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Protalix BioTherapeutics Inc. has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's operations, which focus on the development and commercialization of recombinant therapeutic proteins using its proprietary ProCellEx expression system. The company has developed two enzyme replacement therapies: Elfabrio for Fabry disease and Elelyso for Gaucher disease.
Elfabrio received marketing approval from the FDA and the European Commission in May 2023. Protalix has partnered with Chiesi Farmaceutici for the global commercialization of Elfabrio.
Elelyso is marketed globally by Pfizer, except in Brazil, where it is sold as BioManguinhos alfataliglicerase through a partnership with Fiocruz.
Protalix reported revenues of $53.0 million from selling goods in 2024, a 31% increase from 2023, primarily due to increased sales of Elfabrio to Chiesi. Revenues from license and R&D services decreased significantly as the company completed its revenue-generating obligations for Elfabrio.
Research and development expenses decreased by 24% to $13.0 million in 2024, reflecting the completion of the Fabry clinical program. Selling, general, and administrative expenses also decreased by 19% to $12.2 million.
Net income for 2024 was $2.9 million, compared to $8.3 million in 2023. The decrease was attributed to lower revenues from license and R&D services.
Protalix anticipates continued significant expenditures as it progresses with clinical trials for its product candidates, including PRX-115 for uncontrolled gout and PRX-119 for NETs-related diseases.
The company ended 2024 with $34.8 million in cash and cash equivalents and short-term bank deposits, which it believes are sufficient to satisfy its capital needs for at least 12 months.
Protalix's operations are based in Israel, and the company acknowledges potential risks due to political and military conditions in the region.
The filing also discusses the company's strategic partnerships, including agreements with Chiesi and Pfizer, and outlines the company's focus on developing treatments for rare and orphan diseases.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Protalix BioTherapeutics Inc. (DE) annual 10-K report dated March 17, 2025. To report an error, please email earnings@qz.com.