Protalix BioTherapeutics Inc (PLX, Financial) filed Quarterly Report for the period ended 2011-06-30.
Protalix Biotherapeutics Inc. has a market cap of $485.24 million; its shares were traded at around $5.88 with and P/S ratio of 43.16.
General and administrative expenses were $1.8 million for the three months ended June 30, 2011, an increase of $534,000, or 42%, from $1.3 million for the three months ended June 30, 2010. The increase resulted primarily from an increase of $299,000 in professional expenses and an increase of $169,000 in salaries expense.
Research and development expenses were $19.3 million for the six months ended June 30, 2011 and the six months ended June 30, 2010. The research and development expenses were partially offset by grants received from the OCS of approximately $1.7 million and reimbursement for certain expenses in accordance with the terms and conditions of the Pfizer agreement of $2.0 million during the six months ended June 30, 2011 compared to the grants of $1.7 million from the OCS, and the reimbursement from Pfizer of $733,000 in connection with certain expenses incurred during the six months ended June 30, 2010.
General and administrative expenses were $3.8 million for the six months ended June 30, 2011, an increase of $904,000, or approximately 31%, from $2.9 million for the six months ended June 30, 2010. The increase resulted primarily from an increase of $316,000 in salaries expense and an increase of $487,000 in professional fees.
Net cash used in operations was $8.8 million for the six months ended June 30, 2011. The net loss for the six months ended June 30, 2011 of $18.7 million decreased mainly due to a decrease of $2.0 million in accounts receivable and an increase in accounts payable and accruals of $4.8 million and $1.8 million in depreciation. Net cash used in investing activities for the six months ended June 30, 2011 was $4.1 million and consisted primarily of purchases of property and equipment. Net cash provided from financing activities was $20.9 million mainly due to the underwritten public offering of our common stock.
Net cash used in operations was $20.8 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.
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Protalix Biotherapeutics Inc. has a market cap of $485.24 million; its shares were traded at around $5.88 with and P/S ratio of 43.16.
Highlight of Business Operations:
Research and development expenses were $8.8 million for the three months ended June 30, 2011, a decrease of $1.6 million or 15%, from $10.3 million for the three months ended June 30, 2010. The decrease resulted primarily from a decrease of $1.4 million in materials and consumables. The decrease was partially offset by grants received from the Office of the Chief Scientist of the Israeli Ministry of Industry, Trade and Labor, the OCS, of approximately $816,000 and reimbursement for certain expenses in accordance with the terms and conditions of the Pfizer agreement of $633,000 during the three months ended June 30, 2011 compared to the grants of $480,000 from the OCS, and the reimbursement from Pfizer of $369,000 in connection with certain expenses incurred during the three months ended June 30, 2010.General and administrative expenses were $1.8 million for the three months ended June 30, 2011, an increase of $534,000, or 42%, from $1.3 million for the three months ended June 30, 2010. The increase resulted primarily from an increase of $299,000 in professional expenses and an increase of $169,000 in salaries expense.
Research and development expenses were $19.3 million for the six months ended June 30, 2011 and the six months ended June 30, 2010. The research and development expenses were partially offset by grants received from the OCS of approximately $1.7 million and reimbursement for certain expenses in accordance with the terms and conditions of the Pfizer agreement of $2.0 million during the six months ended June 30, 2011 compared to the grants of $1.7 million from the OCS, and the reimbursement from Pfizer of $733,000 in connection with certain expenses incurred during the six months ended June 30, 2010.
General and administrative expenses were $3.8 million for the six months ended June 30, 2011, an increase of $904,000, or approximately 31%, from $2.9 million for the six months ended June 30, 2010. The increase resulted primarily from an increase of $316,000 in salaries expense and an increase of $487,000 in professional fees.
Net cash used in operations was $8.8 million for the six months ended June 30, 2011. The net loss for the six months ended June 30, 2011 of $18.7 million decreased mainly due to a decrease of $2.0 million in accounts receivable and an increase in accounts payable and accruals of $4.8 million and $1.8 million in depreciation. Net cash used in investing activities for the six months ended June 30, 2011 was $4.1 million and consisted primarily of purchases of property and equipment. Net cash provided from financing activities was $20.9 million mainly due to the underwritten public offering of our common stock.
Net cash used in operations was $20.8 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.
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