Palatin Technologies, Inc. (NYSE:PTN) Q1 2024 Earnings Conference Call November 14, 2023 11:00 AM ET Company Participants Carl Spana – President and Chief Executive Officer Steve Wills – Executive Vice President, Chief Financial Officer and Chief Operating Officer Conference Call Participants Joe Pantginis – H.C. Wainwright Operator Greetings. Welcome to Palatin’s First Quarter Fiscal Year 2024 Operating Results Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer ...

[PART I – FINANCIAL INFORMATION](index=3&type=section&id=PART%20I%20%E2%80%93%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements (Unaudited)](index=3&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) Unaudited Q3 2023 financials show total assets decreased to **$11.2 million**, a net loss of **$5.9 million**, and a significant **going concern** warning [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets) Total assets decreased to **$11.2 million** from **$17.9 million**, leading to a **stockholders' deficiency of $4.9 million** | | September 30, 2023 | June 30, 2023 | | :--- | :--- | :--- | | **Current Assets** | | | | Cash and cash equivalents | $5,524,973 | $7,989,582 | | Marketable securities | $0 | $2,992,890 | | Total current assets | $9,805,457 | $16,321,513 | | **Total Assets** | **$11,247,464** | **$17,939,440** | | **Current Liabilities** | | | | Accounts payable | $2,269,640 | $4,303,527 | | Accrued expenses | $7,152,271 | $6,511,059 | | Total current liabilities | $13,609,513 | $15,131,830 | | **Total Liabilities** | **$16,136,486** | **$17,805,367** | | **Total Stockholders' (Deficiency) Equity** | **($4,889,022)** | **$134,073** | [Consolidated Statements of Operations](index=4&type=section&id=Consolidated%20Statements%20of%20Operations) Net loss improved to **$5.9 million** (from **$8.3 million** YoY), driven by increased product revenue and reduced operating expenses | | Three Months Ended Sep 30, 2023 | Three Months Ended Sep 30, 2022 | | :--- | :--- | :--- | | **Product revenue, net** | **$2,105,977** | **$869,654** | | Research and development | $5,014,630 | $6,027,031 | | Selling, general and administrative | $3,200,244 | $3,508,798 | | **Total operating expenses** | **$8,214,874** | **$9,622,325** | | Loss from operations | ($6,108,897) | ($8,752,671) | | **NET LOSS** | **($5,888,399)** | **($8,255,408)** | | Basic and diluted net loss per common share | ($0.48) | ($0.86) | [Consolidated Statements of Cash Flows](index=5&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operations was **$5.9 million**, with cash and equivalents decreasing by **$2.5 million** to **$5.5 million** | | Three Months Ended Sep 30, 2023 | Three Months Ended Sep 30, 2022 | | :--- | :--- | :--- | | Net cash used in operating activities | ($5,906,393) | ($8,581,320) | | Net cash provided by (used in) investing activities | $2,992,890 | ($141,228) | | Net cash provided by (used in) financing activities | $448,894 | ($24,731) | | **NET DECREASE IN CASH AND CASH EQUIVALENTS** | **($2,464,609)** | **($8,747,279)** | | CASH AND CASH EQUIVALENTS, end of period | $5,524,973 | $21,191,875 | [Notes to Consolidated Financial Statements](index=5&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Notes highlight the **going concern** warning, with cash funding operations only into H1 2024, and recent **$4.6 million** financing - Management has concluded that **substantial doubt** exists about the Company's ability to continue as a **going concern** for one year from the date the financial statements are issued[37](index=37&type=chunk) - Existing cash, cash equivalents, and marketable securities, including funds raised in October 2023, are expected to be sufficient to fund operations only into the first half of calendar year 2024[37](index=37&type=chunk) - In October 2023, the company completed a registered direct offering and private placement, raising net proceeds of **$4,573,948**[120](index=120&type=chunk)[123](index=123&type=chunk) | | Three Months Ended Sep 30, 2023 | Three Months Ended Sep 30, 2022 | | :--- | :--- | :--- | | Gross product sales | $4,587,150 | $2,292,450 | | Product sales allowances and accruals | ($2,481,173) | ($1,422,796) | | **Net sales** | **$2,105,977** | **$869,654** | [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=12&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses **100% Vyleesi sales volume growth**, reduced R&D, and reiterates **going concern** warning for H1 2024 [Pipeline Overview](index=12&type=section&id=Pipeline%20Overview) Pipeline focuses on melanocortin receptor programs, with **PL9643 Phase 3 data** expected Q4 2023, and other Phase 2 trials | Program | Indication | Status | Next Steps / Expected Data | | :--- | :--- | :--- | :--- | | **Vyleesi** | Hypoactive Sexual Desire Disorder | **Commercial** | Seeking U.S. and ROW Licenses | | **PL9643** | Dry eye disease | Phase 3 | Data Expected 4Q2023 | | **PL8177** | Ulcerative colitis (UC) | Phase 2 | Interim data 4Q2023 / Final data 1H2024 | | **MCr Agonist** | Diabetic nephropathy | Phase 2 | Final data 1H2024 | [Results of Operations](index=13&type=section&id=Results%20of%20Operations) Net product revenue increased to **$2.1 million** (from **$0.9 million** YoY) due to **100% sales volume growth** and lower R&D - Net revenue increased due to a **100% increase** in sales volume and reduced product sales allowances as a percentage of gross sales in Q3 2023 compared to Q3 2022[137](index=137&type=chunk) - Research and development expenses decreased to **$5.0 million** from **$6.0 million** YoY, mainly due to reduced spending on MCr programs[139](index=139&type=chunk) - Selling, general and administrative expenses decreased to **$3.2 million** from **$3.5 million** YoY, primarily due to lower Vyleesi selling expenses and compensation costs[143](index=143&type=chunk) [Liquidity and Capital Resources](index=13&type=section&id=Liquidity%20and%20Capital%20Resources) Cash and equivalents at **$5.5 million** against **$13.6 million** liabilities, with **going concern** doubt for H1 2024 - As of September 30, 2023, the company had cash and cash equivalents of **$5,524,973** and current liabilities of **$13,609,513**[151](index=151&type=chunk) - Management concluded that **substantial doubt** exists about the company's ability to continue as a **going concern** for one year from the filing date[154](index=154&type=chunk) - Existing cash, including funds raised in October 2023, is expected to fund operations only into the first half of the calendar year 2024[154](index=154&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=14&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) As a smaller reporting company, the company is not required to provide these disclosures - Disclosure is not required to be provided by smaller reporting companies[158](index=158&type=chunk) [Item 4. Controls and Procedures](index=14&type=section&id=Item%204.%20Controls%20and%20Procedures) Disclosure controls and procedures were effective as of September 30, 2023, with no material changes - Management concluded that the company's disclosure controls and procedures were **effective as of September 30, 2023**[159](index=159&type=chunk) [PART II – OTHER INFORMATION](index=14&type=section&id=PART%20II%20%E2%80%93%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=14&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently a party to any material claim or legal proceeding - The company is not currently a party to any claim or legal proceeding[161](index=161&type=chunk) [Item 1A. Risk Factors](index=14&type=section&id=Item%201A.%20Risk%20Factors) Non-compliance with NYSE American listing standards due to insufficient equity poses a delisting risk - The company is not in compliance with the **NYSE American's continued listing standards** due to insufficient stockholders' equity[164](index=164&type=chunk) - The company has submitted a plan to regain compliance by **April 10, 2025**, but there is no assurance the plan will be accepted or that compliance will be achieved[164](index=164&type=chunk)[165](index=165&type=chunk)[166](index=166&type=chunk) - Failure to regain compliance could result in the **delisting** of the company's common stock from the NYSE American exchange[164](index=164&type=chunk)[165](index=165&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=15&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) **25,467 shares** were withheld at **$2.21 per share** for employee tax obligations on restricted stock units - In August 2023, **25,467 shares** were withheld to satisfy tax withholding obligations for employees upon the vesting of restricted stock units[167](index=167&type=chunk) [Item 3. Defaults Upon Senior Securities](index=15&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) No defaults upon senior securities were reported [Item 4. Mine Safety Disclosures](index=15&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) Mine safety disclosures are not applicable to the company [Item 5. Other Information](index=15&type=section&id=Item%205.%20Other%20Information) No other information was reported [Item 6. Exhibits](index=15&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with Form 10-Q, including CEO/CFO certifications and interactive data files

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to __________ Commission file number: 001-15543 PALATIN TECHNOLOGIES, INC. (Exact name of registrant as specified in its charter) Delaware 95-4078884 (Sta ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 or 4B Cedar Brook Drive Cranbury, New Jersey 08512 (Address of principal executive offices) (Zip Code) (609) 495‑2200 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to __________ Commission file number: ...

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