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Protalix BioTherapeutics(PLX) - 2024 Q4 - Annual Results
PLXProtalix BioTherapeutics(PLX)2025-03-17 10:55

Revenue Performance - Protalix recorded revenues from selling goods of 53.0millionfortheyearendedDecember31,2024,anincreaseof53.0 million for the year ended December 31, 2024, an increase of 12.6 million, or 31%, compared to 40.4 million in 2023[8] - Revenues from license and R&D services decreased by 24.7 million, or 98%, to 0.4millionin2024,primarilyduetotheabsenceofa0.4 million in 2024, primarily due to the absence of a 20.0 million regulatory milestone payment received in 2023[8] - Total revenue increased to 65.494millionin2023,up37.465.494 million in 2023, up 37.4% from 47.638 million in 2022[22] - Revenues from selling goods reached 40.418millionin2023,a59.940.418 million in 2023, a 59.9% increase compared to 25.292 million in 2022[22] - The company anticipates total revenue of 53.399millionfor2024,reflectingadecreasefrom2023[22]Expenses−Totalresearchanddevelopmentexpensesdecreasedby53.399 million for 2024, reflecting a decrease from 2023[22] Expenses - Total research and development expenses decreased by 4.1 million, or 24%, to approximately 13.0millionin2024,attributedtothecompletionoftheFabryclinicalprogram[9]−Selling,generalandadministrativeexpenseswere13.0 million in 2024, attributed to the completion of the Fabry clinical program[9] - Selling, general and administrative expenses were 12.2 million in 2024, a decrease of 2.8million,or192.8 million, or 19%, from 15.0 million in 2023[9] - Research and development expenses decreased to 17.093millionin2023from17.093 million in 2023 from 29.349 million in 2022[22] Net Income - Protalix's net income for the year ended December 31, 2024, was approximately 2.9million,or2.9 million, or 0.04 per share, compared to 8.3million,or8.3 million, or 0.12 per share, in 2023[14] - Net income for 2023 was 8.312million,asignificantturnaroundfromanetlossof8.312 million, a significant turnaround from a net loss of 14.927 million in 2022[22] Clinical Trials and Developments - The company successfully completed the First-in-Human phase I clinical trial of PRX-115, demonstrating its potential as an effective uric acid-lowering treatment[3] - Protalix plans to initiate a phase II clinical trial for PRX-115 in patients with gout during the second half of 2025[2] - The European Medicines Agency validated the Variation Submission for pegunigalsidase alfa to label a less frequent dosing regimen of 2 mg/kg every four weeks for Fabry disease[5] Financial Position - Cash, cash equivalents, and short-term bank deposits were approximately 34.8millionatDecember31,2024[14]−Thecompanyrepaidalloutstandingprincipalandinterestunderits7.5034.8 million at December 31, 2024[14] - The company repaid all outstanding principal and interest under its 7.50% Senior Secured Convertible Promissory Notes in September 2024, strengthening its balance sheet[8] - Cash and cash equivalents decreased to 19.760 million in 2024 from 23.634millionin2023[21]−Totalcurrentassetsdecreasedto23.634 million in 2023[21] - Total current assets decreased to 60.078 million in 2024 from 69.932millionin2023[21]−Totalliabilitiesdecreasedto69.932 million in 2023[21] - Total liabilities decreased to 30.206 million in 2024 from $50.865 million in 2023[21]