Protalix BioTherapeutics reported a strong third quarter with a 75% increase in revenue from selling goods, primarily due to increased sales to Chiesi and Pfizer. The company also made progress with its PRX-115 clinical trial for uncontrolled gout, with encouraging preliminary results from the Phase I study.
Revenues from selling goods increased by 75% to $17.8 million compared to Q3 2023.
Net income was $3.2 million, or $0.04 per share, compared to a net loss of $1.9 million in Q3 2023.
PRX-115 Phase I trial for gout showed promising preliminary results, with planning for a Phase II trial in the second half of 2025.
The company repaid in full all outstanding principal and interest under its 7.50% Senior Secured Convertible Promissory Notes due September 2024.
Protalix is actively planning a phase II clinical trial of PRX-115 in gout patients and expect to initiate the study in the second half of 2025.
Visualization of income flow from segment revenue to net income
Analyze how earnings announcements historically affect stock price performance