Q2 2024 Protalix Biotherapeutics Inc Earnings Call Transcript
Key Points
- Encouraging initial top-line results from the first seven cohorts of the Phase I clinical study of PRX-115 for uncontrolled gout.
- PRX-115 demonstrated dose-dependent exposure and rapid reduction of plasma uric acid concentrations.
- PRX-115 was generally well tolerated, leading to the expansion of the Phase I study with an eighth cohort.
- Strong cash position enabling repayment of convertible notes due in September and ongoing operations, including the Phase II study in gout.
- Positive collaboration with commercial partner Chiesi Global Rare Diseases, which is committed to the successful commercialization of Elfabrio.
- Decrease in revenues from selling goods by 12% compared to the same period last year, primarily due to a decrease in sales to Chiesi.
- Significant decrease in revenues from license and R&D services by 99%, mainly due to the absence of a $20 million regulatory milestone payment from Chiesi.
- Increase in cost of goods sold by 56%, primarily due to increased sales to Pfizer and Brazil.
- Net loss of $2.2 million for the quarter, compared to a net income of $19.3 million in the same period last year.
- Uncertainty in providing sales guidance for Chiesi due to the variability in shipment timing and inventory buildup.
Good morning, ladies and gentlemen, and welcome to the Protalix BioTherapeutics second-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. You may begin your conference.
Thank you, operator, and welcome to the Protalix BioTherapeutics second-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 financial results and corporate updates was issued this morning and is available now on the Protalix website. 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 and unknown risks and uncertainties that may
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