Full Year 2024 Protalix BioTherapeutics Inc Earnings Call
Speaker Change: Insight Advisors Investor Relations for Protalix. You may begin your conference.
Speaker Change: Thank you, operator, and welcome to the Protalix Bio-Therapeutics Fiscal Year 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.
Speaker Change: 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 four looking statements in the press release. The earnings release in this teleconference include four looking...
Speaker Change: Continue to focus R&D efforts on PRH-115, PRH-119 and other early stage candidates.
and the groundwork for future developments that may be truly transformative.
Speaker Change: Thank you for joining us for our Commons Talk in connection with the exercise of warrants
Speaker Change: Research of 0.6 million in sales to Brazil and an increase of 0.1 million in sales to Pfizer.
Speaker Change: We will call the revenues for the license and R&D services of 0.4 million for the year-end of December 31st, 2024, a decrease of 24.7 million or 98 percent compared to revenues of 25.1 million for the year-end of December 31st, 2023.
Speaker Change: Revenees from LICES and R&D services are comprised primarily of revenues we recognize in connection with our LICES and supply agreements with KIAZ.
Speaker Change: The revenues from life in R&D services for the year end of December 31st, 2023 included the 20 million regulatory-mised containment from Kiezi in connection with the approval by the U.S. Food and Drug Administration, the FDA of El Fabrio, granted during the Padez period.
Speaker Change: The remaining decrease is altered from the completion of our revenue-generating research and development of negation with respect to Alphabriel and...
Speaker Change: As of February was approved in the United States and the European Union in May 2023, from the completion of the Review of the Biologic.
Speaker Change: License Application, the BLA and the Marketing Authorization Application, the NEA, for Fabrio by DFD and EMA respectively.
Speaker Change: As a result of the completion of the Fabrikalinga Program in 2023, we expect to generate minimal revenues from less than R&D services, other than potential regulatory and commercial
Speaker Change: Three, a portion of the costs for certain Raghuram Raghuram Raghuram Raghuram Raghuram
Speaker Change: who recognizes research and development expenses not cost to goods sold as such drug substance was produced as part of our research and development activities.
Speaker Change: Approximately 0.9 million of materials related expenses and approximately 2.6 million of other expenses.
for the Year End of the Cemetery 1st, 2023.
Speaker Change: Rtoll Research and Development Expenses, where approximately 17.1 million comprise or approximately 7.8 million of salary-related expenses.
Speaker Change: Approximately 6.3 million subcontractory later expensive, approximately 0.6 million of materials related expensive and approximately 2.4 million of other expenses.
Speaker Change: Tom Dekuis in Research and Development Sciences was 4.1 million over 24% for the year and December 31, 2024, compared to the year and December 31, 2023.
Speaker Change: The Decrease in Research and Development Expenses resulted primarily from the completion of our Fabrik Lunga Program and the World Tour process related to the BLA and the MAA review of Raghuram Selvaraju by the application of the applicable regulatory agency.
Speaker Change: Selin General Administrative Expenses were 12.2 million for the end of December 31st, 2024, a decrease of 2.8 million or 19% from 15 million for the end of December 31st, [inaudible]
in the current year.
Speaker Change: Cash Cash equivalent to short and bang the positive to our approximately 34.8 million at December 31st, 2024.
Speaker Change: 0.04 per share, basic and diluted compared to 8.3 million or 0.12 dollars per share, basic and 0.09 dollars per share diluted for the same period in 2023.
I will now turn the call back to you, Dror.
Thank you, Eyal.
Speaker Change: To conclude, 2024 was an exciting year for Protalix as we are building our foundation for the future We are gearing up for our anticipated phase to study of our gold candidate, PRX-115 and we continue to make progress
Speaker Change: on our early stage R&D efforts. I am confident that our strategy, balance sheet and three stream of revenues will enable the next phase of pipeline development for Protalix.
Speaker Change: We look forward to updating you on our progress as we continue to drive innovation and create long-term value for both patients and stockholders. Now, I would like to ask the operator to open the call for questions please.
Speaker Change: Thank you. If you'd like to ask a question, please pass star 1 on your telephone keypad. A confirmation tone will indicate your line is in the question queue.
Speaker Change: Our first question comes from the line of Ram Selvaraju with HC Wainwright. Please proceed with your question.
Ram Selvaraju: Hi, thank you very much for taking my questions and congratulations on what has been an excellent and landmark year for Protalix. I wanted to first of all, uh...
from KSZ2 Protalix, which is a higher margin.
Ram Selvaraju: We say it also on our website, it is written over there, that we estimate those to 100 million dollars in revenues from KSZ at 2030, estimation of course, under what we see in front of our eyes.
Ram Selvaraju: I think judged by the quota, we have to be to understand that we sell to Kiesi's inventory.
So we do not say it to their...
I would say direct sales.
Ram Selvaraju: So in time, in the year and a half, two years, it will be more ongoing if I may say and then we can see a growing I assume we expect at least steady stream of revenues of higher margins that what we said to Brazil or to Pfizer from Elyzo
Ram Selvaraju: We cannot give guidance for 2025. As I mentioned, we sell to inventory. But again, just to emphasize, KJG does well, we are pleased with the picture, and we consider this collaboration as...
Positively strategic to Protalix
Speaker Change: Great, and then with respect to PRX-119, I was wondering if you could briefly delineate.
Ram Selvaraju: The differences between PRX-119 and your historical program that I believe was designated PRX-110.
Ram Selvaraju: and also if you could provide us with some framework, some frame of reference regarding the size of the market opportunity in any keys that you previously mentioned for PRX119 going forward. Thank you.
Speaker Change: What I can say that PRX 119 is actually a long acting DNS, PRX 110 was an acute one, we are finalizing.
as we speak if I may say the indication selection.
Expected the payments. This is nothing.
This is the second half of this year.
Speaker Change: I assume that if indeed the outcomes will be positive, it makes sense that we look for a commercial partner.
Thank you very much.
Of course.
Speaker Change: Thank you. As a reminder, if you'd like to ask a question, please press star 1 on your telephone keypad.
Speaker Change: Our next question comes from the line of John Vandermosten, Ltd. Axe, SCR. Please proceed with your question.
Speaker Change: Thank you. And Eyal, do you have the 4Q of Fabio Revenue number handy?
and I can pull them up.
Go on, John. Yeah.
I'll ask another one why you pawned that up.
Okay.
Speaker Change: I don't fully understand what you mean, maybe you can define it differently.
Sure, so, so, Pierre X-115, five, um,
Speaker Change: I would say the level of the Euric acid is very low. You know, once we get into...
Protalix. So, thank you very much.
Speaker Change: Thank you. This concludes today's conference call. You may disconnect your lines at this time. Thank you for your participation.