EPS of $-1.06 increased by 15.2% from previous year
Gross margin of 32.3%
Net income of -5.73M
"N/A" - N/A
Pluri Inc (PLUR.TA) QQ4 2024 Results – Modest Revenue Amid Ongoing R&D Burn and Leveraged Balance Sheet in a High-Rrench Biotech Pipeline
Executive Summary
Pluri Inc reported QQ4 2024 results with very modest revenue of $96 thousand against a substantial operating burn driven by R&D and general & administrative expenses. The quarter shows a sharp contrast between a positive gross profit of $31 thousand on $96 thousand of revenue (gross margin ~32%), and an overall EBITDA of negative $5.58 million with an operating loss of $6.03 million. Net loss for the quarter was $5.73 million, translating to a negative basic EPS of $1.06. Cash burn from operations was $4.31 million, contributing to a reduction in liquidity despite a financing inflow that lifted net cash provided by financing activities to $8.84 million. End-of-period cash and equivalents stood at $7.67 million, while total debt remained high at approximately $29.6 million, with long-term debt around $29.05 million. The balance sheet reflects a heavily leveraged and still-loss-making biotechnology company, including a large accumulated deficit (~$420.5 million) and a near-zero equity base. Net debt stood at about $22.83 million, underscoring an equity/debt balance that requires external funding or milestone-driven collaborations for runway extension. The company’s pipeline is anchored by PLXPAD (placental expanded cell therapy) with Phase III trials for hip fracture recovery and GVHD, in addition to PLXR18 and other initiatives; management commentary typically centers on advancing these assets and pursuing partnerships, though no transcript data was provided for direct quotes in this dataset. In summary, the QQ4 2024 quarter reinforces Pluri’s position as a late-stage research-focused biotech with high long-run upside contingent on successful trial milestones and strategic financing, yet facing material near-term liquidity and profitability risks.
Liquidity, cash flow and leverage:
- Net cash provided by operating activities: -4,313,000; Free cash flow: -4,323,000
- Cash at end of period: 7,671,000; Cash at beginning: 7,354,000
- Net change in cash: 317,000; Operating cash flow efficiency indicators show ongoing burn versus modest revenue scale
- Total assets: 39,527,000; Total liabilities: 34,112,000; Total stockholders’ equity: 96,000 (negative accumulated deficit of -420,472,000)
- Long-term debt: 29,053,000; Total debt: 29,612,000; Net debt: 22,829,000
- Current ratio: 6.98; Quick ratio: 6.98; Debt-to-equity: 308.46; Debt ratio: 0.749
Runway and balance sheet health:
- Significant cash burn against a modest revenue base, with a sizable accumulated deficit and negative earnings power in the near term
- Financing activities contributed to liquidity (common stock issuance of 91,000 shares and net financing inflows), but dependence on external financing remains high amidst ongoing R&D commitments
- Balance sheet shows a strong asset base largely driven by non-cash items and cash equivalents; however, negative equity and high long-term liabilities imply a fragile equity cushion absent meaningful near-term profitability or licensing milestones
Income Statement
Metric
Value
YoY Change
QoQ Change
Revenue
96.00K
-13.51%
35.21%
Gross Profit
31.00K
-99.53%
210.00%
Operating Income
-6.03M
7.79%
-9.04%
Net Income
-5.73M
11.30%
-8.24%
EPS
-1.06
15.20%
-4.95%
Key Financial Ratios
currentRatio
6.98
grossProfitMargin
11191%
operatingProfitMargin
-6285%
netProfitMargin
-5968%
returnOnAssets
-14.5%
returnOnEquity
-5968%
debtEquityRatio
308.46
operatingCashFlowPerShare
$-0.82
freeCashFlowPerShare
$-0.83
priceToBookRatio
314.42
priceEarningsRatio
-1.32
Net Income vs. Revenue
Expense Breakdown
Management Commentary
No earnings call transcript data was provided for QQ4 2024. Consequently, no management quotes or theme-specific insights from the call can be cited here. The analysis relies on disclosed financials and the company profile. Key topics investors typically monitor in this framework include:
- Pipeline milestones for PLXPAD: Phase III programs in muscle recovery post-hip fracture and GVHD treatment, and potential readouts that could unlock licensing or milestone payments
- Financing strategy: cadence of financing rounds or collaboration agreements to extend runway given operating losses
- Potential partnerships or licensing discussions to monetize PLUR’s assets and reduce dilution pressure
- Balance sheet resilience: liquidity runway, debt maturities, and mitigation strategies against continued cash burn
N/A
— N/A
N/A
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Forward Guidance
Guidance for QQ4 2024 is not explicitly stated in the data provided. Given the company’s in-progress Phase III PLXPAD programs, the near-term revenue trajectory remains unlikely to turn positive without a major clinical milestone, licensing deal, or strategic partnership. Industry context suggests several potential catalysts: (1) Phase III trial milestones for PLXPAD indicating potential licensing or milestone payments, (2) results from PLXR18 or other pipeline assets that could attract partnerships, and (3) additional financing rounds or equity/debt facilities to bridge operating losses until a path to commercialization emerges. The achievability of such catalysts depends on trial data leading indicators, regulatory interactions, and the willingness of strategic partners or financiers to provide more favorable terms.
Key factors investors should monitor:
- Trial readouts for PLXPAD Phase III programs and any interim safety/efficacy signals
- Any partnership or licensing discussions with large biopharma or contract development organizations
- Cash burn pace versus any new financing or grant funding and the likelihood of extending runway beyond current liquidity
- Regulatory timelines and potential indications for additional PLUR assets that could diversify risk
- Changes in debt posture or capital structure that could alleviate dilution pressures
Competitive Position
Company
Gross Margin
Operating Margin
Return on Equity
P/E Ratio
PLUR.TA Focus
32.29%
-62.85%
-59.68%
-1.32%
Gross Profit Margin
Operating Profit Margin
Return on Equity
P/E Ratio Comparison
Investment Outlook
The investment thesis for Pluri Inc remains highly contingent on clinical milestones and the company’s ability to secure strategic partnerships or additional financing to bridge operating losses. Short-term investors should be aware of the liquidity risk given the ongoing R&D-centric cost structure and large debt balance, while long-term upside hinges on successful Phase III trial readouts for PLXPAD and the realization of licensing revenues or milestone payments. Given the current data, Pluri presents a speculative/high-risk opportunity: potential upside if trial success and favorable partnering terms materialize, but significant downside risk if clinical milestones are missed or if funding constraints intensify. Key watchpoints include upcoming trial results, any new strategic partnerships, and changes to the capital structure that could alter dilution risk.
Key Investment Factors
Growth Potential
High-risk, high-reward potential centered on PLXPAD Phase III outcomes and licensing opportunities. Positive trial milestones could unlock upfront payments, milestones, and royalties, creating a pathway to near-term monetization if partnered correctly.
Profitability Risk
Clinical failure or delays; ongoing cash burn with limited near-term revenue; heavy leverage and negative equity increase sensitivity to market sentiment and capital market conditions; dependence on successful fundraising or partnerships to sustain operations; competitive risk in the placenta-derived cell therapy space.
Financial Position
Liquidity constrained by operating losses; net debt relative to cash position highlights ongoing need for external funding. While current assets exceed current liabilities (current ratio ~7), the large long-term debt and accumulated deficit underscore a structural funding risk unless milestones or partnerships materially de-risk the balance sheet.
SWOT Analysis
Strengths
Promising PLXPAD placental-expanded cell therapy candidate with Phase III trials for muscle recovery after hip fracture and steroid-refractory GVHD, indicating long-run commercial potential if trials succeed.
Strategic collaborations and pipeline breadth (PLXR18 for incomplete hematopoietic recovery; NIH/DoD collaboration for radiation syndrome) provide non-dilutive validation and potential future revenue channels.
Healthy near-term liquidity position on a current ratio basis, supported by financing activity, with a cash balance of about $7.7 million.
Weaknesses
No material revenue in QQ4 2024; persistent heavy R&D and G&A burn driving large operating losses.
Negative stockholders’ equity with a substantial accumulated deficit, indicating a fragile capital structure absent milestone-driven monetization.
High long-term debt load (~$29.1 million) increases financial leverage and interest burden amid ongoing negative cash flow.
Opportunities
Milestone-based licensing deals or upfront payments contingent on PLXPAD Phase III results.
Expansion of PLXPAD into additional indications or geographies through partnerships.
Potential government or defense-related funding streams linked to ongoing collaborations (e.g., DoD, NIH projects).
Threats
Clinical risk: failure or delays in PLXPADPhase III outcomes could materially impair the business case.
Funding risk: reliance on equity raises or debt facilities to fund sustained R&D and operations.
Competitive landscape: other cell therapy platforms and biotech players pursuing similar indications could erode long-run value if PLUR fails to achieve regulatory milestones.