Protalix BioTherapeutics Inc (PLX, Financial) filed Quarterly Report for the period ended 2010-06-30.
Protalix Biotherapeutics Inc has a market cap of $562 million; its shares were traded at around $6.95 with and P/S ratio of 1479.1. PLX is in the portfolios of Jeremy Grantham of GMO LLC.
General and administrative expenses were $1.3 million for the three months ended June 30, 2010, an increase of $94,000, or 8%, from $1.2 million for the three months ended June 30, 2009 primarily due to an increase of $77,000 in salaries expense.
Research and development expenses were $19.4 million for the six months ended June 30, 2010, an increase of $8.1 million, or 72%, from $11.3 million for the six months ended June 30, 2009. The increase resulted primarily from an increase of $2.1 million in salaries, an increase of $2.0 million in materials expenses and an increase of $1.7 million in costs incurred by us related to consulting and subcontractors associated with research and development and an increase of $822,000 in costs related to our licensing and supply agreement with Pfizer for taliglucerase alfa The increase is the result of the increased number of clinical sites and patients enrolled in our ongoing clinical trials during 2010 in compared 2009 and of the increase in the number of projects we have initiated since the beginning of 2010. The increase was partially offset by grants of $1.7 million from the OCS during the six months ended June 30, 2010, a decrease of approximately $1.1 million, or 39%, compared to grants equal to $2.8 million received from the OCS during the six months ended June 30, 2009.
General and administrative expenses were $2.9 million for the six months ended June 30, 2010 an increase of $472,000, or approximately 20%, from $2.4 million for the six months ended June 30, 2009. The increase resulted primarily from an increase of $193,000 in salaries expense and an increase of $161,000 in professional fees.
Net cash used in operations was $20.7 million for the six months ended June 30, 2010. The net loss for the six months ended June 30, 2010 of $18.0 million increased due to a decrease of $2.3 million in deferred revenues, an increase of $1.7 million in accounts receivable and a decrease in accounts payable and accruals of $1.0 million but partially offset by $1.5 million in depreciation. Net cash used in investing activities for the six months ended June 30, 2010 was $5.5 million and consisted primarily of purchases of property and equipment.
Net cash used in operations was $9.3 million for the six months ended June 30, 2009. The net loss for the six months ended June 30, 2009 of $10.6 million was partially offset by $1.2 million of non-cash share-based compensation and $929,000 of depreciation expense. In addition, net loss increased by $1.1 million due to an increase in accounts receivable. Net cash used in investing activities for the six months ended June 30, 2009 was $4.2 million and consisted primarily of purchases of property and equipment. Net cash provided from financing activities for the six months ended June 30, 2009 was approximately $8,000, consisting of exercise price paid in connection with certain exercise of stock options.
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Protalix Biotherapeutics Inc has a market cap of $562 million; its shares were traded at around $6.95 with and P/S ratio of 1479.1. PLX is in the portfolios of Jeremy Grantham of GMO LLC.
Highlight of Business Operations:
Research and development expenses were $10.5 million for the three months ended June 30, 2010, an increase of $4.3 million, or 69%, from $6.2 million for the three months ended June 30, 2009. The increase resulted primarily from an increase of $728,000 in salaries and an increase of $2.4 million in costs related to consulting and subcontractors and the cost of materials associated with research and development activities and an increase of $528,000 in costs related to our licensing and supply agreement with Pfizer for taliglucerase alfa. The increase is the result of the increased number of clinical sites and patients enrolled in our ongoing clinical trials during the second quarter of 2010 when compared to the second quarter of 2009 and to the increase in the number of projects we have initiated since the beginning of 2010. The increase was partially offset by grants of $480,000 from the OCS during the three months ended June 30, 2010, a decrease of approximately $1.0 million, or 68%, compared to grants equal to $1.5 million received from the OCS during the three months ended June 30, 2009.General and administrative expenses were $1.3 million for the three months ended June 30, 2010, an increase of $94,000, or 8%, from $1.2 million for the three months ended June 30, 2009 primarily due to an increase of $77,000 in salaries expense.
Research and development expenses were $19.4 million for the six months ended June 30, 2010, an increase of $8.1 million, or 72%, from $11.3 million for the six months ended June 30, 2009. The increase resulted primarily from an increase of $2.1 million in salaries, an increase of $2.0 million in materials expenses and an increase of $1.7 million in costs incurred by us related to consulting and subcontractors associated with research and development and an increase of $822,000 in costs related to our licensing and supply agreement with Pfizer for taliglucerase alfa The increase is the result of the increased number of clinical sites and patients enrolled in our ongoing clinical trials during 2010 in compared 2009 and of the increase in the number of projects we have initiated since the beginning of 2010. The increase was partially offset by grants of $1.7 million from the OCS during the six months ended June 30, 2010, a decrease of approximately $1.1 million, or 39%, compared to grants equal to $2.8 million received from the OCS during the six months ended June 30, 2009.
General and administrative expenses were $2.9 million for the six months ended June 30, 2010 an increase of $472,000, or approximately 20%, from $2.4 million for the six months ended June 30, 2009. The increase resulted primarily from an increase of $193,000 in salaries expense and an increase of $161,000 in professional fees.
Net cash used in operations was $20.7 million for the six months ended June 30, 2010. The net loss for the six months ended June 30, 2010 of $18.0 million increased due to a decrease of $2.3 million in deferred revenues, an increase of $1.7 million in accounts receivable and a decrease in accounts payable and accruals of $1.0 million but partially offset by $1.5 million in depreciation. Net cash used in investing activities for the six months ended June 30, 2010 was $5.5 million and consisted primarily of purchases of property and equipment.
Net cash used in operations was $9.3 million for the six months ended June 30, 2009. The net loss for the six months ended June 30, 2009 of $10.6 million was partially offset by $1.2 million of non-cash share-based compensation and $929,000 of depreciation expense. In addition, net loss increased by $1.1 million due to an increase in accounts receivable. Net cash used in investing activities for the six months ended June 30, 2009 was $4.2 million and consisted primarily of purchases of property and equipment. Net cash provided from financing activities for the six months ended June 30, 2009 was approximately $8,000, consisting of exercise price paid in connection with certain exercise of stock options.
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