Executive Summary
Pluri Inc reported QQ4 2024 results with minimal revenue and a substantial operating loss consistent with a late-stage clinical program company still in pre-commercial mode. Revenue for Q4 2024 was $96k, down 13.5% year over year from $111k in QQ4 2023, but up 35.2% quarter over quarter from Q3 2024. The quarter featured aggressively funded R&D and general/administrative spending (R&D $3.395m; SG&A $2.731m), driving an EBITDA of approximately -$5.58m and an operating loss of -$6.03m. Net loss to shareholders was -$5.73m, or -$1.06 per share on 5.408m weighted shares, reflecting ongoing burn as the company advances its PLXR18 and PLXPAD programs. Net cash used in operating activities was -$4.31m, with free cash flow of -$4.32m. Financing activities contributed $8.84m, yielding a modest sequential uptick in cash to $7.67m at quarter-end. The balance sheet shows substantial long-term debt (~$29.05m) and total liabilities of ~$34.11m against ~ $39.53m of assets, with a robust current ratio (~7x) driven by a low-revenue base. Management commentary is not reflected in transcripts (no transcript provided in the data set), leaving forward guidance and near-term milestones as the primary near-term catalysts to watch. Overall, Pluri remains in a high-risk, high-uncertainty phase with meaningful upside potential if PLXPAD and pipeline assets deliver compelling clinical data and potential partnerships or licensing deals materialize.
Key Performance Indicators
QoQ: 35.21% | YoY:-13.51%
QoQ: 210.00% | YoY:-99.53%
Key Insights
Revenue: QQ4 2024 revenue of $96k, YoY decline -13.51% and QoQ growth +35.21% (from Q3 2024). Gross Profit: $31k with a gross margin of 32.29%; YoY gross profit change -99.53% and QoQ change +210.00%. Operating Income: -$6.034m with an operating margin of -62.85%; YoY change +7.79% and QoQ change -9.04%. Net Income: -$5.729m with a net margin of -59.68%; YoY change +11.30% and QoQ change -8.24%. EPS: -$1.06, with YoY change +15.20% and QoQ change -4.95%. R&D expenses: $3.395m; SG&A (sell...
Financial Highlights
Revenue: QQ4 2024 revenue of $96k, YoY decline -13.51% and QoQ growth +35.21% (from Q3 2024). Gross Profit: $31k with a gross margin of 32.29%; YoY gross profit change -99.53% and QoQ change +210.00%. Operating Income: -$6.034m with an operating margin of -62.85%; YoY change +7.79% and QoQ change -9.04%. Net Income: -$5.729m with a net margin of -59.68%; YoY change +11.30% and QoQ change -8.24%. EPS: -$1.06, with YoY change +15.20% and QoQ change -4.95%. R&D expenses: $3.395m; SG&A (selling, general and administrative): $2.731m; Other expenses: $0.004m. EBITDA: -$5.583m; EBITDARatio: -58.16%. Cash flow from operating activities: -$4.313m; Free cash flow: -$4.323m. Cash and cash equivalents: $6.783m; Short-term investments: $23.202m; Cash and short-term investments: $30.239m; Net debt: $22.829m; Total debt: $29.612m; Long-term debt: $29.053m. Current ratio: 6.98; Quick ratio: 6.98; Cash ratio: 1.523. Equity structure shows retained earnings of -$420.472m with substantial other stockholders’ equity (~$420.568m) resulting in total stockholders’ equity near zero to modestly positive when aggregating components (note: accounting presentation is atypical in the data).
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
operatingProfitMargin
-6285%
operatingCashFlowPerShare
$-0.82
freeCashFlowPerShare
$-0.83
Management Commentary
Earnings transcript: Not provided in the supplied data. Consequently, there are no management quotes or theme-based highlights to anchor the transcript section. When the call is available, obtain management’s discussion on trial progress for PLXPAD/PLXR18, potential collaborations or licensing deals, and any near-term milestones that could alter the revenue/risk profile.
Forward Guidance
No explicit forward guidance was provided in the QQ4 2024 materials. Given the clinical-stage nature of Pluri’s pipeline, potential guidance would likely hinge on upcoming trial readouts, regulatory milestones, and partnership discussions. The absence of formal guidance implies investors should monitor pipeline progress, potential trial readouts for PLXPAD (hip fracture muscle recovery Phase III; ARDS Phase II) and PLXR18, capitalization strategies (possible financing events, licensing deals, or collaborations), and any changes in cash burn or cost structure. In addition, watch for any updates on manufacturing scale-up, cost of goods, and potential cost-control measures that could alter operating leverage if revenues begin to accrue.