diff --git a/src/xls.rs b/src/xls.rs
index c788bd44..2f39e12a 100644
--- a/src/xls.rs
+++ b/src/xls.rs
@@ -1532,6 +1532,15 @@ fn parse_formula(
                 // PtgExp: array/shared formula, ignore
                 debug!("ignoring PtgExp array/shared formula");
                 stack.push(formula.len());
+                // Ensure PtgExp carries a 4-byte operand for the row/column
+                // of the array or shared formula it points at.
+                if rgce.len() < 4 {
+                    return Err(XlsError::Len {
+                        expected: 4,
+                        found: rgce.len(),
+                        typ: "PtgExp",
+                    });
+                }
                 rgce = &rgce[4..];
             }
             0x03..=0x11 => {
diff --git a/tests/ptgexp-truncated-operand.xls b/tests/ptgexp-truncated-operand.xls
new file mode 100644
index 00000000..ee9129af
Binary files /dev/null and b/tests/ptgexp-truncated-operand.xls differ
diff --git a/tests/test.rs b/tests/test.rs
index 6f4b4b83..cd8cbad4 100644
--- a/tests/test.rs
+++ b/tests/test.rs
@@ -3245,6 +3245,18 @@ fn biff5_formula_ptg_ref_643() {
     assert_eq!(formulas.get_value((3, 1)), Some(&"$A$1".to_string()));
 }
 
+#[test]
+fn test_xls_truncated_ptgexp() {
+    // Test for xls file with a truncated PtgExp token (array/shared formula)
+    // with 2 bytes instead of 4.
+    let mut excel: Xls<_> = wb("ptgexp-truncated-operand.xls");
+    let range = excel.worksheet_range("Tab 1").unwrap();
+    assert_eq!(range.get_size(), (23, 10));
+
+    let formulas = excel.worksheet_formula("Tab 1").unwrap();
+    assert_eq!(formulas.used_cells().count(), 22);
+}
+
 #[test]
 fn biff5_rich_text_string() {
     // This file uses RSTRING records, apparently produced by ABBYY FineReader.