Equity Profile

PTGX

Protagonist Therapeutics, Inc.

Health CareBiotechnology$6.4B

May5Tue

Post-Earnings Recap

ReportedQ1-2026After Close4:05 PM EDT

Protagonist Therapeutics Beats on EPS, Stock Down 0.31%

Metric	Actual	Expected	Surprise
EPS	$0.05	$-0.65	+107.67%
Revenue	N/A	$16M	N/A

management commentary, guidance changes, and full analysis available with Pro.

Protagonist Therapeutics Beats on EPS, Stock Down 0.31%

Key Numbers

Metric	Actual	Expected	Surprise
EPS	$0.05	$-0.65	+107.67%
Revenue	N/A	$16M	N/A

Management Commentary

Tone: Unknown

No transcript is on record, and the analysis is based on numerical results only.

What It Means

Protagonist Therapeutics reported a positive surprise on EPS, significantly beating expectations. However, the stock reacted negatively, declining by 0.31%. This could indicate investor caution despite the strong EPS performance, especially given the lack of revenue and guidance information.

Company Snapshot

Protagonist Therapeutics, Inc. is a biotechnology company focused on developing novel therapies for serious diseases....

Key Metrics to Watch

EPS

Earnings per share is a key indicator of profitability and will show how well the company is managing its costs.

-0.65

Revenue

Revenue figures will help gauge the company's market traction and the success of its product pipeline.

16M

Wall Street expectations, options signals, track record, and call prep available with Pro.

Original Pre-Earnings Preview

Context

Company Snapshot

Protagonist Therapeutics, Inc. is a biotechnology company focused on developing novel therapies for serious diseases. As part of the health care sector, its innovations could significantly impact patient care and treatment options, especially in areas with high unmet medical needs.

Earnings Scorecard·Last 8Q

EPS Beat Streak

EPS Beat Rate

50%

Avg EPS Surprise

+397.37%

Avg Stock Reaction

-0.19%

Last Quarter Recap

In Q4 2025, Protagonist reported an EPS of -0.69, missing estimates by a significant margin. The stock reacted negatively, dropping slightly the next day.

Management Promises & Guidance

Expectations

Wall Street Expectations

Analysts expect another challenging quarter for Protagonist, with a consensus EPS loss of $-0.65 and revenue of $16 million. The company has struggled to meet earnings expectations recently.

Bull Case

If Protagonist can beat EPS estimates and show stronger-than-expected revenue growth, it could signal improved operational efficiency and market acceptance of its therapies.

Bear Case

Conversely, if the company misses on both EPS and revenue, it could raise concerns about its product pipeline and financial management, leading to further stock declines.

Key Metrics to Watch

EPS

-0.65

Earnings per share is a key indicator of profitability and will show how well the company is managing its costs.

Revenue

16M

Revenue figures will help gauge the company's market traction and the success of its product pipeline.

Expectations

Two Questions That Matter

The print will turn on these two things.

Will Protagonist achieve an EPS closer to the consensus estimate of -0.65 or better?

A better-than-expected EPS could indicate improved cost management and operational efficiency, which is crucial for investor confidence.

What revenue figures will Protagonist report, and how do they compare to the $16 million consensus?

Revenue performance will provide insight into the market acceptance of its products and the overall health of the business.

Edge

What the Street Is Missing

Why consensus could be wrong

The consensus may be overly pessimistic about Protagonist's revenue potential, given recent advancements in its product pipeline that have not yet been fully recognized by analysts.

Supporting Evidence

The company has a strong pipeline that could lead to unexpected revenue growth.

Options pricing suggests that the market is anticipating a larger move than historical averages would imply.

Key Risk

If revenue comes in above $20 million, it could significantly shift market sentiment and validate the company's growth narrative.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

This quarter's performance is critical as it follows a series of misses, and any significant deviation from expectations could heavily influence market sentiment.

Bull Confirmed If

An EPS of -0.50 or better, along with revenue exceeding $20 million, would confirm a positive outlook.

Bear Confirmed If

An EPS worse than -1.00 and revenue below $10 million would confirm a negative outlook.

Pre-Earnings Positioning

Options Market

Implied Move

±2.43%

Historical Avg

±1.3%

Pricing rich

The options market is pricing in a moderate move, suggesting investors expect some volatility around the earnings report.

Options are pricing ±2.4% while PTGX has averaged ±1.3% over the last 8 prints — setup is pricing rich.

Detail

ATM IV

0.5%

30d HV

41.0%

Calls (1K)P/C Ratio: 5.00Puts (0)

Edge

Historical Setup Match

Cross-company pattern from 30 similar setups.

Prior-quarter miss + options pricing rich in Health Care

n=30

Fade rate: 4 of 18 (22%)

This setup has occurred 30 times across Health Care in the last 2 years. 14 of 18 (78%) held or extended their move within 5 days — this setup typically holds direction. The average absolute 1-day move is 6.8%, with a raw directional average of +3.0% (modestly positive historical bias).

Edge

Insider Activity

Open-market trades by officers, directors, and 10%+ holders over the trailing 90 days.

Bought

$0.00

0 sh

0 insiders

Sold

$184,572.50

1,750 sh

1 insider

Net

$184,572.50

Net selling

Most Active Insiders· 1 open-market trade

Chief Financial OfficerAli Asif
$184,572.50

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If Protagonist beats expectations, history suggests the stock could rise by about 1.36%, confirming a turnaround in operational performance.

In-Line / Cautious

If results are in line with expectations, the stock may see limited movement, reflecting cautious investor sentiment.

Miss

Should the company miss expectations, history suggests a potential decline of around 0.80%, raising concerns about its future prospects.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Any updates on the progress of key drug candidates in the pipeline.
2Management's commentary on cost management and operational efficiency.
3Insights into market reception of recent product launches.
4Guidance on future revenue expectations and market strategy.
5Any indications of partnerships or collaborations that could enhance growth.

See the full picture

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Company Snapshot

Protagonist Therapeutics, Inc. is a biotechnology company focused on developing novel therapies for serious diseases....

Key Metrics to Watch

EPS

Earnings per share is a key indicator of profitability and will show how well the company is managing its costs.

-0.65

Revenue

Revenue figures will help gauge the company's market traction and the success of its product pipeline.

16M

Wall Street expectations, options signals, track record, and call prep available with Pro.

Original Pre-Earnings Preview

Context

Company Snapshot

Earnings Scorecard·Last 8Q

EPS Beat Streak

EPS Beat Rate

50%

Avg EPS Surprise

+397.37%

Avg Stock Reaction

-0.19%

Last Quarter Recap

In Q4 2025, Protagonist reported an EPS of -0.69, missing estimates by a significant margin. The stock reacted negatively, dropping slightly the next day.

Management Promises & Guidance

Expectations

Wall Street Expectations

Analysts expect another challenging quarter for Protagonist, with a consensus EPS loss of $-0.65 and revenue of $16 million. The company has struggled to meet earnings expectations recently.

Bull Case

If Protagonist can beat EPS estimates and show stronger-than-expected revenue growth, it could signal improved operational efficiency and market acceptance of its therapies.

Bear Case

Conversely, if the company misses on both EPS and revenue, it could raise concerns about its product pipeline and financial management, leading to further stock declines.

Key Metrics to Watch

EPS

-0.65

Earnings per share is a key indicator of profitability and will show how well the company is managing its costs.

Revenue

16M

Revenue figures will help gauge the company's market traction and the success of its product pipeline.

Expectations

Two Questions That Matter

The print will turn on these two things.

Will Protagonist achieve an EPS closer to the consensus estimate of -0.65 or better?

A better-than-expected EPS could indicate improved cost management and operational efficiency, which is crucial for investor confidence.

What revenue figures will Protagonist report, and how do they compare to the $16 million consensus?

Revenue performance will provide insight into the market acceptance of its products and the overall health of the business.

Edge

What the Street Is Missing

Why consensus could be wrong

The consensus may be overly pessimistic about Protagonist's revenue potential, given recent advancements in its product pipeline that have not yet been fully recognized by analysts.

Supporting Evidence

The company has a strong pipeline that could lead to unexpected revenue growth.

Options pricing suggests that the market is anticipating a larger move than historical averages would imply.

Key Risk

If revenue comes in above $20 million, it could significantly shift market sentiment and validate the company's growth narrative.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

This quarter's performance is critical as it follows a series of misses, and any significant deviation from expectations could heavily influence market sentiment.

Bull Confirmed If

An EPS of -0.50 or better, along with revenue exceeding $20 million, would confirm a positive outlook.

Bear Confirmed If

An EPS worse than -1.00 and revenue below $10 million would confirm a negative outlook.

Pre-Earnings Positioning

Options Market

Implied Move

±2.43%

Historical Avg

±1.3%

Pricing rich

The options market is pricing in a moderate move, suggesting investors expect some volatility around the earnings report.

Options are pricing ±2.4% while PTGX has averaged ±1.3% over the last 8 prints — setup is pricing rich.

Detail

ATM IV

0.5%

30d HV

41.0%

Calls (1K)P/C Ratio: 5.00Puts (0)

Edge

Historical Setup Match

Cross-company pattern from 30 similar setups.

Prior-quarter miss + options pricing rich in Health Care

n=30

Fade rate: 4 of 18 (22%)

Edge

Insider Activity

Open-market trades by officers, directors, and 10%+ holders over the trailing 90 days.

Bought

$0.00

0 sh

0 insiders

Sold

$184,572.50

1,750 sh

1 insider

Net

$184,572.50

Net selling

Most Active Insiders· 1 open-market trade

Chief Financial OfficerAli Asif
$184,572.50

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If Protagonist beats expectations, history suggests the stock could rise by about 1.36%, confirming a turnaround in operational performance.

In-Line / Cautious

If results are in line with expectations, the stock may see limited movement, reflecting cautious investor sentiment.

Miss

Should the company miss expectations, history suggests a potential decline of around 0.80%, raising concerns about its future prospects.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Any updates on the progress of key drug candidates in the pipeline.
2Management's commentary on cost management and operational efficiency.
3Insights into market reception of recent product launches.
4Guidance on future revenue expectations and market strategy.
5Any indications of partnerships or collaborations that could enhance growth.