Palatin Technologies(US:PTN)2025-02-13 14:14Revenue and Financial Performance - For the six months ended December 31, 2024, the company recognized $0 in product revenue, a decrease from $4,140,090 for the same period in 2023 due to the sale of worldwide rights to Vyleesi[149]. - Selling, general and administrative expenses decreased to $3,702,775 for the six months ended December 31, 2024, from $6,232,857 in the same period of 2023, primarily due to the elimination of selling expenses related to Vyleesi[155]. - The company recorded a gain of $7,823,482 on the sale of worldwide rights to Vyleesi for the six months ended December 31, 2024[156]. - Net cash used in operating activities for the six months ended December 31, 2024, was $11,863,319, a decrease from $16,382,079 for the same period in 2023[162]. - Net cash provided by investing activities was $2,500,000 for the six months ended December 31, 2024, compared to $12,455,275 for the same period in 2023[163]. Research and Development - Research and development expenses for the six months ended December 31, 2024, were $9,173,233, compared to $10,568,830 for the same period in 2023, reflecting a decrease in spending on MCr programs[151]. - The Phase 2 clinical trial for the co-administration of bremelanotide with tirzepatide for obesity has completed patient enrollment, with topline results expected in Q1 2025[141]. - The company is actively engaged in discussions with potential partners for the development and commercialization of products targeting ocular conditions[141]. - The company aims to maintain strategic alliances with pharmaceutical companies to facilitate the development and commercialization of its product candidates[145]. Financial Position and Liquidity - As of December 31, 2024, the company had cash and cash equivalents of $3,416,604 and current liabilities of $9,558,756[165]. - The company has incurred cumulative negative cash flows from operations since inception and is dependent on equity or debt financing for continued operations[165]. - The company has short-term lease obligations totaling $257,673 and long-term lease liabilities of $100,071 as of December 31, 2024[166]. - The company has received $4,309,641 in February 2025, which will support product development and testing[168]. - There is substantial doubt about the company's ability to continue as a going concern for one year from the issuance of its consolidated financial statements[169]. - The company expects existing cash and cash equivalents will fund operations into the second half of calendar year 2025[169]. - Additional funding will be needed to complete required clinical trials and regulatory submissions for product candidates[170]. - Current economic conditions may negatively impact the company's financial condition and ability to access capital markets[170]. Cumulative Spending - Cumulative spending on the Vyleesi program from inception to December 31, 2024, was approximately $311,900,000[154].