Protalix BioTherapeutics (PLX) 10-Q 9 Nov 16 2016 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2016	Nov. 01, 2016
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
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
Trading Symbol	PLX
Entity Common Stock, Shares Outstanding		99,930,402

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
CURRENT ASSETS:
Cash and cash equivalents	$ 51,320	$ 76,374
Accounts receivable - Trade	2,096	0
Other assets	1,045	1,667
Inventories	4,860	5,767
Assets of discontinued operations	327	2,073
Total current assets	59,648	85,881
FUNDS IN RESPECT OF EMPLOYEE RIGHTS UPON RETIREMENT	1,686	1,628
PROPERTY AND EQUIPMENT, NET	9,140	9,744
Total assets	70,474	97,253
Accounts payable and accruals:
Trade	3,989	3,629
Other	5,840	5,534
Deferred revenues	504	504
Liabilities of discontinued operations	0	1,568
Total current liabilities	10,333	11,235
LONG TERM LIABILITIES:
Convertible notes	68,129	67,796
Deferred revenues	453	744
Liability for employee rights upon retirement	2,361	2,304
Promissory note	4,301	4,301
Total long term liabilities	75,244	75,145
Total liabilities	85,577	86,380
COMMITMENTS
SHAREHOLDERS’ EQUITY (CAPITAL DEFICIENCY)	(15,103)	10,873
Total liabilities and shareholders’ equity (net of capital deficiency)	$ 70,474	$ 97,253

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
REVENUES		$ 4,670	$ 1,336	$ 7,118	$ 4,364
COST OF REVENUES		(4,248)	(223)	(6,446)	(730)
GROSS PROFIT		422	1,113	672	3,634
RESEARCH AND DEVELOPMENT EXPENSES	[1]	(6,353)	(5,068)	(23,700)	(17,191)
Less - grants		1,297	1,116	4,800	3,573
RESEARCH AND DEVELOPMENT EXPENSES, NET		(5,056)	(3,952)	(18,900)	(13,618)
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES	[1]	(2,014)	(2,163)	(6,215)	(5,986)
OPERATING LOSS		(6,648)	(5,002)	(24,443)	(15,970)
FINANCIAL EXPENSES		(910)	(1,030)	(2,715)	(2,805)
FINANCIAL INCOME		268	17	606	64
FINANCIAL EXPENSES - NET		(642)	(1,013)	(2,109)	(2,741)
LOSS FROM CONTINUING OPERATIONS		(7,290)	(6,015)	(26,552)	(18,711)
(LOSS) INCOME FROM DISCONTINUED OPERATIONS		0	2,195	(189)	3,848
NET LOSS FOR THE PERIOD		$ (7,290)	$ (3,820)	$ (26,741)	$ (14,863)
NET LOSS PER SHARE OF COMMON STOCK - BASIC AND DILUTED:
loss from continuing operations		$ (0.07)	$ (0.06)	$ (0.27)	$ (0.2)
Income (loss) from discontinued operations		0	0.02	0	0.04
Net loss per share of common stock		$ (0.07)	$ (0.04)	$ (0.27)	$ (0.16)
WEIGHTED AVERAGE NUMBER OF SHARES OF COMMON STOCK USED IN COMPUTING LOSS PER SHARE - BASIC AND DILUTED: (in shares)		99,821,970	93,943,772	99,766,245	93,599,414
[1]	Includes share-based compensation

CONDENSED CONSOLIDATED STATEME4

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Research and Development Expense [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation	$ 82	$ 258	$ 448	$ 667
General and Administrative Expense [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation	$ 81	$ 188	$ 317	$ 752

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (CAPITAL DEFICIENCY) - USD ($) $ in Thousands		Total	Common Stock [Member]		Additional Paid-in Capital [Member]	Accumulated Deficit [Member]
Balance at Dec. 31, 2014		$ (55,601)	$ 94		$ 185,633	$ (241,328)
Balance (in shares) at Dec. 31, 2014	[1]		93,603,819
Share-based compensation related to stock options		947			947
Share-based compensation related to restricted stock award, net of forfeitures		472			472
Share-based compensation related to restricted stock award, net of forfeitures (in shares)	[1]		(2,501)
Exercise of options		534		[2]	534
Exercise of options (in shares)	[1]		550,000
Net loss from continuing operations		(18,711)				(18,711)
Net income (loss) from discontinued operations		3,848				3,848
Balance at Sep. 30, 2015		(68,511)	$ 94		187,586	(256,191)
Balance (in shares) at Sep. 30, 2015	[1]		94,151,318
Balance at Dec. 31, 2015		10,873	$ 100		194,064	(183,291)
Balance (in shares) at Dec. 31, 2015	[1]		99,800,397
Share-based compensation related to stock options		697			697
Share-based compensation related to restricted stock award, net of forfeitures		68			68
Share-based compensation related to restricted stock award, net of forfeitures (in shares)	[1]		7,843
Exercise of options	[2]
Exercise of options (in shares)	[1]		122,162
Net loss from continuing operations		(26,552)				(26,552)
Net income (loss) from discontinued operations		(189)				(189)
Balance at Sep. 30, 2016		$ (15,103)	$ 100		$ 194,829	$ (210,032)
Balance (in shares) at Sep. 30, 2016	[1]		99,930,402
[1]	Common Stock, $0.001 par value; Authorized – as of September 30, 2016 and 2015 - 250,000,000 shares and 150,000,000 shares, respectively.
[2]	Represents an amount less than $1.

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (CAPITAL DEFICIENCY) (Parenthetical) - $ / shares	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2016
Share-based compensation related to restricted stock award, forfeitures, (in shares)	2,501
Common stock, par value per share	$ 0.001	$ 0.001
Common stock, shares authorized	150,000,000	250,000,000

CONDENSED CONSOLIDATED STATEME7

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (26,741)	$ (14,863)
Income (loss) from discontinued operations	(189)	3,848
Loss from continuing operations	(26,552)	(18,711)
Adjustments required to reconcile net loss to net cash used in operating activities:
Share based compensation	765	1,419
Depreciation	1,489	1,811
Financial expenses, net (mainly exchange differences)	(375)	102
Changes in accrued liability for employee rights upon retirement	(31)	16
Loss (gain) on amounts funded in respect of employee rights upon retirement	(3)	28
Amortization of debt issuance costs and debt discount	333	333
Changes in operating assets and liabilities:
Increase (decrease) in deferred revenues (including non-current portion)	(291)	469
Increase in accounts receivable and other assets	(1,358)	(1,835)
Decrease in inventories	907	82
Increase (decrease) in accounts payable and accruals (including long term )	367	(1,489)
Net cash used in continuing operations	(24,749)	(17,775)
Net cash used in discontinued operations	(11)	(2,652)
Net cash used in operating activities	(24,760)	(20,427)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment	(732)	(460)
Amounts funded in respect of employee rights upon retirement, net	7	(56)
Net cash used in investing activities	(725)	(516)
CASH FLOWS FROM FINANCING ACTIVITIES:
Exercise of options	0	534
Net cash provided by financing activities	0	534
EFFECT OF EXCHANGE RATE CHANGES ON CASH	431	(110)
NET DECREASE IN CASH AND CASH EQUIVALENTS	(25,054)	(20,519)
BALANCE OF CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	76,374	54,767
BALANCE OF CASH AND CASH EQUIVALENTS AT END OF PERIOD	51,320	34,248
SUPPLEMENTARY INFORMATION ON INVESTING AND FINANCING ACTIVITIES NOT INVOLVING CASH FLOWS:
Purchase of property and equipment	642	146
SUPPLEMENTARY DISCLOSURE ON CASH FLOWS
Interest paid	$ 3,105	$ 3,105

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2016
SIGNIFICANT ACCOUNTING POLICIES [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	a. General Protalix BioTherapeutics, Inc. (collectively with its subsidiaries, the “Company”), and its wholly-owned subsidiaries, Protalix Ltd. and Protalix B.V. (“Subsidiaries”), are biopharmaceutical companies focused on the development and commercialization of recombinant therapeutic proteins based on the Company’s proprietary ProCellEx ® TM ® 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; (2) 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; and (3) 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. Obtaining marketing approval with respect to any product candidate in any country is directly dependent on the Company’s ability to comply with all regulatory requirements to obtain such approvals. The Company cannot reasonably predict the outcome of these activities. Since its approval by the U.S. Food and Drug Administration 36.0 60 40 100 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. 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. The Company is discussing with Fiocruz potential actions that Fiocruz may take to comply with its purchase obligations and, based on such discussions, the Company will determine what it believes to be the course of action that is in the best interest of the Company. 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, although no assurance can be given that it will not need additional funds prior to such time. If there are unexpected increases in general and administrative expenses or research and development expenses, the Company may need to seek additional financing. 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, 2015, filed by the Company with the U.S. Securities and Exchange Commission. The comparative balance sheet at December 31, 2015 has been derived from the audited financial statements at that date. c. Net earnings (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 Diluted LPS is calculated in continuing operations. The calculation of diluted LPS does not include 19,797,190 19,572,040 19,820,485 19,484,667 d. Newly Issued Accounting Pronouncements 1) In March 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-09, “Compensation - Stock Compensation (Topic 718)” (“ASU 2016-09”) which simplifies certain aspects of the accounting for share-based payments, including accounting for income taxes, classification of awards as either equity or liabilities, classification on the statement of cash flows as well as allowing an entity-wide accounting policy election to either estimate the number of awards that are expected to vest or account for forfeitures as they occur. ASU 2016-09 is effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. Early adoption is permitted in any annual or interim period for which financial statements have not yet been issued, and all amendments in the ASU that apply must be adopted in the same period. The Company is currently evaluating the impact of this new pronouncement on its financial statements. 2) In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flow - Classification of Certain Cash Receipts and Cash Payments (Topic 230)” (“ASU 2016-15”) which addresses specific cash flow issues with the objective of reducing the existing diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. ASU 2016-15 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. The Company is currently evaluating the impact of this new pronouncement on its consolidated statements of cash flows.

INVENTORIES

INVENTORIES	9 Months Ended
	Sep. 30, 2016
INVENTORIES [Abstract]
INVENTORIES	NOTE 2 - INVENTORIES Inventory at September 30, 2016 and December 31, 2015 consisted of the following: September 30, December 31, 2016 2015 (U.S. dollars in thousands) Raw materials $ 2,704 $ 1,180 Work in progress 208 Finished goods 1,948 4,587 Total inventory $ 4,860 $ 5,767

FAIR VALUE MEASUREMENT

FAIR VALUE MEASUREMENT	9 Months Ended
	Sep. 30, 2016
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: 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, 2016 is approximately $47.3 million based on a level 2 measurement. During the three months ended September 30, 2016, there were no transfers of financial assets and liabilities between Levels 1, 2 or 3 fair value measurements. There have been no changes in the methodologies used at September 30, 2016 since December 31, 2015.

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS	9 Months Ended
	Sep. 30, 2016
Discontinued Operations and Disposal Groups [Abstract]
DISCONTINUED OPERATIONS	NOTE 4 – DISCONTINUED OPERATIONS September 30, 2016 December 31, 2015 (U.S. dollars in thousands) CURRENT ASSETS: Accounts receivable - Trade $ 327 $ 1,993 Inventories 80 Total current assets of discontinued operations 327 2,073 CURRENT LIABILITIES: Accounts payable and accruals: Other 1,568 Total current liabilities of discontinued operations 1,568 The following summarizes financial information related to the Company’s discontinued operations in the Company’s consolidated statements of operations for the three months and nine months ended September 30, 2015 and September 30, 2016: Nine Months Ended Three Months Ended September 30, September 30, September 30, September 30, REVENUES $ 209 $ 8,111 $ 2,965 COMPANY’S SHARE IN COLLABORATION AGREEMENT 3,084 1,545 COST OF REVENUES (373) (6,055) (2,123) GROSS PROFIT (LOSS) (164) 5,140 2,387 RESEARCH AND DEVELOPMENT EXPENSES (1,302) (192) Less – reimbursements 283 91 RESEARCH AND DEVELOPMENT EXPENSES, NET (1,019) (101) SELLING, GENERAL AND ADMINISTRATIVE EXPENSES (25) (273) (91) NET INCOME (LOSS) FOR THE PERIOD FROM DISCONTINUED OPERATIONS (189) 3,848 2,195

SIGNIFICANT ACCOUNTING POLICI12

SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2016
SIGNIFICANT ACCOUNTING POLICIES [Abstract]
General	a. General Protalix BioTherapeutics, Inc. (collectively with its subsidiaries, the “Company”), and its wholly-owned subsidiaries, Protalix Ltd. and Protalix B.V. (“Subsidiaries”), are biopharmaceutical companies focused on the development and commercialization of recombinant therapeutic proteins based on the Company’s proprietary ProCellEx ® TM ® 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; (2) 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; and (3) 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. Obtaining marketing approval with respect to any product candidate in any country is directly dependent on the Company’s ability to comply with all regulatory requirements to obtain such approvals. The Company cannot reasonably predict the outcome of these activities. Since its approval by the U.S. Food and Drug Administration 36.0 60 40 100 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. 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. The Company is discussing with Fiocruz potential actions that Fiocruz may take to comply with its purchase obligations and, based on such discussions, the Company will determine what it believes to be the course of action that is in the best interest of the Company. 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, although no assurance can be given that it will not need additional funds prior to such time. If there are unexpected increases in general and administrative expenses or research and development expenses, the Company may need to seek additional financing.
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, 2015, filed by the Company with the U.S. Securities and Exchange Commission. The comparative balance sheet at December 31, 2015 has been derived from the audited financial statements at that date.
Net earnings (loss) per share	c. Net earnings (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 Diluted LPS is calculated in continuing operations. The calculation of diluted LPS does not include 19,797,190 19,572,040 19,820,485 19,484,667
Newly Issued Accounting Pronouncements	d. Newly Issued Accounting Pronouncements 1) In March 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-09, “Compensation - Stock Compensation (Topic 718)” (“ASU 2016-09”) which simplifies certain aspects of the accounting for share-based payments, including accounting for income taxes, classification of awards as either equity or liabilities, classification on the statement of cash flows as well as allowing an entity-wide accounting policy election to either estimate the number of awards that are expected to vest or account for forfeitures as they occur. ASU 2016-09 is effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. Early adoption is permitted in any annual or interim period for which financial statements have not yet been issued, and all amendments in the ASU that apply must be adopted in the same period. The Company is currently evaluating the impact of this new pronouncement on its financial statements. 2) In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flow - Classification of Certain Cash Receipts and Cash Payments (Topic 230)” (“ASU 2016-15”) which addresses specific cash flow issues with the objective of reducing the existing diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. ASU 2016-15 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. The Company is currently evaluating the impact of this new pronouncement on its consolidated statements of cash flows.

INVENTORIES (Tables)

INVENTORIES (Tables)	9 Months Ended
	Sep. 30, 2016
INVENTORIES [Abstract]
Schedule of Inventory	Inventory at September 30, 2016 and December 31, 2015 consisted of the following: September 30, December 31, 2016 2015 (U.S. dollars in thousands) Raw materials $ 2,704 $ 1,180 Work in progress 208 Finished goods 1,948 4,587 Total inventory $ 4,860 $ 5,767

DISCONTINUED OPERATIONS (Tables

DISCONTINUED OPERATIONS (Tables)	9 Months Ended
	Sep. 30, 2016
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Discontinued Operations	The Company accounted for the termination of the Pfizer Agreement and the sale of the license as discontinued operations, in accordance with Accounting Standards Update (ASU) No. 2014-08. The following assets and liabilities associated with the Company’s discontinued operations, have been segregated and classified as assets and liabilities of discontinued operations, as appropriate, in the consolidated balance sheets as of December 31, 2015 and September 30, 2016, respectively: September 30, 2016 December 31, 2015 (U.S. dollars in thousands) CURRENT ASSETS: Accounts receivable - Trade $ 327 $ 1,993 Inventories 80 Total current assets of discontinued operations 327 2,073 CURRENT LIABILITIES: Accounts payable and accruals: Other 1,568 Total current liabilities of discontinued operations 1,568 The following summarizes financial information related to the Company’s discontinued operations in the Company’s consolidated statements of operations for the three months and nine months ended September 30, 2015 and September 30, 2016: Nine Months Ended Three Months Ended September 30, September 30, September 30, September 30, REVENUES $ 209 $ 8,111 $ 2,965 COMPANY’S SHARE IN COLLABORATION AGREEMENT 3,084 1,545 COST OF REVENUES (373) (6,055) (2,123) GROSS PROFIT (LOSS) (164) 5,140 2,387 RESEARCH AND DEVELOPMENT EXPENSES (1,302) (192) Less – reimbursements 283 91 RESEARCH AND DEVELOPMENT EXPENSES, NET (1,019) (101) SELLING, GENERAL AND ADMINISTRATIVE EXPENSES (25) (273) (91) NET INCOME (LOSS) FOR THE PERIOD FROM DISCONTINUED OPERATIONS (189) 3,848 2,195

SIGNIFICANT ACCOUNTING POLICI15

SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Oct. 31, 2015
Significant Accounting Policies [Line Items]
Common Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001	$ 0.001	$ 0.001
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	19,484,667	19,820,485	19,572,040	19,797,190
Payment Received Under License And Supply Agreement					$ 36
Protalix Bio Therapeutics Incorporation [Member] | Amended Pfizer Agreement [Member] | Brazil [Member]
Significant Accounting Policies [Line Items]
Collaborative Arrangement Revenues and Expenses Sharing Percentage					100.00%
Protalix Bio Therapeutics Incorporation [Member] | Pfizer Agreement [Member]
Significant Accounting Policies [Line Items]
Collaborative Arrangement Revenues and Expenses Sharing Percentage					60.00%
Pfizer Incorporation [Member] | Pfizer Agreement [Member]
Significant Accounting Policies [Line Items]
Collaborative Arrangement Revenues and Expenses Sharing Percentage					40.00%

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Raw materials	$ 2,704	$ 1,180
Work in progress	208
Finished goods	1,948	4,587
Total inventory	$ 4,860	$ 5,767

FAIR VALUE MEASUREMENT (Narrati

FAIR VALUE MEASUREMENT (Narrative) (Details) $ in Millions	Sep. 30, 2016USD ($)
Convertible Debt, Fair Value Disclosures	$ 47.3

DISCONTINUED OPERATIONS (Balanc

DISCONTINUED OPERATIONS (Balance Sheets) (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
CURRENT ASSETS:
Accounts receivable - Trade	$ 327	$ 1,993
Inventories		80
Total current assets of discontinued operations	327	2,073
Accounts payable and accruals:
Other	0	1,568
Total current liabilities of discontinued operations	$ 0	$ 1,568

DISCONTINUED OPERATIONS (Operat

DISCONTINUED OPERATIONS (Operations) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
REVENUES		$ 2,965	$ 209	$ 8,111
COMPANY’S SHARE IN COLLABORATION AGREEMENT		1,545		3,084
COST OF REVENUES		(2,123)	(373)	(6,055)
GROSS PROFIT (LOSS)		2,387	(164)	5,140
RESEARCH AND DEVELOPMENT EXPENSES		(192)		(1,302)
Less - reimbursements		91		283
RESEARCH AND DEVELOPMENT EXPENSES, NET		(101)		(1,019)
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES		(91)	(25)	(273)
NET INCOME (LOSS) FOR THE PERIOD FROM DISCONTINUED OPERATIONS		$ 2,195	$ (189)	$ 3,848