Protalix Q2 2024 Earnings Report
Key Takeaways
Protalix BioTherapeutics reported financial results for the second quarter ended June 30, 2024. The company recorded revenues from selling goods of $13.3 million, a decrease of $1.8 million compared to the same period last year. The company's net loss for the quarter was approximately $2.2 million, or $0.03 per share.
Revenues from selling goods decreased by 12% to $13.3 million compared to Q2 2023.
Revenues from license and R&D services decreased by 99% to $0.2 million compared to Q2 2023.
Net loss for the quarter was $2.2 million, compared to a net income of $19.3 million for the same period in 2023.
Cash, cash equivalents and short-term bank deposits were approximately $45.0 million at June 30, 2024.
Protalix
Protalix
Protalix Revenue by Geographic Location
Forward Guidance
The company anticipates topline results from all eight cohorts to be available in the third quarter of 2024 and has initiated preparations for a phase II clinical trial of PRX-115 in uncontrolled gout patients. The company's strong balance sheet enables repayment of convertible notes due September 2024 while maintaining ongoing operations and executing on the corporate strategy.
Positive Outlook
- Topline results from all eight cohorts of the phase I clinical trial of PRX-115 are expected in Q3 2024.
- Preparations have begun for a phase II clinical trial of PRX-115 in uncontrolled gout patients.
- The company's balance sheet supports repayment of convertible notes due September 2024.
- The company is maintaining ongoing operations.
- The company is executing on its corporate strategy.
Revenue & Expenses
Visualization of income flow from segment revenue to net income