The following is a summary of the Protalix BioTherapeutics, Inc. (PLX) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Protalix BioTherapeutics reported decreased revenues from goods sales to $3.7 million for Q1 2024, a decline of 27% due to decreased sales to Pfizer and Brazil.

• The company saw a decrease in R&D service revenues to $0.1 million for Q1 2024 from $4.5 million for Q1 2023, because of the completion of obligations for Elfabrio.

• Cost of goods sold was reported as $2.6 million for Q1 2024, a decrease from Q1 2023 primarily due to decreased sales.

• The company recorded a net loss of approximately $4.6 million or $0.06 per share for Q1 2024, greater than the net loss of $3.1 million or $0.05 per share in the same period in 2023.

Business Progress:

• Protalix is expanding its Phase I clinical study of PRX-115 due to encouraging preliminary results and preparing for a Phase II clinical trial.

• The company is focusing on early-stage development assets, including PRX-119, for its product development pipeline.

• Its second approved drug, Elfabrio, is gaining more regulatory approvals for treating Fabry disease, with launches ongoing in multiple regions globally.

• With strong cash standing, Protalix plans to settle convertible notes due in September and expects to be debt-free by the end of the year.

• In terms of clinical research, interim results from the PRX-115 clinical study look promising. Expansion of investment in PRX-115 is being planned cautiously to maintain financial stability. Progress has also been reported in Chiesi's operations, including sales and ongoing trials.

More details: Protalix Biotherapeutics IR

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