Palatin Technologies(US:PTN)2025-11-14 21:33Financial Performance - For the three months ended September 30, 2025, the company recognized $8,847,550 in collaboration and license revenue, a significant increase from $0 for the same period in 2024, attributed to the Boehringer Ingelheim Agreement[144] - Selling, general and administrative expenses were $1,660,731 for the three months ended September 30, 2025, compared to $2,020,931 for the same period in 2024, reflecting decreased compensation costs[149] - Net cash used in operating activities was $1,619,382 for the three months ended September 30, 2025, a decrease from $7,016,213 in the same period of 2024, primarily due to recognized license and produce revenue[154] - As of September 30, 2025, the company had cash and cash equivalents of $1,273,083 and current liabilities of $8,218,261[156] Research and Development - Research and development expenses decreased to $2,525,766 for the three months ended September 30, 2025, down from $5,743,754 in the same period of 2024, primarily due to reduced spending on MCR programs[145] - Cumulative spending on the Vyleesi program reached approximately $311,900,000, while spending on all other programs totaled approximately $251,400,000 as of September 30, 2025[148] - The company expects to report topline results for PL8177, an oral peptide formulation for ulcerative colitis, later in the current quarter, with one-third of patients achieving clinical remission in the Phase 2 trial[136] - The company anticipates positive topline data for the co-administration of bremelanotide with tirzepatide in obesity treatment to be reported in the first quarter of calendar year 2025[136] Agreements and Collaborations - The company entered into a Research Collaboration, License and Patent Assignment Agreement with Boehringer Ingelheim in August 2025 to develop melanocortin receptor-targeted peptides for retinal diseases[135] Financial Outlook and Concerns - The company has concluded that prior conditions raising substantial doubt about its ability to continue as a going concern no longer exist, based on available cash and expected proceeds from upcoming financing activities[159] - The company requires additional funding to complete necessary clinical trials for its product candidates and development programs[160] - Current economic conditions, including high interest rates and rising inflation, may negatively impact the company's operations and financial condition[160] - The company is evaluating the potential effects of economic uncertainty on its operations and cash flows during fiscal year 2026 and beyond[160]