Protalix BioTherapeutics(PLX) - 2024 Q3 - Quarterly Results

Financial Performance - Protalix BioTherapeutics reported Q3 2024 revenues of $17.8 million, a 75% increase from $10.2 million in Q3 2023, primarily driven by a $6.8 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, 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 $3.2 million, or $0.04 per share, compared to a net loss of $1.9 million in Q3 2023[17]. - The net loss for the period was $3,562,000, compared to a net income of $14,356,000 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 $16,075,000 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 $0.22 for the same period in 2023[27]. Expenses - The cost of goods sold for Q3 2024 was $8.4 million, a 71% increase from $4.9 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 $3.7 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 $3.7 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 $13,991,000 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 $10,816,000 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 $27,409,000 as of September 30, 2024, up from $23,634,000 at the end of 2023[26]. - Total current assets decreased to $47,853,000 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 $29,126,000 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].