Palatin Technologies(US:PTN)2024-10-01 12:15Financial Performance - Palatin reported total revenue of $4.5 million for the fiscal year ended June 30, 2024, down from $4.9 million in the previous fiscal year, with no product sales recorded in Q4 2024 due to the sale of Vyleesi's rights[10]. - Total revenues for the period were $4,853,678, a decrease from $4,990,090 in the previous period[23]. - The net loss for the period was $29,736,113, which is an increase from a net loss of $24,036,741 in the previous period[24]. - Basic and diluted net loss per common share was $2.02, compared to $2.21 in the prior period[24]. - Palatin's net loss for Q4 2024 was $8.6 million, or $(0.51) per share, compared to a net loss of $9.8 million, or $(0.84) per share, in Q4 2023[15]. Operating Expenses - Total operating expenses decreased to $27.0 million for the fiscal year ended June 30, 2024, compared to $37.3 million in the prior fiscal year, primarily due to a $7.8 million gain from the sale of Vyleesi[11]. - Research and development expenses amounted to $22,630,577, compared to $22,400,372 in the prior period, reflecting an increase of approximately 1%[23]. Cash and Assets - As of June 30, 2024, Palatin's cash and cash equivalents were $9.5 million, a decrease from $10.0 million as of March 31, 2024[16]. - Cash and cash equivalents as of June 30, 2024, were $9,527,396, an increase from $7,989,582 as of June 30, 2023[25]. - Total current assets decreased to $9,769,668 from $16,321,513 year-over-year[25]. - Total liabilities decreased to $10,853,763 from $19,655,911 year-over-year[25]. - The company reported a total stockholders' deficiency of $(111,497) compared to $(1,979,871) in the previous year[26]. Clinical Development - The Phase 2 clinical study for the MC4R agonist plus GLP-1 in obese patients is expected to complete patient enrollment by early Q4 2024, with topline results anticipated in Q1 2025[2]. - The MELODY-2 and MELODY-3 Phase 3 studies for PL9643 in dry eye disease are expected to begin patient enrollment in Q1 2025, with topline results anticipated in Q4 2025[5]. - The pharmacokinetics study for bremelanotide co-formulated with a PDE5 inhibitor is expected to start in Q1 2025, with patient recruitment in a Phase 2/3 study anticipated in 2H 2025[6]. - Interim analysis for the Phase 2 study of PL8177 in ulcerative colitis is expected in Q4 2024, with topline results anticipated in Q1 2025[7]. Funding and Future Plans - Palatin raised total gross proceeds of $21 million during the fiscal year ended June 30, 2024, through registered direct and warrant inducement offerings[9]. - The company is actively engaging with multiple parties for potential funding sources to support future operating cash needs[16]. - The company is focused on advancing its product candidates through clinical trials and regulatory approvals, with ongoing development programs[21].