PLX · CIK 1006281
What Protalix BioTherapeutics, Inc. told the SEC could break it.
Protalix's disclosures concentrate on a single place and a thin supply base. Its headquarters and only manufacturing facility sit in Carmiel, Israel, so all production rides on one geopolitically exposed site — and that Israeli footprint also drives roughly 41% of its costs in shekels and ties some of its tax benefits to maintaining 'Approved Enterprise' status. The supply chain around that plant is narrow too: it has no in-house fill-and-finish capability and depends on a limited number of third-party providers, and it relies on a single approved supplier for certain materials used in the ProCellEx expression of its proprietary proteins.
5 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Supplier concentration
- limited fill-and-finish service providersmedium
Protalix has no in-house fill/finish capability and relies on third-party fill-and-finish providers in the US and Europe, of which the number is limited.
“The number of potential fill and finish services providers is limited and we face the risk of being u”
SEC filing →As of 2026 - single approved supplier for ProCellEx expression materialsmedium
Protalix relies on a single approved supplier for certain materials used in the ProCellEx expression of its proprietary biotherapeutic proteins.
“We rely on a single, approved supplier for certain materials relating to the current expression of our proprietary biotherapeutic proteins through ProCellEx.”
SEC filing →As of 2026
Geographic concentration
- single manufacturing facility in Carmiel, Israelmedium
Protalix's headquarters and sole manufacturing facility are in Carmiel, Israel, concentrating all production in one geopolitically exposed site.
“Our headquarters, including a manufacturing facility, executive offices and other facilities, are located in Carmiel, Israel.”
Currency (FX)
- NIS (Israeli shekel) cost exposurelow
About 41% of Protalix's costs are incurred in NIS, so a weakening dollar versus the shekel raises the dollar cost of its Israeli operations.
“Approximately 41% of our costs, including salaries, expenses and office expenses, are incurred in NIS.”
Regulatory & policy
- Israeli 'Approved Enterprise' tax benefits conditionallow
Protalix's Israeli tax exemptions depend on 'Approved Enterprise' status with ongoing investment conditions; failure to meet them would increase its taxes.
“We are able to take advantage of tax exemptions and reductions resulting from the “Approved Enterprise” status of our facilities in Israel.”
SEC filing →As of 2026
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its customers
Fiocruz / Bio-Manguinhos (Brazil)
“Our sales of Elelyso to Pfizer and Fiocruz are made at a fixed price directly to Pfizer and Fiocruz who maintain product in inventory, and we recognize revenue from those sales upon delivery.”
Cited →Chiesi Farmaceutici S.p.A.
“Under the Chiesi Ex-US Agreement, the price payable to us for drug product supplied is based on a range of 15% to 35% of the average selling price of the drug product in the applicable territory, and, under the Chiesi US Agreement, such price is based on a range of 15% to 40% of the average selling price of the drug product in the United States.”
Cited →“Our sales of Elelyso to Pfizer are made at a fixed price directly to Pfizer who maintains product in inventory, and we recognize revenue from those sales upon delivery.”
Cited →
In the MyPRIA app, this is checked against the companies you actually own.
← World Watch