Protagonist Therapeutics Inc (PTGX, Financial) announced its third-quarter financial results for the period ending September 30, 2023, on November 2, 2023. The company reported a net loss of $34.1 million, or $0.58 per share, compared to a net loss of $31.2 million, or $0.64 per share, for the same period in 2022.
Financial Performance
Research and development expenses for the quarter were $30.7 million, up from $25.4 million in Q3 2022. General and administrative expenses were $7.7 million, slightly up from $6.9 million in the same period last year. The total operating expenses for the quarter were $38.3 million, compared to $32.3 million in Q3 2022.
The company reported no license and collaboration revenue for the quarter. The net loss for the nine months ended September 30, 2023, was $106.3 million, compared to a net loss of $93.2 million for the same period in 2022.
Balance Sheet and Cash Position
As of September 30, 2023, Protagonist Therapeutics Inc (PTGX, Financial) had cash, cash equivalents, and marketable securities totaling $322.7 million. The company's working capital stood at $297 million, and total assets were $330 million. The accumulated deficit was $643 million, and total stockholders' equity was $302.1 million.
Corporate Highlights
During the third quarter, Protagonist Therapeutics Inc (PTGX, Financial) made significant progress with its key programs. The company reported positive results from the Phase 2b FRONTIER 1 study of JNJ-2113, an oral IL-23 receptor antagonist peptide drug candidate for moderate-to-severe plaque psoriasis. The success of the study led to the initiation of two Phase 3 psoriasis studies and a Phase 2b ulcerative colitis study in October 2023.
The extraordinary pace of progress in multiple indications reflects strong confidence in JNJ-2113’s potential to have a meaningful impact on these and other diseases mediated by the IL-23 pathway," said Dinesh V. Patel, Ph.D., the Company’s President and CEO.
The company also highlighted the potential of rusfertide, currently in the Phase 3 VERIFY study, to transform the treatment paradigm for polycythemia vera.
Explore the complete 8-K earnings release (here) from Protagonist Therapeutics Inc for further details.
