Protalix BioTherapeutics makes plant cell-grown enzyme therapies: Elfabrio for Fabry disease, sold by Chiesi, and Elelyso for Gaucher disease, sold by Pfizer; PRX-115 for gout is in Phase 2.
Protalix earns revenue by making Elfabrio for Chiesi, which sells it for Fabry disease, and Elelyso for Pfizer. Revenue from goods rose to $19.8 million in the second quarter, and a $25 million milestone for EU every-four-weeks dosing lifted first-half net income to $22.1 million. Protalix guides 2026 revenue to $78 to $83 million. With $40.7 million and no debt, it funds the PRX-115 Phase 2 gout trial, with topline results in the second half of 2027.
Thesis checklist
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Why it is in this state
The evidence, what would weaken it and the source filing
Why it is in this state
The evidence, what would weaken it and the source filing
Why it is in this state
The evidence, what would weaken it and the source filing
Next decision point
Tests: PRX-115 succeeds in Phase 2
Does PRX-115 keep uric acid low with less frequent dosing and few losses of response?
Strong, inconclusive and weak outcomes
What to look for in the result and how each would move the checklist
Price and material events
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Protalix is profitable this year on Elfabrio sales and a $25 million Chiesi milestone
Elfabrio's E4W approval differentiates PLX in Fabry disease, but sustainable revenue growth hinges on converting the dosing advantage into durable market share gains
About this history: every entry shows when the Thesis moved and what it said. The reasoning behind each move (the evidence, the analysis and the source filing) and the earnings write-ups are part of a subscription.
Dates, trials and completed outcomes are open to everyone. What each upcoming milestone hinges on is part of a subscription.
Disease areas: Kidney diseases, Autoimmune and inflammatory diseases, Rare genetic and metabolic diseases
Catalyst calendar · Upcoming FDA decisions · Thesis changes
Competitive landscape
1 peers tracked
Cash: Market-data provider estimate; measurement period unavailable.
Debt: Market-data provider estimate; a complete comparable filing balance is unavailable.
Quarterly burn: Estimated from trailing free cash flow; measurement period unavailable.
Net cash and estimated runway require verified matching measurement periods. Missing debt components are not assumed to be zero.
Runway: No underlying guidance available.