Protalix BioTherapeutics, Inc. reported significant financial developments in its latest 10-Q filing for the quarter ending June 30, 2025. The company generated total revenues of $25.8 million for the first half of 2025, marking a 49% increase from $17.2 million in the same period of 2024. This growth was primarily driven by a substantial rise in sales to Chiesi, which increased by $8.0 million, and a $4.6 million increase in sales to Pfizer. However, sales to Fiocruz in Brazil decreased by $4.3 million, impacting overall revenue figures. The company reported a net loss of $3.5 million for the first half of 2025, an improvement compared to a loss of $6.8 million in the prior year.
In terms of operational metrics, Protalix's cash and cash equivalents stood at $17.9 million as of June 30, 2025, down from $19.8 million at the end of 2024. The company’s total assets increased to $78.5 million, up from $73.4 million, while total liabilities decreased to $28.6 million from $30.2 million. The reduction in liabilities was attributed to a decrease in accounts payable and accruals. The company’s stockholders' equity rose to $49.9 million, reflecting a positive shift in financial health.
Strategically, Protalix has made notable advancements, including the successful launch of Elfabrio, which received FDA approval in May 2023 for the treatment of Fabry disease. The company has also expanded its product pipeline, focusing on early-stage candidates such as PRX-115 for uncontrolled gout and PRX-119 for NETs-related diseases. The company is preparing for a Phase II clinical trial of PRX-115, expected to commence in the second half of 2025. Additionally, Protalix was added to the Russell 3000 and Russell 2000 indexes, effective June 27, 2025, enhancing its visibility in the market.
The filing also highlighted the impact of geopolitical conditions on operations, particularly the ongoing conflict in Israel, where Protalix is based. The company has implemented measures to mitigate risks, including storing manufactured drug substances in multiple locations. Despite these challenges, Protalix maintains that its cash reserves are sufficient to meet operational needs for at least the next 12 months. Looking ahead, the company anticipates continued investment in research and development, with expectations of increased revenues from its commercial products as market acceptance grows.
About Protalix BioTherapeutics, Inc.
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