Palatin Technologies(PTN) - 2021 Q3 - Quarterly Report

Revenue and Expenses - For the three and nine months ended March 31, 2021, product revenue was $88,741 and $(363,790) respectively, with no contract and license revenue recognized compared to $117,989 for the same period in 2020[127] - Research and development expenses were $2,509,490 and $9,444,759 for the three and nine months ended March 31, 2021, showing a decrease from $3,641,250 and $10,026,363 in the same periods of 2020[128] - Selling, general and administrative expenses increased to $4,010,055 and $11,386,574 for the three and nine months ended March 31, 2021, compared to $2,072,032 and $6,308,567 for the same periods in 2020[133] - A gain of $1,623,795 was recorded for the nine months ended March 31, 2021, due to the Vyleesi Termination Agreement[134] - Net cash used in operating activities was $14,111,599 for the nine months ended March 31, 2021, compared to cash provided of $47,402,881 for the same period in 2020[139] Cash Position and Liabilities - As of March 31, 2021, cash and cash equivalents were $68,641,312, with current liabilities of $10,036,841[141] - Existing capital resources are expected to be adequate to fund operations for at least twelve months, but additional funding will be needed for clinical trials and regulatory submissions[143] Strategic Focus and Development - The company is focusing on maximizing revenue from Vyleesi by marketing it in the U.S. and seeking additional licensees[131] - New product development activities are centered on peptides targeting inflammatory and autoimmune diseases, with potential applications in various conditions[121] - The company aims to enter strategic alliances with pharmaceutical companies to facilitate the development and commercialization of its product candidates[131] - The company plans to utilize existing capital resources for general corporate purposes, including marketing and distribution capabilities for Vyleesi in the U.S. and development of peptide programs[142] Future Outlook and Risks - Significant expenses are anticipated as the company develops marketing and distribution capabilities for Vyleesi, which will adversely affect stockholders' equity, total assets, and working capital[144] - There have been no material changes to the company's contractual obligations outside the ordinary course of business[146] - The company does not have any off-balance sheet arrangements[145] - Smaller reporting companies are not required to provide quantitative and qualitative disclosures about market risk[147]