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Protalix BioTherapeutics(PLX) - 2024 Q3 - Quarterly Results
PLXProtalix BioTherapeutics(PLX)2024-11-14 11:57

Financial Performance - Protalix BioTherapeutics reported Q3 2024 revenues of 17.8million,a7517.8 million, a 75% increase from 10.2 million in Q3 2023, primarily driven by a 6.8millionincreaseinsalestoChiesianda6.8 million increase in sales to Chiesi and a 1.1 million increase in sales to Pfizer[9]. - Total revenues for the nine months ended September 30, 2024, were 35,181,000,anincreasefrom35,181,000, an increase from 30,309,000 for the same period in 2023, representing a growth of approximately 16.5%[27]. - Net income for Q3 2024 was approximately 3.2million,or3.2 million, or 0.04 per share, compared to a net loss of 1.9millioninQ32023[17].−Thenetlossfortheperiodwas1.9 million in Q3 2023[17]. - The net loss for the period was 3,562,000, compared to a net income of 14,356,000forthesameperiodin2023,indicatingasignificantdeclineinprofitability[27].−OperatingincomefortheninemonthsendedSeptember30,2024,wasalossof14,356,000 for the same period in 2023, indicating a significant decline in profitability[27]. - Operating income for the nine months ended September 30, 2024, was a loss of 3,292,000, contrasting with an operating income of 16,075,000forthesameperiodin2023[27].−Thecompanyreportedabasiclosspershareof16,075,000 for the same period in 2023[27]. - The company reported a basic loss per share of 0.05 for the nine months ended September 30, 2024, compared to earnings of 0.22forthesameperiodin2023[27].Expenses−ThecostofgoodssoldforQ32024was0.22 for the same period in 2023[27]. Expenses - The cost of goods sold for Q3 2024 was 8.4 million, a 71% increase from 4.9millioninQ32023,attributedtohighersalesvolumes[11].−Researchanddevelopmentexpensesdecreasedby194.9 million in Q3 2023, attributed to higher sales volumes[11]. - Research and development expenses decreased by 19% to approximately 3.0 million in Q3 2024, down from 3.7millioninQ32023,duetothecompletionoftheFabryclinicalprogram[13].−Selling,generalandadministrativeexpenseswere3.7 million in Q3 2023, due to the completion of the Fabry clinical program[13]. - Selling, general and administrative expenses were 2.6 million in Q3 2024, a 30% decrease from 3.7millioninQ32023,primarilyduetoreducedsalaryandprofessionalfees[14].−ResearchanddevelopmentexpensesfortheninemonthsendedSeptember30,2024,were3.7 million in Q3 2023, primarily due to reduced salary and professional fees[14]. - Research and development expenses for the nine months ended September 30, 2024, were 8,846,000, down from 13,991,000forthesameperiodin2023,adecreaseofapproximately36.513,991,000 for the same period in 2023, a decrease of approximately 36.5%[27]. - Selling, general and administrative expenses decreased to 9,194,000 for the nine months ended September 30, 2024, from 10,816,000inthesameperiodin2023,areductionofabout1510,816,000 in the same period in 2023, a reduction of about 15%[27]. Cash and Assets - Cash and cash equivalents stood at approximately 27.4 million as of September 30, 2024[16]. - Cash and cash equivalents increased to 27,409,000asofSeptember30,2024,upfrom27,409,000 as of September 30, 2024, up from 23,634,000 at the end of 2023[26]. - Total current assets decreased to 47,853,000asofSeptember30,2024,downfrom47,853,000 as of September 30, 2024, down from 69,932,000 at the end of 2023, reflecting a decline of approximately 31.6%[26]. - Total liabilities decreased to 29,126,000asofSeptember30,2024,comparedto29,126,000 as of September 30, 2024, compared to 50,865,000 at the end of 2023, a reduction of about 42.5%[26]. Clinical Development - The company completed all eight cohorts of its Phase I clinical trial for PRX-115, with 64 subjects enrolled, and is planning to initiate a Phase II trial in the second half of 2025[2][3]. - Preliminary results showed that PRX-115 effectively reduced plasma uric acid levels, maintaining levels below 6.0 mg/dL for up to 12 weeks at the highest dose[4]. - Protalix's development pipeline includes PRX-115 for uncontrolled gout and PRX-119 for NETs-related diseases, among others[22]. Debt Management - The company repaid all outstanding principal and interest on its 7.50% Senior Secured Convertible Promissory Notes in September 2024, financed entirely with available cash[8].