美國
證券和交易委員會
華盛頓特區 20549
表格
(標記一)
支持 截至季度末
或者
過渡期從
(委託文件編號)
(根據其章程規定的註冊人準確名稱)
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(所在州或其他司法管轄區) 成立或組織 | (IRS僱主 如果是新興成長型公司,請勾選表示註冊人選擇不使用延長過渡期來遵守根據《交易所法》第13(a)條規定提供的任何新財務及審計準則。 ☐ |
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(主要行政辦公室地址) | (郵政編碼) |
(
(註冊人電話號碼,包括區號)
不適用
(如自上次報告以來發生更改,則包括更名、更改地址及更改財政年度)
根據證券法第12(b)條註冊的證券:
每一類的名稱 | 交易標誌 | 在其上註冊的交易所的名稱 | ||
請在以下方框內打勾:(1) 在過去的12個月內(或者在註冊公司需要提交此類報告的較短時期內),公司已經提交了根據證券交易法1934年第13或15(d)條規定需要提交的所有報告;以及 (2) 在過去的90天內,公司一直受到了此類報告提交的要求。
請用複選標誌指示報告人是否在過去的12個月內(或報告人需要提交這類文件的較短時期內)按照《S-t法規》第405條規定提交了每個互動數據文件。
勾選表示申報人是大型加速提交人、加速提交人、非加速提交人、較小報告公司或新興成長公司。詳見《交易所法》120億.2規則中「大型加速提交人」、「加速提交人」、「較小報告公司」和「新興成長公司」的定義。
大型加速報告人 | ☐ | 加速文件提交人 | ☐ |
⌧ | 較小的報告公司 | ||
新興成長公司 |
如果是新興成長型企業,請勾選是否選擇不使用按照《證券交易法》第13(a)條規定的新或修訂財務會計準則的過渡期。 ◻
請在選項前打勾表示該註冊公司是外殼公司(定義在《證券交易法》規則120億.2條款中)。是
截至2024年11月1日,約
第I部分-財務信息
項目1:基本報表
protalix biotherapeutics
簡明合併資產負債表
(千美元)
(未經審計)
| 2024年9月30日 |
| 2023年12月31日 | ||||
資產 | |||||||
流動資產: | |||||||
現金及現金等價物 | $ | | $ | | |||
開空期銀行存款 | - | | |||||
Accounts receivable – Trade |
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其他資產 |
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庫存 |
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總流動資產 | $ | | $ | | |||
非流動資產: | |||||||
養老時員工權益的基金 | $ | | $ | | |||
房地產和設備,淨額 |
| |
| | |||
遞延所得稅資產 | | | |||||
資產:租賃資產 |
| |
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資產總額 | $ | | $ | | |||
負債和股東權益 |
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流動負債: |
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應付賬款及預計費用: |
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交易 | $ | | $ | | |||
其他 |
| |
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營業租賃負債 |
| |
| | |||
轉換票據 | - | | |||||
流動負債合計 | $ | | $ | | |||
長期負債: |
|
|
| ||||
養老時員工權益的負債 | $ | | $ | | |||
經營租賃負債 |
| |
| | |||
總長期負債 | $ | | $ | | |||
總負債 | $ | | $ | | |||
承諾 | |||||||
股東權益 | | | |||||
負債和股東權益合計 | $ | | $ | |
附註是這份簡明合併財務報表的不可分割部分。
2
protalix biotherapeutics
簡明綜合經營表
(以千美元計,除股份和每股數據外)
(未經審計)
截至九個月 | 截至三個月 | ||||||||||
2024年9月30日 |
| 2023年9月30日 |
| 2024年9月30日 |
| 2023年9月30日 | |||||
銷售商品收入 | $ | | $ | | $ | | $ | | |||
許可和研發服務收入 |
| |
| |
| |
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營業收入合計 | | | | | |||||||
營業成本 |
| ( |
| ( |
| ( |
| ( | |||
研發費用 |
| ( |
| ( |
| ( |
| ( | |||
銷售、一般和管理支出 |
| ( |
| ( |
| ( |
| ( | |||
營業額(虧損) |
| ( |
| |
| |
| ( | |||
財務費用 |
| ( |
| ( |
| ( |
| ( | |||
財務收入 |
| |
| |
| |
| | |||
淨財務收入(費用) |
| |
| ( |
| ( |
| | |||
稅前稅前利潤(損失) | ( | | | ( | |||||||
所得稅 | ( | ( | ( | ( | |||||||
淨利潤(虧損) | $ | ( | $ | | $ | | $ | ( | |||
普通股每股盈利(虧損): | |||||||||||
BASIC | $ | ( | $ | | $ | | $ | ( | |||
稀釋的 | $ | ( | $ | | $ | | $ | ( | |||
普通股加權平均股份 | |||||||||||
用於計算每股盈利(虧損): | |||||||||||
基本 |
| |
| |
| |
| | |||
稀釋 |
| |
| |
| |
| |
附註是這份簡明合併財務報表的不可分割部分。
3
protalix biotherapeutics
簡明合併變動表
股東權益(資本不足)
(以千美元爲單位,除股份數據外)
(未經審計)
|
|
| 附加 |
|
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| ||||||||
常見 | 常見 | 實繳資本 | 累計 | |||||||||||
股票 (1) | 股票 | 資本 | 虧損 | 總計 | ||||||||||
數量 | ||||||||||||||
| 股份 | 金額 | ||||||||||||
2023年1月1日的餘額 |
| | $ | | $ | | $ | ( | $ | ( | ||||
截至2023年9月30日的九個月期間的變更: |
|
|
|
|
|
|
|
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| |||||
根據銷售協議發行的普通股,淨值 |
| | | | | |||||||||
可轉換票據轉換 | | | | | ||||||||||
與股票期權相關的基於股份的薪酬 | | | ||||||||||||
與限制性股票獎勵相關的股份基報酬 | | | | | ||||||||||
行使權證 | | * | | | ||||||||||
本期的淨利潤 |
|
|
|
| |
| | |||||||
2023年9月30日餘額 |
| | $ | | $ | | $ | ( | $ | | ||||
2024年1月1日的餘額 |
| | $ | | $ | | $ | ( | $ | | ||||
截至2024年9月30日的九個月期間的變更: |
|
|
|
|
|
|
|
|
|
| ||||
ASU 2020-06 的初步採用 | ( | | ( | |||||||||||
與期權相關的基於股份的補償 |
|
|
| |
|
| | |||||||
與限制性股票獎勵相關的股份獎勵補償 |
| | | | ||||||||||
本期淨虧損 |
|
|
| ( | ( | |||||||||
2024年9月30日的餘額 |
| | $ | | $ | | $ | ( | $ | | ||||
2023年6月30日的餘額 | | $ | | $ | | $ | ( | $ | | |||||
截至2023年9月30日的三個月期間的變化: | ||||||||||||||
與期權相關的股票分享補償 | | | ||||||||||||
與限制性股票獎勵相關的股份基礎補償 | | | | |||||||||||
本期淨虧損 | ( | ( | ||||||||||||
2023年9月30日餘額 | | $ | | $ | | $ | ( | $ | | |||||
2024年6月30日的餘額 | | $ | | $ | | $ | ( | $ | | |||||
截至2024年9月30日的三個月期間的變動如下: | ||||||||||||||
與期權相關的基於股份的薪酬 | | | ||||||||||||
與限制性股票獎勵相關的股份基礎薪酬 | | | | |||||||||||
本期的淨利潤 | | | ||||||||||||
截至2024年9月30日的餘額 | | $ | | $ | | $ | ( | $ | |
*表示金額少於1美元。
(1)
附註是這份簡明合併財務報表的不可分割部分。
4
protalix biotherapeutics
現金流量表簡明綜合報表
(千美元)
(未經審計)
截至九個月 | |||||||
| 2024年9月30日 |
| 2023年9月30日 | ||||
經營活動產生的現金流量: |
|
|
|
| |||
淨利潤 | $ | ( | $ | | |||
調整記錄以調和淨利潤(虧損)與經營活動提供的淨現金 |
|
| |||||
基於股份的補償 |
| |
| | |||
折舊 |
| |
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財務費用(收益),淨額 |
| |
| ( | |||
員工退休權益應計責任的變動 |
| |
| ( | |||
遞延所得稅資產的變動 | | ( | |||||
養老金融資員工權益的增益 |
| ( |
| ( | |||
固定資產出售收益 |
| ( | - | ||||
可轉換票據轉換收益 | - | ( | |||||
債務發行成本和債務折扣的攤銷 | - | | |||||
運營資產和負債的變化: |
|
| |||||
合同責任減少 |
| - |
| ( | |||
應收賬款-商品和其他資產的減少(增加) |
| |
| ( | |||
經營租賃權利資產淨變動 |
| |
| | |||
存貨減少(增加) |
| |
| ( | |||
應付賬款及預提款的增加(減少) |
| ( |
| | |||
經營活動產生的淨現金流量 | $ | | $ | ( | |||
投資活動產生的現金流量: |
|
| |||||
銀行存款投資 | $ | ( | |||||
短期存款提取 | $ | | | ||||
購置固定資產等資產支出 | ( | ( | |||||
出售固定資產的收益 | | - | |||||
養老金支出資金淨額 |
| ( |
| ( | |||
投資活動產生的淨現金流量 | $ | | $ | ( | |||
籌資活動產生的現金流量: | |||||||
可轉換票據贖回付款 | $ | ( | |||||
根據銷售協議發行普通股的淨收益 | - | $ | | ||||
行使權證 | - | | |||||
籌集資金的淨現金流量 | $ | ( | $ | | |||
現金及現金等價物的匯率變動影響 | $ | ( | $ | ( | |||
現金及現金等價物淨增加額 |
| |
| | |||
期初現金及現金等價物餘額 |
| |
| | |||
期末現金及現金等價物餘額 | $ | | $ | |
附註是這份簡明合併財務報表的不可分割部分。
5
6
註釋1 - 重要會計政策
a. | General |
Protalix biotherapeutics, Inc.(與其子公司統稱爲「公司」)及其全資子公司Protalix Ltd.和Protalix b.V.(統稱爲「子公司」)是專注於開發和商業化基於公司專有ProCellEx的重組治療蛋白的生物製藥公司。® 蛋白表達系統(「ProCellEx」)。迄今爲止,公司已成功開發了兩種酶替代療法(ERTs);Elfabrio® (pegunigalsidase alfa),用於治療確診爲法布里病的成年患者,及Elelyso® (taliglucerase alfa),用於治療高雪氏病的成年患者。Elfabrio,在開發階段公司稱其爲PRX-102,已獲得美國、歐盟、英國、瑞士、秘魯和以色列的市場營銷批准。公司已與Chiesi Farmaceutici S.p.A.(「Chiesi」)合作開發和商業化Elfabrio。
公司已向輝瑞(「Pfizer」)授權在全球(巴西除外)商業化Elelyso,在巴西則授權給巴西健康部的下屬機構奧斯瓦爾多·克魯茲基金會(「Fiocruz」)。Elelyso在巴西以BioManguinhos alfataliglicerase的名稱進行市場銷售。
公司致力於利用其成功的業績,推進稀有和孤兒疾病治療的開發。此外,公司不斷致力於進一步發展其ProCellEx科技和生物反應器系統。因此,公司開始關注新的早期產品候選藥物,治療在療效和安全性方面有很高未滿足需求的指徵,包括腎臟疾病。感興趣的治療將同時解決遺傳和非遺傳疾病。公司打算利用其ProCellEx平台和聚乙烯醇化能力,以及其他模式如小分子和抗體,利用高度創新的機會。公司還在探索新型平台技術。
2023年5月5日,歐盟委員會(「EC」)宣佈已批准Elfabrio的市場授權申請(「MAA」),而2023年5月9日,美國食品藥品監督管理局(「FDA」)宣佈已批准Elfabrio的生物製品許可證申請(「BLA」),均針對確診爲法布里病的成年患者。這兩項批准均涵蓋每兩週1 mg/kg的劑量。歐洲藥品管理局(「EMA」)的批准是在2023年2月EMA人用藥品委員會(「CHMP」)對Elfabrio的正面意見及市場授權推薦通過之後發佈的。Elfabrio獲得FDA批准時附帶了針對過敏反應/過敏性休克的箱警告,符合酶替代療法(ERT)類別標籤,並提供對臨床研究中觀察到的過敏和輸注相關反應的跡象和症狀的警告/預防措施,以及在發生此類事件時管理這些事件的治療方案。針對膜增殖性腎小球腎炎(MPGN)的警告/預防措施提醒處方醫生注意MPGN的可能性,並提供適當的患者管理指導。總體而言,FDA審核團隊認爲,在法布里病作爲一種稀有、嚴重的疾病且治療選擇有限,可能並不適合所有患者的背景下,Elfabrio的效益風險對確診法布里病的成年人是有利的。
公司已與Memorial Sloan Kettering Cancer Center(MSK)簽訂了
Elfabrio是一個III期臨床試驗項目的主題,該項目研究這種藥物作爲Fabry病患者的治療,這是一種罕見的遺傳性溶酶體疾病。III期臨床項目包括三個獨立的研究,稱爲 BALANCE 研究, BRIDGE 研究和 BRIGHT study. The phase III clinical program analyzed two potential dosing regimens: 1 mg/kg every two weeks and 2 mg/kg every four weeks. In addition, the phase III clinical program included two extension studies in which subjects that participated in the Company’s phase I/II clinical trials and phase III clinical trials had the opportunity to enroll and continue to be treated with PRX-102. As of March 1, 2023, sponsorship
7
兩個開放標籤擴展研究中的一個已轉移給Chiesi,目前由其管理擴展研究。隨着Elfabrio在不同管轄區的獲批上市,參與者會不時退出開放標籤擴展研究。大多數參與者轉移到商業環境中,其他人因其他原因退出。
2022年11月9日,Elfabrio治療成人Fabry病患者的藥品上市申請(BLA)已重新提交給FDA。Elfabrio的初始BLA於2020年5月27日提交至FDA,採用FDA的加速審批路徑,但最終收到了一封完整應答信(CRL)。
該藥品授權申請(MAA)已於2022年2月7日提交至EMA,此前公司於2021年10月8日與Chiesi在EMA的報告人和共同報告人舉行的會議上進行了討論,涉及PRX-102。
FDA已公開發布Elfabrio(pegunigalsidase alfa-iwxj)注射劑BLA 761161的內部審查文件。這些文件提供了關於FDA在2023年5月批准決策依據的先前未披露的額外信息。特別是,FDA認定,Elfabrio在Fabry患者中有效性的重要證據是通過一項足夠且良好的控制研究(研究Pb-102-F01/02)建立的,確認性證據由以下內容提供。 BALANCE 研究(也稱爲研究 Pb-102-F20)。FDA審核團隊還得出結論, 平衡 研究達到了其主要療效終點,評估了在104周內eGFR(估計腎小球過濾率)的年化變化率。然而,FDA還確定,來自於 平衡 研究的結果不支持與比較產品的非劣效聲Claim,因爲缺乏支持非劣效邊際的數據。
公司持續評估潛在的戰略營銷合作伙伴關係以及與生物技術和藥品公司及學術研究機構的合作項目。除了Elfabrio和Elelyso,公司擁有其其他專有開發藥物候選品的全球商業化權利。
公司目前的產品管道包括,其他候選品:
在任何國家獲得任何產品候選的市場批准,取決於公司實施獲得此類批准所需的必要監管步驟的能力,並證明其產品候選的安全性和有效性。公司無法合理預測這些活動的結果。
在2024年3月,公司啓動了PRX-115的第一階段人體試驗。該研究包括64名成年男性和女性受試者,採用劑量遞增設計,分爲八個連續的劑量分組,每組由八名受試者(六名接受藥物,兩名安慰劑)組成。截至2024年9月30日,數據已鎖定,並正在進行分析。公司計劃在即將召開的科學會議上公佈結果。此外,公司已開始爲PRX-115的第二階段臨床試驗做準備,預計將在2025年下半年開始。
在2021年7月2日,公司與H.C. Wainwright & Co., LLC簽署了市場交易協議(「2021銷售協議」),作爲公司的銷售代理(「代理」),該協議於2022年5月2日進行了修訂。根據2021銷售協議的條款,公司能夠通過代理不時出售最大總髮行價格爲$的普通股,面值$
8
在截至2023年3月31日的季度結束的2021年銷售協議期限內,公司共售出了
2023年2月27日,公司與代理商簽訂了市場發行協議(「2023年銷售協議」)。根據2023年銷售協議的條款,公司可以不時通過代理出售總髮行價不超過$的aTm股票
根據Chiesi美國前協議和Chiesi美國協議(統稱爲 「Chiesi協議」)的每一項協議,Chiesi向Protalix Ltd.預先支付了美元
2021年5月13日,公司與基耶西簽署了一份具有約束力的條款表,根據該條款,公司和基耶西修訂了基耶西協議,以向公司提供短期資本。基耶西同意賺一美元
根據兩項Chiesi協議的條款,Protalix Ltd.必須生產協議所需的所有Elfabrio藥物物質,但有某些例外情況,Chiesi將根據某些條款和條件從Protalix購買Elfabrio藥品產品。Protalix Ltd.的對價基於供應給Chiesi的藥品以及該藥品在相關地區的平均銷售價格乘以相關協議中描述的分級付款。根據Chiesi除美協議,應向公司支付的藥品價格基於以下範圍
2022年8月29日,公司與Chiesi簽訂了填寫/完成協議(「F/F協議」)和書面協議(「信函協議」)。該公司同意向Chiesi提供與商業填充/精加工服務相關的pegunigalsidase alfa藥物物質。根據F/F協議,繼相關的技術和技術信息轉讓活動之後,Chiesi同意除其他外,爲公司提供pegunigalsidase alfa的商業填充/精加工服務,包括支持預期的pegunigalsidase alfa全球推出。除非根據F/F協議的條款提前終止,否則F/F協議的有效期將持續到2025年12月31日,並且可以通過雙方協議將該期限再延長一段時間
自獲得美國食品藥品管理局批准以來,輝瑞一直根據Protalix Ltd.與輝瑞之間達成的獨家許可和供應協議(此處稱爲《輝瑞協議》)銷售taliglucerase alfa。2015年10月,Protalix Ltd.和輝瑞簽訂了經修訂的獨家許可和供應協議,此處稱爲經修訂的輝瑞協議,根據該協議,公司將其在輝瑞協議下爲Elelyso商業化而建立的合作中的股份出售給了輝瑞。作爲出售的一部分,該公司同意將其對以色列Elelyso的權利轉讓給輝瑞,同時獲得其在巴西的全部權利。根據經修訂的輝瑞協議,輝瑞有權獲得所有收入,並負責
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2013年6月18日,公司與Fiocruz簽署了一份供應和技術轉讓協議(「巴西協議」),用於BioManguinhos alfataliglicerase。到目前爲止,Fiocruz對BioManguinhos alfataliglicerase的採購明顯低於某些約定的採購里程碑,因此,公司有權終止巴西協議。儘管有終止權利,但目前公司仍在繼續向Fiocruz提供BioManguinhos alfataliglicerase,患者仍在巴西接受BioManguinhos alfataliglicerase治療。
由於公司的業務在以色列進行,業務和運營可能會直接受到以色列的經濟、政治、地緣政治和軍事條件的影響。2023年10月,哈馬斯恐怖分子從加沙地帶潛入以色列南部邊境,並對平民和軍事目標進行了一系列攻擊。哈馬斯還在以色列與加沙地帶邊界以及以色列其他地區的人口和工業中心發動了大規模的火箭襲擊,襲擊了許多平民和軍事目標。與此同時,以色列與黎巴嫩真主黨之間的衝突加劇。作爲回應,以色列安全內閣宣佈對哈馬斯宣戰,並對這些恐怖組織展開了軍事行動,與此同時他們不斷進行火箭和恐怖襲擊。此外,哈馬斯和真主黨的襲擊以及以色列的防禦措施可能導致更大規模區域衝突。自戰爭爆發以來,包括伊朗在內的其他區域行動者採取了針對以色列的軍事行動。目前無法預測持續衝突的持續時間或嚴重程度,以及對公司業務、運營和財務狀況的影響。持續的衝突正在迅速發展,可能會干擾公司的某些業務和運營,等等。公司已選擇在以色列境內外多個位置存儲製造的藥物物質,以減輕由軍事行動造成的損失風險。截至這些基本財務報表的發佈,戰爭尚未對公司的運營產生不利影響。
公司預計由於與產品候選人相關的研發工作,未來將繼續承擔大額支出。公司認爲,截至2024年9月30日的現金及現金等價物足以滿足公司至少在這些財務報表發佈之日起12個月內的資本需求。
b. | 做法的基礎 |
根據美國通用會計準則(「GAAP」)編制了本公司附屬的未經審計的簡明綜合財務報表,供中期財務信息使用。因此,它們不包括GAAP要求的年度財務報表所需的所有信息和附註。在管理層看來,對於所呈現的中期期間的結果,已包括了認爲必要的所有(屬於正常經常性範圍內的)調整。中期業績不一定可以反映全年可能預期到的結果。
這些未經審計的簡明綜合財務報表應與公司提交給美國證券交易委員會(「委員會」)的年度10-K表格中截至2023年12月31日的經審計的綜合財務報表一起閱讀。2023年12月31日的比較資產負債表源自該日期的審計財務報表。除了下文所述的可轉換票據,截至2023年12月31日的年度綜合財務報表中對我們主要會計政策沒有實質性變化。
c. | 每股收益(虧損) |
每股基本盈利(虧損)是通過將淨利潤(虧損)除以每個期間內流通普通股的加權平均股數來計算的。
稀釋每股盈利是通過將淨利潤除以增加到包括可能帶稀釋效果的股票的加權平均流通普通股數來計算的。
在計算攤薄每股收益時,基本每股收益會進行調整,以考慮潛在的稀釋可能發生的情況:(i) 在員工股票報酬計劃下授予期權的行使,使用庫存
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股票方法;(ii)使用庫藏股期權行使權利;和(iii)使用「如已轉換」方法轉換可轉換票據。
d. | 轉換票據 |
2024年9月,公司全額償還了其下的所有未償本金和利息
在2024年1月1日之前,公司根據財務會計準則委員會(FASB)會計準則寶典(「ASC」)815所規定的指導,對其未償付可轉換票據進行覈算,該指導要求公司判斷嵌入式轉股選擇權是否必須與適用票據工具的其他特徵分開覈算並單獨計入賬務。涉及債務轉股和其他選擇的ASC 470-20要求,可以在轉股時以現金結算的可轉換債務工具的發行人,單獨覈算工具的負債(債務)和權益(轉股選擇權)組成部分,以反映發行人的非可轉換債務借款利率。 公司未償付的2024年票據被覈算爲負債(債務)和權益組成部分(轉股選擇權),因爲可轉換票據在轉換時公司可以選擇全部或部分以現金結算。
於2020年8月,FASB發佈了 ASU 2020-06「債務-具有轉股和其他選擇權(條款 470-20)和衍生品和套期保值-實體自身股權合同(條款 815-40)」(“ASU 2020-06)。 ASU 2020-06通過刪除ASC 470-20「債務-具有轉股和其他選擇權」中的某些分離模型簡化了可轉換工具的會計。ASU 2020-06更新了關於某些嵌入式轉股特徵的指導,這些特徵不需要按照第815號主題「衍生品和套期保值」 或不產生作爲股本上繳資本引起的實質溢價 的要求進行作爲衍生工具覈算,因此這些特徵不再需要與主合同分開。可轉換債務工具將被覈算爲單一負債,按攤銷成本計量。 這也將導致對可轉換債務工具確認的利息費用通常更接近於票面利率,應用主題835指導時候。2024年1月1日,公司採納了ASU 2020-06。 採用修改後的追溯法採納。根據該方法,公司在採納日期對2024年債券指南進行了適用,並需要調整到2024年1月1日的期初累積赤字餘額和額外實收資本。 以前期的合併財務報表未經追溯調整,並繼續按照當時生效的會計準則進行報告。 根據ASU 2020-06,2024年債券(債務和轉換期權)被視爲負債。
(千美元) | 報告截至2023年12月31日 | 更新於2024年1月1日 | 變動影響 | ||||||
可轉換票據 | $ | | $ | | $ | | |||
股票認購應收款項。 |
| | | ( | |||||
累積赤字 |
| | | |
e. | 新的會計 公告 |
最近頒佈的會計聲明
ASU 2020-06由FASB於2020年8月發佈,並於2024年1月被公司採納,簡化了對具有債務性質和權益性質特徵的某些金融工具的會計處理,包括可轉換工具和與實體自身權益相關的合同。對本指南的修訂適用於2023年12月15日後開始的財政年度以及那些財政年度內的中期時段。請參閱附註1(d)。
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最近頒佈的會計準則,但尚未採用
在2023年12月,FASB發佈了ASU 2023-09 "所得稅(主題740):對所得稅披露的改進"。該指南旨在增強所得稅披露的透明度和決策實用性。ASU 2023-09中的修訂主要通過對有關稅率調節和在美國及外國司法管轄區支付的所得稅的披露進行更改,回應了投資者對增強所得稅信息的請求。ASU 2023-09自2024年12月15日之後開始的財年起生效,並採取前瞻性基礎。允許提前採用,並可選擇追溯應用該標準。公司目前正在評估該指南,以判斷其可能對合並基本報表披露產生的影響。
在2023年11月,FASB發佈了ASU 2023-07 "分部報告:對可報告分部披露的改進"。該指南主要通過要求披露定期提供給首席運營決策者的重要分部費用,幷包含在每個報告的分部損益指標中、其他分部項目的金額和組成描述,以及可報告分部的損益和資產的中期披露,來擴展公共實體的分部披露。具有單一可報告分部的公共實體需要提供新的披露以及ASC 280下要求的所有披露。該指南自2023年12月15日之後開始的財年起生效,並在2024年12月15日之後開始的財年的中期期間內亦生效,允許提前採用。修訂要求追溯應用於實體財務報表中呈現的所有以前期間。公司目前正在評估該指南,以判斷其可能對合並基本報表及相關披露產生的影響。.
註釋 2 - 存貨
截至2024年9月30日和2023年12月31日的存貨如下:
| 2023年9月30日, |
| 十二月31日, | ||||
((以千美元計) | 2024 | 2023 | |||||
原材料 | $ | | $ | | |||
進行中的工作 |
| | | ||||
成品 |
| | | ||||
19,782 | $ | | $ | |
註釋 3 – 公允價值計量
公司披露金融資產和負債的公允價值計量。公允價值是指在計量日市場參與者之間的有序交易中,通過出售資產所收到的價格或轉讓負債所支付的價格。
會計準則建立了一個公允價值等級體系,將用於測量公允價值的可觀察和不可觀察輸入分爲三個廣泛的等級,具體如下:
第1級:在計量日可用的活躍市場中資產或負債的報價(未經調整的)價格。公允價值等級體系優先考慮第1級輸入。
第2級:基於未在活躍市場中報價的輸入的可觀察價格,但得到了市場數據的證明。
第3級:在很少或沒有市場數據可用時使用不可觀察輸入。公允價值等級體系最低優先考慮第3級輸入。
在確定公允價值時,公司利用估值技術最大程度地利用可觀察輸入,並儘可能減少不可觀察輸入的使用,並在評估公允價值時考慮交易對手信用風險。
公司營運資本中包含的金融工具的公允價值與其帳面價值相同或接近。
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註釋 4 – 收入
下表總結了公司的收入拆分情況:
| 截至9月30日的九個月 |
| 截至9月30日的三個月 | ||||||||||||
((以千美元計算) |
| 2024 |
| 2023 | 2024 |
| 2023 | ||||||||
輝瑞 | $ | | $ | | $ | | $ | | |||||||
巴西 | $ | | $ | | $ | | $ | | |||||||
奇耶西 | $ | | $ | | $ | | $ | | |||||||
商品銷售總收入 | $ | | $ | | $ | | $ | | |||||||
來自許可和研發服務的收入 | $ | | $ | | $ | | $ | |
註釋5 – 股票交易
在2024年1月15日,在公司薪酬委員會的批准下,公司授予了
在2024年4月1日,公司在公司薪酬委員會的批准下,
在2024年7月2日,公司在公司薪酬委員會的批准下,
在2024年9月23日,公司經薪酬委員會批准,
在2024年9月23日,公司經薪酬委員會批准,
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基本每股收益(損失)
基本和稀釋後的每股淨利潤(損失)歸屬於普通股股東分別如下計算:
截至9月30日的九個月 | 截至9月30日的三個月 | |||||||||||
(以千爲單位,除每股數據外) | 2024 | 2023 | 2024 | 2023 | ||||||||
分子: | ||||||||||||
淨虧損 | $ | ( | $ | | $ | | $ | ( | ||||
增加: | ||||||||||||
2024年基本報表的財務費用* | ( | ( | ( | |||||||||
攤薄計算的淨收益(損失) | $ | ( | $ | | $ | | $ | ( | ||||
分母: | ||||||||||||
基本計算中普通股的加權平均股份 | | | | | ||||||||
Weighted average dilutive effect of 2024 Notes | | | | |||||||||
股票期權的稀釋效應的加權平均 | | - | - | |||||||||
加權平均每股普通股在稀釋計算中的流通股份 | | | | |
2024年度債券的財務費用包括期間發生的財務費用的增加以及在轉換時將發生的贖回利息支付的計入。
每股攤薄收益(虧損)不包括
每股稀釋收益(虧損)不包括
注7 - 所得稅
以下表格總結了公司的所得稅:
| 九個月截至9月30日 | 三個月截至9月30日 | ||||||||||
(千美元) | 2024 | 2023 | 2024 | 2023 | ||||||||
當前所得稅 | $ | | $ | | $ | | $ | | ||||
所得稅遞延 | | ( | | | ||||||||
所得稅總額 | $ | | $ | | $ | | $ | |
公司實際稅率爲(
In the second quarter ended June 30, 2023, following the regulatory approvals for Elfabrio in May 2023, the receipt of the $
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由於預測利潤,資產將可變現。 公司考慮了以下因素:(i) 在美國業務過去12個季度的所得稅累計利潤;(ii) TCJA第174條要求公司將其研發費用資本化並分期攤銷15年的影響;及(iii) 在Elfabrio獲得監管批准後公司在美國的預測利潤。
注8 - 補充財務報表信息
資產負債表:
| 2023年9月30日, |
| 十二月31日, | |||
(千美元) | 2024 | 2023 | ||||
應付賬款和預提費用 - 其他: | ||||||
工資及相關費用 | $ | | $ | | ||
應付利息 | - | | ||||
度假備用金 | | | ||||
應計費用 | | | ||||
應付版稅 | | | ||||
應交所得稅 | | | ||||
銷售保留 |
| | | |||
財產和設備供應商 |
| | | |||
$ | | $ | |
第9條 - 後續事項
自2024年9月30日季度結束以來,公司收集了大約$
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項目2. 管理層對財務狀況和經營業績的討論與分析
有關前瞻性聲明的警告聲明
AND RISk FACTORS SUMMARY
您應當閱讀本報表中包含的關於我們財務狀況和經營業績的討論與分析,以及財務報表和合並財務報表以及相關附註結合在一起閱讀 10-Q和我們的年度報告表格中的內容 ,我,財務總監Barry Shin根據《2002年薩班斯-奧克斯利法案》第18條U.S.C.第1350條的規定進行證明,我知悉: 根據1933年修正案第27A條及1934年修正案第21E條的意義,本討論和分析中包含的某些信息,特別是關於我們業務和相關融資計劃和策略的部分,包括涉及期望、信念、意圖或未來戰略的前瞻性聲明。在本報告中使用的諸如「預期」、「相信」、「估計」、「期望」、「可能」、「繼續」、「可能」、「打算」、「可能」、「計劃」、「潛在」、「預測」、「項目」、「應該」、「將」、「將」等類似含義的單詞或短語,涉及到我們公司、子公司或管理層,旨在確定前瞻性聲明。我們打算讓所有前瞻性聲明受到1995年《私人證券訴訟改革法案》的庇護條款。這些前瞻性聲明僅爲預測,並反映了我們對未來事件和財務業績的看法截至製作時的日期,我們不承諾更新或修訂任何前瞻性聲明,並無更新或修訂的政策,以反映該內容製作日期後的事件或情況,或反映出乎意料的事件發生,除非依法必須。前瞻性聲明受許多風險和不確定性的影響,這可能導致我們的實際結果由於一些因素而明顯偏離前瞻性聲明所表達或暗示的任何未來結果,這些因素包括我們2024年6月30日結束的季度形式10-Q以及這份季度形式10-Q中所列的因素。
風險和不確定性的例子包括但不限於以下情況:
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在這些不確定性的情況下,您不應過度依賴這些前瞻性聲明。製藥和生物技術行業的公司在高級階段或晚期臨床試驗中遭遇了重大挫折,即使在獲得有希望的早期試驗結果或對這些臨床試驗的初步發現之後。即使從藥物產品的臨床試驗中產生了有利的測試數據,美國食品藥品監督管理局或外國監管機構也可能不接受或批准製藥公司或生物技術公司針對該藥物產品提出的營銷申請。
最近公司動態
ProCellEx:我們的專有蛋白表達系統
ProCellEx是我們專有的平台,用於通過懸浮培養中的植物細胞表達生產和製造重組蛋白質。我們是第一家也是唯一一家獲得FDA批准通過植物細胞表達生產蛋白質的公司,並且隨着Elfabrio的最近批准,我們現在有兩種商業蛋白質是通過我們的平台生產的。
ProCellEx由一套包括先進的基因工程和植物細胞培養技術在內的專有技術和能力組成,使我們能夠爲各種人類疾病生產複雜的、專有的、生物等效的蛋白質。我們的蛋白表達系統有助於創造和選擇高表達、遺傳穩定的細胞系,能夠表達重組蛋白質。這一系統在我們公司策略的執行中扮演重要角色,因爲它使我們能夠開發和生產定製複雜的重組治療蛋白質,並在生產前和/或生產後遺傳工程和/或化學修飾這些蛋白質。對治療蛋白質的工程和修飾有可能通過改善生物特性(例如糖基化、半衰期、免疫原性)提供額外的臨床益處。
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我們的ProCellEx科技提供了許多獨特的優點,包括:生物優化;處理複雜蛋白質表達的能力;通過效率、增強和/或快速水平擴展的改進實現靈活的製造業-半導體;簡化的生產過程;消除來自哺乳動物元件的病毒污染風險;以及知識產權優勢。
我們基於植物細胞培養技術開發了ProCellEx,用於重組蛋白的開發、表達和製造,這是現代生物技術的基本基礎。我們通過使用農桿菌將DNA片段轉移到植物染色體中的自然能力,開發新的重組治療蛋白,使植物細胞的基因組能夠編碼特定的目標蛋白。經農桿菌介導的轉化細胞能夠生產特定的蛋白質,這些蛋白質被提取和純化,可用於治療各種疾病。
我們的ProCellEx科技可用於表達屬於不同藥物類別的複雜治療蛋白,例如酶、單克隆抗體、激素、細胞因子和疫苗。從初始核苷酸克隆到蛋白質產品的大規模生產,整個蛋白質表達過程在符合當前良好生產規範(cGMP)的受控過程中進行。我們的植物細胞培養技術使用諸如胡蘿蔔和菸草(BY-2)細胞,這些細胞經歷先進的基因工程和/或化學修改,並在一次性、靈活的生物反應器系統中以工業規模生長。我們的系統在整個生產過程中不涉及哺乳動物或動物衍生的成分或轉基因野外種植或完整植物。
細胞生長,從細胞庫開始的擴展步驟到大規模生產,均在靈活、無菌、定製設計的聚乙烯生物反應器的潔淨室環境中進行,不需要使用常用於重組蛋白生產的哺乳動物基系統的大型不鏽鋼生物反應器。ProCellEx反應器易於使用和維護,允許快速水平擴展,並且不涉及哺乳動物病毒污染的風險。我們的生物反應器非常適合植物細胞生長,使用簡單、廉價、化學定義的生長培養基。這些反應器經過定製設計和優化,適用於植物細胞培養,初期資本投資低,並且可以快速以低成本擴大規模。
植物電芯生產優勢
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ProCellEx®Protalix的差異化電芯蛋白表達平台
產品及產品管道
我們已上市的產品
我們有兩種商業產品,每種都是ERT;Elelyso和Elfabrio。
Elelyso用於高蓋病的治療
Elelyso(taliglucerase alfa)是我們首個商業產品,於2012年獲得FDA批准,作爲一種ERt用於成年確診1型高雪氏病患者的長期治療。2014年8月,FDA批准Elelyso用於兒科患者的注射。Elelyso是FDA批准的第一種來源於植物電芯的重組蛋白,用於治療高雪氏病,目前已在包括美國、巴西、以色列等在內的23個市場獲得批准。
高雪氏病,也稱爲酸性葡萄糖腦苷酶缺乏症,或GCD缺乏症,是一種罕見的遺傳性常染色體隱性疾病,且是全球最常見的溶酶體儲存障礙之一。它是一組影響特定酶的疾病,這些酶通常會分解用於細胞再利用的脂肪物質。如果酶缺失或功能不正常,這些物質可能會積聚並變得有毒。高雪氏病發生在一種名爲葡萄糖苷脂的脂質在骨髓、肺、脾臟、肝臟,有時甚至是在大腦的細胞內積累時。高雪氏病的症狀包括疲勞、貧血、易淤血和出血、嚴重的骨痛、易骨折以及因脾腫大和血小板減少症引起的腹部膨脹。高雪氏病的流行病學各不相同;近期文獻顯示高雪氏病的發病率從每10萬人中0.70到1.75不等。
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一般人群中,阿什肯納茲猶太人的發病率估計從大約400分之1到850分之1不等。
高雪美病全球市場,包括賽諾菲安萬特的Cerezyme。®,天野製藥公司(被武田製藥收購)的Vpriv® 和賽諾菲安萬特的Cerdelga®在2023年,包括在內的,銷售額爲16億美元,預計到2024年約爲16.5億美元,並預計從2023年到2030年以約-0.12%的複合年增長率增長。
高雪病的當前標準治療是ERt,這是一種醫療治療,其中重組酶被注射給患者以替換缺乏或功能障礙的酶。在高雪病中,重組GCD被注入以替代突變或缺乏的天然GCD酶。Elelyso是高雪病的唯一替代ERt治療,與賽諾菲安萬特的Cerezyme以及武田製藥(Shire)的Vpriv。® Fabry病的Elfabrio治療
Elfabrio,我們的第二個商業產品,在2023年5月獲得歐盟EC批准在歐盟市場上銷售,並在美國獲得FDA批准在2023年5月以1毫克/公斤每兩週的劑量治療成年Fabry病患者。這兩項批准涵蓋了每兩週1毫克/公斤的劑量。總體而言,FDA審評團隊得出的結論是,在Fabry病作爲一種罕見、嚴重的疾病,治療選擇有限且可能不適合所有患者的背景下,Elfabrio的風險效益對成年確診Fabry病患者的治療是有利的。根據EMA的說法,總體而言,Elfabrio在所宣稱的適應症(Fabry病)中的風險/效益平衡是積極的。FDA公開發布了有關Elfabrio的內部審查文件。這些文件提供了以前不可用的有關FDA在2023年5月批准決定的基礎的額外信息。特別是,FDA確定,在Fabry患者中,Elfabrio的有效性的充分證據已由我們進行的一項充分和良好控制的研究確認,這是我們針對Fabry病的I期/II期臨床試驗,有進一步的證據由該
研究提供。FDA審評團隊還得出結論, 平衡 的 平衡 研究達到了其主要療效終點,評估了在104周內eGFR(估計腎小球過濾率)的年化變化率。然而,FDA還確定,來自於 平衡 study did not support a non-inferiority claim to the comparator product due to the lack of data to support the non-inferiority margin.
Since the approvals by the FDA and the EMA, Elfabrio has also been approved for marketing in Great Britain, Switzerland, Peru and Israel for long-term enzyme replacement therapy in adult patients with a confirmed diagnosis of Fabry disease.
Fabry disease is a serious life-threatening rare genetic disorder. Fabry patients lack or have low levels of α-galactosidase-A resulting in the progressive accumulation of abnormal deposits of a fatty substance called globotriaosylceramide, or Gb3, in blood vessel walls throughout their body. The ultimate consequences of Gb3 deposition range from episodes of pain and impaired peripheral sensation to end-organ failure, particularly of the kidneys, but also of the heart and the cerebrovascular system. Fabry disease occurs in one person per 40,000 to 60,000 males.
Fabry病的標準護理是替代酶治療。目前對於Fabry病的ERTs包括agalsidase alfa、agalsidase beta和現在的Elfabrio。通過ERT,缺失的α-半乳糖苷酶-A被重組蛋白的靜脈注射取代,每兩週一次。如果不接受治療,Fabry病將從較輕的狀況逐漸發展爲更嚴重的狀況。由於出現嚴重、慢性和令人痛苦的併發症,包括心血管和腎臟併發症,以及伴隨疼痛等並存症狀會對Fabry患者的心理健康和社會功能產生重大影響。Fabry病會顯著縮短預期壽命。需注意的是,最常見的死因是心血管疾病,次之爲腦血管疾病和腎臟疾病。與一般人口相比,Fabry患者的預期壽命明顯較短。未經治療的男性Fabry患者可能會將壽命降至約50歲,未經治療的女性Fabry患者可能會將壽命降至70歲左右。這導致了他們各自生命期望的減少爲20年和10年。
Fabry病全球市場,包括agalsidase beta、賽諾菲安萬特的Fabrazyme等,預計在2024年約爲21億美元,並預計從2023年至2030年以7.4%的複合年增長率增長,到2030年達到約33億美元的年銷售額。®,agalsidase alfa、Shire的Replagal,以及愛美醫療的Galafold等,等其他藥物,在2024年預計約爲21億美元,並預計從2023年至2030年以7.4%的複合年增長率增長,到2030年達到約33億美元的年銷售額。® ,以及愛美醫療的Galafold等®,等其他藥物,在2024年預計約爲21億美元,並預計從2023年至2030年以7.4%的複合年增長率增長,到2030年達到約33億美元的年銷售額。
Elfabrio監管背景
2022年11月9日,我們與Chiesi一起向FDA重新提交了PRX-102的BLA申請,這是我們在其獲批之前內部指定的Elfabrio的名稱,用於潛在治療成人Fabry病患者。最初的PRX-102 BLA申請於2020年5月27日根據FDA的加速批准途徑提交給FDA,隨後該申請被FDA接受並被授予優先審查地位。然而,在2021年4月,FDA就最初的BLA發出了完整答覆函,即CRL。爲了準備重新提交BLA,我們與Chiesi參加了2021年9月9日與FDA舉行的A類(審查結束)會議。作爲FDA提供的會議記錄的一部分,其中包括
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preliminary comments and meeting discussion, the FDA, in principle, agreed that the data package proposed to the FDA for a BLA resubmission had the potential to support a traditional approval of PRX-102 for the treatment of Fabry disease. The data package in the BLA resubmission, given the change in the regulatory landscape in the United States, included the final two-year analyses of our BALANCE study, which were completed in July 2022, and long-term data from our open-label extension study of PRX-102 in adult patients treated with a 2 mg/kg every four weeks dosage of PRX-102. The initial BLA included a comprehensive set of preclinical, clinical and manufacturing data compiled from our completed phase I/II clinical trial of PRX-102, including the related extension study, interim clinical data from our phase III BRIDGE clinical trial of PRX-102 for the treatment of Fabry disease, or the BRIDGE study, and safety data from our then on-going clinical studies of PRX-102 in adult patients receiving 1 mg/kg every two weeks.
No concerns relating to the potential safety or efficacy of PRX-102 in the submitted data package were raised in the CRL. The FDA noted in CRL that an inspection of our manufacturing facility in Carmiel, Israel, including the FDA’s subsequent assessment of any related FDA findings, is required before the FDA can approve a new drug. Due to travel restrictions during the COVID-19 pandemic, the FDA was unable to conduct the required pre-approval inspection during the review cycle. In addition to the foregoing, the FDA noted that agalsidase beta had recently been converted to full approval, a change in regulatory circumstances which had to be addressed in the resubmitted BLA for PRX-102.
On February 7, 2022, the PRX-102 MAA was submitted to, and subsequently validated by, the EMA. The submission was made after the October 8, 2021 meeting we held, together with Chiesi, with the Rapporteur and Co-Rapporteur of the EMA regarding PRX-102. At the meeting, we and Chiesi discussed the scope of the anticipated MAA submission for the European Union, and the Rapporteur and Co-Rapporteur were generally supportive of the planned MAA submission. The MAA submission included a comprehensive set of preclinical, clinical and manufacturing data compiled from our completed and ongoing clinical studies evaluating PRX-102 as a potential alternative treatment for adult patients with Fabry disease. The submission was supported by the 12-month interim data analysis generated from our BALANCE study, which was released in June 2021. Data generated from the completed BRIDGE study, the phase I/II clinical trial in naive or untreated patients, and from the extension studies with 1 mg/kg every two weeks were also included in the submission. In addition, the MAA included data from the completed 12-month switch–over phase III BRIGHT clinical trial of PRX-102 for the treatment of Fabry disease for adult patients with Fabry disease treated with the 2 mg/kg every four weeks dosage, or the BRIGHT study. As part of the EMA review process, we and Chiesi received the Day 120 list of questions in June 2022, and the full response package thereto was submitted to the EMA in September 2022 (following a 3-month clock-stop period). An essential portion of the response included the submission of the final analysis of the two-year BALANCE study (the final Clinical Study Report), and an interim analysis of the long-term, open-label extension study of PRX-102 in adult patients with Fabry disease treated with the 2 mg/kg every four weeks dosage.
On February 24, 2023, we, together with Chiesi, announced that the CHMP had adopted a positive opinion, recommending marketing authorization for PRX-102. The CHMP opinion was then referred for final action to the EC. As disclosed above, Elfabrio was subsequently approved by the EC for marketing in the EU and in the United States in May 2023 for adult patients with Fabry disease. Both approvals cover the 1 mg/kg every two weeks dosage.
Elfabrio Key Trials and Design
Our PRX-102 clinical development program was designed to show that PRX-102 has a potential clinical benefit in all adult Fabry patient populations when compared to the then marketed Fabry disease enzymes, agalsidase beta and agalsidase alfa. In preclinical studies, PRX-102 showed significantly longer half-life due to higher enzyme stability, enhanced activity in Fabry disease affected organs leading to reduction of the accumulated substrate and reduced immunogenicity, which together can potentially lead to improved efficacy through increased substrate clearance and significantly lower formation of anti-drug antibodies, or ADAs.
The phase III clinical program included three individual studies; the BALANCE study, the BRIDGE study the BRIGHT study, all of which have been completed. In the phase III clinical program overall, two potential dosing regimens for PRX-102 were analyzed; 1 mg/kg every two weeks, with the potential for improved efficacy and safety offering a potential alternative to existing enzyme replacement therapies, and 2 mg/kg every four weeks. The phase III program was preceded by the phase I/II clinical trial, a dose range finding study in ERT-naïve adult patients with Fabry disease, which was completed in 2016.
Phase III BALANCE Study
The BALANCE study (PB-102-F20, NCT02795676) was a pivotal 24-month, randomized, double blind, active control study of PRX-102 in adult Fabry patients with deteriorating renal function designed to evaluate the safety and efficacy of 1 mg/kg of PRX-102 administered every two weeks compared to agalsidase beta. The Clinical Study Report for the BALANCE study was completed in July 2022. The final analysis confirmed the positive top-line results (announced in April 2022) and favorable tolerability profile. A total of 78 patients who were previously treated with agalsidase beta for at least one year with an eGFR slope at screening worse than -
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2 mL/min/1.73 m2/year were enrolled in the study. Patients were randomized on a 2:1 ratio for switching to PRX-102 or continuing on agalsidase beta. A total of 77 patients were treated; 52 with PRX-102 and 25 with agalsidase beta. Approximately 40% of the enrolled patients were female.
Forty-seven (90.4%) patients in the PRX-102 arm experienced at least one treatment-emergent adverse event (TEAE) compared to 24 (96.0%) in the agalsidase beta arm. The number of events adjusted to 100 years of exposure is 572.36 events for the PRX-102 arm and 816.85 events for the agalsidase beta arm.
TEAEs were reported for 21 (40.4%) patients in the PRX-102 arm compared to 11 (44.0%) in the agalsidase beta arm. The number of treatment-related events adjusted to 100 years of exposure is 42.85 events for the PRX-102 arm and 152.91 events for the agalsidase beta arm.
Usage of infusion pre-medication was tapered down during the study, if possible, for all patients. At baseline, 21 (40.4%) patients in the PRX-102 arm used infusion premedication compared to 16 (64.0%) in the agalsidase beta arm. At the end of the study, only three out of 47 (6.4%) patients in the PRX-102 arm used infusion premedication compared to three out of 24 (12.5%) in the agalsidase beta arm. Even with this reduction in use of premedication, there were fewer reported infusion-related reactions with PRX-102: 11 (21.2%) patients in the PRX-102 arm experienced a total of 13 events compared to six (24.0%) patients experiencing a total of 51 events in the agalsidase beta arm. The number of infusion-related reactions adjusted to 100 infusions is 0.5 for the PRX-102 arm and 3.9 for agalsidase beta arm.
Assessment of immunogenicity, that is, the existence and development of anti PRX-102 antibodies or anti-agalsidase beta antibodies, in the study indicated that for the PRX-102 arm, 18 (34.6%) patients were ADA positive at baseline, of which 17 (94.4%) had neutralizing antibody activity. For the agalsidase beta arm, eight (32.0%) patients were ADA positive at baseline, of which seven (87.5%) had neutralizing antibody activity. Only a small number of patients showed treatment-emergent ADA. At the end of the two-year study, 11 (23.4%) patients that received PRX-102 were ADA positive, of which seven (63.6%) had neutralizing antibody activity, while in the agalsidase beta arm six (26.1%) were ADA-positive and all six (100%) had neutralizing antibody activity. There was little change in the percentage of patients who were ADA positive, with a trend of reduction observed in the PRX-102 arm and stability in the agalsidase beta arm. The proportion of patients with neutralizing ADA decreased in the PRX-102 arm while it remained stable in the agalsidase beta arm.
Out of the 78 randomized patients, six patients discontinued the study: out of the five (9.4%) from the PRX-102 arm, one patient withdrew consent prior to the first infusion, two discontinued due to personal reasons, and two due to adverse events (one due to an unrelated adverse event and one due to a treatment related adverse event); one (4%) patient from the agalsidase beta arm discontinued for personal reasons. There were no deaths in this study.
Considering that in the trial patients in the PRX-102 arm were exposed for the first time to the novel enzyme, tolerability data appear favorable for PRX-102 and in-line with what was observed in the previous clinical studies of PRX-102.
Of the patients that completed the trial from both the PRX-102 and agalsidase beta treatment arms, 69 opted, with the advice of the treating physician, to receive PRX-102 1 mg/kg every two weeks in the long-term open-label extension study which is now sponsored by Chiesi.
The results of the direct, blinded comparison of PRX-102 to agalsidase beta, for the primary efficacy renal endpoints (i.e., eGFR change, eGFR slope) and for the main secondary endpoints (e.g., urine protein to creatinine ratio [UPCR] LVMI, MSSI, BPI) strongly suggest comparability in treatment effects between the two treatments.
At the same time a potentially favorable safety profile was identified based on lower rates of IRR, lower ADA positivity, and less premedication use in the PRX-102 arm compared to agalsidase beta. Overall, a positive benefit-risk balance was confirmed.
Phase III BRIDGE Study
The BRIDGE study (PB-102-F30, NCT03018730) was a 12-month open-label, single arm switch-over study evaluating the safety and efficacy of PRX-102, 1 mg/kg infused every two weeks, in up to 22 Fabry patients previously treated with agalsidase alfa for at least two years and on a stable dose for at least six months. In the study, patients were screened and evaluated over three months while continuing agalsidase alfa treatment. The study was completed in December 2019.
Final results of the data generated in the BRIDGE study showed substantial improvement in renal function as measured by mean annualized eGFR slope in both male and female patients. Twenty of 22 patients completed the 12-month treatment duration. Eighteen of the patients who completed the study opted to roll over to a long-term extension study and continue to be treated with PRX-102. In
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the study, the mean annualized eGFR slope of the study participants improved from -5.90 mL/min/1.73m2/year while on agalsidase alfa to -1.19 mL/min/1.73m2/year on PRX-102 in all patients. Male patients improved from -6.36 mL/min/1.73m2/year to -1.73mL/min/1.73m2/year and female patients improved from -5.03 mL/min/1.73m2/year to -0.21 mL/min/1.73m2/year. Following the switch to PRX-102, there was a decrease in patients with progressing or fast progressing kidney disease which is consistent with the therapeutic goals for Fabry disease, as identified by Christoph Wanner, et. al., in 2019, and most patients achieved a stable status post-switch.
PRX-102 was well-tolerated in the BRIDGE study, with all adverse events being transient in nature without sequelae. Of the 22 patients enrolled in the BRIDGE study, the majority of TEAEs were mild or moderate in severity, with two patients (9.1%) withdrawing from the therapy due to hypersensitivity reaction that was resolved. The most common moderate TEAEs were nasopharyngitis, headache and dyspnea. An immunogenicity assessment indicated that four out of 20 patients (20%) developed persistent ADAs over the course of the study, of which two had neutralizing activity.
Of the patients that completed the trial, 18 opted, with the advice of the treating physician, to continue receiving PRX-102 1 mg/kg every two weeks in a long-term open-label extension study which is now sponsored by Chiesi.
Phase III BRIGHT Study
The BRIGHT study (PB-102-F50, NCT03180840) was a multicenter, multinational open-label, switch-over study designed to evaluate the safety, efficacy and pharmacokinetics of treatment with 2 mg/kg of PRX-102 administered every four weeks for 52 weeks (a total of 14 infusions). The study was completed in June 2020. The 2 mg/kg every four weeks dosage has not been approved by the EMA, FDA or any other jurisdiction.
Enrollment in the study included 30 adult patients (24 males and 6 females) with mean (SD) age of 40.5 (11.3) years, ranging from 19 to 58 years previously treated with a commercially available ERT (agalsidase beta or agalsidase alfa), for at least three years and on a stable dose administered every two weeks. To determine eligibility for participation in the study, candidates were screened to identify and select Fabry patients with clinically stable kidney disease. The most common Fabry disease symptoms at baseline were acroparesthesia, heat intolerance, angiokeratomas and hypohydrosis. Patients who matched the criteria were enrolled in the study and switched from their current treatment of IV infusions every two weeks to 2 mg/kg of PRX-102 every four weeks for 12 months. Patients participating in the study were evaluated, among other disease parameters, to determine if their kidney disease had not further deteriorated while being treated with the four-week dosing regimen as measured by eGFR and for lyso-Gb3 levels as a Fabry biomarker, as well as other parameters. In addition, participating patients were evaluated to assess the safety and tolerability of PRX-102.
The final results from the BRIGHT study indicate that 2 mg/kg of PRX-102 administered by intravenous infusion every four weeks was well tolerated, and Fabry disease assessed by eGFR slope and plasma lyso-Gb3 was stable throughout PRX-102 treatment in adult Fabry patients. None of the patients without ADAs at screening developed treatment-induced ADAs following the switch to PRX-102 treatment.
All 30 patients received at least one dose of PRX-102, and 29 patients completed the one-year study. Of these 29 patients, 28 received the intended regimen of 2 mg/kg every four weeks throughout the entire study, while one patient was switched to 1 mg/kg PRX-102 every two weeks per protocol at the 11th infusion. One patient withdrew from the study after the first infusion due to a traffic accident.
First infusions of PRX-102 were administered under controlled conditions at the investigation site. Based on the protocol-specified criteria, patients were able to receive their PRX-102 infusions at a home care setup once the applicable Investigator and Sponsor Medical Monitor agreed that it was safe to do so. Safety and efficacy exploratory endpoints were assessed throughout the 52-week study.
Overall, 33 of 183 total TEAEs reported in nine (30.0%) of the patients were considered treatment related; all were mild or moderate in severity and the majority were resolved at the end of the study. There were no serious or severe treatment-related TEAEs and no TEAEs led to death or study withdrawal. Of the treatment-related TEAEs, 27 were infusion-related reactions (IRRs) and the remainder were single events of diarrhea, erythema, fatigue, influenza-like illness, increases urine protein/creatinine ratio, and urine positive for white blood cells. The 27 IRRs were reported in five (16.7%) patients, all male. All IRRs occurred during the infusion or within two hours post-infusion; no events were recorded between two and 24 hours post-infusion.
Study outcome measures show that plasma lyso-Gb3 concentrations remained stable during the study with a mean change (±SE) of 3.01 nM (0.94) from baseline (19.36 nM ±3.35) to Week 52 (22.23 ±3.60 nM). Mean absolute eGFR values were stable during the 52-week treatment period, with a mean change from baseline of -1.27 mL/min/1.73 m2 (1.39). Mean (SE) eGFR slope, at the end of the study, for the overall population, was -2.92 (1.05) mL/min/1.73 m2/year indicating stability.
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The study suggests that Fabry patients who are currently receiving ERT every two weeks may be successfully transitioned to PRX-102 2 mg/kg every four weeks as an effective and tolerable alternative treatment option. Additional long term data is being collected as part of the ongoing long term extension study (PB-102-F51, NCT03614234) of the 2 mg/kg PRX-102 every four weeks dose.
Following a survey of participants using the Quality of Life EQ-5D-5L questionnaire, responses indicate that patient perception of their own health remained high and stable throughout the 52-week study duration, with overall health mean (SE) scores of 78.3 (3.1) and 82.1 (2.9) at baseline and Week 52, respectively, in a 0 to 100 scale. Using the short-form Brief Pain Inventory, or, questionnaire, approximately 75% of study participants had an improvement or no change in average pain severity at Week 52 (compared to baseline). The short-form BPI interference items also remained stable during the study. Pain-related results indicate that there was no increase and/or relapse in pain. No Fabry clinical events were reported during the study.
Of the patients that completed the trial, 29 opted, with the advice of the treating physician, to continue receiving PRX-102 2 mg/kg every four weeks in a long-term open-label extension study which is now sponsored by Chiesi. Two of such patients are being treated with 1 mg/kg every two weeks dosage.
Phase I/II Study
The phase I/II clinical trial of PRX-102 (NCT01678898) was a worldwide, multi-center, open-label, dose ranging study designed to evaluate the safety, tolerability, pharmacokinetics, immunogenicity and efficacy parameters of PRX-102 in adult patients with Fabry disease. It was completed in 2015.
We initiated the phase I\II study after PRX-102, in preclinical studies, showed significantly longer half-life due to higher enzyme stability, enhanced activity in Fabry disease affected organs leading to reduction of the accumulated substrate and reduced immunogenicity, which together can potentially lead to improved efficacy through increased substrate clearance and significantly lower formation of ADAs.
Sixteen adult, naïve Fabry patients (9 male and 7 female) completed the phase I/II study, each in one of three dosing groups, 0.2 mg/kg, 1 mg/kg and 2 mg/kg. Each patient received IV infusions of PRX-102 every two weeks for 12 weeks, with efficacy follow-up after six-month and twelve-month periods. The overall results demonstrate that PRX-102 reaches the affected tissue and reduces kidney Gb3 inclusions burden and lyso-Gb3 in the circulation. A high correlation was found between the two Fabry disease biomarkers, reduction of kidney Gb3 inclusions and the reduction of plasma lyso-Gb3 over six months of treatment.
Data was recorded at 24 months from 11 patients who completed 12 months of the long-term open-label extension trial that succeeded the phase I/II study. Patients who did not continue in the extension trial included female patients who became or planned to become pregnant and therefore were unable to continue in accordance with the study protocol and patients who relocated to a location where treatment was not available under the clinical study.
Results show that lyso-Gb3 levels decreased approximately 90% from baseline. Renal function remained stable with mean eGFR levels of 108.02 and 107.20 at baseline and 24 months, respectively, with a modest annual eGFR slope of -2.1. An improvement across all the gastrointestinal symptoms evaluated, including severity and frequency of abdominal pain and frequency of diarrhea, was noted. Cardiac parameters, including LVM, LVMI and EF, remained stable with no cardiac fibrosis development detected. In conclusion, an improvement of over 40% in disease severity was shown as measured by the Mainz Severity Score Index, or MSSI, a score compiling the different elements of the disease severity including neurological, renal and cardiovascular parameters. In addition, an improvement was noted in each of the individual parameters of the MSSI.
The majority of adverse events were mild-to-moderate in severity, and transient in nature. During the first 12 months of treatment, only three of 16 patients (less than 19%) formed ADAs of which two of these patients (less than 13%) had neutralizing antibodies. Importantly, however, the ADAs turned negative for all three of these patients following 12 months of treatment. The ADA positivity effect had no observed impact on the safety, efficacy or continuous biomarker reduction of PRX-102.
Of the patients who completed the trial, 10 patients opted to continue receiving PRX-102 in an open-label, 60-month extension study under which all patients were switched to receive 1 mg/kg of the drug, the selected dose for our BALANCE and BRIDGE studies.
Extension Studies
Patients who completed the BALANCE, BRIDGE and BRIGHT studies, and the extension of the phase I/II study, were offered the opportunity to continue PRX-102 treatment in one of two long-term open-label extension studies. Overall, 126 patients who participated in our PRX-102 clinical program initially opted, with the advice of the treating physician, to enroll in one of our long-
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term, open label, extension studies of PRX-102: 97 patients in the 1 mg/kg every two weeks extension study (PB-102-F60, NCT03566017) (10 patients who completed an extension study from the phase I/II study, 18 patients who completed the BRIDGE study; 69 patients who completed the BALANCE study), and 29 patients who completed the BRIGHT study in the 2 mg/kg every four weeks extension study (PB-102-F51, NCT03614234). Two of the patients in the PB-102-F51 study are being treated with 1 mg/kg every two weeks. As of March 1, 2023, sponsorship of the two extension studies was transferred to Chiesi, and Chiesi is now administering the open-label extension studies.
Over time, and as Elfabrio is approved for marketing in different jurisdictions, patients switch-out of the open-label extension studies. Most of them have transferred to a commercial setting; others withdraw for other reasons.
Pediatric FLY Study
Chiesi is sponsoring, with our collaborative efforts, a clinical trial entitled “Multi-Centre, Open-label Trial to Assess the Safety, Pharmacodynamics, Efficacy and Pharmacokinetics of pegunigalsidase alfa in Patients From 2 Years to Less Than 18 Years of Age With Confirmed Fabry Disease,” or the FLY study (NCT06328608). The FLY study is currently in the start-up phase. The design of the study is based on the Initial Pediatric Study Plan (iPSP) agreed to with the FDA and the paediatric investigation plan (PIP) for Elfabrio, which has been accepted, as amended, by the Paediatric Committee (PDCO) of the EMA.
Japanese RISE Study
Chiesi is currently enrolling patients in its clinical trial entitled “A Multicenter Open-Label Study to Evaluate the Safety, Pharmacokinetics, Pharmacodynamics, and Efficacy of Pegunigalsidase Alfa (PRX-102) in Japanese Patients With Fabry Disease,” or the RISE study (NCT05710692). The aim of the RISE study is to evaluate the safety and efficacy of pegunigalsidase alfa in Japanese patients (adults and adolescents) affected by Fabry disease. It is planned that a total of approximately 18-20 male and female Fabry disease patients between the ages of 13 and 60 years will be enrolled in the study which is being conducted in Japan.
Commercialization of Approved Products
Commercialization Agreements with Chiesi Farmaceutici
We have entered into two exclusive global licensing and supply agreements for PRX-102 for the treatment of Fabry disease with Chiesi. The agreements have significant revenue potential for Protalix. Under the agreements, Protalix Ltd. has received $50.0 million in upfront payments and development cost reimbursements of $45.0 million, and is entitled to approximately $1.0 billion in potential milestone payments as well as additional payments as consideration for drug product supply. The additional payments for drug product supplied are based on the average selling price of the drug product in the relevant territory multiplied by tiered payments, as detailed below. During the quarter ended June 30, 2023, we received net proceeds of $20.0 million representing a milestone payment earned upon the FDA’s approval of Elfabrio for adult Fabry patients.
On October 19, 2017, Protalix Ltd. and Chiesi entered into the Chiesi Ex-US Agreement pursuant to which Chiesi was granted an exclusive license for all markets outside of the United States to commercialize PRX-102. Under the Chiesi Ex-US Agreement, Chiesi made an upfront payment to Protalix Ltd. of $25.0 million in connection with the execution of the agreement, and Protalix Ltd. was entitled to additional payments of up to $25.0 million in development costs in the aggregate, capped at $10.0 million per year. Protalix Ltd. is also eligible to receive additional payments of up to a maximum of $320.0 million in regulatory and commercial milestone payments. Protalix Ltd. agreed to manufacture all of the PRX-102 needed for all purposes under the agreement, subject to certain exceptions, and Chiesi will purchase PRX-102 from Protalix Ltd., subject to certain terms and conditions. Chiesi is required to make tiered payments for drug product purchased from Protalix based on the average selling price of the drug product in the relevant territory multiplied by 15% to 35%, depending on the amount of annual net sales outside of the United States.
On July 23, 2018, Protalix Ltd. entered into the Chiesi US Agreement with respect to the development and commercialization of PRX-102 in the United States. Protalix Ltd. received an upfront, non-refundable, non-creditable payment of $25.0 million from Chiesi and was entitled to additional payments of up to a maximum of $20.0 million to cover development costs for PRX-102, capped at $7.5 million per year. Protalix Ltd. is also eligible to receive additional payments of up to a maximum of $760.0 million, in the aggregate, in regulatory and commercial milestone payments. Chiesi agreed to make tiered payments for drug product purchased from Protalix based on the average selling price of the drug product in the United States multiplied by 15% to 40%, subject to certain terms and conditions, depending on the amount of annual net sales in the United States.
On May 13, 2021, we signed a binding term sheet with Chiesi amending the Chiesi Agreements in order to provide our company with near-term capital. Chiesi agreed to make a $10.0 million payment to us before the end of the second quarter of 2021 in exchange for a $25.0 million reduction in a longer term regulatory milestone payment provided in the Chiesi EX-US Agreement. All other regulatory
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and commercial milestone payments remain unchanged. We received the payment in June 2021. We also agreed to negotiate certain manufacturing related matters.
On August 29, 2022, we entered into the F/F Agreement and the Letter Agreement with Chiesi. Under the F/F Agreement, we agreed to supply Chiesi with drug substance for PRX-102 and, following relevant technology and technical information transfer activities, Chiesi agreed, among other things, to provide us with commercial fill/finish services for PRX-102, including to support the anticipated global launch of PRX-102. The F/F Agreement will expire December 31, 2025, unless terminated earlier in accordance with its terms and may be extended by mutual agreement in writing for an additional period of seven years. The Letter Agreement changed our obligations and those of Chiesi under the License Agreements with respect to, among other things, the evaluation, selection and establishment of an initial alternate source of commercial fill/finish services for PRX-102. In addition, the Letter Agreement amended certain provisions of the License Agreements to reflect the appointment of Chiesi as a supplier to our company of commercial fill/finish services and the potential establishment of an initial alternate source of commercial fill/finish services.
As of March 1, 2023, sponsorship of the two extension studies was transferred to Chiesi, and Chiesi is now the sponsor of the extension studies.
Commercialization Agreements for Elelyso
We have licensed to Pfizer the global rights to Elelyso in all markets excluding Brazil. Pfizer retains 100% of revenue and reimburses 100% of direct costs. We manufacture drug substance for Pfizer, subject to certain terms and conditions.
For the first 10-year period after the execution of the October 2015 Amended Pfizer Agreement, we have agreed to sell drug substance to Pfizer for the production of Elelyso, and Pfizer maintains the right to extend the supply period for up to two additional 30-month periods subject to certain terms and conditions. In a subsequent amendment, we agreed that after the completion of the first 10-year supply period, the supply term would automatically extend for a five-year period (i.e., until October 2030).
We maintain distribution rights to Elelyso in Brazil through a supply and technology transfer agreement with Fiocruz, an arm of the Brazilian MoH.
Product Development Pipeline
Our corporate strategy includes development of treatments for rare and orphan diseases. To execute on the strategy, we are turning our focus to new, early-stage product candidates that treat indications for which there are high unmet needs in terms of efficacy and safety, including renal diseases. Treatments of interest will address both genetic and non-genetic diseases. We intend to use our ProCellEx platform and PEGylization capabilities, as well as other modalities such as small molecules and antibodies, to take advantage of highly innovative opportunities. Our current pipeline of product candidates includes PEGylated uricase for the treatment of uncontrolled gout, Long Acting (LA) DNase I for the treatment of NETs and other technologies and preclinical assets.
PEGylated Uricase (PRX-115)
PRX-115 is our recombinant PEGylated uricase (urate oxidase) – a chemically modified enzyme under development for the potential treatment of patients with uncontrolled gout. The uricase enzyme, that does not exist naturally in humans, converts uric acid to allantoin, which is easily eliminated through urine. This recombinant enzyme, expressed via our ProCellEx system, is designed to lower uric acid levels and improve clinical manifestation of the disease while having low immunogenicity and increased half-life of the drug in the blood. Pre-clinical data demonstrates long half-life, reduced immunogenic risk and high specific activity which supports the potential of PRX-115 to be a safe and effective treatment for patients with gout. One-month multiple dosing toxicity studies in two species and 6-month multiple dosing toxicity study in one species were conducted to support single and multiple dose studies in humans.
In March 2024, we initiated our phase I clinical trial of PRX-115 for the potential treatment of uncontrolled gout entitled “A Double-blind, Placebo-controlled, Single Ascending Dose Study to Evaluate the Safety, Tolerability, Pharmacokinetics, and Pharmacodynamics Properties of PRX-115 in Adult Volunteers With Elevated Uric Acid Levels” (NCT05745727), or the FIH study. The study is being conducted at New Zealand Clinical Research (NZCR) under the New Zealand Medicines and Medical Devices Safety Authority (MedSafe) and the Health and Disability Ethics Committee (HDEC) guidelines. The study was initially designed to include seven sequential dosing cohorts, each composed of eight subjects (six active and two placebo), a 3:1 ratio. Subjects in each cohort, males and females aged 18 through 65, received a single dose of PRX-115 and are analyzed for safety, pharmacokinetics (PK) and pharmacodynamics (PD) (concentrations of plasma uric acid) for 85 days.
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After a review of initial positive top-line results from the initial seven cohorts, and following the review and acceptance of the safety data from such seven cohorts by the safety and monitoring committee for dose escalation for the FIH study, we decided to expand the study by adding an eighth cohort of eight new subjects to analyze a higher dose and its potential to result in increased exposure time. Currently, all eight cohorts have completed the study and the data is locked and is being analyzed.
Preliminary results from the full FIH study are as follows:
The preliminary findings from the FIH study suggest that PRX-115 has the potential to be a promising treatment option for patients with gout. The results demonstrate that PRX-115 may offer an effective uric acid-lowering treatment with an added benefit of a potentially wide dosing interval, which may enhance patient compliance and treatment flexibility. Further studies are needed to confirm the long-term safety and efficacy of PRX-115 in the gout patient population.
We plan to present the preliminary results in more detail in a poster at an upcoming scientific meeting being held November 14-19, 2024. In addition, we have commenced preparations for a phase II clinical trial of PRX-115 for the treatment of uncontrolled gout which we expect will commence in the second half of 2025.
Gout is the most common inflammatory arthritis, affecting an estimated 14.0 million adults in the United States, 2.0 million in France, 2.0 million in United Kingdom, 0.7 million in Italy, 1.5 million in Germany, 0.7 million in Spain and over 190.0 million in China. An estimated approximately 5% of the gout population is considered to have chronic refractory disease. The risk of gout increases with age, and it is thus more common in ageing populations. Gout results from sustained elevation of serum urate levels (hyperuricaemia). Urate levels may increase due to diet, genetic predisposition and environmental factors leading to the deposition of monosodium urate crystals and\or tophi in joints, tendons and other tissues, which triggers recurrent episodes of pronounced acute inflammation, known as gout flares. Gout leads to substantial morbidity, severe pain, reduced quality of life, decreased physical function, increased healthcare costs, and lost economic productivity. Furthermore, gout is strongly associated with a number of comorbidities, including hypertension, cardiovascular disease, renal impairment, diabetes, obesity, hyperlipidaemia and frequently in a combination known as the metabolic syndrome.
Uncontrolled gout is when serum uric acid (sUA) levels are above the maximum medically appropriate level (6.8 mg/dL) and cannot be treated with available urate lowering therapies. It is also reported to involve urate crystal deposition and associated inflammation in joints, soft tissues and organs. Currently available ULTs can be effective in treating gout. However, factors such as low adherence, under dosing, disease progression that cause high patient burden or patients that are not suitable for available therapy, require new, effective and safe therapies to treat these underserved uncontrolled gout patients.
To date, two variants of recombinant uricases are approved for marketing: (i) Krystexxa® (pegloticase) for treatment of chronic gout refractory to conventional therapy (gout patients who have contraindication/failure of other lowering uric acid treatments) and (ii) Elitek®, indicated for the treatment of tumor lysis syndrome but not gout. Both have a black box warning for anaphylaxis and other major side-effects. The FDA label of Krystexxa was amended in 2022 to include co-treatment of methotrexate to prolong efficacy and increases tolerability in patients with refractory gout. Krystexxa is no longer marketed in the European Union. The EC withdrew the marketing authorization for Krystexxa in 2016 at the request of the marketing authorization holder which notified the EC of its decision not to market the product in the European Union for commercial reasons. We believe that new effective, safe therapies are needed to treat severe gout, chronic refractory and uncontrolled gout, regardless of treatment history.
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PRX-119
PRX-119 is our plant cell-expressed PEGylated recombinant human DNase I product candidate being designed to elongate half-life in the circulation for NETs-related diseases. NETs, Neutrophil extracellular traps, are web-like structures, released by activated neutrophils that trap and kill a variety of microorganisms. NETs are composed of DNA, histones, antimicrobial and pro-inflammatory proteins. Excessive formation or ineffective clearance of NETs can cause different pathological effects. NETs formation has been observed in various autoimmune, inflammatory and fibrotic conditions, diverse forms of thrombosis, cancer and metastasis. According to scientific literature, animal studies have demonstrated that DNase treatment reduces NETs toxicity. Our proprietary modified DNase I design for long and customized systemically circulating in the bloodstream, may potentially enable effective treatment of these conditions.
The administration of PRX-119 resulted in a decrease in circulating of DNA levels and significantly enhanced the survival of mice in both a CLP-induced sepsis model and an ARDS model. Additional preclinical development is ongoing.
Intellectual Property
A key element of our overall strategy is to establish a broad portfolio of patents to protect our proprietary technology, proprietary product and product candidates and their methods of use. As of September 30, 2024, we hold a broad portfolio of more than 15 patent families consisting of over 70 patents in Europe, the United States, Israel and additional countries worldwide, as well as approximately 50 pending patent applications.
Scientific Presentations and Publications
On October 28, 2024, Chiesi Global Rare Diseases, a business unit of Chiesi, announced the publication of results from the BRIGHT study in the Journal of Inherited Metabolic Disease. The article may be accessed on the journal’s website.
Data from our FIH Study will be presented in a late-breaking poster at the American College of Rheumatology (ACR) Convergence 2024, being held November 14-19, 2024 at the Walter E. Washington Convention Center in Washington, D.C. An abstract containing data generated in the trial may be accessed on the ACR Convergence 2024 website.
Research & Development
We continuously work on the further development of our ProCellEx plant cell expression technology and bioreactor system.
Consistent with our corporate strategy, we are focusing on new, early-stage product candidates that treat indications for which there are high unmet needs in terms of efficacy and safety, including renal diseases. Treatments of interest will address both genetic and non-genetic diseases. We intend to use our ProCellEx platform and PEGylation capabilities, as well as other modalities such as small molecules and oligonucleotides, to take advantage of highly innovative opportunities. We are also exploring novel platform technologies.
Critical Accounting Policies
Our significant accounting policies are more fully described in Note 1 to our consolidated financial statements appearing in this Quarterly Report. There have been no material changes to our critical accounting policies since we filed our Annual Report on Form 10-K for the year ended December 31, 2023.
The discussion and analysis of our financial condition and results of operations is based on our financial statements, which we prepared in accordance with U.S. generally accepted accounting principles. The preparation of these financial statements requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported revenues and expenses during the reporting periods. On an ongoing basis, we evaluate such estimates and judgments, including those described in greater detail below. We base our estimates on historical experience and on various other factors that we believe are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.
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Results of Operations
Three months ended September 30, 2024 compared to the three months ended September 30, 2023
Revenues from Selling Goods
We recorded revenues from selling goods of $ 17.8 million during the three months ended September 30, 2024, an increase of $7.6 million, or 75%, compared to revenues of $10.2 million for the three months ended September 30, 2023. The increase resulted primarily from an increase of $6.8 million in sales to Chiesi and an increase of $1.1 million in sales to Pfizer, partially offset by a decrease of $0.3 million in sales to Brazil.
Revenues from License and R&D Services
We recorded revenues from license and R&D services of $0.1 million for the three months ended September 30, 2024, a decrease of $0.1 million, or 50%, compared to revenues of $0.2 million for the three months ended September 30, 2023. Revenues from license and R&D services are comprised primarily of revenues we recognized in connection with the Chiesi Agreements including compensation for research and development obligations with respect to Elfabrio. As a result of the completion of the Fabry clinical program in 2023 with the approval of Elfabrio in the United States and the European Union in May 2023, we expect to generate minimal revenues from license and R&D services other than potential regulatory milestone payments.
Cost of Goods Sold
Cost of goods sold was $8.4 million for the three months ended September 30, 2024, an increase of $3.5 million, or 71%, from cost of goods sold of $4.9 million for the three months ended September 30, 2023. The increase in cost of goods sold was primarily the result of an increase in sales to Chiesi and Pfizer.
Research and Development Expenses
For the three months ended September 30, 2024, our total research and development expenses were approximately $3.0 million comprised of approximately $0.6 million in subcontractor-related expenses, approximately $1.6 million of salary and related expenses, approximately $0.2 million of materials-related expenses and approximately $0.6 million of other expenses. For the three months ended September 30, 2023, our total research and development expenses were approximately $3.7 million comprised of approximately $1.0 million of subcontractor-related expenses, approximately $1.9 million of salary and related expenses, approximately $0.2 million of materials-related expenses and approximately $0.6 million of other expenses.
Total decrease in research and developments expenses for the three months ended September 30, 2024 was $0.7 million, or 19%, compared to the three months ended September 30, 2023. The decrease in research and development expenses resulted primarily from the completion of our Fabry clinical program and the regulatory processes related to the BLA and MAA review of Elfabrio by the applicable regulatory agencies.
We expect to continue to incur significant, increasing research and development expenses as we enter into a more advanced stage of preclinical and clinical trials for certain of our product candidates.
Selling, General and Administrative Expenses
Selling, general and administrative expenses were $2.6 million for the three months ended September 30, 2024, a decrease of $1.1 million, or 30%, compared to $3.7 million for the three months ended September 30, 2023. The decrease resulted primarily from a decrease of $0.5 million in salary and related expenses and a decrease of $0.4 million in professional fees.
Financial Income, Net
Financial expenses, net was $0.1 million for the three months ended September 30, 2024, compared to financial income, net of $0.2 million for the three months ended September 30, 2023. The difference resulted primarily from lower interest income on bank deposits, higher exchange rate costs partially offset by lower notes interest expenses due to the September 2024 repayment in full of all the outstanding principal and interest payable under the 2024 Notes.
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Income Taxes
For the three months ended September 30, 2024, we recorded income taxes of approximately $0.6 million, compared to income taxes of $0.1 million for the three months ended September 30, 2023. Income taxes recorded are primarily the result of tax expenses in respect of Section 174 of the TCJA.
Nine months ended September 30, 2024 compared to the nine months ended September 30, 2023
Revenues from Selling Goods
We recorded revenues from selling goods of $34.8 million during the nine months ended September 30, 2024, an increase of $4.5 million, or 15%, compared to revenues of $30.3 million for the nine months ended September 30, 2023. The increase resulted primarily from an increase of $4.2 million in sales to Brazil and an increase of $3.4 million in sales to Pfizer which were partially offset by a decrease of $3.1 million in sales to Chiesi. Sales to Chiesi in the nine months ended September 30, 2023 were in connection with the commercial launch and inventory buildup of Elfabrio after its approval for marketing in the United States and the European Union.
Revenues from License and R&D Services
We recorded revenues from license and R&D services of $0.4 million for the nine months ended September 30, 2024, a decrease of $24.3 million, or 98%, compared to revenues of $24.7 million for the nine months ended September 30, 2023. Revenues from license and R&D services are comprised primarily of revenues we recognized in connection with the Chiesi Agreements. The revenues from license and R&D services for the nine months ended September 30, 2023 included the $20.0 million regulatory milestone payment from Chiesi in connection with the FDA approval of Elfabrio granted during that period. The remaining decrease resulted from the completion of our revenue-generating research and development obligations with respect to Elfabrio and, as Elfabrio was approved in the United States and the European Union in May 2023, from the completion of the regulatory processes related to the review of the BLA and the MAA for Elfabrio by the FDA and EMA, respectively. As a result of the completion of the Fabry clinical program in 2023, we expect to generate minimal revenues from license and R&D services other than potential regulatory milestone payments.
Cost of Goods Sold
Cost of goods sold was $20.4 million for the nine months ended September 30, 2024, an increase of $6.3 million, or 45%, from cost of goods sold of $14.1 million for the nine months ended September 30, 2023. The increase in cost of goods sold was primarily the result of the increase in sales to Pfizer and to Brazil. In addition, during the nine months ended September 30, 2023 a significantly higher portion of the costs for certain drug substance sold, as compared to the nine months ended September 30, 2024, were recognized as research and development expenses, not cost of goods sold, as such drug substance was produced as part of our research and development activities.
Research and Development Expenses
For the nine months ended September 30, 2024, our total research and development expenses were approximately $8.8 million comprised of approximately $1.6 million in subcontractor-related expenses, approximately $4.8 million of salary and related expenses, approximately $0.5 million of materials-related expenses and approximately $1.9 million of other expenses. For the nine months ended September 30, 2023, our total research and development expenses were approximately $14.0 million comprised of approximately $6.2 million of subcontractor-related expenses, approximately $5.5 million of salary and related expenses, approximately $0.5 million of materials-related expenses and approximately $1.8 million of other expenses.
Total decrease in research and developments expenses for the nine months ended September 30, 2024 was $5.2 million, or 37%, compared to the nine months ended September 30, 2023. The decrease in research and development expenses resulted primarily from the completion of our Fabry clinical program and the regulatory processes related to the BLA and MAA review of Elfabrio by the applicable regulatory agencies.
We expect to continue to incur significant, increasing research and development expenses as we enter into a more advanced stage of preclinical and clinical trials for certain of our product candidates.
Selling, General and Administrative Expenses
Selling, general and administrative expenses were $9.2 million for the nine months ended September 30, 2024, a decrease of $1.6 million, or 15%, compared to $10.8 million for the nine months ended September 30, 2023. The decrease resulted primarily from
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a decrease of $1.3 million in professional fees and of $0.7 million in salaries and related expenses which was partially offset by a $0.5 million increase in selling and marketing expenses.
Financial Income, Net
Financial income, net was $0.1 million for the nine months ended September 30, 2024, compared to financial expenses, net of $1.1 million for the nine months ended September 30, 2023. The difference resulted primarily from a decrease of approximately $1.1 million in lower interest expenses due to the note conversions executed in 2023 and the September 2024 repayment in full of all the outstanding principal and interest payable under the 2024 Notes.
Income Taxes
In the nine months ended September 30, 2024, we recorded income tax of approximately $0.4 million, compared to income taxes of $0.6 million for the nine months ended September 30, 2023. Income taxes recorded are primarily the result of tax expenses in respect of Section 174 of the TCJA.
Liquidity and Capital Resources
Our sources of liquidity include our cash and cash equivalents balances. At September 30, 2024, we had $27.4 million in cash and cash equivalents. In September 2024, we satisfied the outstanding principal and accrued interest under the 2024 Notes with a cash payment of approximately $21.2 million which was available primarily from the withdrawal of short term deposits. We have primarily financed our operations through equity and debt financings, business collaborations, grants funding and revenues from selling goods.
During the year ended December 31, 2023, we raised gross proceeds equal to approximately $24.9 million from the sale of 12,560,150 shares of our common stock under our ATM program. All such sales were completed during the quarters ended March 31, 2023 and June 30, 2023. No sales under our ATM program have been completed since the quarter ended June 30, 2023.
We believe that our cash and cash equivalents as of September 30, 2024 are sufficient to satisfy our capital needs for at least 12 months from the date that these financial statements are issued.
Cash Flows
Net cash provided by operations was $4.7 million for the nine months ended September 30, 2024. The net loss for the nine months ended September 30, 2024 of $3.6 million was increased by a $0.7 million decrease in accounts payable and accruals and was offset by a $3.1 million decrease in accounts receivable-trade and other assets, $2.6 million in share-based compensation, a $1.8 million decrease in inventories and $1.0 million in depreciation. Net cash provided by investing activities for the nine months ended September 30, 2024 was $19.5 million and consisted primarily of $20.4 million in proceeds from the sale of deposits partially offset by a $0.9 million purchase of property and equipment.
Net cash used in financing activities for the nine months ended September 30, 2024 was $20.4 million representing the payment of the outstanding principal and accrued interest under our 2024 Notes which matured in September 2024.
Net cash used in operations was $4.9 million for the nine months ended September 30, 2023. The net income for the nine months ended September 30, 2023 of $14.4 million was decreased by a $13.2 million decrease in contracts liability, a $3.1 million increase in deferred tax assets, a $4.8 million increase in inventories, a $4.2 million increase in accounts receivable-trade and other assets and a $0.5 million financial income-net (mainly currency exchange differences). The net income was increased by a $3.8 million increase in accounts payable and accruals, $2.1 million in share-based compensation and $0.9 million in depreciation. Net cash used in investing activities for the nine months ended September 30, 2023 was $16.4 million and consisted primarily of net investment in bank deposits.
Net cash provided by financing activities for the nine months ended September 30, 2023 was $24.7 million resulting primarily from the sale of common stock under our ATM program.
As of September 30, 2024, there were outstanding warrants to purchase 13,439,712 shares at an exercise price equal to $2.36 per share. The warrants expire in March 2025.
Future Funding Requirements
Since our inception, we have incurred significant research and development expenditures which have not been offset by revenues. We have not generated significant revenues from sales of Elelyso, and commercial sales of Elfabrio only commenced in the middle of
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2023. We have generated operating losses from our continuing operations since our inception although the revenues generated in the year ended December 31, 2023 exceeded our expenditures for the same period.
As the 2024 Notes were paid in full during the three months ended September 30, 2024, we are no longer subject to the financial limitations related to such notes.
As we increase our research and developments efforts with respect to our current and future product candidates, we expect to continue to incur significant expenditures. We cannot anticipate the costs or the timing of the occurrence of such costs. Although we expect the revenues generated from the sales of Elfabrio and Elelyso will increase, such revenues may not be sufficient to fund the expenditures. To the extent we need to obtain additional financing in excess of such anticipated revenues, it may be difficult for us to do so given the volatility of the price of our common stock. Our material cash needs for the next 24 months will include, among other expenses, (i) costs of preclinical and clinical trials, (ii) employee salaries, (iii) payments for rent and operation of our manufacturing facilities, (iv) fees to our consultants and legal advisors, patent advisors and fees for service providers in connection with our research and development efforts, and (v) tax payments. We believe that our cash and cash equivalents as of September 30, 2024 are sufficient to satisfy our capital needs for at least 12 months from the date that these financial statements are issued.
As discussed above, we may be required to raise additional capital to develop our product candidates and continue research and development activities. Our ability to raise capital, and the amounts of necessary capital, will depend on many other factors, including:
● | the duration and cost of discovery and preclinical development and laboratory testing and clinical trials for our product candidates; |
● | Chiesi’s progress in commercializing Elfabrio; |
● | our progress in commercializing BioManguinhos alfataliglicerase in Brazil; |
● | the timing and outcome of regulatory review of our product candidates; |
● | the costs involved in preparing, filing, prosecuting, maintaining, defending and enforcing patent claims and other intellectual property rights; and |
● | the costs associated with any litigation claims. |
We expect to finance our future cash needs through sales of Elfabrio and Elelyso, corporate collaborations, licensing or similar arrangements, public or private equity offerings and/or debt financings. We currently do not have any commitments for future external funding, except with respect to the milestone payments that may become payable under the Chiesi Agreements. On February 27, 2023, we entered into the 2023 Sales Agreement pursuant to which we may sell from time to time through the Agent ATM Shares having an aggregate offering price of up to $20.0 million as we had then completed the ATM program under the 2021 Sales Agreement. As of September 30, 2024, shares of our common stock for total gross proceeds of approximately $6.4 million remain available to be sold under the 2023 Sales Agreement.
Effects of Currency Fluctuations
Currency fluctuations could affect us through increased or decreased acquisition costs for certain goods and services and salaries expenses. We do not believe currency fluctuations have had a material effect on our results of operations during the three and nine months ended September 30, 2024.
Off-Balance Sheet Arrangements
We have no off-balance sheet arrangements as of each of September 30, 2024 and December 31, 2023.
Item 3. Quantitative and Qualitative Disclosures about Market Risk
Currency Exchange Risk
The currency of the primary economic environment in which our operations are conducted is the U.S. dollar. Most of our revenues and more than 50% of our expenses and capital expenditures are and were incurred in dollars, and a significant source of our financing has been provided in U.S. dollars. Since the dollar is the functional currency, monetary items maintained in currencies other than the dollar are remeasured using the rate of exchange in effect at the balance sheet dates and non-monetary items are remeasured at
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historical exchange rates. Revenue and expense items are remeasured at the average rate of exchange in effect during the period in which they occur. Foreign currency translation gains or losses are recognized in the statement of operations.
Approximately 44% of our costs, including salaries, expenses and office expenses, are incurred in NIS. Inflation in Israel may have the effect of increasing the U.S. dollar cost of our operations in Israel. If the U.S. dollar declines in value in relation to the NIS, it will become more expensive for us to fund our operations in Israel. A revaluation of 1% of the NIS will affect our loss before tax by less than 1%. The exchange rate of the U.S. dollar to the NIS, based on exchange rates published by the Bank of Israel, was as follows:
Three Months Ended | Nine Months Ended | Year Ended | |||||||||
September 30, | September 30, | December 31, | |||||||||
2024 |
| 2023 | 2024 |
| 2023 |
| 2023 | ||||
Average rate for period | 3.715 |
| 3.745 | 3.701 |
| 3.643 |
| 3.687 | |||
Rate at period-end | 3.710 |
| 3.824 | 3.710 |
| 3.824 |
| 3.627 |
To date, we have not engaged in hedging transactions. In the future, we may enter into currency hedging transactions to decrease the risk of financial exposure from fluctuations in the exchange rate of the U.S. dollar against the NIS. These measures, however, may not adequately protect us from material adverse effects due to the impact of inflation in Israel.
Item 4. Controls and Procedures
Evaluation of Disclosure Controls and Procedures
We conducted an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures as of the end of the period covered by this Quarterly Report on Form 10-Q. The evaluation was conducted under the supervision and with the participation of management, including our Chief Executive Officer and Chief Financial Officer. Disclosure controls and procedures are controls and procedures designed to reasonably assure that information required to be disclosed in our reports filed under the Exchange Act, such as this Quarterly Report on Form 10-Q, is recorded, processed, summarized and reported within the time periods specified in the Commission’s rules and forms. Disclosure controls and procedures are also designed to reasonably assure that such information is accumulated and communicated to our management, including the Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.
Based on the evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that, as of the end of the period covered by this Quarterly Report on Form 10-Q, our disclosure controls and procedures were effective to provide reasonable assurance that information required to be disclosed in our Exchange Act reports is recorded, processed, summarized and reported within the time periods specified by the Commission, and that material information relating to our company and our consolidated subsidiary is made known to management, including the Chief Executive Officer and Chief Financial Officer, particularly during the period when our periodic reports are being prepared.
Inherent Limitations on Effectiveness of Controls
Our management, including our Chief Executive Officer and Chief Financial Officer, does not expect that our disclosure controls and procedures or our internal control over financial reporting will prevent or detect all error and all fraud. A control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that the control system’s objectives will be met. The design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Further, because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that misstatements due to error or fraud will not occur or that all control issues and instances of fraud, if any, within a company have been detected.
Changes in Internal Control over Financial Reporting
There were no changes in our internal control over financial reporting (as defined in Rules 13a-15f and 15d-15f under the Exchange Act) that occurred during the quarter ended September 30, 2024 that have materially affected, or that are reasonably likely to materially affect, our internal control over financial reporting.
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第二部分- 其他信息
項目1. 法律訴訟
我們沒有參與任何重大法律訴訟。
項目1A. 風險因素
除如下所述外,我們對2023年12月31日結束的年度報告Form 10-k以及對2024年6月30日結束的季度報告Form 10-Q中披露的風險因素未發生重大變化.
我們的主要業務部分位於以色列,因此我們的業績可能會受到以色列當前政治、經濟和軍事狀況的不利影響。
2023年10月,恐怖分子主要來自哈馬斯組織,從加沙地帶潛入以色列南部邊境和以色列境內其他地區,襲擊了一些民用和軍事目標,同時對以色列民衆和工業中心發動了大規模火箭襲擊。與此同時,以色列與黎巴嫩真主黨之間的衝突加劇。作爲回應,以色列安全內閣對哈馬斯宣戰,並同時對這些恐怖組織發起了軍事行動,同時繼續遭到他們的火箭、無人機和恐怖襲擊。自戰爭爆發以來,包括伊朗在內的其他區域行動者對以色列採取了軍事行動。目前無法預測當前衝突的持續時間或嚴重程度,以及對我們的業務、運營結果和財務狀況的影響。迄今爲止,我們的業務尚未受到不利影響。敵對行動並未發生在我們設施所在地。我們預計不會出現對Elfabrio或Elelyso供應的任何中斷。然而,我們的設施正位於黎巴嫩和其他地方發射的部分火箭和無人機的射程之內。由於戰爭或其他敵對行動導致我們設施受損或供應中斷可能對我們的業務、運營結果和財務狀況產生重大不利影響。另外,以色列與哈馬斯之間的戰爭可能導致中東更廣泛衝突,可能對地緣政治穩定性、全球經濟和特定市場產生不利影響。
項目2. 未註冊的股票股權銷售和使用收益
無。
項目3. 對高級證券的違約
無。
項目 4. 礦山安全披露
Not applicable.
項目 5. 其他信息
在截至2024年9月30日的季度內,我們的董事或高管中沒有任何一人
項目 6. 附件
參照而成 | |||||||
展覽編號 |
| 附件描述 | 形式 | 檔案號 | 附錄 | 日期 | 已提交或附帶文件 |
3.1 | 8-K | 001-33357 | 3.1 | April 1, 2016 | |||
3.2 | 提請14A | 001-33357 | Appen。A | 2016年7月1日 | |||
3.3 | Def 14A | 001-33357 | Appen. A | 2018年10月17日 | |||
3.4 | 8-K | 001-33357 | 3.1 | 2019年12月19日 | |||
3.5 | 10-Q | 001-33357 | 3.5 | 9,836股限制股份代表向Rhyu先生授予的基於績效的限制性股票,在2021財政年度。這些股份被視爲在2022財政年度初獲得。 2022年8月6日獲得4,918股股份,2023年8月6日將獲得4,918股股份; |
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3.6 | 10-Q | 001-33357 | 3.6 | 2023年8月7日 | |||
3.7 | 8-K | 001-33357 | 3.2 | April 1, 2016 | |||
4.1† | 8-K | 001-33357 | 4.1 | 2012年7月18日 | |||
4.2 | 10-K | 001-33357 | 4.7 | 2024年3月14日 | |||
4.3 | 8-K | 001-33357 | 4.1 | 2020年3月12日 | |||
4.4† | 10-Q | 001-33357 | 4.8 | 2020年8月10日 | |||
4.5 | 10-Q | 001-33357 | 4.9 | 2020年8月10日 | |||
31.1 | X | ||||||
31.2 | X | ||||||
32.1 | X | ||||||
32.2 | X | ||||||
101.INS | XBRL實例文檔 - 實例文檔未出現在交互數據文件中,因爲其XBRL標籤嵌入在內聯XBRL文檔中 | X | |||||
101.SCH | 行內XBRL分類擴展模式文檔 | X | |||||
101.CAL | Inline XBRL稅務分類擴展計算鏈接庫文檔 | X | |||||
101.DEF | 行內XBRL分類擴展定義鏈接庫文檔 | X | |||||
101.LAB | Inline XBRL分類術語擴展標籤鏈接文檔 | X | |||||
101.PRE | 行內XBRL分類擴展演示鏈接庫文檔 | X | |||||
104 | 交互式數據文件封面頁(格式爲內聯XBRL,包含在附件101中)。 | ||||||
† 管理合同或董事或高管有資格參與的薪酬計劃或安排。 |
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