent with renewed downside participation.
MACD sits at 0.26 beneath its signal line (0.42) and shows a peak-and-reversal, signalling bearish momentum rather than a fresh bullish crossover; short-term momentum favors consolidation or pullback pressure.
MRO equals 16.4 and shows a peak-and-reversal; the positive value implies price presently sits above the model target and carries moderate potential to decrease toward fair-value levels implied by MRO.
RSI at 53.55 with a peak-and-reversal denotes loss of recent upward momentum and supports a neutral-to-slightly-bearish near-term bias rather than overbought-driven weakness.
Price context: close at $102.01 trades above the 200-day average ($83.02) and near the 20-day average ($101.28); the 12-day EMA shows a peak-and-reversal while Bollinger bands (1×) range roughly $98.76–$103.81, placing the current price inside the upper half of the band and suggesting limited immediate upside runway without renewed momentum.
Volume sits below 10/50/200-day averages, implying any directional move lacks strong participation; short-term beta (42-day) of 1.44 shows elevated sensitivity to market moves versus the muted 52-week beta of 0.20.
Fundamental Analysis
Liquidity and balance-sheet: cash and short-term investments total $547,786,000 and the current ratio equals 17.76, reflecting ample near-term liquidity relative to $34,549,000 in current liabilities; total debt stands at $9,776,000 (debt-to-assets 1.40%), supporting operational flexibility while late-stage regulatory work continues.
Profitability and margins: operating (EBIT) margin equals -6.47% with QoQ change of -99.04% and YoY change of -90.51%; the EBIT margin compares to the industry peer mean of -115.05% and the industry peer median of 23.412% when expressed on the same percentage basis, indicating Protagonist’s margin sits below the peer median and above the reported peer mean in absolute terms of the provided comparators.
Revenue and growth cadence: total revenue equals $56,368,000 with revenue growth QoQ of 10.38% and revenue growth YoY of -8.89%; sequential acceleration contrasts with a negative year-over-year comparison, showing nearer-term improvement in sales inflows but still below the prior-year level.
Research intensity and cash flow: R&D reached $46,739,000 while operating cash flow posted -$48,943,000 and free cash flow -$49,158,000; free cash growth shows 32.43% YoY but free cash growth QoQ reflects a contraction, underlining ongoing investment spending tied to pipeline programs even as cash balances remain sizable.
Valuation multiples: price-to-earnings stands at 1,930.87x, price-to-sales at 110.00x, and price-to-book at 9.46x (the latter sits above the industry peer mean of 7.62x and near the peer median of 5.61x), while enterprise-value-to-revenue equals ~100.46x—all metrics that drive WMDST’s current assessment of over-valued given earnings and revenue bases today.
Earnings metrics: diluted EPS actual equals $0.05 versus estimate -$0.65 (EPS surprise ~107.69%), with forward EPS -$0.171 and forward PE negative; the reported EPS beat reflects a near-term upside to consensus for the quarter, but forward measures remain loss-based, keeping valuation tethered to pipeline outcomes rather than recurring operating profits.
WMDST valuation view: the current valuation as determined by WMDST classifies the stock as over-valued, driven by very high market multiples relative to revenue and earnings today despite robust liquidity and progress on regulatory milestones.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-03-31 |
| REPORT DATE: | 2026-05-05 |
| NEXT REPORT DATE: | 2026-08-04 |
| CASH FLOW | Begin Period Cash Flow | $ 128.7 M |
| Operating Cash Flow | $ -48.94 M | |
| Capital Expenditures | $ -215.00 K | |
| Change In Working Capital | $ -67.06 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 65.3 M | |
| End Period Cash Flow | $ 194.0 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 56.4 M | |
| Forward Revenue | $ -40.95 M | |
| COSTS | ||
| Cost Of Revenue | — | |
| Depreciation | $ 407.0 K | |
| Depreciation and Amortization | $ 407.0 K | |
| Research and Development | $ 46.7 M | |
| Total Operating Expenses | $ 60.0 M | |
| PROFITABILITY | ||
| Gross Profit | — | |
| EBITDA | $ -3.24 M | |
| EBIT | $ -3.65 M | |
| Operating Income | $ -3.65 M | |
| Interest Income | $ 5.9 M | |
| Interest Expense | — | |
| Net Interest Income | $ 5.9 M | |
| Income Before Tax | $ 2.3 M | |
| Tax Provision | $ -1.50 M | |
| Tax Rate | 40.0 % | |
| Net Income | $ 3.8 M | |
| Net Income From Continuing Operations | $ 3.8 M | |
| EARNINGS | ||
| EPS Estimate | $ -0.65 | |
| EPS Actual | $ 0.05 | |
| EPS Difference | $ 0.70 | |
| EPS Surprise | 107.692 % | |
| Forward EPS | $ -0.17 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 697.5 M | |
| Intangible Assets | — | |
| Net Tangible Assets | $ 655.5 M | |
| Total Current Assets | $ 613.5 M | |
| Cash and Short-Term Investments | $ 547.8 M | |
| Cash | $ 193.7 M | |
| Net Receivables | — | |
| Inventory | — | |
| Long-Term Investments | $ 288.0 K | |
| LIABILITIES | ||
| Accounts Payable | $ 8.4 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 34.5 M | |
| Net Debt | — | |
| Total Debt | $ 9.8 M | |
| Total Liabilities | $ 42.0 M | |
| EQUITY | ||
| Total Equity | $ 655.5 M | |
| Retained Earnings | $ -466.89 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 10.21 | |
| Shares Outstanding | 64.227 M | |
| Revenue Per-Share | $ 0.88 | |
| VALUATION | Market Capitalization | $ 6.2 B |
| Enterprise Value | $ 5.7 B | |
| Enterprise Multiple | -1747.209 | |
| Enterprise Multiple QoQ | 1790.039 % | |
| Enterprise Multiple YoY | 1411.378 % | |
| Enterprise Multiple IPRWA | high: 75.51 median: 29.168 mean: 8.801 low: -128.217 PTGX: -1747.209 |
|
| EV/R | 100.46 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.064 | |
| Asset To Liability | 16.612 | |
| Debt To Capital | 0.015 | |
| Debt To Assets | 0.014 | |
| Debt To Assets QoQ | -9.256 % | |
| Debt To Assets YoY | -8.426 % | |
| Debt To Assets IPRWA | high: 1.112 mean: 0.25 median: 0.124 PTGX: 0.014 low: 0.0 |
|
| Debt To Equity | 0.015 | |
| Debt To Equity QoQ | -11.197 % | |
| Debt To Equity YoY | -9.582 % | |
| Debt To Equity IPRWA | high: 1.864 mean: 0.295 median: 0.103 PTGX: 0.015 low: -1.28 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 9.46 | |
| Price To Book QoQ | 12.32 % | |
| Price To Book YoY | 135.517 % | |
| Price To Book IPRWA | high: 20.609 PTGX: 9.46 mean: 7.616 median: 5.613 low: -11.267 |
|
| Price To Earnings (P/E) | 1930.873 | |
| Price To Earnings QoQ | -1710.366 % | |
| Price To Earnings YoY | -920.672 % | |
| Price To Earnings IPRWA | PTGX: 1930.873 high: 74.242 mean: -1.73 median: -14.354 low: -121.28 |
|
| PE/G Ratio | -18.004 | |
| Price To Sales (P/S) | 110.004 | |
| Price To Sales QoQ | -84.198 % | |
| Price To Sales YoY | 12.565 % | |
| Price To Sales IPRWA | high: 864.732 PTGX: 110.004 mean: 64.71 median: 29.192 low: 0.629 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | -688.259 | |
| Forward PE/G | 6.418 | |
| Forward P/S | -197.633 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -0.141 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.083 | |
| Asset Turnover Ratio QoQ | 660.129 % | |
| Asset Turnover Ratio YoY | 116.667 % | |
| Asset Turnover Ratio IPRWA | high: 0.378 mean: 0.104 median: 0.094 PTGX: 0.083 low: 0.0 |
|
| Receivables Turnover | — | |
| Receivables Turnover Ratio QoQ | — | |
| Receivables Turnover Ratio YoY | — | |
| Receivables Turnover Ratio IPRWA | — | |
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | — | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | — | |
| Cash Conversion Cycle Days QoQ | — | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | high: 930.567 mean: 250.644 median: 208.031 PTGX: 0 low: -882.922 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.097 | |
| CapEx To Revenue | -0.004 | |
| CapEx To Depreciation | -0.528 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 655.5 M | |
| Net Invested Capital | $ 655.5 M | |
| Invested Capital | $ 655.5 M | |
| Net Tangible Assets | $ 655.5 M | |
| Net Working Capital | $ 578.9 M | |
| LIQUIDITY | ||
| Cash Ratio | 15.855 | |
| Current Ratio | 17.756 | |
| Current Ratio QoQ | 39.697 % | |
| Current Ratio YoY | 2.904 % | |
| Current Ratio IPRWA | high: 32.587 PTGX: 17.756 mean: 5.552 median: 3.565 low: 0.05 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | -3.016 | |
| Cost Of Debt | 13.708 % | |
| Interest Coverage Ratio | -1.589 | |
| Interest Coverage Ratio QoQ | -92.755 % | |
| Interest Coverage Ratio YoY | -81.108 % | |
| Interest Coverage Ratio IPRWA | high: 604.866 mean: 14.762 median: 3.938 PTGX: -1.589 low: -1946.175 |
|
| Operating Cash Flow Ratio | 0.211 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | — | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 4.381 % | |
| Revenue Growth | 657.94 % | |
| Revenue Growth QoQ | 1037.694 % | |
| Revenue Growth YoY | -888.869 % | |
| Revenue Growth IPRWA | PTGX: 657.94 % high: 212.7 % median: -7.18 % mean: -10.974 % low: -242.388 % |
|
| Earnings Growth | -107.246 % | |
| Earnings Growth QoQ | -1049.92 % | |
| Earnings Growth YoY | -2.144 % | |
| Earnings Growth IPRWA | high: 200.0 % median: -4.762 % mean: -9.396 % PTGX: -107.246 % low: -250.0 % |
|
| MARGINS | ||
| Gross Margin | — | |
| Gross Margin QoQ | — | |
| Gross Margin YoY | — | |
| Gross Margin IPRWA | — | |
| EBIT Margin | -6.472 % | |
| EBIT Margin QoQ | -99.044 % | |
| EBIT Margin YoY | -90.508 % | |
| EBIT Margin IPRWA | high: 2524.194 % median: 23.412 % PTGX: -6.472 % mean: -115.05 % low: -7259.515 % |
|
| Return On Sales (ROS) | -6.472 % | |
| Return On Sales QoQ | -99.044 % | |
| Return On Sales YoY | -90.508 % | |
| Return On Sales IPRWA | high: 100.302 % median: 23.016 % PTGX: -6.472 % mean: -115.087 % low: -7394.476 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -49.16 M | |
| Free Cash Flow Yield | -0.793 % | |
| Free Cash Flow Yield QoQ | 10.6 % | |
| Free Cash Flow Yield YoY | -117.583 % | |
| Free Cash Flow Yield IPRWA | high: 11.709 % median: 0.11 % mean: -0.487 % PTGX: -0.793 % low: -45.34 % |
|
| Free Cash Growth | 32.434 % | |
| Free Cash Growth QoQ | -98.128 % | |
| Free Cash Growth YoY | -106.198 % | |
| Free Cash Growth IPRWA | high: 253.163 % PTGX: 32.434 % median: 23.728 % mean: 18.216 % low: -249.577 % |
|
| Free Cash To Net Income | -12.994 | |
| Cash Flow Margin | 12.929 % | |
| Cash Flow To Earnings | 1.927 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 0.554 % | |
| Return On Assets QoQ | -108.549 % | |
| Return On Assets YoY | -135.332 % | |
| Return On Assets IPRWA | high: 38.074 % median: 0.896 % PTGX: 0.554 % mean: -2.92 % low: -56.658 % |
|
| Return On Capital Employed (ROCE) | -0.55 % | |
| Return On Equity (ROE) | 0.006 | |
| Return On Equity QoQ | -107.992 % | |
| Return On Equity YoY | -134.122 % | |
| Return On Equity IPRWA | high: 0.797 median: 0.022 PTGX: 0.006 mean: -0.006 low: -1.109 |
|
| DuPont ROE | 0.596 % | |
| Return On Invested Capital (ROIC) | -0.334 % | |
| Return On Invested Capital QoQ | -94.839 % | |
| Return On Invested Capital YoY | — | |
| Return On Invested Capital IPRWA | high: 41.877 % median: 3.296 % mean: 0.549 % PTGX: -0.334 % low: -51.333 % |
|