Protalix BioTherapeutics(PLX) - 2024 Q4 - Annual Results

Revenue Performance - Protalix recorded revenues from selling goods of $53.0 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 $0.4 million in 2024, primarily due to the absence of a $20.0 million regulatory milestone payment received in 2023[8] - Total revenue increased to $65.494 million in 2023, up 37.4% from $47.638 million in 2022[22] - Revenues from selling goods reached $40.418 million in 2023, a 59.9% increase compared to $25.292 million in 2022[22] - The company anticipates total revenue of $53.399 million for 2024, reflecting a decrease from 2023[22] Expenses - Total research and development expenses decreased by $4.1 million, or 24%, to approximately $13.0 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 $2.8 million, or 19%, from $15.0 million in 2023[9] - Research and development expenses decreased to $17.093 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 $2.9 million, or $0.04 per share, compared to $8.3 million, or $0.12 per share, in 2023[14] - Net income for 2023 was $8.312 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 $34.8 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 $23.634 million in 2023[21] - Total current assets decreased to $60.078 million in 2024 from $69.932 million in 2023[21] - Total liabilities decreased to $30.206 million in 2024 from $50.865 million in 2023[21]