READ THE FULL PLX RESEARCH REPORT
Second Quarter 2025 Financial and Operational Review
Protalix BioTherapeutics, Inc. (NYSE:PLX) announced 2Q:25 financial and operational results in an August 14th, 2025 press release and in its Form 10-Q filing. The reports were followed by a conference call which discussed recent achievements, clinical updates and financial performance. During the second quarter, Protalix generated overall revenue growth which was driven by higher sales of Elfabrio partially offset by a decline in Elelyso sales. Management reiterated its intent to launch the PRX-115 trial in the second half and enroll the first patient before year end. Protalix will gain a new CFO, Gilad Mamlok, who will take over from Eyal Rubin later this month. Other milestones since our last update include participation in investor conferences and addition of Protalix to the Russell 2000 and 3000 indices.
Management provided detail on how sales are recognized for the company with bulk orders taking place at irregular intervals. Ordering patterns are expected to be volatile until demand characteristics stabilize and market share gradually grows. Protalix did not provide any revenue guidance for the next quarters but did highlight its expectations that it can reach $100 million in royalty revenues by 2030 based on the 15% to 20% market share of the Fabry market that it expects to own.
Financial results for the quarter ending June 30th, 2025, compared to the same quarter in the prior year:
- Revenues were $15.7 million, up 16% from $13.5 million attributable to an increase in sales of Elfabrio to Chiesi partially offset by a decline in Elelyso sales. Sales to Pfizer were $5.6 million, down by about $1.2 million and sales to Brazil of $0.0 million due to timing of orders;
- Cost of revenue was $5.8 million vs. $9.5 million reflecting a decrease in Elelyso volumes;
- Research and development expenses doubled to $6.0 million from $3.0 million. Higher salary, subcontractor related expenses which supported the advancement of PRX-115 were the drivers for the change;
- Selling, general and administrative expenses were down 25% to $2.6 million compared to $3.5 million on a reduction in salary and related expenses as well as lower selling expenses;
- Net financial expense was $511,000 compared to ($155,000). The increase in financial expenses came from exchange rate costs and lower interest income on bank deposits;
- Income tax expense of $497,000 compared to ($69,000);
- Net income was $164,000 vs a net loss of ($2.2) million, or $0.00 per share versus ($0.03) per share;
The cash and equivalents balance on June 30th, 2025 totaled $33.4 million versus $34.8 million at the end of 2024. During 1H:25, Protalix generated $9.2 million from the sale of common stock and exercise of warrants and options.
Chief Financial Officer (CFO) Transition
A July 21st press release announced that the CFO role at Protalix would transition from Eyal Rubin to Gilad Mamlok. The change caps a six-year term for Mr. Rubin who began at Protalix in 2019. Mr. Mamlok will be appointed senior vice president and CFO effective August 24, 2025. As shared in the announcement, Mr. Mamlok is an experienced financial executive with three decades of experience in healthcare and technology companies. He has an extensive background in capital markets transactions, mergers and acquisitions, business development and investor relations as well as corporate governance matters. Most recently, he served as the Chief Financial Officer of TytoCare, a privately-held company in the remote healthcare space. Prior to his role at TytoCare, Mr. Mamlok served as the Chief Financial Officer of Sol-Gel Technologies Ltd. In this role, he was responsible for an initial public offering and other capital markets transactions, as well as in-licensing and out-licensing transactions. Prior to his role at Sol-Gel, he served in other medical device companies, including Given Imaging which was acquired by Covidien in 2014. Mr. Mamlok holds a BA in Economics, magna cum laude, and a Master’s degree in Business/Managerial Economics, both from the Tel Aviv University.
SUBSCRIBE TO ZACKS SMALL CAP RESEARCH to receive our articles and reports emailed directly to you each morning. Please visit our website for additional information on Zacks SCR.
DISCLOSURE: Zacks SCR has received compensation from the issuer directly, from an investment manager, or from an investor relations consulting firm, engaged by the issuer, for providing research coverage for a period of no less than one year. Research articles, as seen here, are part of the service Zacks SCR provides and Zacks SCR receives payments totaling a maximum fee of up to $50,000 annually for these services provided to or regarding the issuer. Full Disclaimer HERE.
