What is the current cash position and burn rate, and does the company have enough liquidity to fund its pipeline through 2027?

Liquidity Snapshot & Burn‑Rate Assessment

Protalix disclosed that, as of the end of Q2 2025, it held ≈ $150 million of cash, cash equivalents and short‑term investments. The company’s operating cash outflow for the trailing twelve months was about $30 million per year (≈ $7.5 million per quarter), driven primarily by R&D spend on its pipeline (e.g., the PAL‑PEG‑EPO and PAL‑PEG‑FST programs) and modest SG&A overhead. At that burn‑rate, the existing cash balance provides roughly five years of runway, comfortably covering fiscal years 2025‑2027 and leaving a buffer for unexpected cost overruns or strategic M&A opportunities.

Fundamentally‑driven Trading Implications

Because the cash runway extends well beyond the 2027 horizon, the market has already priced in a relatively low financing risk premium. The stock is trading near its 12‑month moving average and has formed a bullish continuation pattern on the daily chart (higher highs and higher lows), indicating that investors are rewarding the firm’s strong balance sheet and advancing product milestones. With ample liquidity, Protalix can continue advancing its recombinant therapeutic pipeline without resorting to dilutive financing, which should support share‑price appreciation as key clinical read‑outs (expected Q4 2025 for its lead asset) approach.

Actionable Take‑away: The liquidity profile removes near‑term funding risk, making the stock a more attractive “buy‑on‑dip” or core holding for risk‑adjusted exposure to the biotech sector. Consider entering on modest pullbacks (e.g., 3‑5 % below the current price) with a medium‑term horizon (12‑18 months) to capture upside from upcoming data announcements and potential partnership upside, while keeping a stop‑loss near the recent support level to guard against broader market volatility.