Protagonist Therapeutics, Inc. PTGX

Competitive advantage analysis · healthcare

Corporate Default
Overall moat score
58/100
Moderate

Ranked against 712 peers in Biotechnology

About Protagonist Therapeutics, Inc.

Protagonist Therapeutics, Inc. operates as a discovery and development company in the United States. It develops Icotyde, a first-in-class investigational targeted oral peptide for the treatment of adults and pediatric patients 12 years of age and older with moderate-to-severe plaque psoriasis; and Rusfertide, a first-in-class investigational injectable mimetic of the natural hormone hepcidin in Phase 3 development for the treatment … Full PTGX analysis →

Key strengths

  • Consistent Cash Generation Cash generation is strong and consistent (score 0.99).
  • Cash Generation Consistent Cash generation is consistent (score 0.99), indicating reliable business model.

Key risks

  • Elevated Debt Risk Debt serviceability is weak (score 0.40), raising refinancing risk.
  • Revenue Volatility Signals Weak Stickiness Revenue volatility is high (stability score 0.29), suggesting weak customer stickiness.

The dashed ring is the peer median. Defense scores are percentile ranks against peers, so 50 is roughly the typical company in this group.

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Pricing Power

Developing
46
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Signals, strengths and risks for Pricing Power

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Signals, strengths and risks for Cost Advantage

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Signals, strengths and risks for Customer Stickiness

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Signals, strengths and risks for Capital Efficiency

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Signals, strengths and risks for Resilience

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Signals, strengths and risks for Scale & Market Position

Where PTGX ranks in Biotechnology

Protagonist Therapeutics, Inc. ranks #137 of 713 scored companies in Biotechnology by moat score — the top 19%. The widest moat in the group is Royalty Pharma plc (RPRX) at 85/100.

# Company Moat score Rating
133 Immunovant, Inc. IMVT 58/100 Moderate
134 Arcturus Therapeutics Holdings ARCT 58/100 Moderate
135 Conduit Pharmaceuticals Inc. CDTTW 58/100 Moderate
136 Invivyd, Inc. IVVD 58/100 Moderate
137 Protagonist Therapeutics, Inc. PTGX 58/100 Moderate
138 Conduit Pharmaceuticals Inc. CDT 58/100 Moderate
139 Phathom Pharmaceuticals, Inc. PHAT 58/100 Moderate
140 Foghorn Therapeutics Inc. FHTX 57/100 Moderate
141 Fortrea Holdings Inc. FTRE 57/100 Moderate

See every Biotech / Pre-Revenue company ranked by moat score →

How PTGX scores on the Corporate Default defenses

Pricing Power

Score 46 · 20% of the moat score

Pricing power is the ability to raise prices without losing volume.

Cost Advantage

Score 62 · 15% of the moat score

A cost advantage means delivering the same product for structurally less — better purchasing, denser distribution, a more automated process.

Customer Stickiness

Score 71 · 15% of the moat score

Stickiness is what makes revenue repeat without being re-won every year.

Capital Efficiency

Score 44 · 18% of the moat score

Capital efficiency asks what the company earns on the money tied up in the business.

Resilience

Score 65 · 17% of the moat score

Resilience is the capacity to get through a bad year on its own terms — enough liquidity, enough interest cover, and enough cash generation to avoid a rescue financing or a forced sale.

Scale & Market Position

Score 62 · 15% of the moat score

Scale matters only when it converts into economics.

How each Corporate Default defense is measured, in full →

Understanding PTGX's moat

What is Protagonist Therapeutics, Inc.'s moat score?

Protagonist Therapeutics, Inc. (PTGX) scores 58 out of 100 on the StatsAlpha Moat Map, which rates its competitive advantage as moderate. It ranks #137 of 713 scored companies in Biotechnology, the top 19%. The score is a weighted composite of 6 competitive defenses, each measured against industry peers of 712 companies in Biotechnology. Its strongest defense is Customer Stickiness (71/100) and its weakest is Capital Efficiency (44/100).

How does Protagonist Therapeutics, Inc. compare with other Biotechnology companies?

Protagonist Therapeutics, Inc. ranks #137 of 713 scored companies in Biotechnology by moat score. The widest moat in Biotechnology is Royalty Pharma plc (RPRX) at 85/100. The companies ranked closest are Invivyd, Inc. (IVVD) at 58 just above it and Conduit Pharmaceuticals Inc. (CDT) at 58 just below it.

How is the moat score calculated?

Each company is scored with an industry-specific template — Corporate Default in this case, chosen because the defenses that matter to a bank are not the ones that matter to a software company. Every defense combines several financial signals, and each signal is measured as a percentile against a peer group of 712 companies in Biotechnology. The defenses are then weighted to produce the overall score out of 100.

Why is Protagonist Therapeutics, Inc. scored with the Corporate Default template?

Most public companies sell a product or a service at a margin, so the moat question is whether that margin survives contact with competitors. The Corporate template scores the six defenses that show up in a general operating company's financial signature: whether it can hold price, produce more cheaply than rivals, keep its customers, earn a return above its cost of capital, withstand a downturn, and turn size into economics.

Which competitive defenses are measured for Protagonist Therapeutics, Inc.?

The Corporate Default template measures 6 defenses, and PTGX scores: Pricing Power (46), Cost Advantage (62), Customer Stickiness (71), Capital Efficiency (44), Resilience (65), Scale & Market Position (62). Each is scored independently as a percentile against peers, so a company can be strong on one and weak on another — the overall score reflects how those defenses are weighted for this industry.

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