Protalix BioTherapeutics (PLX) 10-Q 9 Nov 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Nov. 01, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Trading Symbol	PLX
Entity Registrant Name	PROTALIX BIOTHERAPEUTICS, INC.
Entity Central Index Key	1,006,281
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		99,800,397

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
CURRENT ASSETS:
Cash and cash equivalents	$ 34,248	$ 54,767
Accounts receivable - Trade	4,573	1,884
Other assets	2,716	2,202
Inventories	6,339	6,667
Total current assets	47,876	65,520
FUNDS IN RESPECT OF EMPLOYEE RIGHTS UPON RETIREMENT	1,569	1,555
PROPERTY AND EQUIPMENT, NET	9,957	11,282
DEFERRED CHARGES	90	113
Total assets	59,492	78,470
Accounts payable and accruals:
Trade	4,057	3,951
Other	11,946	15,496
Deferred revenues	6,850	6,763
Total current liabilities	22,853	26,210
LONG TERM LIABILITIES:
Convertible notes	67,774	67,464
Deferred revenues	35,127	37,232
Liability in connection with collaboration operation		912
Liability for employee rights upon retirement	2,249	2,253
Total long term liabilities	105,150	107,861
Total liabilities	$ 128,003	$ 134,071
COMMITMENTS
CAPITAL DEFICIENCY	$ (68,511)	$ (55,601)
Total liabilities net of capital deficiency	$ 59,492	$ 78,470

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract]
REVENUES	$ 4,301	$ 2,396	$ 12,475	$ 11,517
COMPANY'S SHARE IN COLLABORATION AGREEMENT	1,545	1,311	3,084	2,259
COST OF REVENUES	(2,346)	(1,798)	(6,785)	(7,476)
GROSS PROFIT	3,500	1,909	8,774	6,300
RESEARCH AND DEVELOPMENT EXPENSES (1)	(5,260)	(8,052)	(18,493)	(23,280)
Less - grants and reimbursements	1,207	1,947	3,856	6,146
RESEARCH AND DEVELOPMENT EXPENSES, NET	(4,053)	(6,105)	(14,637)	(17,134)
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES (2)	(2,254)	(2,012)	(6,259)	(7,289)
OPERATING LOSS	(2,807)	(6,208)	(12,122)	(18,123)
FINANCIAL EXPENSES	(1,030)	(1,851)	(2,805)	(3,490)
FINANCIAL INCOME	17	49	64	139
FINANCIAL EXPENSES - NET	(1,013)	(1,802)	(2,741)	(3,351)
NET LOSS FOR THE PERIOD	$ (3,820)	$ (8,010)	$ (14,863)	$ (21,474)
NET LOSS PER SHARE OF COMMON STOCK
NET LOSS PER SHARE OF COMMON STOCK - BASIC AND DILUTED:	$ (0.04)	$ (0.09)	$ (0.16)	$ (0.23)
WEIGHTED AVERAGE NUMBER OF SHARES OF COMMON STOCK USED IN COMPUTING LOSS PER SHARE - BASIC AND DILUTED:
WEIGHTED AVERAGE NUMBER OF SHARES OF COMMON STOCK USED IN COMPUTING LOSS PER SHARE - BASIC AND DILUTED:	93,943,772	92,971,572	93,599,414	92,828,851

CONDENSED CONSOLIDATED STATEME4

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Research and Development Expense [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation	$ 258	$ 173	$ 667	$ 764
General and Administrative Expense [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation	$ 188	$ (67)	$ 752	$ (81)

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN CAPITAL DEFICIENCY - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Balance				$ (55,601)	$ (26,946)
Share-based compensation related to stock options				947	161
Share-based compensation related to restricted stock award, net of forfeitures				472	522
Exercise of options granted to employees (includes net exercise)				534	43
Net loss for the period		$ (3,820)	$ (8,010)	(14,863)	(21,474)
Balance		(68,511)	(47,694)	(68,511)	(47,694)
Common Stock [Member]
Balance				$ 94	$ 94
Balance, shares				93,603,819	93,551,098
Share-based compensation related to stock options
Share-based compensation related to restricted stock award, net of forfeitures
Share-based compensation related to restricted stock award, net of forfeitures, shares				(2,501)	(1,834)
Exercise of options granted to employees (includes net exercise)	[1]
Exercise of options granted to employees (includes net exercise), shares				550,000	113,800
Net loss for the period
Balance		$ 94	$ 94	$ 94	$ 94
Balance, shares		94,151,318	93,663,064	94,151,318	93,663,064
Additional Paid-in Capital [Member]
Balance				$ 185,633	$ 184,345
Share-based compensation related to stock options				947	161
Share-based compensation related to restricted stock award, net of forfeitures				472	522
Exercise of options granted to employees (includes net exercise)				$ 534	$ 43
Net loss for the period
Balance		$ 187,586	$ 185,071	$ 187,586	$ 185,071
Accumulated Deficit [Member]
Balance				$ (241,328)	$ (211,385)
Share-based compensation related to stock options
Share-based compensation related to restricted stock award, net of forfeitures
Exercise of options granted to employees (includes net exercise)
Net loss for the period				$ (14,863)	$ (21,474)
Balance		$ (256,191)	$ (232,859)	$ (256,191)	$ (232,859)
[1]	Represents amount less than thousand

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN CAPITAL DEFICIENCY (Parenthetical) - $ / shares	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Share-based compensation related to restricted stock award, forfeitures, shares	2,501	1,834
Common stock, par value per share	$ 0.001	$ 0.001
Common stock, shares authorized	150,000,000	150,000,000

CONDENSED CONSOLIDATED STATEME7

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (14,863)	$ (21,474)
Adjustments required to reconcile net loss to net cash used in operating activities:
Share based compensation	1,419	683
Depreciation	1,811	2,418
Financial expenses, net (mainly exchange differences)	102	869
Changes in accrued liability for employee rights upon retirement	16	149
Loss (Gain) on amounts funded in respect of employee rights upon retirement	28	(25)
Amortization of debt issuance costs and debt discount	333	332
Changes in operating assets and liabilities:
Decrease in deferred revenues (including non-current portion)	(2,018)	(6,172)
Increase in accounts receivable and other assets	(3,187)	(578)
Decrease in inventories	328	1,127
Decrease in accounts payable and accruals (including long term )	(4,396)	(1,736)
Net cash used in operating activities	(20,427)	(24,407)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment	$ (460)	(617)
Investment in restricted deposit		(93)
Amounts funded in respect of employee rights upon retirement, net	$ (56)	(122)
Net cash used in investing activities	(516)	(832)
CASH FLOWS FROM FINANCING ACTIVITIES:
Exercise of options	534	43
Net cash provided by financing activities	534	43
EFFECT OF EXCHANGE RATE CHANGES ON CASH	(110)	(885)
NET DECREASE IN CASH AND CASH EQUIVALENTS	(20,519)	(26,081)
BALANCE OF CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	54,767	86,398
BALANCE OF CASH AND CASH EQUIVALENTS AT END OF PERIOD	34,248	60,317
SUPPLEMENTARY INFORMATION ON INVESTING AND FINANCING ACTIVITIES NOT INVOLVING CASH FLOWS:
Purchase of property and equipment	146	122
SUPPLEMENTARY DISCLOSURE ON CASH FLOWS
Interest paid	$ 3,105	$ 3,079

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2015
SIGNIFICANT ACCOUNTING POLICIES [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES a. General Protalix BioTherapeutics, Inc. (collectively with its subsidiaries, the “Company”), and its wholly-owned subsidiary, Protalix Ltd., are biopharmaceutical companies focused on the development and commercialization of recombinant therapeutic proteins based on the Company's proprietary ProCellEx® protein expression system (“ProCellEx”). Using the ProCellEx system, the Company is developing a pipeline of proprietary recombinant therapeutic proteins. The Company's initial commercial focus has been on complex therapeutic proteins, including proteins for the treatment of genetic disorders, such as Gaucher disease and Fabry disease. The Company's strategy is to develop proprietary recombinant proteins that are therapeutically superior to existing recombinant proteins currently marketed for the same indications. To date, the Company has successfully developed a treatment for Gaucher disease that has been approved for marketing in the United States, Brazil, Israel and other markets, and the Company has number of product candidates in varying stages of the clinical development process. In September 2009, Protalix Ltd. formed another wholly-owned subsidiary under the laws of the Netherlands, Protalix B.V., in connection with the European Medicines Agency (“EMA”) application process in the European Union. The Company's two subsidiaries are referred to collectively herein as the “Subsidiaries.” On May 1, 2012, the U.S. Food and Drug Administration (“FDA”) approved for sale the Company's first commercial product, taliglucerase alfa for injection, an enzyme replacement therapy (“ERT”) for the long-term treatment of adult patients with a confirmed diagnosis of type 1 Gaucher disease. Subsequently, taliglucerase alfa was approved for marketing by the regulatory authorities of other countries. Taliglucerase alfa is being marketed under the name Uplyso TM TM Since its approval by the FDA, taliglucerase alfa has been marketed mainly in the United States by Pfizer Inc. (“Pfizer”), the Company's commercialization partner, as provided in the exclusive license and supply agreement by and between Protalix Ltd., the Company's wholly-owned subsidiary, and Pfizer, which is referred to herein as the Pfizer Agreement. In October 2015, the Company entered into an Amended and Restated Exclusive License and Supply Agreement (the “Amended Pfizer Agreement”) which amends and restates the Pfizer Agreement in its entirety. Pursuant to the Amended Pfizer Agreement, the Company sold to Pfizer its share in the collaboration created under the initial Pfizer Agreement for the commercialization of Elelyso in exchange for a cash payment equal to $ 36.0 As part of the sale, the Company agreed to transfer its rights to Elelyso in Israel to Pfizer while gaining full rights to Elelyso in Brazil. Under the initial Pfizer Agreement, Pfizer and the Company shared revenues and expenses for the development and commercialization of Elelyso on a 60 40 100 12.5 For further details please see Note 5. On June 18, 2013, the Company entered into a Supply and Technology Transfer Agreement (the “Brazil Agreement”) with Fundação Oswaldo Cruz (“Fiocruz”), an arm of the Brazilian Ministry of Health for taliglucerase alfa. The agreement became effective in January 2014. The technology transfer is designed to be completed in four 280 Fiocruz's purchases of Uplyso to date have been significantly below certain agreed upon purchase milestones and, accordingly, the Company has the right to terminate the Brazil Agreement. Notwithstanding the low purchase amounts, the Company is, at this time, continuing to supply Uplyso to Fiocruz under the Brazil Agreement, and patients continue to be treated with Uplyso in Brazil. Approximately 10 The Company will pay a fee equal to 5 of the net proceeds generated in Brazil to an agent for services provided in assisting the Company complete the Brazil Agreement pursuant to an agreement between the agent and the Company. The agreement will remain in effect with respect to the Brazil Agreement until the termination thereof. In addition to taliglucerase alfa, the Company is developing an innovative product pipeline using its ProCellEx protein expression system. The Company's product pipeline currently includes, among other candidates: (1) PRX-102, or alpha-GAL-A, a therapeutic protein candidate for the treatment of Fabry disease, a rare, genetic lysosomal disorder in humans. (2) PRX-106, the Company's oral antiTNF product candidate which is being developed as an orally-delivered anti inflammatory treatment using plant cells as a natural capsule for the expressed protein. (3) PRX-110, a proprietary plant cell recombinant human Deoxyribonuclease 1, or DNase, under development for the treatment of cystic fibrosis, to be administered by inhalation. (4) PRX-112, an orally administered glucocerebrosidase enzyme for the treatment of Gaucher patients utilizing oral delivery of the recombinant GCD enzyme produced and encapsulated within carrot cells. Obtaining marketing approval with respect to any product candidate in any country is directly dependent on the Company's ability to implement the necessary regulatory steps required to obtain such approvals. The Company cannot reasonably predict the outcome of these activities. Based on its current cash resources and commitments, the Company believes it will be able to maintain its current planned development activities and the corresponding level of expenditures for at least 12 months no b. Basis of Presentation The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and notes required by GAAP for annual financial statements. In the opinion of management, all adjustments (of a normal recurring nature) considered necessary for a fair statement of the results for the interim periods presented have been included. Operating results for the interim period are not necessarily indicative of the results that may be expected for the full year. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements in the Annual Report on Form 10-K for the year ended December 31, 2014, filed by the Company with the U.S. Securities and Exchange Commission (the “Commission”) c. Net loss per share Basic and diluted loss per share (“LPS”) are computed by dividing net loss by the weighted average number of shares of the Company's common stock, par value $ 0.001 18,781,572 19,797,190 18,661,182 19,820,485

INVENTORIES

INVENTORIES	9 Months Ended
	Sep. 30, 2015
INVENTORIES [Abstract]
INVENTORIES	NOTE 2 - INVENTORIES Inventory at September 30, 2015 and December 31, 2014 consisted of the following: September 30, December 31, 2015 2014 ( U.S. dollars in thousands) Raw materials $ 1,502 $ 1,616 Work in progress 132 Finished goods 4,837 4,919 Total inventory $ 6,339 $ 6,667 During the nine months ended September 30, 2015, the Company recorded approximately $ 1.6

FAIR VALUE MEASUREMENT

FAIR VALUE MEASUREMENT	9 Months Ended
	Sep. 30, 2015
FAIR VALUE MEASUREMENT [Abstract]
FAIR VALUE MEASUREMENT	NOTE 3 – FAIR VALUE MEASUREMENT The Company measures fair value and discloses fair value measurements for financial assets and liabilities. Fair value is based on the price that would be received from the sale of an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date. The accounting standard establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three broad levels, which are described below: Level 1: Quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs. Level 2: Observable prices that are based on inputs not quoted on active markets, but corroborated by market data. Level 3: Unobservable inputs are used when little or no market data is available. The fair value hierarchy gives the lowest priority to Level 3 inputs. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible and considers counterparty credit risk in its assessment of fair value. The fair value of the financial instruments included in the working capital of the Company is usually identical or close to their carrying value. The fair value of the convertible notes as of September 30, 2015 is approximately $ 45.5

STOCK TRANSACTIONS

STOCK TRANSACTIONS	9 Months Ended
	Sep. 30, 2015
STOCK TRANSACTIONS [Abstract]
STOCK TRANSACTIONS	NOTE 4 – STOCK TRANSACTIONS On March 23, 2015, the Company's compensation committee approved the grant of a 10 1,909,000 1.72 four 25 12 three 1.9 0 61.7 1.6 six

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2015
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 5 – SUBSEQUENT EVENTS On October 12, 2015, the Company entered into the Amended Pfizer Agreement which amends and restates, in its entirety, the Pfizer Agreement. See Note 1. Pursuant to the Amended Pfizer Agreement, the Company sold its share in the collaboration with Pfizer on the commercialization of Elelyso to Pfizer in exchange for a cash payment equal to $ 36.0 4.2 On October 12, 2015, the Company also entered into a Stock Purchase Agreement with Pfizer, pursuant to which the Company issued 5,649,079 10.0 180 90

SIGNIFICANT ACCOUNTING POLICI13

SIGNIFICANT ACCOUNTING POLICIES (Policy)	9 Months Ended
	Sep. 30, 2015
SIGNIFICANT ACCOUNTING POLICIES [Abstract]
General	a. General Protalix BioTherapeutics, Inc. (collectively with its subsidiaries, the “Company”), and its wholly-owned subsidiary, Protalix Ltd., are biopharmaceutical companies focused on the development and commercialization of recombinant therapeutic proteins based on the Company's proprietary ProCellEx® protein expression system (“ProCellEx”). Using the ProCellEx system, the Company is developing a pipeline of proprietary recombinant therapeutic proteins. The Company's initial commercial focus has been on complex therapeutic proteins, including proteins for the treatment of genetic disorders, such as Gaucher disease and Fabry disease. The Company's strategy is to develop proprietary recombinant proteins that are therapeutically superior to existing recombinant proteins currently marketed for the same indications. To date, the Company has successfully developed a treatment for Gaucher disease that has been approved for marketing in the United States, Brazil, Israel and other markets, and the Company has number of product candidates in varying stages of the clinical development process. In September 2009, Protalix Ltd. formed another wholly-owned subsidiary under the laws of the Netherlands, Protalix B.V., in connection with the European Medicines Agency (“EMA”) application process in the European Union. The Company's two subsidiaries are referred to collectively herein as the “Subsidiaries.” On May 1, 2012, the U.S. Food and Drug Administration (“FDA”) approved for sale the Company's first commercial product, taliglucerase alfa for injection, an enzyme replacement therapy (“ERT”) for the long-term treatment of adult patients with a confirmed diagnosis of type 1 Gaucher disease. Subsequently, taliglucerase alfa was approved for marketing by the regulatory authorities of other countries. Taliglucerase alfa is being marketed under the name Uplyso TM TM Since its approval by the FDA, taliglucerase alfa has been marketed mainly in the United States by Pfizer Inc. (“Pfizer”), the Company's commercialization partner, as provided in the exclusive license and supply agreement by and between Protalix Ltd., the Company's wholly-owned subsidiary, and Pfizer, which is referred to herein as the Pfizer Agreement. In October 2015, the Company entered into an Amended and Restated Exclusive License and Supply Agreement (the “Amended Pfizer Agreement”) which amends and restates the Pfizer Agreement in its entirety. Pursuant to the Amended Pfizer Agreement, the Company sold to Pfizer its share in the collaboration created under the initial Pfizer Agreement for the commercialization of Elelyso in exchange for a cash payment equal to $ 36.0 As part of the sale, the Company agreed to transfer its rights to Elelyso in Israel to Pfizer while gaining full rights to Elelyso in Brazil. Under the initial Pfizer Agreement, Pfizer and the Company shared revenues and expenses for the development and commercialization of Elelyso on a 60 40 100 12.5 For further details please see Note 5. On June 18, 2013, the Company entered into a Supply and Technology Transfer Agreement (the “Brazil Agreement”) with Fundação Oswaldo Cruz (“Fiocruz”), an arm of the Brazilian Ministry of Health for taliglucerase alfa. The agreement became effective in January 2014. The technology transfer is designed to be completed in four 280 Fiocruz's purchases of Uplyso to date have been significantly below certain agreed upon purchase milestones and, accordingly, the Company has the right to terminate the Brazil Agreement. Notwithstanding the low purchase amounts, the Company is, at this time, continuing to supply Uplyso to Fiocruz under the Brazil Agreement, and patients continue to be treated with Uplyso in Brazil. Approximately 10 The Company will pay a fee equal to 5 of the net proceeds generated in Brazil to an agent for services provided in assisting the Company complete the Brazil Agreement pursuant to an agreement between the agent and the Company. The agreement will remain in effect with respect to the Brazil Agreement until the termination thereof. In addition to taliglucerase alfa, the Company is developing an innovative product pipeline using its ProCellEx protein expression system. The Company's product pipeline currently includes, among other candidates: (1) PRX-102, or alpha-GAL-A, a therapeutic protein candidate for the treatment of Fabry disease, a rare, genetic lysosomal disorder in humans. (2) PRX-106, the Company's oral antiTNF product candidate which is being developed as an orally-delivered anti inflammatory treatment using plant cells as a natural capsule for the expressed protein. (3) PRX-110, a proprietary plant cell recombinant human Deoxyribonuclease 1, or DNase, under development for the treatment of cystic fibrosis, to be administered by inhalation. (4) PRX-112, an orally administered glucocerebrosidase enzyme for the treatment of Gaucher patients utilizing oral delivery of the recombinant GCD enzyme produced and encapsulated within carrot cells. Obtaining marketing approval with respect to any product candidate in any country is directly dependent on the Company's ability to implement the necessary regulatory steps required to obtain such approvals. The Company cannot reasonably predict the outcome of these activities. Based on its current cash resources and commitments, the Company believes it will be able to maintain its current planned development activities and the corresponding level of expenditures for at least 12 months no
Basis of Presentation	b. Basis of Presentation The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and notes required by GAAP for annual financial statements. In the opinion of management, all adjustments (of a normal recurring nature) considered necessary for a fair statement of the results for the interim periods presented have been included. Operating results for the interim period are not necessarily indicative of the results that may be expected for the full year. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements in the Annual Report on Form 10-K for the year ended December 31, 2014, filed by the Company with the U.S. Securities and Exchange Commission (the “Commission”)
Net loss per share	c. Net loss per share Basic and diluted loss per share (“LPS”) are computed by dividing net loss by the weighted average number of shares of the Company's common stock, par value $ 0.001 18,781,572 19,797,190 18,661,182 19,820,485

INVENTORIES (Tables)

INVENTORIES (Tables)	9 Months Ended
	Sep. 30, 2015
INVENTORIES [Abstract]
Schedule of Inventory	September 30, December 31, 2015 2014 ( U.S. dollars in thousands) Raw materials $ 1,502 $ 1,616 Work in progress 132 Finished goods 4,837 4,919 Total inventory $ 6,339 $ 6,667

SIGNIFICANT ACCOUNTING POLICI15

SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended
	Oct. 31, 2015	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Jun. 18, 2013
Significant Accounting Policies [Line Items]
Common stock, par value per share		$ 0.001	$ 0.001	$ 0.001	$ 0.001
Options to purchase common stock not included in diluted LPS because the effect would be anti-dilutive		19,820,485	18,661,182	19,797,190	18,781,572
Brazil Agreement [Member] | Protalix Ltd. [Member] | Fiocruz [Member]
Significant Accounting Policies [Line Items]
Supply commitment for entitled rights to be received						$ 280
Percentage of adult Gaucher patients in Brazil currently treated with Uplyso				10.00%
Agent fee, percentage of net proceeds				5.00%
Pfizer Agreement [Member] | Pfizer Incorporation [Member]
Significant Accounting Policies [Line Items]
Agreement, future revenues and expenses sharing percentage		60.00%		60.00%
Pfizer Agreement [Member] | Protalix Bio Therapeutics Incorporation [Member]
Significant Accounting Policies [Line Items]
Agreement, future revenues and expenses sharing percentage		40.00%		40.00%
Subsequent Event [Member] | Amended Pfizer Agreement [Member]
Significant Accounting Policies [Line Items]
Proceeds from sale of share in the collaboration created under the initial Pfizer Agreement for the commercialization of Elelyso	$ 36
Subsequent Event [Member] | Amended Pfizer Agreement [Member] | Pfizer Incorporation [Member] | Excluding Brazil [Member]
Significant Accounting Policies [Line Items]
Agreement, future revenues and expenses sharing percentage	100.00%
Subsequent Event [Member] | Amended Pfizer Agreement [Member] | Protalix Bio Therapeutics Incorporation [Member]
Significant Accounting Policies [Line Items]
License and supply agreement potential future payment, elimination amount	$ 12.5
Subsequent Event [Member] | Amended Pfizer Agreement [Member] | Protalix Bio Therapeutics Incorporation [Member] | BRAZIL
Significant Accounting Policies [Line Items]
Agreement, future revenues and expenses sharing percentage	100.00%

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
INVENTORIES [Abstract]
Raw materials	$ 1,502	$ 1,616
Work in process		132
Finished goods	4,837	4,919
Total inventory	6,339	$ 6,667
Inventory write-down	$ 1,600

FAIR VALUE MEASUREMENT (Details

FAIR VALUE MEASUREMENT (Details) $ in Millions	Sep. 30, 2015USD ($)
FAIR VALUE MEASUREMENT [Abstract]
Fair value convertible notes	$ 45.5

STOCK TRANSACTIONS (Details)

STOCK TRANSACTIONS (Details) - 2006 Employee Stock Incentive Plan [Member] - Option to purchase shares of common stock [Member] $ / shares in Units, $ in Millions	1 Months Ended
	Mar. 23, 2015USD ($)item$ / sharesshares
Class of Stock [Line Items]
Option granted (in shares) | shares	1,909,000
Term of option	10 years
Exercise price (in dollars per share) | $ / shares	$ 1.72
Vesting period	4 years
Fair value of option on the date of grant	$ 1.9
Dividend yield	0.00%
Expected volatility	61.70%
Risk free interest rate	1.60%
Expected life in years	6 years
Vest on the first anniversary of the grant date [Member]
Class of Stock [Line Items]
Percentage of options vested	25.00%
Vest over the subsequent quarterly period
Class of Stock [Line Items]
Number of installments for vesting of stock | item	12
Vesting period	3 years

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - USD ($) $ in Millions	1 Months Ended
	Oct. 31, 2015	Sep. 30, 2015
Pfizer Agreement [Member] | Pfizer Incorporation [Member]
Subsequent Event [Line Items]
Agreement, future revenues and expenses sharing percentage		60.00%
Pfizer Agreement [Member] | Protalix Bio Therapeutics Incorporation [Member]
Subsequent Event [Line Items]
Agreement, future revenues and expenses sharing percentage		40.00%
Subsequent Event [Member]
Subsequent Event [Line Items]
Common stock issued	5,649,079
Common stock issued, value	$ 10
Subsequent Event [Member] | Directors and Executive Officers [Member]
Subsequent Event [Line Items]
Lock-up period with respect to the purchased shares of common stock	90 days
Subsequent Event [Member] | Pfizer Incorporation [Member]
Subsequent Event [Line Items]
Lock-up period with respect to the purchased shares of common stock	180 days
Subsequent Event [Member] | Amended Pfizer Agreement [Member]
Subsequent Event [Line Items]
Proceeds from sale of share in the collaboration created under the initial Pfizer Agreement for the commercialization of Elelyso	$ 36
Subsequent Event [Member] | Amended Pfizer Agreement [Member] | Pfizer Incorporation [Member] | Excluding Brazil [Member]
Subsequent Event [Line Items]
Agreement, future revenues and expenses sharing percentage	100.00%
Subsequent Event [Member] | Amended Pfizer Agreement [Member] | Protalix Bio Therapeutics Incorporation [Member]
Subsequent Event [Line Items]
License and supply agreement potential future payment, elimination amount	$ 12.5
Subsequent Event [Member] | Amended Pfizer Agreement [Member] | Protalix Bio Therapeutics Incorporation [Member] | BRAZIL
Subsequent Event [Line Items]
Agreement, future revenues and expenses sharing percentage	100.00%
Subsequent Event [Member] | Amended Pfizer Agreement [Member] | October 2015 Promissory Note To Pfizer [Member]
Subsequent Event [Line Items]
Promissory note, amount	$ 4.2
Maturity date	Oct. 31, 2020