Q1 2024 Protalix Biotherapeutics Inc Earnings Call Transcript
Key Points
- Protalix BioTherapeutics Inc (PLX) reported encouraging initial top-line results from the first seven cohorts of the Phase 1 study of PRX-115, leading to the extension of the study with an additional cohort.
- The company has initiated preparations for a Phase 2 clinical trial of PRX-115, demonstrating progress in its development pipeline.
- ELFABRIO, Protalix BioTherapeutics Inc (PLX)'s second approved drug, continues to gain regulatory approvals globally, expanding its market presence.
- Protalix BioTherapeutics Inc (PLX) maintains a strong cash position, providing financial stability and sufficient funds to repay convertible notes due in September 2024 and support ongoing operations.
- Sales to Chiesi are expected to gradually increase as future approvals and launches in additional countries are anticipated, potentially strengthening revenue streams.
- Protalix BioTherapeutics Inc (PLX) experienced a decrease in revenue from selling goods by 27% in Q1 2024 compared to Q1 2023, primarily due to reduced sales to Pfizer and Brazil.
- Revenue from license and R&D services decreased by 98% in Q1 2024 compared to the same period last year, following the completion of research and development obligations related to ELFABRIO.
- A subject in the PRX-115 study experienced an anaphylactic reaction, although it was resolved, indicating potential safety concerns that need to be addressed in future studies.
- The company recorded a net loss of approximately $4.6 million in Q1 2024, indicating ongoing financial challenges despite a strong cash position.
- There is uncertainty regarding the competitive landscape for PRX-115, particularly in comparison to existing treatments like Krystexxa, and the potential need for differentiation in efficacy, safety, and convenience.
Good morning, ladies gentlemen, and welcome to the Protalix Biotherapeutics first quarter 2024 financial and business results conference call. As a reminder, this conference call is being recorded.
I will now turn the conference over to our host, Mr. Mike Moyer of LifeSci Advisors, Investor Relations for Protalix. You may begin your conference.
Thank you, operator, and welcome to the Protalix BioTherapeutics first quarter 2024 financial results and business update conference call. With me today are Dror Bashan, President and CEO of Protalix, and Eyal Rubin, Senior Vice President and Chief Financial officer.
A press release announcing the results and the business and clinical updates was issued this morning and is available now on the Protalix website. So please take a moment to read the disclaimer about forward-looking statements in the press release.
The earnings release and this teleconference include forward looking statements. These forward looking statements are subject to known
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
