Protalix BioTherapeutics, Inc. reported a significant increase in revenue for the fiscal year ending December 31, 2024, generating $53.0 million, a 31% rise from $40.4 million in 2023. This growth was primarily driven by a $11.8 million increase in sales of Elfabrio to Chiesi, alongside modest increases in sales to Brazil and Pfizer. However, revenue from license and R&D services plummeted by 98% to $0.4 million, largely due to the absence of milestone payments following the FDA approval of Elfabrio in May 2023, which had previously contributed $20 million in 2023.
The company’s net income for 2024 was $2.9 million, a decrease from $8.3 million in 2023, attributed to a reduction in revenues from R&D services and increased operational costs. Research and development expenses fell by 24% to $13.0 million, reflecting the completion of the Fabry clinical program. Selling, general, and administrative expenses also decreased by 19% to $12.2 million, indicating a strategic effort to manage costs amid fluctuating revenues.
Operationally, Protalix continues to focus on expanding its product pipeline, which includes PRX-115 for uncontrolled gout and PRX-119 for NETs-related diseases. The company is preparing to initiate a Phase II clinical trial for PRX-115 in the second half of 2025. As of December 31, 2024, Protalix employed 213 individuals, maintaining a stable workforce to support its ongoing projects and operational needs.
Looking ahead, Protalix anticipates continued investment in research and development, with expectations of increased expenses as it advances its clinical trials. The company believes its current cash and cash equivalents, totaling $34.8 million, are sufficient to meet its capital needs for at least the next 12 months. However, it acknowledges the potential need for additional financing to support its growth strategy, particularly as it seeks to expand its product offerings and navigate the complexities of regulatory approvals and market competition.
About Protalix BioTherapeutics, Inc.
About 10-K Filings
A 10-K form is a comprehensive annual report that public companies in the United States must file with the SEC, providing a detailed overview of the company's financial condition, performance, and business strategies.
Key points about the 10-K:
- Frequency: Filed annually, typically within 60 to 90 days after the end of the company's fiscal year.
-
Content: It includes:
- Detailed financial statements audited by an independent accounting firm
- Management's Discussion and Analysis (MD&A) of financial condition and results
- Description of the company's business, properties, and legal proceedings
- Risk factors and market risks
- Executive compensation and corporate governance information
- Importance: Considered the most comprehensive and important document a public company files with the SEC.
- Length: Often exceeds 100 pages due to its extensive and detailed nature.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.