Q3 2025 Protalix BioTherapeutics Inc Earnings Call
Question and answer session will follow the formal presentation, if anyone should require operator assistance. During the conference. Please press star zero on your telephone keypad. As a reminder, this conference is being recorded it is now my pleasure to introduce your host Mike Meyer Investor Relations. Thank you Sir you may begin.
Speaker #4: Selling , administrative general and the nine months expenses for ended September 30th , 2025 were 8.2 million , down 1 million , or 11% , from period 9.2 million for the same last year .
Gilad Mamlok: As I said already, we cannot provide guidance at that stage.
John Vandermosten: Okay. Even for your costs?
Gilad Mamlok: Correct. What we did say is that, and I also replied to the previous question, we said that we have enough cash for more than 12 months, and of course, we have in mind that we are funding the PRX-115 phase two trial.
Thank you.
One moment please.
John Vandermosten: Okay. All right. Thank you.
Thank you operator, and welcome to the Portola <unk> biotherapeutics.
Operator: We have now reached the end of our question and answer session. I would now like to turn the floor back over to Dror for closing comments.
Third quarter 2025.
Financial results in.
And business update conference call.
Dror Bashan: Thank you, everybody, for the time. We will keep updating you, and we will connect next quarter, please.
With me today are Joe Orbis Johan CTO for Calix.
And do you.
Manuel.
Gilad Mamlok: Thank you.
Senior Vice President and Chief Financial Officer, a press release announcing the financial results for.
Operator: This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.
For the quarter and corporate updates.
Issued this morning and is available now on the <unk> website. Please take a moment to read the disclaimer and forward looking statements in the press release.
The earnings release and teleconference.
Include forward looking statements. These forward looking statements are subject to known and unknown risks and uncertainties that may cause actual results to differ materially from the statements made.
Factors that could cause actual results to differ are described in the disclaimer and the photonics filings.
And with the U S Securities and Exchange Commission I will now turn the call over to Mr. Vishal sure.
Thank you Mike and thank you everyone for joining this quarter I will begin by reviewing our recent accomplishments.
Following my remarks, Dale will provide a detailed review of our quarterly and year to date financial results and then we will open the line for your questions.
We are pleased to report another strong quarter and a solid year to date performance for the first nine months of 2025 total revenues were 46, $43 6 million, representing a 24% increase compared to the same period last year.
Our total revenues for the third quarter were $17 $9 million, which reflect a decrease of 1% compared to the same period of 2024.
We recognize revenues from sales.
Our products <unk>, Pfizer and fuel growth in Brazil, and then purchases vary from quarter to quarter as they control their own inventories overall. These revenues reflect the continued commercial success of our enzyme replacement therapies and provides a strong foundation to support our research and development efforts.
On the regulatory front as we've announced previously cleared with our Corporation has formally requested there is elimination of the negative opinion issued in October.
Materials.
Medicinal products for human use CHP regarding the proposed.
Every four weeks those regiments for <unk> in Europe.
There should be no misunderstanding. This process has nothing to do with the currently approved every two weeks regiment in the May 2023 approval of the every two week regimen in the EU is unaffected and their <unk> remains available to patients in the EU.
We remain confident in our funnel has long term potential and we are working closely with Gary to provide additional dropdown in context to support the reexamination of the ones, that's what weeks regimen, which.
Which we believe could offer a meaningful meaningful benefits to patients and caregivers.
Turning to our pipeline.
We are particularly excited about BRL 115 hour incumbent regulated you'll recall candidates under development for the potential treatment of our control Gov preparations for the phase III clinical trials are well underway.
We find the R&D for the phase two clinical trial of BRL 105 in October of this year and the <unk> has become effective following the FDA standard 30 day review period.
We continue our plan to initiate the trial later this year.
Based on the encouraging first in human phase one clinical trial of <unk> 115, we believe it has the potential to be best in class therapy within with a long acting profile that could improve patient compliance and outcomes.
Successful this program represents a significant opportunity opportunities in the market with a high unmet need.
We look forward to updating updating you about the trial as data becomes available.
Finally, I would emphasize that our operating operating strategy remains focused on three pillars driving commercial success with <unk> advancing Prs 115, and other early stage pipeline programs programs and maintaining financial discipline.
With a strong cash position and positive quarterly.
Net income we are well positioned to execute on these three priorities.
Before we turn to the financial results I want to introduce <unk> to the call to this quarter.
Ill begin serving as Protonix Chief Financial Officer in August of this year and this is his first earnings call for the company I am sure I speak for everyone on this call and I wish you much success in the new position.
Welcome Github and <unk>.
Ill turn the call over to you to present, a detailed review of our financial results Gilad. Please.
Thank you Joel and good morning, everyone.
Total revenues from selling goods for the nine months ended September 32025, or $43 1 billion, an increase of $8 3 million or 24% compared to the $34 8 million for the same period before.
These revenues consist of $80 6 million in sales so for fabry with appears at $15 4 million in sales, we are licensed to Pfizer and $9 1 million in sales of Eliza.
Fewer crews in Brazil.
Total revenues from selling goods for the three months ended September 32025 was $17 7 million a decrease of 0.1 billion or 1% compared to $17 8 million for the same period in 2024.
These revenues consists of $8 $8 million and sales of kidney.
Together with <unk> to put as many sales fertilizer to Pfizer and $6 9 million from our sales of fertilizer for few closing proceed.
As Rob mentioned, we recognize revenues from sales of products to our partners, Kansas size and fewer crews in Brazil, and the individuals purchases changed from quarter to quarter as each of our partners controls its own inventories as a result.
The orders we received from our partners may not be timed in relation to the pace of patient acquisition and retention and accordingly, our products faced a partner may not reflect patient demand for the product.
We recorded revenues from licensing and R&D services of <unk> 5 million for the nine months ended September 32075, I am pleased with <unk> 1 million compared to <unk> 4 million for the same period in 2024.
For the three months ended September 32025, we recorded revenues from licensing on the DS services of <unk> 2 million, an increase of <unk> 5 million compared to zero for 1 billion for the same period in 2024.
Revenues from license now that these services are comprised mainly.
Revenues recognized in connection with our license in the bag.
Other than potential regulatory milestone payments that may become payable expected generates minimal revenues from license 70 services now that we have completed the clinical development of <unk>.
Cost of goods sold for the nine months ended September 32025 was $22 4 million up 2 million or 10%.
$20 4 million for the same period last year, reflecting increased sales to give you and Pfizer for the nine months period, partially offset by a decrease in sales to vehicles.
For the three months ended September 32025 cost of goods sold was $8 3 million a decrease of <unk> 5 billion or 1% from $8 4 million for the same period in 2024.
The decrease was mainly the result of the decrease in sales to kidney and Pfizer for the quarter, partially offset by the increasing sales to fewer crews.
Research and development expenses for the nine months ended September 32025 totaled $13 9 million, an increase of $5 5 million or 58% compared to $8 8 million for the prior year period.
For the three months ended September 32025, total research and development expenses were approximately $4 5 million, an increase of five 5 million or 50% compared to 2 million for the same period of 2024.
The increase of both the three and nine months period was mainly due to preparations for our planned phase two clinical trial of <unk>, 115, which view as a strategic investment in our pipeline and long term growth.
Selling general and administrative expenses for the nine months ended September 32025 eight.
$8 2 million down $1 million or 11% from $9 2 million for the same period last year.
The decrease resulted mainly from lower salary and selling expenses.
For the three months ended September 32025, selling general and administrative expenses of $2 9 million, an increase of <unk> 3 million or 12% compared to $2 6 million for the same period in 2024.
The increase resulted mainly from an increase of <unk> 1 million in salaries and related expenses and <unk>.
We opened $2 million and selling expenses.
National income net 0.0 1 million for the nine months ended September 32025, compared to financial income net of <unk> 1 million for the same period in 2024.
Greece resulted mainly from exchange rates costs, and lower interest income and bank deposits, which was partially offset by lower notes interest expenses due to the September 2020 full repayment in full all of the outstanding principal and interest payable under our then outstanding convertible promissory note.
The 2024 notes.
For the three months ended September 32025 financial income net was <unk> 1 million compared to financial expenses net of <unk> 1 million for the same period in 2024.
Firstly, he doesn't mainly from lower notes interest expenses due to the September 2024, with the repayment in full of all the outstanding principal and interest payable under the 2024 notes.
We recorded tax expenses of approximately $10 million for the nine months ended September 32025.
<unk> expenses of approximately <unk> 4 million for the same period in 2020.
For the three months ended September 32025, we recorded a tax benefit of approximately <unk> 1 million.
Compared to tax expenses of approximately <unk> 6 million for the same period in 2024.
For the 3 months, ended September 30th 2025 selling General administrative expenses with 2.9 Million and increase of 0.3 million, or 12%, compared to 2.6 million. For the same period 2024,
Our tax expenses and benefits because that's mainly from taxes from guilty income under the U S tax path from Joe box of <unk>.
Increase the resulted mainly from an increase of 0.1 million in salary and related expenses and increase of 0.2 million in selling expenses.
17.
U S. One big Beautiful deal Act, which was signed into law on July four 2025 and includes the installation of the talent deductibility for domestic recent expenditure beginning in 2025, we transition options for previously capitalized amounts.
We recorded a net loss of $1 1 million for the nine months period ended September 32025, one cents per share basic and diluted compared to a net loss of $3 6 million or <unk> <unk> per share for the same periods in 2024.
September 2024 repayment in full, all the outstanding principal and interest payable under our then outstanding. Convertible ponos, note, or the 2024 notes.
For the three months ended September 32025, net income was approximately $2 4 million or <unk> <unk> per share basic and diluted compared to net income of $2 2 million or <unk> <unk> per share basic basic and <unk> <unk> per share diluted for the same period in 2000.
For the three months ended September 30, 2025, financial income, net was $0.1 million, compared to financial expenses, net of $0.1 million for the same period in 2024.
Before.
At September 32025, we had $29 4 million in cash and cash equivalents and short term bank deposits, which we believe is sufficient to satisfy our capital needs for at least 12 months from the date, We show quarterly report for the quarter ended September 32025.
the difference resulted mainly from lower notes interst expenses, due to the September 2024 payment in full of all the outstanding principal and interest payable under the 2024 notes,
We recorded tax expenses of approximately 0.3 million for the 9 months and the September 30th 2025 compared to the tax expenses of approximately 0.4 million for the same period in 2024.
Overall these results reflect strong execution and financial discipline as we continue to invest in our pipeline, while maintaining a solid balance sheet roll back to you.
But a 3 months and a September 30th 2025, we recorded a tax benefit of approximately 0.1 million,
Thanks.
Compared to the tax expenses of approximately 0.6 million for the same period in 2024.
To conclude we are proud of the progress over the course of 2025, so far we delivered strong year to date financial performance, we advanced Beatrix one five towards phase two initiation.
And continue to strengthen our commercial foundation with Republic. We believe these achievements position protonix for the long term growth and value creation.
We appreciate your continued support and look forward to updating you on our progress in the coming months operator. Please open the line for questions.
Our tax expenses and benefits without mainly from taxes, on guilty income under the US tax cuts and job acts of 2017. The US 1, big beautiful, bill act which was signed into law on July 4th 2025 and include the restoration of the current deductibility for domestic Vision expenditure. Beginning in 2025 we transition options for previously capitalized amounts
Thank you we will now be conducting a question and answer session. If you'd like to ask a question. Please press star one on your telephone keypad.
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Recording a net loss of $1.1 million for the 9-month period ended September 30, 2025, or 1 cent per share, basically diluted, compared to a net loss of $3.6 million or 5 cents per share for the same period in 2024.
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One moment, please while we poll for questions.
Our first question comes from Ram <unk> with H C. Wainwright. Please proceed with your question.
For the 3-month period ending in September 30, 2025, net income was approximately $2.4 million, or $0.03 per share, on a basic and diluted basis, compared to net income of $3.2 million, or $0.04 per share, basic and $0.03 per share, diluted for the same period in 2024.
Thanks, so much for taking my questions and congratulations on all the recent progress I first of all I wanted to ask if you could provide us with any granularity regarding the timeline for the anticipated reexamination.
At Temple September 30th 2025. We had 29.4 million in cash in cash, equivalents and showed them Bank deposits, which you believe are sufficient to satisfy our Capital needs for at least 12 months from the date. We issue a quarterly report for the quarter ended, September 30th 2025,
The see HMP opinion on the every four week dosing regimen of Fibril Secondly, I wanted to see if you have any additional comments on the evolving competitive landscape in treatment refractory gout and what implications that may have for the ultimate size of the <unk>.
<unk> opportunity for <unk> 115, and then lastly, with respect to ongoing financial reporting I was just wondering if you anticipate further predictability of the royalty based revenue recognition related to well calibrated sales going forward.
Overall, this result, reflect strong execution and financial discipline. As we continue to invest in our pipeline, while maintaining a solid balance sheet draw back to you. Thanks. Good luck to conclude. We are proud of the of our progress over the course of 2025. So far, we delivered strong gear today. Financial performance. We Advanced PRX, 1115 towards a phase 2 initiation and continue to strengthen our commercial foundation with self fabulous. We believe this achievement position Protonix for the long term growth and value creation.
We appreciate your continued support and look forward to updating you on our progress in the coming months. Operator, please open the line for questions.
Or if you anticipate any additional sources of <unk>.
Volatility that may impact, how you recognize the revenue.
Stemming from sales of our <unk> operator, thank you.
Thank you Ron So I will answer you one by one if that's okay.
The once in four weeks.
Hey, reexamination requests.
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To have.
In answer on Q1 of 2026 and of course, we will update accordingly. This is Juan.
1 moment, please while we pull for questions.
With regard to the goat indeed.
Our first question comes from Ram svaru with HD Wayne Wright. Please proceed with your question.
Multiple development, mainly Europe, one the mechanism of action based if I may say when we look at the go to market we see.
False foresee significant inquiries when the overall go to market in the next five six years.
And.
We think that within the <unk> or the uncontrolled gout patients that required you recovers it will grow as well and if indeed, our phase II will be successful so potentially we have a product that can take very nice market share from these I would say increased pool.
Thanks so much for taking my questions and congratulations on all the recent progress. Uh, I first of all wanted to ask if you could provide us with any granularity regarding the timeline for the anticipated, re-examination of the chmp opinion on the every 4 week, dosing regimen of el fabrio.
On the third one.
We continue if you will and if there are any with tech goals. We continue to recognize the what we sell to clear this inventory.
Secondly, I wanted to see if you had any additional comments on the, uh, evolving competitive landscape and treatment, refractory gout, and what implications this may have for the ultimate size of the commercial opportunity for prx1 15. And then lastly, with respect to ongoing uh financial reporting. I was just wondering if you anticipate
Page.
And I am not aware of any major change schedule does weight on the market. We are optimistic when we look into the future.
And this is it.
I would just add to that surrounds that we have uh huh with flexibility in terms of our revenues.
We do hope to.
Further predictability of the royalty based Revenue, recognition related to Al fabrio, sales going forward. Or if you anticipate any additional sources of, uh, volatility that may impact how you recognize Revenue, uh, stemming from sales of Health fabrio. Thank you.
You have some more some more visibility also.
Report, but as you know we are limited in what you can say.
Given the other agreements, which gives <unk> a privately held company.
So thank you, Ron. So I will answer you 1 by 1 if it's okay on the 1 in 4 weeks, uh,
Thank you very much for all of those responses I just had one other quick one maybe for Gilead.
Regarding the cash runway guidance I just wanted to clarify whether this is based solely on the expenditures the operating expenditures that you expect.
Examination request uh we expect to have a an answer on q1 of 2026 and of course we will update. Accordingly. This is 1.
Or if this is factoring in the continued receipt of royalty based revenue on a fabric.
It's based on both and as I said, we have a real good predictability regarding the royalty stream.
And this includes of course, the expenses associated with the phase II trial on Prs clarify Frank Yes, yes, yes.
Definitely okay. Thank you.
With regard to the gout indeed, there are multiple developments mainly here at 1 mechanism of action based. If I may say, when we look at the gout Market, we see, or we force foresee, a significant increase in the overall gout Market in the next 5, 6 years. And, uh, we think that within the Euro cases or the uncontrolled gout patients that required, uh, Urich causes it will grow as well and if indeed our Phase 2 will be successful. So, potentially we have a a product that can take very nice market share from this. I would say increase pool.
Thank you Rob.
Our next question comes from John is Andrew Molson with Zacks. Please proceed with your question.
Thank you and have door and welcome to the call Gilad.
Regarding the <unk> decision on the every four week dosing.
Does it make sense to run new trial to get the information that they might be looking for to get that debt that different dosing regimen.
on the third 1 you know we continue gilad will add if there are any will tap goals, you know, we continue to recognize what we sell to kids, this inventory and I'm not aware of any major change, yet, it does well on the market, we are optimistic when we look into the future,
And this is it.
And also assuming that assuming that they don't find a favorable decision.
Okay right now you know give you submitted the request for reexamination.
I would just say to that run that we have a good predictability in terms of our revenues and um we do hope to uh um give some more, some more visibility also in our annual report. But as you know, we are limited in what we can say, uh, given our agreement with KZ and is a privately held company.
It will put their argue arguments together.
In the coming months, and then there will be discussions and we seem to see HMP and the verdict will be given of course.
As I mentioned in Q1 of 2026.
If its positive Greg if it's not positive Jersey really discussing two and then it will take a decision.
Okay and it.
Sounds like you're still on track for a <unk>.
Starting with the trial for <unk> 105, before the end of the year, what does the timeline look like for that.
Uh, thank you very much for all of those responses. I just had 1 other quick 1, maybe for gilad uh regarding the cash Runway guidance. I just wanted to clarify. Whether this is based solely on the expenditures. The operating expenditures that you expect uh, or if this is factoring in the continued receipt of royalty-based Revenue on Al fabrio.
If you get started in the next few weeks.
It's based on both and and as I said we have uh we have good predictability regarding the word stream.
In terms of top line readout in <unk>.
And everything.
Yes, Indeed, we plan to start screening patients in few weeks.
In Q3 of 2027, and we expect topline results.
And this includes, of course, the uh, expenses associated with the phase 2 trial on PRX 1055. Right cool. Yeah, yeah, yeah, definitely. Okay. Thank you.
Thank you, Mom.
Okay.
And you've identified there is you want to have several different assets in your development pipeline and I know you have three right now lifted.
Our next question comes from John Vander. Moisten with Zach. Please, proceed with your question.
I was just wondering what's emerging as a follow on to <unk> 115 as another candidate.
Thank you. And uh, hi the door and welcome to the call gilad.
So we hope to update the market soon.
It's one nine I hope that we would be if indeed will pass all the models and the tests that we are going through the final test we will update about the mechanism of action of the specific indications.
Regarding the chmp decision on the every 4 weeks dosing. Um, does it make sense to run a new trial to, uh, get the information that the EMA might be looking for to get that that, uh, that different dosing regimen?
Okay, and then last one for me I know you've been getting a few additional approvals in different geographies geographies for our key AC has new approvals as anything emerged recently since the last update in terms of that.
Assuming that it, uh, assuming that it, that they, they don't find a favorable decision.
Okay, right now, you know, Casey submitted the request for re-examination. They will put their argue arguments together and
I'm not aware of anything.
Significantly something that Im aware of.
Okay. Thank you Jeremy there is a long list. There is a long list of markets gives us the under submission or planning to submit.
In the coming months and then they will be discussions and you know, within the chmp and and the verdict will be given. Of course, as I mentioned in q1 of 2026,
If it's positive great, if it's not positive, Jesse will discuss internally and it will take a decision.
No for the next few years to come so we're not concerned from this fall. This is part of the further expansion of portfolio globally.
It sounds good and then I guess, you'll disclose that.
As it happens I noticed in the past you've disclosed in the Q, Yes, we are.
Okay, and it sounds like you're still on track for a, um, start of the the trial for prx1 on 54 the end of the year. What is the timeline look like for that? Um, if if you, if you get started in the next few weeks,
Yes, we will disclose it accordingly and properly.
In terms of topline readout and enrollment and everything.
Great. Thank you.
Youre welcome.
We yes indeed we plan to start screening patients in few weeks. Um in Q3 of 2027, we expect Topline results.
Our next question comes from also.
Please proceed with your question.
Hi.
And then just individually that's cool but.
I have a couple of questions for you number one.
The.
Okay. And and uh, you've identified, there's you want to have several different Assets in your development Pipeline and I know you have 3 right now listed and I'm I, I would just wondering what's emerging as a follow-on, the PRX 115 as, as another candidate.
Pattern of basically the payables going up at the end of the U and then being cleaned up.
With Q1 now so.
A $9 9 million daus basically paid off for them in the queue.
So we hope to update the the market soon, you know, PRX 1119. I hope that we will be if indeed will pass all the models and the tests that we are going through or the final test, we will update about the mechanism of action at the specific indication
Because at the end of Q the pivotal.
And basically from what has been.
It looks like the deal and the size there.
And Mt.
Basically.
Okay, and then the last 1 for me. Um, I know you've been getting a few additional approvals and different geography geographies. For, um, our Kaz has, uh, new approvals has anything emerged recently since the last update in terms of that,
Probably 5% or 5% above.
All of last year, and assuming that there are about 10% growth.
I'm, I'm not aware that anything uh, significant or something I'm aware of.
That means that they haven't they haven't got much good.
Well a lot of orders to.
Get the goodness.
Now based on these assumptions.
I mean.
Hum.
Mission or planning to submit uh you know, for the next few years to come so we are not concerned on this front. This is part of the further expansion of alabio globally.
Any kind of.
Indication of like what kind of number.
You could be doing routine.
What is your capacity based on what is being paid every time that you basically sell a product.
Sounds good and I guess you, you'll disclose that. Um, as as it as it happens, I know it's in the past. You've disclosed that in the queue? Yes, yes, yes. We will disclose it, accordingly and properly.
Great. Thank you.
Is there any kind of the.
You're welcome.
Ballpark, not bill or something like that.
That would be number one.
Our next question comes from ol minks. Please proceed with your question.
Question number two leaves.
Do you guys have any kind of anticipated.
The R&D group.
During the phase two would be 116, because you guys are looking at the pretty sizable phase two.
Which is actually pretty nice.
That concludes.
Good report.
Jimmy there pretty nicely, but that's.
That's costing us money.
So I mean I have another question, but I'm going to stop it there.
Um, hi. Um, I'm just individually investor but I have a couple of questions for you. Number 1 is simply a pattern of basically receivables going up at the end of the year and then being cleaned up at the at q1 now. So far, uh, 9.9 million dollars has been basically paid off from a, the Q3, the end of Q3 is a single
So what if you guys can have been quite.
um,
Let me take it over in the Haynesville.
Thank you.
Sure.
Sure. So regarding the first question I feel that we are not providing guidelines as noted and also entails a full revenue.
And basically from what I've seen, looks like the Brazil and the fiser.
uh, amounts have been sold this year, are basically
You know something we mentioned is that we are buying the inventory. So if you look at the if you look at the revenues. There is no direct link of course, there is a link but there was no direct link between the revenues and the revenues of kidney for example, because if kids is banks that the inventory in the first quarter of 2024 just for data.
Are probably 5% 4 5% above the all of last year and assuming that they have about 10% growth. That means that they haven't, they haven't got much.
Well, a lot of orders to to get a get this year now based on the assumptions.
I mean.
Then they may buy less in the first quarter and visa versa.
So it's a bit it may be a because misleading to try to to try to relate it directly I consider that they keep quick that's without providing any guidance in the numbers, which you cannot give I can say that they are growing nicely do they received it in.
Um, is the any kind of indication of like what kind of numbers you could be doing? Which is a big deal? I mean, what is your capacity based on royalties being paid every time that you basically sell a product to which you
Is there any kind of ballpark number or something like that?
In terms of the avid D growth, yes, definitely we take is exclusive into into account the <unk> X 115, and as we said we have enough cash for more than 30 sponsors to fund this way.
Uh, that would be question number one. Uh, question number two is, um, do you guys have any kind of a participation?
Our next question comes from John vendor with Zacks. Please proceed with your question.
The R&D growth during Phase 2 of the 115 is significant because you guys are looking at a full deck and a sizable Phase 2.
Great. Thanks for letting me ask another one.
The last question, maybe I wonder what your guys or what your thoughts are in terms of cash burn for 2026.
Which is actually pretty nice because you can move in, you can prove your, for your candidate, pretty nicely with that, but that's, that's costing a lot of money.
And how that might split between R&D and SG&A.
Oh no.
So as I said already we're not competing.
And also like that and so at this stage.
Okay, even for your costs.
Correct, but what we did say is that there is also a reply to the previous question. We said that we have enough fish for promoting sort of months and we of course, we have in mind that we are funding the <unk> phase.
Phase II plant.
Okay alright, thank you.
We have now reached the end of our question and answer session I would now like to turn the floor back over to your door for closing comments.
So thank you everybody for the time.
We'll keep updating you and we'd collect next quarter. Please.
Thank you.
This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.
So, I mean, I have a lot of other questions, but I'm going to stop at that so that you guys can have some some time to actually think think it over and, uh, and answer. Thank you. So sure. So, regarding the first question of field, and, uh, we are not providing guidelines as as noted and also, in terms of our Revenue, uh, you know, something we mentioned is that, uh, we are buying to the inventory. So if you look at the, if you look at the revenues, there is no direct link. Of course, there is a link, but there is no direct link between uh uh the revenues and the revenues of uh career for example. Because if K is buying to the inventory in the last quarter of 2024 just for the example, then they may buy less in the first quarter and and visa versa. Uh, so it's it's a bit, it's a bit. It may be a bit misleading to try to uh um to try to relate that directly I can tell you that they keep going that's without providing any guidelines and their numbers which you cannot give I can say that they are going nicely to
The way we see that in terms of the R&D Road, yes, definitely. We take, uh, uh, is expensive into into account the PRX, 1115? And, as we said, we have, uh, enough cash for more than 12 months and to find this trial,
Our next question comes from John Vander motion with Zach. Please, proceed with your question.
Great. Thanks for letting me ask another 1. Um, you know, the, the last question maybe, um, wonder what, uh, your your guide or what your thoughts are in terms of cash burn for 2026 and you know how that might uh split between R&D and sgna.
So as we said already on the, we are not. We cannot provide guidance for the upstage.
Okay, even for your costs.
Okay, but but what we did say is that uh, as I also, uh, replied to the previous question, we said that we have enough cash for uh, for more than 12 months. And we of course, we have in mind that we are funding the PRX 115.
Phase 2 trial.
Okay, all right. Thank you.
We have now reached the end of our question and answer.
Over the drawer for closing comments.
You and we will connect next quarter, please.
Thank you.
This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.