Protalix BioTherapeutics, Inc. Liquidation Value

Protalix BioTherapeutics (PLX) presents a marginally positive but fragile liquidation posture as of December 31, 2025. MFFAIS reports a cash liquidation value of -$18.8M, liquid liquidation value of -$9.9M, and operating liquidation value of +$15.8M, reflecting that recovery to equity depends entirely on realizing value from operating assets, primarily inventory, at going-concern-adjacent haircuts. Under a strict wind-down lens, the picture is structurally negative.

Asset side: Total assets of $82.3M are dominated by inventory ($25.7M gross, ~60% haircut yields ~$15.4M), accounts receivable ($8.8M at 90-95% = ~$8.2M), cash and equivalents ($14.7M at 100%), restricted cash ($0.7M), deferred tax asset net ($2.5M, zero recovery in liquidation), operating lease ROU asset ($7.7M, zero in liquidation), and net PP&E ($4.9M on $41.9M gross against $37.0M accumulated depreciation; at 50-70% of net book = $2.5M-$3.4M). Intangibles are not separately called out as a balance sheet line in XBRL but the filing notes long-lived assets are located in Israel; no goodwill or identifiable intangibles appear in TAG_CONTEXT. Total adjusted liquidation asset pool is roughly $43M-$45M before liability settlement.

Liability side at face: Total liabilities of $34.1M include current liabilities of $26.5M (trade payables $5.3M, accrued liabilities $9.8M, income tax payable $3.0M, accrued vacation $2.3M, payroll $1.6M, royalties $0.8M, payable to customer $2.0M, operating lease current $1.4M) and non-current liabilities of $7.6M (operating lease non-current $6.9M, pension/severance $0.7M). Critically, operating lease total undiscounted cash obligation is $27.2M against a present-value liability of $8.3M; in liquidation, early termination penalties on a 10.35% weighted average discount rate facility would likely exceed the PV balance. The 2024 convertible notes were fully repaid in September 2024, eliminating that senior debt layer entirely—a meaningful improvement versus the prior year.

Net: Liquidation asset pool of ~$43-45M against $34M in face liabilities leaves a thin positive spread, but operating lease termination exposure and the zero-value treatment of $7.7M ROU asset, $2.5M DTA, and $4.9M net PP&E recovery risk erode that spread materially. Equity book value is $48.2M against an accumulated deficit of -$385M. The company swung to a net loss of $6.6M in FY2025 from net income of $2.9M in FY2024, driven by revenue decline ($52.7M vs $53.4M) combined with a step-up in R&D expense ($19.6M vs $13.0M) as PRX-115 Phase 2 preparations accelerated. A subsequent event disclosed a $25M regulatory milestone receivable from Chiesi (EC approval of E4W dosing regimen), not yet reflected on the 12/31/2025 balance sheet; this is a material contingent asset discussed in the narrative but absent from TAG_CONTEXT XBRL tags and therefore not included in tag_insights.