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Protalix BioTherapeutics, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in revenues from selling goods to $17.8 million, up from $10.2 million in the same quarter the previous year. This increase is primarily attributed to higher sales to Chiesi and Pfizer (PFE+1.72%).
Revenues from license and R&D services decreased to $0.1 million from $0.2 million in the same quarter the previous year, reflecting the completion of the Fabry clinical program.
Cost of goods sold for the quarter was $8.4 million, representing an increase from $4.9 million in the same quarter of the previous year. The increase is due to higher sales volumes.
The company reported a net loss of $3.6 million for the nine months ended September 30, 2024, compared to a net income of $14.4 million in the previous year, primarily due to the absence of a $20 million milestone payment received in the prior year.
Research and development expenses decreased to $3.0 million from $3.7 million in the same quarter of the previous year, reflecting the completion of certain clinical programs.
Selling, general, and administrative expenses decreased to $2.6 million from $3.7 million, primarily due to reduced salary and professional fees.
Protalix repaid in full all outstanding principal and interest under its 7.50% Senior Secured Convertible Promissory Notes due September 2024, using available cash.
The company had cash and cash equivalents of $27.4 million as of September 30, 2024, which it believes are sufficient to satisfy its capital needs for at least 12 months.
The filing also details the company's ongoing development and commercialization efforts, including its partnerships with Chiesi and Pfizer, and its focus on new early-stage product candidates.
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) quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.