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Mar 31, 2024
Protalix Q1 2024 Earnings Report
Protalix reported a net loss for Q1 2024, with revenues decreasing due to lower sales to Pfizer and Brazil, and the completion of R&D obligations with respect to Elfabrio.
Key Takeaways
Protalix BioTherapeutics reported a net loss of $4.6 million for Q1 2024, compared to a net loss of $3.1 million for the same period in 2023. Revenues decreased to $3.748 million from $9.588 million year-over-year, primarily due to lower sales to Pfizer and Brazil, and the completion of R&D services related to Elfabrio.
Revenues from selling goods decreased by $1.4 million, or 27%, compared to Q1 2023.
Revenues from license and R&D services decreased by $4.4 million, or 98%, compared to Q1 2023.
Research and development expenses decreased by $2.9 million, or 50%, compared to Q1 2023.
Cash, cash equivalents and short-term bank deposits were approximately $48.5 million at March 31, 2024.
Protalix
Protalix
Protalix Revenue by Segment
Revenue by Segment
Selling Goods Revenue
CapyFin.comLicense and R&D Services Revenue
CapyFin.com Forward Guidance
Protalix believes that its strong cash position is sufficient to enable the repayment of its convertible notes due September 2024, and for its ongoing operations. The company is expanding the FIH Study and decided to commence preparations for a phase II clinical trial of PRX-115.
Positive Outlook
- Initial top-line results from the first seven cohorts of the first-in-human phase I clinical trial of PRX-115 are encouraging.
- The company is expanding into an eighth cohort and to begin planning a phase II trial for PRX-115.
- Exposure to PRX-115 increased in a dose-dependent manner.
- PRX-115 rapidly reduced plasma uric acid concentrations to below 6.0 mg/dL over time following a single administration.
- PRX-115 was well-tolerated in the first seven cohorts.
Challenges Ahead
- One subject in cohort 2 experienced an anaphylactic reaction immediately following the commencement of the infusion, and the reaction was fully resolved.
- Revenues from selling goods decreased by $1.4 million, or 27%, compared to Q1 2023.
- Revenues from license and R&D services decreased by $4.4 million, or 98%, compared to Q1 2023.
- The company recorded a tax benefit of approximately $(0.1) million, compared to income taxes of $0.2 million for the three months ended March 31, 2023.
- Net loss for the three months ended March 31, 2024 was approximately $4.6 million, or $0.06 per share, basic and diluted, compared to a net loss of $3.1 million, or $0.05 per share, basic and diluted, for the same period in 2023.
Revenue & Expenses
Visualization of income flow from segment revenue to net income