Protalix BioTherapeutics Files Q2 2024 10-Q

TL;DR

Protalix BioTherapeutics filed its Q2 10-Q, showing financial updates. Check it out.

AI Summary

Protalix BioTherapeutics, Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter. Key financial figures and changes in equity accounts are presented, reflecting the company's ongoing activities in the biopharmaceutical sector.

Why It Matters

This filing provides investors and stakeholders with a crucial update on Protalix BioTherapeutics' financial health and operational status as of mid-2024.

Risk Assessment

Risk Level: medium — As a biopharmaceutical company, Protalix BioTherapeutics faces inherent risks related to drug development, regulatory approvals, and market competition.

Key Numbers

• 2024-06-30 — Reporting Period End Date (Indicates the financial snapshot date)
• 2024-03-31 — Previous Quarter End Date (Provides comparative data point)
• 2023-12-31 — Previous Fiscal Year End Date (Provides year-over-year context)

Key Players & Entities

• Protalix BioTherapeutics, Inc. (company) — Filer of the 10-Q
• 20240630 (date) — End of the reporting period
• 20240814 (date) — Filing date

FAQ

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-20240630x10q.htm (10-Q) — 1047KB
• plx-20240630xex31d1.htm (EX-31.1) — 12KB
• plx-20240630xex31d2.htm (EX-31.2) — 12KB
• plx-20240630xex32d1.htm (EX-32.1) — 7KB
• plx-20240630xex32d2.htm (EX-32.2) — 7KB
• plx-20240630x10q005.jpg (GRAPHIC) — 110KB
• plx-20240630x10q007.jpg (GRAPHIC) — 98KB
• plx-20240630x10q008.jpg (GRAPHIC) — 60KB
• 0001558370-24-012134.txt ( ) — 4883KB
• plx-20240630.xsd (EX-101.SCH) — 31KB
• plx-20240630_cal.xml (EX-101.CAL) — 39KB
• plx-20240630_def.xml (EX-101.DEF) — 122KB
• plx-20240630_lab.xml (EX-101.LAB) — 221KB
• plx-20240630_pre.xml (EX-101.PRE) — 196KB
• plx-20240630x10q_htm.xml (XML) — 551KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements Condensed Consolidated Balance Sheets (Unaudited) – As of June 30, 2024 and December 31, 2023 2 Condensed Consolidated Statements of Operations (Unaudited) – For the Six and Three Months Ended June 30, 2024 and 2023 3 Condensed Consolidated Statements of Changes in Stockholders' Equity ( Capital Deficiency) (Unaudited) – For the Six and Three Months Ended June 30, 2024 and 2023 4 Condensed Consolidated Statements of Cash Flows (Unaudited) – For the Six Months Ended June 30, 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 32 Item 4.

Controls and Procedures

Controls and Procedures 32

– OTHER INFORMATION

PART II – OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 33 Item 1A.

Risk Factors

Risk Factors 33 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 33 Item 3. Defaults Upon Senior Securities 33 Item 4. Mine Safety Disclosures 33 Item 5. Other Information 33 Item 6. Exhibits 33

Signatures

Signatures 35 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) June 30, 2024 December 31, 2023 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 23,399 $ 23,634 Short-term bank deposits 21,630 20,926 Accounts receivable – Trade 10,126 5,272 Other assets 1,493 1,055 Inventories 20,719 19,045 Total current assets $ 77,367 $ 69,932 NON-CURRENT ASSETS: Funds in respect of employee rights upon retirement $ 535 $ 528 Property and equipment, net 4,609 4,973 Deferred income tax asset 3,299 3,092 Operating lease right of use assets 5,730 5,909 Total assets $ 91,540 $ 84,434 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable and accruals: Trade $ 4,064 $ 4,320 Other 19,343 19,550 Operating lease liabilities 1,450 1,409 Contracts liability 12,695 - Convertible notes 20,420 20,251 Total current liabilities $ 57,972 $ 45,530 LONG TERM LIABILITIES: Liability for employee rights upon retirement $ 705 $ 714 Operating lease liabilities 4,282 4,621 Total long term liabilities $ 4,987 $ 5,335 Total liabilities $ 62,959 $ 50,865 COMMITMENTS STOCKHOLDERS' EQUITY 28,581 33,569 Total liabilities and stockholders' equity $ 91,540 $ 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) Six Months Ended Three Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 REVENUES FROM SELLING GOODS $ 16,981 $ 20,141 $ 13,304 $ 15,075 REVENUES FROM LICENSE AND R&D SERVICES 241 24,522 170 20,000 TOTAL REVENUE 17,222 44,663 13,474 35,075 COST OF GOODS SOLD ( 12,

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View this 10-Q filing on SEC EDGAR