Protalix BioTherapeutics Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Protalix BioTherapeutics filed its Q1 2024 10-Q, highlighting subsequent agreements and financial reporting details.</b>

AI Summary

Protalix BioTherapeutics, Inc. (PLX) filed a Quarterly Report (10-Q) with the SEC on May 10, 2024. Protalix BioTherapeutics reported financial results for the quarter ended March 31, 2024. The company's business address is 2 University Plaza, Suite 100, Hackensack, NJ 07601. Key subsequent events include a Supply and Technology Transfer Agreement with Fiocruz on May 8, 2024, and Chiesi Agreements on May 9, 2024. The filing references accounting standards updates, specifically ASU 2020-06, impacting retained earnings and additional paid-in capital. The company's common stock was noted for the periods ending March 31, 2024, December 31, 2023, March 31, 2023, and December 31, 2022.

Why It Matters

For investors and stakeholders tracking Protalix BioTherapeutics, Inc., this filing contains several important signals. The filing provides an update on the company's financial position and operational activities for the first quarter of 2024. Subsequent events like the Fiocruz and Chiesi agreements indicate ongoing strategic partnerships and business development activities.

Risk Assessment

Risk Level: medium — Protalix BioTherapeutics, Inc. shows moderate risk based on this filing. The filing is a standard 10-Q, which provides a snapshot of financial health and operational status, but lacks specific forward-looking guidance or significant positive/negative financial shifts that would indicate a higher risk level.

Analyst Insight

Monitor future filings for the financial impact of the recent Fiocruz and Chiesi agreements.

Key Numbers

• 2024-03-31 — Reporting Period End Date (10-Q Filing)
• 2024-05-10 — Filing Date (10-Q Filing)
• 2024-05-09 — Chiesi Agreements Date (Subsequent Event)
• 2024-05-08 — Fiocruz Agreement Date (Subsequent Event)

Key Players & Entities

• Protalix BioTherapeutics, Inc. (company) — Filer
• 2 University Plaza, Suite 100, Hackensack, NJ 07601 (address) — Business Address
• Fiocruz (company) — Supply and Technology Transfer Agreement
• Chiesi (company) — Agreements
• Pfizer (company) — Product sales context

FAQ

Key Dates

• 2024-03-31: Quarterly Period End — Financial reporting period for the 10-Q
• 2024-05-10: Filing Date — Date the 10-Q was filed with the SEC
• 2024-05-08: Supply and Technology Transfer Agreement with Fiocruz — Significant subsequent event
• 2024-05-09: Chiesi Agreements — Significant subsequent event

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides a snapshot of the company's financial performance and condition during the quarter.)

ASU 2020-06

Accounting Standards Update related to convertible instruments and contracts in an entity's own equity. (Impacts the accounting for financial instruments, affecting retained earnings and additional paid-in capital.)

Key Financial Figures

• $0.001 — nge on which registered Common stock, $0.001 par value PLX NYSE American Indic
• $1 — Represents an amount equal to less than $1. (1) Common stock, $ 0.001 par value;

Filing Documents

• plx-20240331x10q.htm (10-Q) — 871KB
• plx-20240331xex31d1.htm (EX-31.1) — 12KB
• plx-20240331xex31d2.htm (EX-31.2) — 12KB
• plx-20240331xex32d1.htm (EX-32.1) — 7KB
• plx-20240331xex32d2.htm (EX-32.2) — 7KB
• plx-20240331x10q005.jpg (GRAPHIC) — 111KB
• plx-20240331x10q006.jpg (GRAPHIC) — 98KB
• plx-20240331x10q007.jpg (GRAPHIC) — 53KB
• 0001558370-24-007695.txt (&nbsp;) — 4467KB
• plx-20240331.xsd (EX-101.SCH) — 30KB
• plx-20240331_cal.xml (EX-101.CAL) — 37KB
• plx-20240331_def.xml (EX-101.DEF) — 112KB
• plx-20240331_lab.xml (EX-101.LAB) — 207KB
• plx-20240331_pre.xml (EX-101.PRE) — 185KB
• plx-20240331x10q_htm.xml (XML) — 499KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements Condensed Consolidated Balance Sheets (Unaudited) – As of March 31, 2024 and December 31, 2023 2 Condensed Consolidated Statements of Operations (Unaudited) – For the Three Months Ended March 31, 2024 and 2023 3 Condensed Consolidated Statements of Changes in Stockholders' Equity ( Capital Deficiency) (Unaudited) – For the Three Months Ended March 31, 2024 and 2023 4 Condensed Consolidated Statements of Cash Flows (Unaudited) – For the Three Months Ended March 31, 2024 and 2023 5 Notes to Condensed Consolidated Financial Statements 7 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 15 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 30 Item 4.

Controls and Procedures

Controls and Procedures 31

– OTHER INFORMATION

PART II – OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 32 Item 1A.

Risk Factors

Risk Factors 32 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 32 Item 3. Defaults Upon Senior Securities 32 Item 4. Mine Safety Disclosures 32 Item 5. Other Information 32 Item 6. Exhibits 32

Signatures

Signatures 34 Table of Contents

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements PROTALIX BIOTHERAPEUTICS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (U.S. dollars in thousands) (Unaudited) March 31, 2024 December 31, 2023 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 27,209 $ 23,634 Short-term bank deposits 21,278 20,926 Accounts receivable – Trade 3,759 5,272 Other assets 812 1,055 Inventories 22,346 19,045 Total current assets $ 75,404 $ 69,932 NON-CURRENT ASSETS: Funds in respect of employee rights upon retirement $ 531 $ 528 Property and equipment, net 4,781 4,973 Deferred income tax asset 3,230 3,092 Operating lease right of use assets 5,879 5,909 Total assets $ 89,825 $ 84,434 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable and accruals: Trade $ 3,146 $ 4,320 Other 18,770 19,550 Operating lease liabilities 1,453 1,409 Contracts liability 11,039 - Convertible notes 20,420 20,251 Total current liabilities $ 54,828 $ 45,530 LONG TERM LIABILITIES: Liability for employee rights upon retirement $ 712 $ 714 Operating lease liabilities 4,499 4,621 Total long term liabilities $ 5,211 $ 5,335 Total liabilities $ 60,039 $ 50,865 COMMITMENTS STOCKHOLDERS' EQUITY 29,786 33,569 Total liabilities and stockholders' equity $ 89,825 $ 84,434 The accompanying notes are an integral part of the condensed consolidated financial statements. 2 Table of Contents PROTALIX BIOTHERAPEUTICS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (U.S. dollars in thousands, except share and per share data) (Unaudited) Three Months Ended March 31, 2024 March 31, 2023 REVENUES FROM SELLING GOODS $ 3,677 $ 5,066 REVENUES FROM LICENSE AND R&D SERVICES 71 4,522 TOTAL REVENUE 3,748 9,588 COST OF GOODS SOLD ( 2,602 ) ( 3,085 ) RESEARCH AND DEVELOPMENT EXPENSES ( 2,887 ) ( 5,847 ) SELLING, GENERAL AND ADMINISTRATIVE EXP

View Full Filing

View this 10-Q filing on SEC EDGAR