Executive Summary
Pluri Inc reported a USD 71k revenue in QQ3 2024, continuing to operate as a pre-revenue biotechnology company with an outsized R&D and SG&A burden. Despite a small topline, gross profit was USD 10k (gross margin ~14%), and the company posted a net loss of USD 5.29m for the quarter, with an EBITDA of USD -5.11m. The quarterly results reflect the company’s heavy investment in early-stage placental cell therapy programs (notably PLXPAD in Phase III for hip-fracture muscle recovery and GVHD) and ongoing pipeline development, rather than commercial commercialization. The operating burn persisted, with negative free cash flow of USD -4.29m and a cash burn from operations of USD -4.20m, partially offset by USD 5.69m in maturities/sales of investments during the period, leaving cash and short-term investments at USD 26.28m at quarter-end. The balance sheet shows a high debt burden (long-term debt USD 29.41m; total debt USD 30.08m) and negative equity, implying a leveraged balance sheet even as liquid assets provide runway for continued clinical activities. Management commentary is not available in the provided transcript data, limiting explicit forward-looking guidance from QQ3 2024. Investors should focus on pipeline milestones, potential licensing or partnership opportunities, and the company’s ability to extend runway through financing while advancing Phase III programs.
Key Performance Indicators
QoQ: -32.38% | YoY:-18.39%
QoQ: 100.20% | YoY:-88.51%
Key Insights
Revenue: USD 71,000 in QQ3 2024, down 18.39% year over year and down 32.38% quarter over quarter (YoY and QoQ declines driven by a minimal commercial base and ongoing pre-revenue status).
Gross Profit: USD 10,000; gross margin 14.08%; YoY margin deterioration of 88.51% with a QoQ rebound of 100.20% (reflecting minimal revenue and fixed cost base).
Operating Income: USD -5,534,000; operating margin -77.94%; YoY improvement of 22.06% in operating income (still deeply negative due to R&D intens...
Financial Highlights
Revenue: USD 71,000 in QQ3 2024, down 18.39% year over year and down 32.38% quarter over quarter (YoY and QoQ declines driven by a minimal commercial base and ongoing pre-revenue status).
Gross Profit: USD 10,000; gross margin 14.08%; YoY margin deterioration of 88.51% with a QoQ rebound of 100.20% (reflecting minimal revenue and fixed cost base).
Operating Income: USD -5,534,000; operating margin -77.94%; YoY improvement of 22.06% in operating income (still deeply negative due to R&D intensity) and QoQ decline of 6.16%.
Net Income: USD -5,293,000; net margin -74.55%; YoY improvement of 30.57% but QoQ decline of 7.91% as operating losses dominate.
EPS (Diluted): -USD 1.01; YoY improvement 33.55%, QoQ decline 5.21%.
EBITDA: USD -5,111,000; EBITDA margin -71.99%.
Cash Flow: Operating cash flow USD -4,202,000; free cash flow USD -4,291,000; net cash provided by investing activities USD -5,668,000 despite USD 5,690,000 maturities of investments and USD 67,000 purchases, with a net positive forex impact of USD 39,000.
Liquidity and Leverage: Cash and cash equivalents USD 7.35m; short-term investments USD 18.93m; total cash and equivalents USD 26.28m. Total assets USD 36.39m; total liabilities USD 34.55m; long-term debt USD 29.41m; total debt USD 30.08m; net debt USD 22.73m. Current ratio 6.05x; cash ratio 1.63x. Shareholders’ equity is negative USD 0.356m, reflecting accumulated deficits against a backdrop of substantial non-current liabilities. Per-share metrics reflect a USD -1.01 reported EPS and negative leverage across most profitability dimensions.
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
71.00K |
-18.39% |
-32.38% |
| Gross Profit |
10.00K |
-88.51% |
100.20% |
| Operating Income |
-5.53M |
22.06% |
-6.16% |
| Net Income |
-5.29M |
30.57% |
-7.91% |
| EPS |
-1.01 |
33.55% |
-5.21% |
Key Financial Ratios
operatingProfitMargin
-7794%
operatingCashFlowPerShare
$-0.81
freeCashFlowPerShare
$-0.82
Management Commentary
Note: The earnings transcript provided with the data is empty. As such, there are no management quotes available from QQ3 2024 within the supplied materials. Investors should seek management commentary from the company’s QQ3 2024 release and subsequent filings for forward-looking guidance, trial progress updates, and strategic commentary.
Forward Guidance
No explicit quantitative forward guidance is provided in the QQ3 2024 data. Given the company’s pre-revenue profile and substantial R&D expenditure, the near-term trajectory relies on clinical milestones and potential financing activity. Key catalysts to monitor include: (1) progression milestones and readouts for PLXPAD in Phase III for hip-fracture muscle recovery and for steroid-refractory GVHD, (2) progression of PLXR18 and the radiation syndrome program under NIH/DoD collaboration, and (3) potential licensing/partnership discussions or non-dilutive funding that could extend runway. Management commentary (if provided in subsequent releases) would be crucial to assess cadence of data readouts, capital strategy, and any planned reductions in operating costs. Investors should monitor trial timelines, regulatory interactions, and any strategic financing initiatives that could alter the company’s liquidity runway.