Protalix BioTherapeutics, Inc. reported its financial results for the nine months ending September 30, 2024, showing a total revenue of $35.2 million, a decrease of 36% from $55.0 million in the same period of 2023. The decline was primarily attributed to a significant drop in revenues from licensing and R&D services, which fell to $0.4 million from $24.7 million, largely due to the absence of a $20.0 million regulatory milestone payment received in the prior year. However, revenues from selling goods increased by 15% to $34.8 million, driven by higher sales to Brazil and Pfizer, partially offset by a decrease in sales to Chiesi.

The company reported an operating loss of $3.3 million for the nine months ended September 30, 2024, a notable improvement compared to an operating loss of $16.1 million in the same period of 2023. The net loss for the nine months was $3.6 million, compared to a net income of $14.4 million in the prior year, reflecting the impact of the aforementioned revenue changes. In contrast, for the three months ended September 30, 2024, Protalix achieved a net income of $3.2 million, a significant turnaround from a net loss of $1.9 million in the same quarter of 2023.

As of September 30, 2024, Protalix's cash and cash equivalents totaled $27.4 million, an increase from $23.6 million at the end of 2023. The company repaid all outstanding principal and interest under its 7.50% Senior Secured Convertible Promissory Notes in September 2024, which was financed entirely with available cash. Total current assets decreased to $47.9 million from $69.9 million at the end of 2023, while total liabilities also fell to $29.1 million from $50.9 million.

Strategically, Protalix continues to focus on the development and commercialization of its key products, Elfabrio® and Elelyso®, both of which are enzyme replacement therapies. Elfabrio received marketing authorization from the European Commission and FDA in May 2023, and the company is actively engaged in clinical trials for additional products, including PRX-115 for uncontrolled gout and PRX-119 for NETs-related diseases. The company has also entered into significant licensing agreements with Chiesi and Pfizer, which include potential milestone payments totaling over $1 billion.

Overall, while Protalix faced challenges in revenue generation compared to the previous fiscal period, it demonstrated improved operational efficiency and strategic advancements in its product pipeline and partnerships.