Protalix BioTherapeutics, Inc. Earnings Per Share Disclosure
NOTE 11 – NET EARNINGS (LOSS) PER SHARE
Basic and diluted net earnings (loss) per share attributable to common stockholders were calculated as follows:
Year Ended December 31, | ||||||||||
(In thousands, except share data) | | 2023 | 2024 | | 2025 | | ||||
Numerator: | ||||||||||
Net income (loss) | $ | 8,312 | $ | 2,932 | $ | (6,604) | ||||
Add: | ||||||||||
Financial expenses of 2024 Notes* | (1,168) | 39 | ||||||||
Net income (loss) for diluted calculation | $ | 7,144 | $ | 2,971 | $ | (6,604) | ||||
Denominator: | ||||||||||
Weighted average shares of Common Stock outstanding for basic calculation | 67,512,527 | 72,530,698 | 78,546,234 | |||||||
Weighted average dilutive effect of 2024 Notes | 13,335,430 | 7,667,323 | ||||||||
Weighted average dilutive effect of stock options and restricted stock | 1,576,059 | 859,155 | ||||||||
Weighted average shares of Common Stock outstanding for diluted calculation | 82,424,016 | 81,057,176 | 78,546,234 | |||||||
* Financial expenses on 2024 Notes consists of add back of financial expense incurred during the year and inclusion of make-whole interest payments that will be incurred upon conversion.
In the year ended December 31, 2023, the diluted earnings per share do not include 18,254,264 shares of Common Stock underlying outstanding warrants and stock options because the effect would be anti-dilutive. In the year ended December 31, 2024, the diluted earnings per share do not include 16,661,907 shares of Common Stock underlying outstanding stock options, unvested restricted shares and warrants because the effect would be anti-dilutive. In the year ended December 31, 2025, the diluted earnings per share do not include 10,672,506 shares of Common Stock underlying outstanding stock options, unvested restricted shares and warrants because the effect would be anti-dilutive.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 18, 2026 | Showing above |
| 2024 | Mar 17, 2025 | |
| 2023 | Mar 14, 2024 | |
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.