Protalix BioTherapeutics(US:PLX)2026-03-18 10:56Revenue Performance - Revenues from selling goods for the fiscal year 2025 were $51.8 million, a decrease of 2% compared to $53.0 million in 2024, primarily due to a $6.8 million decline in sales to Chiesi[12]. - Total revenue for 2023 was $65.494 million, with a projected decrease to $53.399 million in 2024 and further to $52.744 million in 2025[27]. - Full-year 2026 revenues from sales of Elfabrio are expected to range from approximately $33.0 million to $35.0 million[10]. Financial Position - The company has a strong cash position with cash, cash equivalents, and short-term bank deposits totaling $30.3 million as of December 31, 2025[19]. - Cash and cash equivalents decreased from $19.760 million in 2024 to $14.680 million in 2025[26]. - Total current assets increased from $60.078 million in 2024 to $66.673 million in 2025[26]. - The company has no outstanding debt or warrants, positioning it for durable growth and long-term value[8]. Expenses and Losses - Research and development expenses increased by 51% to $19.6 million in 2025, driven by preparations for the RELEASE Phase 2 study of PRX-115[12]. - Research and development expenses are projected to rise from $12.970 million in 2024 to $19.569 million in 2025[27]. - The company reported a net loss of approximately $6.6 million for the year ended December 31, 2025, compared to a net income of $2.9 million in 2024[19]. - Operating income is expected to decline from $3.917 million in 2024 to a loss of $5.500 million in 2025[27]. - Net income for 2023 was $8.312 million, expected to decline to $2.932 million in 2024 and result in a loss of $6.604 million in 2025[27]. Clinical Development - The Phase 2 clinical trial of PRX-115 is actively enrolling, with top-line results anticipated in the second half of 2027[9]. - Management expects total revenues in 2026 to range from approximately $78.0 million to $83.0 million, including the $25.0 million milestone payment[10]. Strategic Focus - The company is focusing on rare renal diseases with PRX-119 and advancing its RNA-based discovery collaboration with Secarna[2]. - The European Commission approved the 2mg/kg every-4-weeks dosing regimen for Elfabrio, which triggered a $25.0 million milestone payment from Chiesi, strengthening the company's cash position[3]. Risks and Challenges - The company anticipates risks related to the commercialization of its product Elfabrio® and potential regulatory challenges[21]. - Total liabilities are expected to rise from $30.206 million in 2024 to $34.116 million in 2025[26]. - Accounts receivable increased significantly from $2.909 million in 2024 to $8.840 million in 2025[26].