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Side-by-side financial comparison of Axsome Therapeutics, Inc. (AXSM) and Protagonist Therapeutics, Inc (PTGX). Click either name above to swap in a different company.
Axsome Therapeutics, Inc. is the larger business by last-quarter revenue ($196.0M vs $170.6M, roughly 1.1× Protagonist Therapeutics, Inc). Protagonist Therapeutics, Inc runs the higher net margin — 77.2% vs -14.6%, a 91.7% gap on every dollar of revenue. On growth, Protagonist Therapeutics, Inc posted the faster year-over-year revenue change (184.4% vs 65.0%). Protagonist Therapeutics, Inc produced more free cash flow last quarter ($182.8M vs $-18.7M).
Jazz Pharmaceuticals plc is a global biopharmaceutical company with a focus on oncology and neuroscience. It was founded in 2003 in California, United States and is now headquartered in Dublin, Ireland.
Protagonist Therapeutics, Inc. is a clinical-stage biopharmaceutical company focused on discovering and developing novel peptide-based targeted therapies for unmet medical needs, primarily covering gastrointestinal disorders, inflammatory diseases and rare disease indications. Its lead product candidates target inflammatory bowel disease and other chronic immune-related conditions, with operations spanning global R&D and partnership collaborations.
AXSM vs PTGX — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2024
| Metric | | |
|---|---|---|
| Revenue | $196.0M | $170.6M |
| Net Profit | $-28.6M | $131.7M |
| Gross Margin | — | — |
| Operating Margin | -13.8% | 74.3% |
| Net Margin | -14.6% | 77.2% |
| Revenue YoY | 65.0% | 184.4% |
| Net Profit YoY | 61.9% | 381.7% |
| EPS (diluted) | $-0.55 | $2.01 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $196.0M | — | ||
| Q3 25 | $171.0M | — | ||
| Q2 25 | $150.0M | — | ||
| Q1 25 | $121.5M | — | ||
| Q4 24 | $118.8M | $170.6M | ||
| Q3 24 | $104.8M | — | ||
| Q2 24 | $87.2M | — | ||
| Q1 24 | $75.0M | $255.0M |
| Q4 25 | $-28.6M | — | ||
| Q3 25 | $-47.2M | — | ||
| Q2 25 | $-48.0M | — | ||
| Q1 25 | $-59.4M | — | ||
| Q4 24 | $-74.9M | $131.7M | ||
| Q3 24 | $-64.6M | — | ||
| Q2 24 | $-79.3M | — | ||
| Q1 24 | $-68.4M | $207.3M |
| Q4 25 | -13.8% | — | ||
| Q3 25 | -27.0% | — | ||
| Q2 25 | -24.5% | — | ||
| Q1 25 | -46.9% | — | ||
| Q4 24 | -61.1% | 74.3% | ||
| Q3 24 | -59.8% | — | ||
| Q2 24 | -89.5% | — | ||
| Q1 24 | -89.7% | 80.9% |
| Q4 25 | -14.6% | — | ||
| Q3 25 | -27.6% | — | ||
| Q2 25 | -32.0% | — | ||
| Q1 25 | -48.9% | — | ||
| Q4 24 | -63.1% | 77.2% | ||
| Q3 24 | -61.7% | — | ||
| Q2 24 | -91.0% | — | ||
| Q1 24 | -91.1% | 81.3% |
| Q4 25 | $-0.55 | — | ||
| Q3 25 | $-0.94 | — | ||
| Q2 25 | $-0.97 | — | ||
| Q1 25 | $-1.22 | — | ||
| Q4 24 | $-1.54 | $2.01 | ||
| Q3 24 | $-1.34 | — | ||
| Q2 24 | $-1.67 | — | ||
| Q1 24 | $-1.44 | $3.26 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $322.9M | $418.9M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $88.3M | $675.3M |
| Total Assets | $689.8M | $744.7M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $322.9M | — | ||
| Q3 25 | $325.3M | — | ||
| Q2 25 | $303.0M | — | ||
| Q1 25 | $300.9M | — | ||
| Q4 24 | $315.4M | $418.9M | ||
| Q3 24 | $327.3M | — | ||
| Q2 24 | $315.7M | — | ||
| Q1 24 | $331.4M | $322.6M |
| Q4 25 | $88.3M | — | ||
| Q3 25 | $73.7M | — | ||
| Q2 25 | $73.1M | — | ||
| Q1 25 | $53.2M | — | ||
| Q4 24 | $57.0M | $675.3M | ||
| Q3 24 | $92.9M | — | ||
| Q2 24 | $102.9M | — | ||
| Q1 24 | $144.0M | $560.4M |
| Q4 25 | $689.8M | — | ||
| Q3 25 | $669.3M | — | ||
| Q2 25 | $639.8M | — | ||
| Q1 25 | $596.7M | — | ||
| Q4 24 | $568.5M | $744.7M | ||
| Q3 24 | $561.5M | — | ||
| Q2 24 | $548.2M | — | ||
| Q1 24 | $545.7M | $629.3M |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-18.7M | $184.2M |
| Free Cash FlowOCF − Capex | $-18.7M | $182.8M |
| FCF MarginFCF / Revenue | -9.6% | 107.1% |
| Capex IntensityCapex / Revenue | 0.0% | 0.8% |
| Cash ConversionOCF / Net Profit | — | 1.40× |
| TTM Free Cash FlowTrailing 4 quarters | $-93.9M | $101.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-18.7M | — | ||
| Q3 25 | $1.0M | — | ||
| Q2 25 | $-32.4M | — | ||
| Q1 25 | $-43.4M | — | ||
| Q4 24 | $-26.2M | $184.2M | ||
| Q3 24 | $-18.6M | — | ||
| Q2 24 | $-30.1M | — | ||
| Q1 24 | $-53.5M | $-27.4M |
| Q4 25 | $-18.7M | — | ||
| Q3 25 | $988.0K | — | ||
| Q2 25 | $-32.4M | — | ||
| Q1 25 | $-43.7M | — | ||
| Q4 24 | $-26.2M | $182.8M | ||
| Q3 24 | $-18.7M | — | ||
| Q2 24 | $-30.2M | — | ||
| Q1 24 | $-53.6M | $-27.7M |
| Q4 25 | -9.6% | — | ||
| Q3 25 | 0.6% | — | ||
| Q2 25 | -21.6% | — | ||
| Q1 25 | -36.0% | — | ||
| Q4 24 | -22.1% | 107.1% | ||
| Q3 24 | -17.9% | — | ||
| Q2 24 | -34.6% | — | ||
| Q1 24 | -71.4% | -10.9% |
| Q4 25 | 0.0% | — | ||
| Q3 25 | 0.0% | — | ||
| Q2 25 | 0.0% | — | ||
| Q1 25 | 0.3% | — | ||
| Q4 24 | 0.0% | 0.8% | ||
| Q3 24 | 0.1% | — | ||
| Q2 24 | 0.1% | — | ||
| Q1 24 | 0.1% | 0.1% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.40× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | -0.13× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
