Protagenic Therapeutics, Inc.

What they do

Protagenic discovers and develops therapeutics for stress-related neuropsychiatric and mood disorders. Its lead compound, PT00114, is a synthetic form of Teneurin Carboxy-terminal Associated Peptide-1 (TCAP-1), an endogenous brain signaling peptide. The company holds exclusive worldwide rights to PT00114 through a license agreement with the University of Toronto and is developing follow-on compounds in the TCAP family. It completed preclinical work in the first half of 2023 and began its first human trial on September 26, 2023.

Revenue drivers

• PT00114 (lead candidate) — No product revenue has been generated; the company has no approved products. PT00114 is the primary pipeline asset, with a Phase 2 study in chronic stress-related psychiatric disorders expected to begin in late 2026.
• TCAP family follow-on compounds — The company is developing additional product candidates from the TCAP family to build a pipeline, but these remain preclinical and generate no revenue.
• Prior Phytanix Bio assets (PHYX-001) — PHYX-001 was an in-licensed Kv7.2/7.3 agonist epilepsy asset from the prior Phytanix Bio business, which was unwound during the year ended March 31, 2026. Financials for Phytanix Bio are consolidated only through the unwind date.

Recent performance

For the year ended March 31, 2026, Protagenic reported net income of $1,367,977, or $0.59 diluted EPS, compared to a net loss of $3,591,858, or $0.67 diluted EPS, for the prior year. Annual revenue has been $0.00 in each year from 2022 through 2026, and recent quarterly revenue through 2025-06-30 was also $0.00. Operating cash flow was -$2.8M in 2026, versus -$1.8M in 2025 and -$4.2M in 2024. As of June 30, 2026, total assets were $2.8M, total liabilities $1.1M, shareholder equity $1.7M, and cash and equivalents $565,985. The company attributed limited comparability between periods to a reverse merger with Phytanix Bio and its subsequent unwind during the year ended March 31, 2026.

Strategy

Protagenic aims to advance PT00114 through clinical trials in treatment-resistant depression, substance use disorder, generalized anxiety disorder, and/or post-traumatic stress disorder. It plans to develop additional TCAP-family product candidates and explore efficacy in other stress-related neuropsychiatric, neurodegenerative, and mood disorders. The company intends to leverage a team of R&D, operational, clinical, and commercial experts and to proactively assess strategic partnership opportunities, including in international markets. It also plans to continue strengthening its intellectual property position in neuropsychiatry. Management states the company expects to begin a Phase 2 study of PT00114 in late 2026.

Risks

• Going concern — The company's consolidated financial statements were prepared on a going concern basis, with an accumulated deficit of $4,029,629 as of March 31, 2026, and cash resources sufficient to fund operations only until the end of the third quarter of 2026.
• No approved products or revenue — Protagenic has no approved products and has generated no product revenue, with a history of losses and an expectation that product development, preclinical, and clinical programs will increase losses significantly over the next five years.
• Clinical and regulatory uncertainty — The company states that its results to date provide no basis for predicting whether any product candidates will be safe or effective or receive regulatory approval, and it may not be able to initiate and complete preclinical studies and clinical trials.
• Reliance on third parties — Protagenic has no experience in sales, marketing, and distribution and may have to enter into agreements with third parties to perform these functions, and it relies on collaborators whose data have not been independently verified.

Outlook

Management expects to begin a Phase 2 study of PT00114 in late 2026 in a targeted population of patients with chronic stress-related psychiatric disorders. The company anticipates continuing to incur significant expenses and negative or minimal net cash flows from operations for the foreseeable future. As of March 31, 2026, it had sufficient resources to fund operations only until the end of the third quarter of 2026. It also plans to develop additional TCAP-family candidates and explore partnerships, including in international markets.