Detailed financial statements for Protalix BioTherapeutics, Inc. (PLX): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Protalix BioTherapeutics, Inc., a biopharmaceutical company, engages in the development, production, and commercialization of recombinant therapeutic proteins based on the ProCellEx plant cell-based protein expression system. The company provides Elelyso for the treatment of Gaucher disease; and Elfabrio for the treatment of adult patients with a confirmed diagnosis of Fabry disease.
Analysis Summary
Protalix BioTherapeutics, Inc. reported revenue of $52.7M in the most recent fiscal year, growing at a 5-year CAGR of -3.5%.
Trailing-twelve-month margins: gross margin 69.2%, operating margin 28.9%, net margin 23.5%.
At the current price of $2.68, PLX trades at a P/E of 11.12 and an ROE of 31.61%. Market capitalisation stands at $216M.
Balance sheet quality for PLX: current ratio of 2.5, net cash position of $22.0M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $9.2M | $21.1M | $34.2M | $54.7M | $62.9M | $38.4M | $47.6M | $65.5M | $53.4M | $52.7M |
| Cost of Revenue | $8.4M | $15.2M | $9.3M | $10.9M | $10.9M | $16.3M | $19.6M | $23.0M | $24.3M | $27.5M |
| Gross Profit | $801000 | $5.8M | $24.9M | $43.8M | $52.0M | $22.0M | $28.0M | $42.5M | $29.1M | $25.2M |
| Research & Development | $30.4M | $28.8M | $33.3M | $44.6M | $38.2M | $29.7M | $29.3M | $17.1M | $13.0M | $19.1M |
| Selling, General & Admin | $9.4M | $11.5M | $10.9M | $9.9M | $11.1M | $12.7M | $11.7M | $15.0M | $12.2M | $11.7M |
| Operating Expenses | $34.0M | $40.4M | $44.2M | $54.5M | $49.3M | $42.5M | $41.1M | $32.1M | $25.2M | $30.7M |
| Operating Income | -$33.2M | -$34.5M | -$19.3M | -$10.7M | $2.7M | -$20.5M | -$13.0M | $10.5M | $3.9M | -$5.5M |
| EBITDA | -$23.0M | -$71.8M | -$17.1M | -$8.7M | $4.5M | -$18.9M | -$10.8M | $12.9M | $6.5M | -$3.0M |
| Interest Expense | $4.2M | $9.7M | $7.7M | $8.0M | $9.7M | $7.5M | $2.5M | $3.2M | $1.1M | $1.2M |
| Pre-tax Income | -$29.2M | -$83.4M | -$26.5M | -$18.3M | -$6.5M | -$27.6M | -$14.4M | $8.6M | $4.2M | -$5.6M |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | $530000 | $254000 | $1.2M | $996000 |
| Net Income | -$29.4M | -$83.4M | -$26.5M | -$18.3M | -$6.5M | -$27.6M | -$14.9M | $8.3M | $2.9M | -$6.6M |
| EPS | $-0.29 | $-6.50 | $-1.80 | $-1.23 | $-0.22 | $-0.62 | $-0.31 | $0.12 | $0.04 | $-0.08 |
| EPS (Diluted) | $-0.29 | $-6.50 | $-1.80 | $-1.23 | $-0.22 | $-0.62 | $-0.31 | $0.10 | $0.04 | $-0.08 |
| Shares Outstanding (Diluted) | $101.4M | $13.1M | $14.7M | $14.8M | $29.1M | $44.1M | $48.5M | $82.4M | $81.1M | $78.5M |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $63.3M | $51.2M | $37.8M | $17.8M | $18.3M | $39.0M | $17.1M | $23.6M | $19.8M | $14.7M |
| Short-term Investments | 0 | 0 | 0 | 0 | $20.3M | 0 | $5.1M | $20.9M | $15.1M | $15.6M |
| Receivables | $693000 | $1.7M | $4.7M | $4.7M | $2.0M | $3.4M | $4.6M | $5.3M | $2.9M | $8.8M |
| Inventory | $5.2M | $7.8M | $8.6M | $8.2M | $13.1M | $18.0M | $16.8M | $19.0M | $21.2M | $25.7M |
| Total Current Assets | $71.9M | $62.7M | $53.0M | $32.5M | $55.7M | $61.7M | $44.9M | $69.9M | $60.1M | $66.7M |
| Property, Plant & Equipment | $8.7M | $7.7M | $6.4M | $10.9M | $10.4M | $9.9M | $9.6M | $10.9M | $10.0M | $12.6M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $82.2M | $72.2M | $61.1M | $45.4M | $67.9M | $73.7M | $55.8M | $84.4M | $73.4M | $82.3M |
| Accounts Payable | $4.0M | $7.5M | $5.2M | $6.5M | $7.2M | $7.0M | $5.9M | $4.3M | $4.5M | $5.3M |
| Short-term Debt | $53.9M | $5.9M | 0 | $4.3M | $58.5M | 0 | 0 | $21.7M | 0 | 0 |
| Total Current Liabilities | $66.2M | $22.8M | $25.4M | $40.2M | $86.5M | $33.2M | $32.4M | $45.5M | $25.6M | $26.5M |
| Long-term Debt | $23.6M | $46.3M | $48.0M | $51.0M | 0 | $27.9M | $28.2M | 0 | 0 | 0 |
| Total Liabilities | $92.2M | $103.5M | $114.0M | $115.7M | $95.0M | $79.7M | $66.4M | $50.9M | $30.2M | $34.1M |
| Retained Earnings | -$212.7M | -$297.9M | -$322.6M | -$340.8M | -$347.4M | -$374.9M | -$389.9M | -$381.5M | -$378.4M | -$385.0M |
| Total Equity | -$10.0M | -$31.3M | -$52.9M | -$70.3M | -$27.0M | -$6.0M | -$10.6M | $33.6M | $43.2M | $48.2M |
| Total Debt | $77.5M | $52.2M | $48.0M | $60.9M | $64.4M | $33.5M | $33.5M | $27.7M | $5.5M | $8.3M |
| Net Debt | $14.2M | $1.0M | $10.2M | $43.1M | $25.9M | -$5.5M | $11.3M | -$16.9M | -$29.3M | -$22.0M |
| Working Capital | $5.7M | $39.9M | $27.6M | -$7.7M | -$30.8M | $28.5M | $12.5M | $24.4M | $34.5M | $40.2M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$29.2M | -$85.3M | -$26.5M | -$18.3M | -$6.5M | -$27.6M | -$14.9M | $8.3M | $2.9M | -$6.6M |
| Depreciation & Amortization | $2.0M | $1.9M | $1.7M | $1.6M | $1.3M | $1.1M | $1.1M | $1.2M | $1.3M | $1.5M |
| Stock-based Compensation | $988000 | $337000 | $514000 | $835000 | $3.1M | $2.4M | $2.1M | $3.4M | $3.3M | $2.3M |
| Change in Working Capital | $1.1M | $29.1M | $13.5M | -$6.8M | -$27.1M | $9.9M | -$12.0M | -$10.5M | $811000 | -$10.1M |
| Operating Cash Flow | -$32.1M | -$10.0M | -$7.7M | -$19.4M | -$26.1M | -$10.3M | -$25.0M | -$1.3M | $8.7M | -$12.0M |
| Capital Expenditure | -$849000 | -$971000 | -$686000 | -$627000 | -$655000 | -$1.5M | -$628000 | -$1.1M | -$1.3M | -$1.6M |
| Acquisitions | $20000 | $3000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$32.9M | -$11.0M | -$8.4M | -$20.0M | -$26.8M | -$11.7M | -$25.6M | -$2.5M | $7.4M | -$13.6M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +129.1% | +62.4% | +59.7% | +15.0% | -39.0% | +24.2% | +37.5% | -18.5% | -1.2% | |
| Net Income Growth (YoY) | -184.1% | +68.3% | +30.9% | +64.3% | -322.8% | +45.9% | +155.7% | -64.7% | -325.2% | |
| EPS Growth (YoY) | -2141.4% | +72.3% | +31.7% | +82.1% | -181.8% | +50.0% | +138.7% | -66.3% | -308.2% | |
| Shares Change (YoY) | -87.1% | +12.2% | +0.8% | +96.4% | +51.4% | +9.8% | +70.0% | -1.7% | -3.1% | |
| FCF Growth (YoY) | +66.7% | +23.1% | -137.1% | -33.9% | +56.1% | -118.2% | +90.4% | +399.6% | -284.4% | |
| Gross Margin | 8.7% | 27.7% | 72.8% | 80.1% | 82.7% | 57.4% | 58.9% | 64.9% | 54.5% | 47.8% |
| Operating Margin | -360.5% | -163.8% | -56.4% | -19.6% | 4.3% | -53.4% | -27.3% | 16.0% | 7.3% | -10.4% |
| EBITDA Margin | -250.0% | -340.6% | -49.9% | -15.9% | 7.1% | -49.4% | -22.6% | 19.8% | 12.2% | -5.6% |
| Net Margin | -319.2% | -395.9% | -77.3% | -33.4% | -10.4% | -71.9% | -31.3% | 12.7% | 5.5% | -12.5% |
| FCF Margin | -358.2% | -52.0% | -24.6% | -36.5% | -42.5% | -30.6% | -53.8% | -3.8% | 13.8% | -25.8% |
| Effective Tax Rate | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -3.7% | 3.0% | 29.4% | -17.8% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-0.32 | $-0.84 | $-0.57 | $-1.35 | $-0.92 | $-0.27 | $-0.53 | $-0.03 | $0.09 | $-0.17 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $101.4M | $13.1M | $14.7M | $14.8M | $29.1M | $44.1M | $48.5M | $67.5M | $72.5M | $78.5M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | 31.61% |
| Return on Invested Capital | 23.33% |
| Return on Assets | 17.17% |
| Gross Margin | 69.20% |
| Operating Margin | 28.89% |
| Net Margin | 23.50% |
Financial Health
| Debt / Equity | 0.13 |
| Current Ratio | 2.94 |
| Piotroski F-Score | 1 |
| Altman Z-Score | -3.05 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -15.34 | -1.02 | -1.73 | -2.67 | -16.50 | -1.34 | -4.42 | 14.83 | 46.53 | -21.40 |
| P/B | -45.31 | -2.77 | -0.87 | -0.69 | -3.91 | -6.08 | -6.24 | 3.58 | 3.16 | 2.93 |
| P/S | 49.05 | 4.11 | 1.34 | 0.89 | 1.68 | 0.96 | 1.39 | 1.83 | 2.55 | 2.68 |
| Gross Margin | 8.7% | 27.7% | 72.8% | 80.1% | 82.7% | 57.4% | 58.9% | 64.9% | 54.5% | 47.8% |
| Operating Margin | -360.5% | -163.8% | -56.4% | -19.6% | 4.3% | -53.4% | -27.3% | 16.0% | 7.3% | -10.4% |
| Net Margin | -319.2% | -395.9% | -77.3% | -33.4% | -10.4% | -71.9% | -31.3% | 12.7% | 5.5% | -12.5% |
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