Protagenic Therapeutics, Inc. (PTIX): Business Model Canvas [Dec-2025 Updated]

You're looking to truly understand the engine driving Protagenic Therapeutics, Inc. (PTIX) right now, beyond the press releases. As a former head analyst, I can tell you this clinical-stage biopharma is betting big on novel peptide therapies for stress disorders, a space with massive unmet need. Honestly, they are deep in the R&D trenches-operating at a loss of roughly $8.9 million trailing twelve months as of September 30, 2025-so their key resource isn't sales, but rather their IP estate and the cash they pull in from financing, like the $3.1 million generated from warrant activity back in May 2025. We need to see how their key activities, like advancing PT00114 toward Phase 2 studies in Q1 2026, align with their value proposition of offering a non-blunting treatment. Let's break down the nine blocks of their Business Model Canvas to see the path from pipeline to potential partnership.

Protagenic Therapeutics, Inc. (PTIX) - Canvas Business Model: Key Partnerships

You're looking at the structure of Protagenic Therapeutics, Inc. post-merger, and the partnerships are central to its current asset base and operational strategy as of late 2025.

Strategic combination with Phytanix Bio Inc. to expand pipeline

The definitive share exchange agreement with Phytanix Bio Inc. closed on May 16, 2025, creating the combined entity, Phytanix, Inc.. This all-stock transaction resulted in a significant shift in ownership structure.

The ownership distribution post-merger, on a fully diluted basis and pre-financing, is:

• Pre-merger Protagenic Therapeutics shareholders: approximately 35%.
• Phytanix Bio stockholders: approximately 65%.

The combined pipeline now includes six development candidates, comprising one clinical-stage asset and five preclinical assets. The transaction involved the issuance of specific securities:

Licensing agreement with the University of Toronto for core TCAP technology

Protagenic Therapeutics, Inc. maintains a licensing agreement with the University of Toronto for its core TCAP technology, originally entered into on July 31, 2005. While the agreement was amended in 2015 and 2018, its stated expiration date was December 31, 2023. Any settlement proceeds following legal expenses incurred by the Company are subject to a 2.5% royalty payment owed to the University under the License Agreement.

Contract Research Organizations (CROs) for managing clinical trials

Following the August 8, 2025 restructuring, Protagenic Therapeutics, Inc. transitioned to a virtual operating model to focus on the ongoing Phase 2 clinical trial of PT00114. This restructuring is expected to reduce annualized operating expenses by approximately $8 million. The company will rely on external consultants, with annual fees not expected to exceed $200,000. The multiple-dose portion results for the Phase I trial were expected in the second quarter of 2025, with Phase II results anticipated in the first quarter of 2026.

Related party transactions for R&D services with Agenus Inc.

Agenus Inc. is a related party because the Company's Director and Chairman of the Board, Dr. Armen, is also the CEO and Chairman of the Board for Agenus Inc.. For the three months ended March 31, 2025, Protagenic Therapeutics, Inc. incurred $0 in expenses related to research and development services performed by Agenus Inc.. Separately, the Company is provided free office space, consisting of a conference room, by the Executive Chairman, Dr. Armen, for board and shareholder meetings. As of March 31, 2025, Agenus Inc. reported a consolidated cash balance of $18.5 million.

Regulatory agencies (e.g., FDA) for drug approval pathway

The company's strategy includes advancing its lead compound, PT00114, through clinical trials to obtain FDA approval. The asset PT-00114 may qualify for regulatory data exclusivity. The company's focus is on achieving key development milestones, including the initiation of Phase IIa studies for PT00114 in 2025.

Protagenic Therapeutics, Inc. (PTIX) - Canvas Business Model: Key Activities

You're looking at a company deep in the execution phase of a high-stakes clinical program, so the key activities are all about hitting those development milestones to secure the next round of funding. Honestly, for a micro-cap biotech like Protagenic Therapeutics, Inc., the key activities are the only things that move the needle right now, especially since product revenue for the 2025 fiscal year is reported at $0.00.

The primary focus is clearly on advancing the lead compound, PT00114, which is a synthetic analog of the natural brain peptide TCAP. This is where the immediate action is centered.

Advancing PT00114 Through Clinical Development

The most critical activity as of mid-November 2025 involves wrapping up the Phase 1 program for PT00114. You've got a clear sequence of events here:

• Completed single ascending dose study in early 2025.
• Completed enrollment and dosing in the Multiple Ascending Dose (MAD) Phase 1 study as of November 13, 2025.
• Anticipated release of top-line results from the MAD study by November 30th.
• The company had previously expected to complete dosing by the end of August 2025.

This clinical push is directly tied to the next major step, which is preparing for efficacy testing.

Preparing for Phase 2 Efficacy Studies

If the safety data from the MAD study is clean, the next activity is the transition to demonstrating therapeutic effect. Protagenic Therapeutics is positioning itself to initiate Phase 2 efficacy studies in Q1 2026. This timeline is a major near-term catalyst for the company, whose market capitalization was recently reported around $1.12 million.

Protecting and Expanding Intellectual Property

Protecting the asset is a core activity, and Protagenic Therapeutics achieved a significant win here recently. They were granted a new patent in Japan for their modified stilbenoid program, which underpins one of their key pipeline assets.

Here are the key IP details:

The company is also actively looking to expand this protection, planning to seek grant of this patent in other territories in the future.

Securing Additional Equity Financing

Clinical development is expensive, and you know that with $0.00 in product revenue, capital preservation and acquisition are paramount. The company has been active in securing funds to push past late 2025 operations, which were previously noted as being funded only until the end of the third quarter of 2025.

The recent financing activities include:

• Raised $3.1 million in cash through warrant exchanges and exercises finalized in May 2025.
• Filed a Prospectus Supplement (Debt Securities) in October 2025, showing a plan to have debt issuance as an option for future funding needs.

To help manage the burn rate supporting these activities, Protagenic Therapeutics implemented a restructuring plan in August 2025 projected to reduce annualized operating expenses by approximately $8 million.

Finance: draft 13-week cash view by Friday.

Protagenic Therapeutics, Inc. (PTIX) - Canvas Business Model: Key Resources

You're looking at the core assets that power the combined entity, Phytanix, Inc., following the May 2025 merger. These aren't just ideas; they are tangible scientific and financial foundations that dictate near-term strategy.

Proprietary Peptide-Based Therapeutic, PT00114

The lead asset, PT00114, is a key resource. This proprietary peptide-based therapeutic is derived from a naturally occurring peptide, TCAP, designed to dampen overactive stress responses in the brain. As of November 2025, the company announced the successful completion of enrollment and dosing in its Multiple Ascending Dose (MAD) Phase 1 study evaluating PT00114. Full dosing for this Phase 1 trial was expected to conclude by late August 2025, with safety results anticipated by September 2025. If successful, the plan is to initiate a Phase 2 efficacy trial in Q1 2026. This asset is positioned as a potential first-in-class treatment for stress-related disorders like anxiety, depression, and PTSD.

Broad Intellectual Property Estate

The intellectual property (IP) estate is broad, covering both the peptide programs and the newly integrated modified stilbenoid programs. This IP is critical for defending market position and enabling future revenue generation through licensing deals. For instance, a new patent was granted in Japan in July 2025 for one of the modified stilbenoid program drug candidates. This specific IP protection is noted to potentially create a steady stream of income through future licensing until March 31, 2041.

Combined Pipeline of Six Drug Candidates

The merger with Phytanix Bio created a significantly expanded portfolio. The combined entity now fields six drug candidates in development. This diversity spreads the clinical risk. You need to see the breakdown of what you actually own:

• One clinical-stage asset: PT00114, currently in Phase I/IIa.
• Five preclinical assets, including PHYX-001, a potassium channel modulator.
• Cannabinoid-based compounds targeting CNS and cardiometabolic conditions, including obesity/metabolic dysfunction.
• Modified stilbenoid assets with potential anticonvulsant applications.

The expectation is that this pipeline offers significant milestones over the next 18 months post-merger.

Scientific and CNS Expertise

The human capital, especially the management team's expertise, is a non-quantifiable but vital resource. The combination brought in team members from Phytanix Bio who previously worked on developing major cannabinoid medications like Sativex® and Epidiolex® while at GW Pharma. This deep experience in CNS and cannabinoid drug development is a direct resource for advancing the merged pipeline.

Cash Generated from Warrant Activity

Financing is the lifeblood for a pre-revenue biotech, and recent non-dilutive or less dilutive financing events are key resources for extending the runway. In May 2025, the company successfully generated $3.1 million through warrant exchanges and exercises. This cash injection directly supports working capital and ongoing drug development efforts, which is crucial given that the company reported a net loss of $1.44 million in a recent report. To manage burn, the August 2025 restructuring plan aims to reduce annual operating expenses by $8 million.

Here's a quick look at the financial context supporting these resources:

The ownership structure post-merger also defines resource control: Phytanix stockholders hold approximately 65%, with Protagenic stockholders holding about 35%. Finance: draft 13-week cash view by Friday.

Protagenic Therapeutics, Inc. (PTIX) - Canvas Business Model: Value Propositions

The core value proposition for Protagenic Therapeutics, Inc. (PTIX) centers on delivering a fundamentally different approach to treating stress-related disorders, moving beyond the limitations of current standards of care.

Potential first-in-class therapeutic for stress-related disorders (PT00114)

The lead candidate, PT00114 (also referred to as TCAP-1), is positioned as a potential first-in-class therapy. As of late 2025, PT00114 is under clinical development and is currently in Phase II for Treatment Resistant Depression. For this indication, the indication benchmark Phase Transition Success Rate (PTSR) for drugs moving from Phase II to Phase III is 35%. PT00114 is a 41-amino-acid synthetic peptide.

Novel mechanism of action: modulating the brain's maladaptive stress response

PT00114 operates via a novel mechanism, mirroring the active part of the natural brain hormone TCAP. TCAP is a naturally occurring brain hormone localized in the amygdala and hippocampus, which regulates stress and emotional balance. The mechanism is designed to directly modulate the brain's maladaptive responses to stress. This modulation is associated with reducing circulating cortisol levels.

Addressing significant unmet need in anxiety, depression, and PTSD

The target market presents a significant opportunity due to the existing gaps in effective treatment. The Post-Traumatic Stress Disorder (PTSD) Treatment Market is estimated to be valued at USD 18.5 billion in 2025. In 2024, the 7MM (United States, EU4, UK, and Japan) PTSD market size was USD 1.7 billion, with 5.4 million diagnosed prevalent cases. In the US specifically, the PTSD treatment market size was USD 1.03 billion in 2024. Current treatments are inadequate, as more than half of patients do not achieve adequate relief.

The value proposition is further detailed by comparing the intended action against current dominant treatments in the PTSD space:

Pipeline diversity with five preclinical assets, including obesity candidates

Protagenic Therapeutics, Inc. is developing a platform based on neuro-active peptides. Beyond PT00114, the pipeline includes other candidates targeting stress-related disorders, substance abuse, and addiction. The company is a pre-clinical biopharmaceutical company endeavoring to develop first-in-class neuro-active peptides into human therapeutics.

Offering a non-blunting approach compared to many existing therapies

PT00114 offers a differentiated approach because it is thought to directly modulate the brain's maladaptive responses to stress, contrasting with existing therapies that blunt symptoms. This non-blunting approach aims to reset dysfunctional neural pathways tied to anxiety, depression, PTSD, and addiction. The company's current market capitalization as of November 2025 is reported at $3.76M, while a key Nasdaq listing requirement for stockholders' equity is a minimum of $2,500,000.

The company is executing on its development roadmap with clear near-term milestones.

• Topline safety data for the multiple-dose Phase I trial anticipated by the end of September 2025.
• Phase 2 efficacy studies planned for the first quarter of 2026.
• The company's securities trade on The Nasdaq Capital Market under the symbol PTIX.

Finance: draft 13-week cash view by Friday.

Protagenic Therapeutics, Inc. (PTIX) - Canvas Business Model: Customer Relationships

You're looking at how Protagenic Therapeutics, Inc. (PTIX) manages its key external relationships as of late 2025. For a clinical-stage biotech, these aren't just contacts; they are the conduits for clinical progress and capital. The relationship strategy is highly focused, given the company's current operational stage.

High-touch engagement with clinical trial investigators and sites

Engagement here is critical because clinical execution directly impacts the timeline to value inflection points, like moving into Phase 2 efficacy studies. The company's lead asset, PT00114, just hit a major milestone with the completion of enrollment and dosing in its Multiple Ascending Dose (MAD) Phase 1 study on November 13, 2025, which was conducted in healthy volunteers. This required close management with the sites running the trial.

The prior Phase I/IIa trial, which commenced in September 2023, involved 56 subjects and featured key opinion leaders, such as Dr. Maurizio Fava of Massachusetts General Hospital, serving as principal investigator. This suggests a high-touch approach is necessary to secure and maintain the involvement of top-tier clinical expertise. The next step, advancing into Phase 2 efficacy studies, is planned for the first quarter of 2026, meaning site selection and investigator onboarding for that phase is an immediate relationship priority.

Key clinical relationship metrics as of late 2025:

• Phase 1 MAD Dosing Completion Date: November 13, 2025.
• Top-line MAD results expected by: November 30, 2025.
• Phase 2 Efficacy Study Planned Start: 1Q 2026.
• Prior Phase I/IIa Subject Count: 56.

Direct communication with investors via press releases and SEC filings

Investor relationships are managed through mandated disclosures and proactive updates, especially when navigating financial pressures. Protagenic Therapeutics, Inc. has been actively communicating its clinical progress alongside necessary compliance updates. For instance, warrant exchanges and exercises in May 2025 generated $3.1 million, an important data point shared directly with the investment community.

However, the relationship with the Nasdaq exchange itself has been strained. As of November 20, 2025, the company received a notification letter citing non-compliance with Nasdaq Listing Rule 5550(b)(1) because stockholders' equity no longer met the minimum requirement of $2,500,000, as reported in the Transition Report on Form 10-QT for the period ended June 30, 2025. Furthermore, a separate basis for non-compliance was the delayed filing of the Form 10-Q for the quarter ended September 30, 2025. This required direct, formal communication via SEC filings like the NT 10-Q on November 14, 2025, to manage expectations regarding timely reporting.

Investor Communication Events in 2025:

Strategic relationship management with potential pharmaceutical partners

The most significant strategic relationship event in 2025 was the business combination with Phytanix Bio Inc., announced in May 2025. This merger created a combined entity with six drug candidates in development, including PT-00114 and five preclinical assets. This move was a strategic relationship designed to expand the pipeline and integrate complementary expertise, particularly in CNS disorders.

The company's strategy, as noted in its March 31, 2025, 10-K filing, included exploring strategic partnerships to support growth beyond the funding available until the end of the third quarter of 2025. The merger itself serves as a form of strategic relationship consolidation, leveraging the combined entity's assets, which include cannabinoid assets and modified stilbenoid assets, to potentially attract future, larger pharmaceutical collaborations.

Regulatory dialogue with the FDA and other health authorities

Direct dialogue with the U.S. Food and Drug Administration (FDA) is centered on advancing PT00114 through the clinical pathway. While recent 2025 filings focus more on Nasdaq compliance, historical context shows direct interaction shapes development plans. For example, in 2021, the FDA requested the company provide clinical sites with ready-to-inject vials instead of drug substances for local formulation. Protagenic Therapeutics, Inc. planned to comply and refile its Investigational New Drug (IND) application to initiate patient enrollment in Q4 2021.

The current focus is on translating the positive safety profile from the single ascending dose study (completed early 2025) and the MAD study (completed November 2025) into a successful Phase 2 trial. Successful navigation toward Phase 2, planned for 1Q 2026, is the immediate objective that requires alignment with regulatory expectations, even if specific 2025 dialogue points aren't public. The company's ability to manage its clinical data submission schedule directly reflects the quality of its ongoing regulatory relationship management.

Finance: draft 13-week cash view by Friday.

Protagenic Therapeutics, Inc. (PTIX) - Canvas Business Model: Channels

You're looking at how Protagenic Therapeutics, Inc. gets its science out and keeps the lights on, which for a clinical-stage company means relying heavily on external execution and capital markets, not product sales. Honestly, the channels right now are all about de-risking the science to attract a partner or secure the next funding round.

Clinical research organizations (CROs) for trial execution

Protagenic Therapeutics, Inc. relies on third parties for clinical trials, a key channel for advancing its lead compound, PT00114. The execution channel hit a major milestone recently, completing enrollment and dosing for the Multiple Ascending Dose (MAD) Phase 1 study of PT00114 on November 13, 2025. This follows the completion of the single ascending dose study in early 2025. The data from these trials is the direct input for the next channel: moving into Phase 2 efficacy studies, which are planned to begin in the first quarter of 2026 (1Q 2026). This reliance on external CROs is a necessary cost center given the company's current financial structure.

Scientific publications and conferences for data dissemination

Disseminating data is crucial for establishing scientific credibility. The company has actively used scientific forums, hosting a Key Opinion Leader (KOL) webinar focusing on PT00114 for stress-related disorders. The immediate focus for data dissemination is the upcoming release of topline safety analysis from the Phase 1 MAD trial, which is expected by November 30, 2025. This data is the primary material for future scientific presentations and potential peer-reviewed publications, which serve as validation for the mechanism of action of PT00114, a synthetic form of teneurin carboxy-terminal associated peptide (TCAP).

Direct outreach to potential pharmaceutical and biotech partners

The ultimate goal of the clinical channel is to facilitate a partnership or acquisition, making direct outreach a critical, though often unquantified, channel. The company's strategy explicitly includes exploring strategic partnerships to support growth. A concrete example of a strategic relationship channel occurred in May 2025 when Protagenic Therapeutics, Inc. and Phytanix Bio Inc. entered into a definitive share exchange agreement. Furthermore, the company secured a patent in Japan on July 18, 2025, for its Modified Stilbenoid Program, which creates a potential future licensing channel, possibly extending until March 31, 2041.

Nasdaq Capital Market for public equity financing and trading

The Nasdaq Capital Market is the primary channel for raising the necessary capital to fund the R&D expenses. As a clinical-stage company, Protagenic Therapeutics, Inc. reports $0.00 in product revenue for the 2025 fiscal year, meaning equity financing is the lifeblood. The company secured a cash injection of $3.1 million from warrant exchanges and exercises over four trading days in May 2025 to support working capital. To maintain listing compliance, the company effected a 1-for-14 Reverse Stock Split on April 29, 2025, after having received a deficiency letter with a compliance deadline of April 28, 2025. The market capitalization is currently estimated to be around $4 million, reflecting the high-risk, high-reward nature of this channel.

Here's a quick look at the financial reality underpinning these channels as of the latest reported data:

The company has no current plans to pay dividends, and its ability to fund operations was projected only until the end of the third quarter of 2025 without further financing, which underscores the importance of the Nasdaq channel.

The key activities supporting these channels include:

• Completing Phase 1 MAD dosing by November 13, 2025.
• Anticipating topline Phase 1 MAD results by November 30, 2025.
• Planning Phase 2 trial initiation for 1Q 2026.
• Securing $3.1 million in capital via warrant activity in May 2025.
• Executing a 1-for-14 Reverse Stock Split on April 29, 2025.

Finance: draft 13-week cash view by Friday.

Protagenic Therapeutics, Inc. (PTIX) - Canvas Business Model: Customer Segments

You're looking at Protagenic Therapeutics, Inc. (PTIX) and seeing a company in a critical, pre-commercial development stage. The customer segments are defined by who funds the science, who runs the trials, and who will eventually buy or license the product.

Large pharmaceutical and biotech companies (future licensing/acquisition partners)

These entities represent the ultimate exit or major revenue source for Protagenic Therapeutics, Inc. Their interest is driven by the clinical progress of the pipeline, especially the lead asset, PT00114, which is positioned for Phase 2 efficacy studies planned for the 1Q 2026. Protagenic Therapeutics, Inc. is actively evaluating strategic alternatives for its suspended preclinical programs, such as partnerships or out-licensing, to advance those assets with external funding. The May 2025 definitive share exchange agreement with Phytanix Bio Inc., forming a combined entity with six drug candidates, is a direct move to enhance the attractiveness of the overall pipeline to these larger players.

Key milestones that influence this segment include:

• Phase 1 MAD dosing completion on November 13, 2025.
• Top-line MAD results expected by November 30, 2025.
• A new patent granted in Japan (JP 771) on July 18, 2025, for the Modified Stilbenoid Program.

Patients suffering from stress-related neuropsychiatric disorders (e.g., PTSD, anxiety)

The ultimate beneficiaries are patients dealing with conditions like anxiety, depression, addiction, and Post Traumatic Stress Disorder (PTSD). PT00114 is designed to directly modulate the brain's maladaptive responses to stress, aiming to offer relief where current treatments leave more than half of patients without adequate relief. This segment is currently accessed indirectly through the clinical trial process, as the company has no commercial product sales, reporting $0.00 in product revenue for the 2025 fiscal year. The focus is on demonstrating therapeutic potential in Phase 2 studies.

Clinical investigators and academic research institutions

This group is essential for executing the clinical development plan and validating the science. Protagenic Therapeutics, Inc. relies on third parties to conduct clinical trials, which is a necessary operational component. The company has an existing relationship with the University of Toronto, holding a licensing agreement for its core technology. Clinical investigators are the direct users of the drug candidate, PT00114, during the ongoing Phase 1 study and will be critical for the planned Phase 2 trials.

Retail and institutional investors funding the development stage

This segment provides the necessary capital to fund the significant operating losses inherent in clinical-stage development. The financial reality for Protagenic Therapeutics, Inc. is defined by this funding reliance, as the TTM net loss as of March 2025 was -$5.24 million, with an operating cash flow drain of -$3.63 million. The company's market capitalization as of late 2025 is reported around $3.7M. Retail interest is evidenced by stock volatility; for example, the stock surged over 100% on May 19, 2025, but by December 1, 2025, the 1-year change was -71.57%. The company secured $3.1 million from warrant exchanges and exercises in May 2025 to support working capital. The August 2025 restructuring aimed to cut annualized operating expenses by approximately $8 million to extend runway.

Here's a look at the financial context driving investor engagement:

The investor base is highly sensitive to clinical milestones and compliance status, as the company received a Nasdaq non-compliance notice in November 2025 regarding stockholders' equity, which was reported to be $0.93 million in current assets versus $1.08 million in current liabilities as of March 2025. The Chief Financial Officer, Alexander K. Arrow, signed off on the late filing notification in November 2025.

Protagenic Therapeutics, Inc. (PTIX) - Canvas Business Model: Cost Structure

You're looking at the cost side of Protagenic Therapeutics, Inc. (PTIX) and the picture is what you'd expect for a clinical-stage biotech: it's almost entirely a cost-driven model right now, focused on pushing the lead candidate through trials. Honestly, the primary cost driver is the science itself.

The overall financial reality reflects this R&D focus, showing significant operating losses. For the trailing twelve months (TTM) ending September 30, 2025, Protagenic Therapeutics, Inc. reported earnings of approximately -$8.9 million. This burn rate is critical to watch. To give you a closer look at the recent period ending September 30, 2025, the net loss for the second quarter was USD 0.869496 million, and for the six months ended that date, the net loss totaled USD 5.93 million.

Here's a quick look at those key loss figures:

The heavy investment in Research and Development (R&D) is the engine behind these losses. While the latest TTM figures are high-level, looking back to the quarter ending March 31, 2025, we saw operating expenses hit $1.45 million, with R&D expenses reported around $880,000 for the TTM ending March 31, 2025. This confirms R&D as the single largest component of the operating cost structure, which is expected as the company advances its PT00114 peptide-based formulations.

Beyond the lab work, you have the necessary overhead, which includes General and Administrative (G&A) expenses. For a company trading on the Nasdaq, this includes costs for maintaining listing standards. You can see the pressure points here:

• Receipt of a Nasdaq Non-Compliance Notice announced on November 27, 2025.
• A procedural risk noted by the delayed filing of the Form 10-Q for the period ended September 30, 2025, announced November 14, 2025.

That filing delay is directly tied to merger-related financial consolidation. Protagenic Therapeutics, Inc. noted in an August 22, 2025, announcement that the delay was attributable to these merger-related financial consolidation efforts. These one-off or non-recurring costs for legal, accounting, and compliance remediation can significantly spike G&A in any given quarter, so you have to factor that into your near-term expense projections.

Finally, the costs associated with manufacturing and supply chain for clinical-grade peptide PT00114 are embedded within the overall R&D and operating expenses, as the company is pre-commercial. Since the company reports $0.00 in product revenue for the 2025 fiscal year, all costs related to producing the clinical material are currently an outflow, not offset by sales. Finance: draft 13-week cash view by Friday.

Protagenic Therapeutics, Inc. (PTIX) - Canvas Business Model: Revenue Streams

You're looking at a classic pre-commercial biotech, so the revenue story for Protagenic Therapeutics, Inc. right now isn't about selling products; it's about managing capital until a drug candidate, like PT00114, can reach the market. Honestly, you need to focus on the cash-in side from financing and the potential cash-out from future deals.

Currently $0.00 in product revenue as a pre-commercial company

As of late 2025, Protagenic Therapeutics, Inc. has no commercial products, which means product sales revenue is exactly where you'd expect it to be for a company deep in clinical trials. For the fiscal year ending December 30, 2024, the reported annual revenue was $0.00. Looking into 2025, the revenue for the quarter ending June 29, 2025, was $0.00, and the revenue for the quarter ending September 29, 2025, was also $0.00. The company explicitly stated in its March 31, 2025, Form 10-K filing that it does not anticipate generating revenue from product sales in the near future.

Here are the key financial metrics that define the current revenue reality for Protagenic Therapeutics, Inc. as of the latest available data points:

That TTM revenue figure of negative $50.29K is likely related to non-product revenue adjustments, not sales, which is why we focus on the $0.00 product line. It defintely shows the pre-commercial status.

Future potential revenue from licensing agreements and milestone payments

The real revenue potential for Protagenic Therapeutics, Inc. lies in monetizing its intellectual property, which is typical for a drug developer at this stage. The company has an existing licensing agreement with the University of Toronto for its core technology. Furthermore, a significant event in 2025 was the grant of a new patent in Japan in August 2025 for a modified stilbenoid compound intended to treat epilepsy and seizures. This patent protection remains in effect until March 31, 2041, creating a long-term potential revenue stream through future licensing deals or royalty payments upon commercialization of that asset.

Future potential revenue from strategic partnerships for drug co-development

To advance its pipeline and preserve capital, Protagenic Therapeutics, Inc. is actively looking at external funding mechanisms tied to its assets. The company is evaluating strategic alternatives for its preclinical programs, specifically mentioning partnerships or out-licensing. This strategy aims to advance those programs using external funding while keeping capital focused on the lead clinical asset, PT00114. Any successful strategic partnership for co-development of PT00114 or out-licensing of other assets would trigger upfront payments, research funding, and, most importantly, future milestone payments upon successful clinical or regulatory achievements.

• Evaluating strategic alternatives for preclinical assets.
• Seeking partnerships to advance programs with external funding.
• Milestone payments are contingent on clinical trial success.

Primary near-term funding source is equity financing (e.g., warrant exercises, public offerings)

Since product sales aren't funding operations, the primary source of cash to cover the operating expenses-which resulted in a TTM net loss of approximately $5.24 million as of March 2025-is financing activities. The most recent concrete cash infusion cited for 2025 was equity-based. In May 2025, Protagenic Therapeutics, Inc. raised $3.1 million through warrant exchanges and exercises. This type of capital raise is crucial because the company indicated in its March 2025 filing that it would require additional financing to continue operations beyond the end of the third quarter of 2025.

The reliance on this funding mechanism is clear, as shown by the recent cash flow activity:

• Raised $3.1 million via warrant exchanges/exercises in May 2025.
• The company needs additional financing to fund operations past Q3 2025.
• The operating cash flow drain for the TTM ending March 2025 was -$3.63 million.

Finance: draft 13-week cash view by Friday.