Protalix BioTherapeutics Inc (PLX, Financial) filed Quarterly Report for the period ended 2010-09-30.
Protalix Biotherapeutics Inc has a market cap of $790.22 million; its shares were traded at around $9.77 with and P/S ratio of 2079.52. PLX is in the portfolios of Stanley Druckenmiller of Duquesne Capital Management, LLC, Steven Cohen of SAC Capital Advisors.
Research and development expenses were $4.4 million for the three months ended September 30, 2010, a decrease of $1.6 million, or 27.0%, from $6.0 million for the three months ended September 30, 2009. The decrease resulted primarily from our capitalization of certain expenses into approximately $5.1 million of inventory, which was recognized on September 30, 2010 for the first time. The decrease was partially offset as the result of the increased number of clinical sites and patients enrolled in our ongoing clinical trials during the three months ended September 30, 2010 when compared to the three months ended September 30, 2009, and to the increase in the number of projects we have initiated since the beginning of 2010. The decrease was partially offset by grants of $894,000 from the Office of the Chief Scientist of the Israeli Ministry of Industry, Trade and Labor, or the OCS, during the three months ended September 30, 2010, a decrease of approximately $529,000, or 38%, compared to grants equal to $1.4 million received from the OCS during the three months ended September 30, 2009.
We recorded revenues of $5.5 million during the nine months ended September 30, 2010. The revenues include the pro rata amortization of the $60.0 million upfront payment and $5.0 million milestone payment we received in connection with our license and supply agreement with Pfizer of approximately $3.4 million. In addition, the revenues include approximately $2.1 million that represents the cost we incurred in connection with the vials of taliglucerase alfa delivered to Pfizer under the Pfizer Agreement. No revenues were recorded during the nine months ended September 30, 2009.
Research and development expenses were $23.0 million for the nine months ended September 30, 2010, an increase of $5.7 million, or 32.9% from $17.3 million for the nine months ended September 30, 2009. The increase resulted from the increased number of clinical sites and patients enrolled in our ongoing clinical trials during 2010, when compared to 2009, and the increase in the number of projects we have initiated since the beginning of 2010. The increase was partially offset by the capitalization of certain expenses into approximately $5.1 million of inventory which was recognized on September 30, 2010 for the first time. The increase was also partially offset by grants of $2.6 million from the OCS during the nine months ended September 30, 2010, a decrease of approximately $1.6 million, or 38.1%, compared to grants equal to $4.2 million received from the OCS during the nine months ended September 30, 2009.
Net cash used in operations was $30.4 million for the nine months ended September 30, 2010. The net loss for the nine months ended September 30, 2010 of $20.5 million increased primarily from an increase of $5.1 million in inventories and an increase of $6.7 million in accounts receivable, and a decrease of $3.4 million in deferred revenues, but partially offset by $2.2 million in depreciation and $2.1 million increase in accounts payable. Net cash used in investing activities for the nine months ended September 30, 2010 was $6.9 million and consisted primarily of purchases of property and equipment.
Net cash used in operations was $14.7 million for the nine months ended September 30, 2009. The net loss for the nine months ended September 30, 2009 of $16.5 million was partially offset by $2.0 million of non-cash share-based compensation and $1.4 million of depreciation expense. In addition, net loss increased due to an increase of $1.7 million in accounts receivable. Net cash used in investing activities for the nine months ended September 30, 2009 was $5.6 million and consisted primarily of purchases of property and equipment. Net cash provided from financing activities for the nine months ended September 30, 2009 was approximately $200,000, 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 $790.22 million; its shares were traded at around $9.77 with and P/S ratio of 2079.52. PLX is in the portfolios of Stanley Druckenmiller of Duquesne Capital Management, LLC, Steven Cohen of SAC Capital Advisors.
Highlight of Business Operations:
We recorded revenues of $3.2 million during the three months ended September 30, 2010. The revenues include the pro rata amortization of the $60.0 million upfront payment and $5.0 million milestone payment we received in connection with our license and supply agreement with Pfizer of $1.1 million. In addition, the revenues include approximately $2.1 million that represents the cost we incurred in connection with the taliglucerase alfa vials delivered to Pfizer under the Pfizer Agreement. No revenues were recorded during the three months ended September 30, 2009.Research and development expenses were $4.4 million for the three months ended September 30, 2010, a decrease of $1.6 million, or 27.0%, from $6.0 million for the three months ended September 30, 2009. The decrease resulted primarily from our capitalization of certain expenses into approximately $5.1 million of inventory, which was recognized on September 30, 2010 for the first time. The decrease was partially offset as the result of the increased number of clinical sites and patients enrolled in our ongoing clinical trials during the three months ended September 30, 2010 when compared to the three months ended September 30, 2009, and to the increase in the number of projects we have initiated since the beginning of 2010. The decrease was partially offset by grants of $894,000 from the Office of the Chief Scientist of the Israeli Ministry of Industry, Trade and Labor, or the OCS, during the three months ended September 30, 2010, a decrease of approximately $529,000, or 38%, compared to grants equal to $1.4 million received from the OCS during the three months ended September 30, 2009.
We recorded revenues of $5.5 million during the nine months ended September 30, 2010. The revenues include the pro rata amortization of the $60.0 million upfront payment and $5.0 million milestone payment we received in connection with our license and supply agreement with Pfizer of approximately $3.4 million. In addition, the revenues include approximately $2.1 million that represents the cost we incurred in connection with the vials of taliglucerase alfa delivered to Pfizer under the Pfizer Agreement. No revenues were recorded during the nine months ended September 30, 2009.
Research and development expenses were $23.0 million for the nine months ended September 30, 2010, an increase of $5.7 million, or 32.9% from $17.3 million for the nine months ended September 30, 2009. The increase resulted from the increased number of clinical sites and patients enrolled in our ongoing clinical trials during 2010, when compared to 2009, and the increase in the number of projects we have initiated since the beginning of 2010. The increase was partially offset by the capitalization of certain expenses into approximately $5.1 million of inventory which was recognized on September 30, 2010 for the first time. The increase was also partially offset by grants of $2.6 million from the OCS during the nine months ended September 30, 2010, a decrease of approximately $1.6 million, or 38.1%, compared to grants equal to $4.2 million received from the OCS during the nine months ended September 30, 2009.
Net cash used in operations was $30.4 million for the nine months ended September 30, 2010. The net loss for the nine months ended September 30, 2010 of $20.5 million increased primarily from an increase of $5.1 million in inventories and an increase of $6.7 million in accounts receivable, and a decrease of $3.4 million in deferred revenues, but partially offset by $2.2 million in depreciation and $2.1 million increase in accounts payable. Net cash used in investing activities for the nine months ended September 30, 2010 was $6.9 million and consisted primarily of purchases of property and equipment.
Net cash used in operations was $14.7 million for the nine months ended September 30, 2009. The net loss for the nine months ended September 30, 2009 of $16.5 million was partially offset by $2.0 million of non-cash share-based compensation and $1.4 million of depreciation expense. In addition, net loss increased due to an increase of $1.7 million in accounts receivable. Net cash used in investing activities for the nine months ended September 30, 2009 was $5.6 million and consisted primarily of purchases of property and equipment. Net cash provided from financing activities for the nine months ended September 30, 2009 was approximately $200,000, consisting of exercise price paid in connection with certain exercise of stock options.
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