Protagonist Therapeutics Inc (PTGX)

Debt-to-capital ratio

		Mar 31, 2024	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019
Long-term debt	US$ in thousands	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Total stockholders’ equity	US$ in thousands	560,444	336,677	302,149	294,068	216,167	215,608	243,616	267,978	301,778	300,021	329,660	357,447	259,334	279,606	169,590	167,485	62,666	79,964	95,358	84,316
Debt-to-capital ratio		0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

March 31, 2024 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $—K ÷ ($—K + $560,444K)
= 0.00

Based on the provided data, the debt-to-capital ratio of Protagonist Therapeutics Inc has consistently remained at 0.00 over the recent quarters. A debt-to-capital ratio of 0.00 indicates that the company has not been utilizing debt in its capital structure during the periods covered by the data. This could signify that the company has been predominantly funding its operations and investments through equity or other non-debt sources.

While a low or zero debt-to-capital ratio can indicate a strong financial position in terms of solvency and lower financial risk, it can also suggest missed opportunities to leverage debt financing for potential growth or tax benefits. It is important to consider the reasons behind a zero debt-to-capital ratio, as the optimal capital structure varies based on the company's industry, growth plans, profitability, and risk tolerance. Further analysis of Protagonist Therapeutics Inc's financial policies and strategies would be beneficial to understand the rationale behind the consistent zero debt-to-capital ratio.