Protalix BioTherapeutics(PLX) - 2024 Q2 - Quarterly Results

Financial Performance - Protalix recorded revenues of $13.3 million for Q2 2024, a decrease of$1.8 million, or 12%, compared to 15.1 million in Q2 2023[4] - Revenues from license and R&D services fell to 0.2 million, a decrease of $19.8 million, or 99$20.0 million in Q2 2023, primarily due to the absence of a regulatory milestone payment from Chiesi[4] - Total revenue for the six months ended June 30, 2024, was $17,222,000, a decrease of 61.4$44,663,000 for the same period in 2023[15] - Revenues from selling goods for the three months ended June 30, 2024, were $13,304,000, down 11.7$15,075,000 for the same period in 2023[15] - The net loss for Q2 2024 was approximately $2.2 million, or$0.03 per share, compared to a net income of $19.3 million, or$0.29 per share, in Q2 2023[7] - The company reported a net loss of $(6,798,000) for the six months ended June 30, 2024, compared to a net income of$16,208,000 for the same period in 2023[15] - Basic earnings per share for the six months ended June 30, 2024, was $(0.09), compared to$0.26 for the same period in 2023[15] Expenses - Cost of goods sold increased to $9.5 million, up$3.4 million, or 56%, from $6.1 million in Q2 2023, driven by higher sales to Pfizer and Brazil[4] - Total research and development expenses were approximately$3.0 million, a decrease of $1.5 million, or 33$4.5 million in Q2 2023, mainly due to the completion of the Fabry clinical program[4] - Selling, general and administrative expenses decreased to $3.5 million, down$0.5 million, or 13%, from $4.0 million in Q2 2023[6] - Research and development expenses for the six months ended June 30, 2024, were$5,848,000, down 43.3% from $10,322,000 for the same period in 2023[15] Assets and Liabilities - Total current assets increased to$77,367,000 as of June 30, 2024, from $69,932,000 as of December 31, 2023, representing an increase of 10.4$62,959,000 as of June 30, 2024, compared to $50,865,000 as of December 31, 2023, indicating a 23.8$23,399,000 as of June 30, 2024, from $23,634,000 as of December 31, 2023[14] - Total assets increased to$91,540,000 as of June 30, 2024, from $84,434,000 as of December 31, 2023, reflecting an increase of 8.3%[14] Clinical Trials and Future Plans - Protalix anticipates topline results from the phase I clinical trial of PRX-115 for uncontrolled gout in Q3 2024[2] - The company has initiated preparations for a phase II clinical trial of PRX-115 based on encouraging safety results from the phase I trial[2] - Protalix's leadership provided insights into its strategy and future plans during an Investor Day event in June 2024[3]