Protalix BioTherapeutics(PLX) - 2025 Q3 - Quarterly Results

Revenue Performance - Total revenues for the first nine months of 2025 were $43.6 million, an increase of 24% compared to the same period in 2024[2] - Revenues for the third quarter of 2025 were $17.9 million, reflecting a decrease of 1% compared to the same period in 2024[2] - Year-to-date revenues from selling goods for the nine months ended September 30, 2025, were $43.1 million, an increase of 24% from $34.8 million in the same period of 2024[5] - Total revenue for the nine months ended September 30, 2025, was $43.622 million, a 24.4% increase from $35.181 million for the same period in 2024[20] - The company reported revenues from selling goods of $43.108 million for the nine months ended September 30, 2025, compared to $34.820 million for the same period in 2024, a 23.3% increase[20] Research and Development Expenses - Total research and development expenses for Q3 2025 were approximately $4.5 million, a 50% increase compared to approximately $3.0 million in Q3 2024[3] - Total research and development expenses for the nine months ended September 30, 2025, were approximately $13.9 million, a 58% increase from approximately $8.8 million in the same period of 2024[5] - Research and development expenses for the nine months ended September 30, 2025, were $13.934 million, up from $8.846 million for the same period in 2024, reflecting increased investment in R&D[20] Net Income and Loss - Net income for Q3 2025 was approximately $2.4 million, or $0.03 per share, compared to $3.2 million, or $0.04 per share, for the same period in 2024[4] - Net loss for the nine months ended September 30, 2025, was $1.1 million, compared to a net loss of $3.562 million for the same period in 2024, indicating an improvement[20] - Earnings per share for the nine months ended September 30, 2025, were $(0.01) for basic and diluted shares, an improvement from $(0.05) for the same period in 2024[20] Cash and Current Assets - Cash and cash equivalents as of September 30, 2025, were $29.4 million, sufficient to meet capital needs for at least 12 months[7] - Cash and cash equivalents decreased to $13.647 million as of September 30, 2025, down from $19.760 million as of December 31, 2024[18] - Total current assets increased to $66.502 million as of September 30, 2025, compared to $60.078 million as of December 31, 2024[18] Operating Performance - Operating income for the three months ended September 30, 2025, was $2.131 million, compared to an operating loss of $3.292 million for the same period in 2024[20] Future Plans and Risks - The company plans to initiate a phase 2 clinical trial of PRX-115 later in 2025, following the effective IND submission to the FDA[2] - The company expects minimal revenues from license and R&D services now that clinical development of Elfabrio has been completed[3] - The company is facing risks related to clinical trial approvals and potential delays from regulatory authorities, which may impact future product candidates[15]