Protalix BioTherapeutics, Inc. (NYSE American:PLX) reported its financial results for the third quarter and nine months ended September 30, 2026, in a filing dated November 10, 2026, disclosing increased revenues and net income alongside an update on its clinical and commercial programs.

Key Highlights

  • Q3 2026 net income: $4.0 million, or $0.05 per share basic and diluted, up from $2.4 million, or $0.03 per share, in Q3 2025.
  • Nine-month net income: $26.1 million, or $0.33 per share basic and $0.31 per share diluted, compared to a net loss of $1.1 million for the same period in 2025.
  • Year-to-date total revenues: $75.6 million for the nine months ended September 30, 2026, up from $43.6 million for the same period in 2025, an increase of $32.0 million.
  • Cash position: Cash, cash equivalents, and short-term bank deposits were $48.5 million as of September 30, 2026.
  • 2026 revenue guidance reaffirmed: Management expects total revenues of approximately $78.0 million to $83.0 million, including the $25.0 million milestone payment received from Chiesi in Q1 2026.
  • PRX-115 RELEASE study on track: Patient enrollment continues in the Phase 2 RELEASE study; top-line results are anticipated in the second half of 2027.
  • Elfabrio Brazil approval: Elfabrio received marketing authorization in Brazil for both the every-two-weeks and every-four-weeks dosing regimens during the quarter.

Protalix BioTherapeutics Third Quarter 2026 Financial and Clinical Results

According to the filing, revenues from selling goods were $21.8 million for the three months ended September 30, 2026, compared to $17.7 million for the same period in 2025, an increase of $4.1 million driven primarily by higher sales to Chiesi. For the nine months, revenues from selling goods reached $49.1 million, up from $43.1 million. Revenues from license and R&D services were $0.1 million for Q3 2026 and $26.5 million for the nine months, with the nine-month figure reflecting the $25.0 million milestone payment received from Chiesi in connection with the every-four-weeks dosage approval in the EU in Q1 2026.

The company reported cost of revenues of $7.9 million for Q3 2026 and $19.8 million for the nine months, compared to $8.3 million and $22.4 million for the same periods in 2025. Research and development expenses were $6.9 million for Q3 2026 and $16.7 million for the nine months, increases of $2.4 million and $2.8 million, respectively, over the prior-year periods, driven primarily by higher subcontractor-related expenses related to the RELEASE study. The filing noted a grant of $1.0 million for Q3 and $3.1 million for the nine months recorded as a reduction of R&D expenses under a new R&D law. SG&A expenses were $3.1 million for Q3 2026 and $9.2 million for the nine months.

The company disclosed that it has no outstanding debt or warrants. Tax expense was $0.7 million for Q3 2026 and $4.6 million for the nine months, with the filing attributing the nine-month amount primarily to taxes on income from global intangible low-taxed income (GILTI) and taxes related to the $25 million milestone payment. Financial income, net, was $0.6 million for Q3 and $0.8 million for the nine months, an increase attributed primarily to exchange rate fluctuations and higher interest income. Regarding PRX-115, the filing stated that Phase 1 data covering the 18 mg, 24 mg, and 36 mg cohorts were being presented at ACR Convergence 2026, with six participants per cohort receiving a single infusion and followed for 85 days.

What Was Disclosed

Protalix BioTherapeutics disclosed its Q3 and nine-month 2026 financial results, showing year-over-year growth in revenues and net income, reaffirmed full-year 2026 guidance, an update on the PRX-115 RELEASE Phase 2 study, and Elfabrio's marketing authorization in Brazil.