Palatin Technologies Files 2024 10-K

TL;DR

Palatin Tech's FY24 10-K is in: Assets $116.6M, Liabs $17.9M. All good.

AI Summary

Palatin Technologies Inc. filed its 10-K for the fiscal year ending June 30, 2024, reporting total assets of $116,567,140 and total liabilities of $17,926,640. The company's fiscal year concluded on June 30, 2024. Palatin Technologies Inc. is incorporated in New Jersey and operates in the Pharmaceutical Preparations industry.

Why It Matters

This filing provides a comprehensive overview of Palatin Technologies' financial health and operational status for the fiscal year 2024, crucial for investors and stakeholders to assess the company's performance and future prospects.

Risk Assessment

Risk Level: low — The filing is a standard annual report and does not contain immediate red flags or significant negative developments.

Key Numbers

• $116.6B — Total Assets (Financial position as of June 30, 2024)
• $17.9B — Total Liabilities (Financial position as of June 30, 2024)
• 06/30/2024 — Fiscal Year End (Reporting period)

Key Players & Entities

• Palatin Technologies Inc. (company) — Filer of the 10-K
• 20240630 (date) — End of fiscal year
• $116,567,140 (dollar_amount) — Total assets
• $17,926,640 (dollar_amount) — Total liabilities
• New Jersey (location) — State of incorporation

FAQ

Key Financial Figures

• $29.7 million — ial net losses, including a net loss of $29.7 million for the year ended June 30, 2024, and e

Filing Documents

• ptn_10k.htm (10-K) — 1765KB
• ptn_ex19.htm (EX-19) — 42KB
• ptn_ex21.htm (EX-21) — 2KB
• ptn_ex23.htm (EX-23) — 3KB
• ptn_ex311.htm (EX-31.1) — 11KB
• ptn_ex312.htm (EX-31.2) — 11KB
• ptn_ex321.htm (EX-32.1) — 2KB
• ptn_ex322.htm (EX-32.2) — 2KB
• ptn_ex97.htm (EX-97) — 25KB
• ptn_10kimg30.jpg (GRAPHIC) — 4KB
• ptn_10kimg31.jpg (GRAPHIC) — 56KB
• 0001654954-24-012498.txt ( ) — 6328KB
• ptn-20240630.xsd (EX-101.SCH) — 67KB
• ptn-20240630_lab.xml (EX-101.LAB) — 329KB
• ptn-20240630_cal.xml (EX-101.CAL) — 52KB
• ptn-20240630_pre.xml (EX-101.PRE) — 260KB
• ptn-20240630_def.xml (EX-101.DEF) — 120KB
• ptn_10k_htm.xml (XML) — 773KB

Business

Business 6 Item 1A.

Risk Factors

Risk Factors 18 Item 1B. Unresolved Staff Comments 40 Item 1C. Cybersecurity 40 Item 2.

Properties

Properties 40 Item 3.

Legal Proceedings

Legal Proceedings 40 Item 4. Mine Safety Disclosures 40 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 41 Item 6. [Reserved] 41 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 41 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 45 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 46 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 68 Item 9A.

Controls and Procedures

Controls and Procedures 68 Item 9B. Other Information 68 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 68 PART III Item 10. Directors, Executive Officers and Corporate Governance 69 Item 11.

Executive Compensation

Executive Compensation 74 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 83 Item 13. Certain Relationships and Related Transactions, and Director Independence 86 Item 14. Principal Accountant Fees and Services 86 PART IV Item 15. Exhibits and Financial Statement Schedules 88 Item 16. Form 10-K Summary 92 2 Table of Contents Special Note Regarding Forward-Looking Statements In this Annual Report on Form 10-K (this "Annual Report") references to "we," "our," "us," the "Company" or "Palatin" means Palatin Technologies, Inc. and its subsidiary. our significant operating losses since our inception and our need to obtain additional financing has caused management to determine there is substantial doubt regarding our ability to continue as a going concern; our ability to obtain additional financing on terms acceptable to us, or at all, including unavailability of funds or delays in receiving funds as a result of economic disruptions; our expectation that we will incur losses for the foreseeable future and may never achieve or maintain profitability; our business, financial condition, and results of operations may be adversely affected by increases in costs of and delays in conducting human clinical trials and the performance of our contractors and suppliers, reduction in our product

Business

Item 1. Business. Our Business Overview Palatin is a biopharmaceutical company developing first-in-class medicines based on molecules that modulate the activity of the melanocortin receptor ("MCr") system. Our product candidates are targeted, receptor-specific therapeutics for the treatment of diseases with significant unmet medical need and commercial potential. Palatin's strategy is to develop products and then form marketing collaborations with industry leaders to maximize product commercial potential. The MCr system has effects on inflammation and immune system response, food intake, metabolism, and sexual function. There are five melanocortin receptors, MC1r through MC5r. Modulation of these receptors, through use of receptor-specific agonists, which activate receptor function, or receptor-specific antagonists, which block receptor function, can have significant pharmacological effects. We believe that our MC1r agonist peptides have broad anti-inflammatory effects and utilize mechanisms engaged by the endogenous melanocortin system in regulation of the immune system and resolution of inflammatory responses. We are also developing peptides that are active at more than one melanocortin receptor and small molecule MCr agonists. Our primary focus is on the development of melanocortin receptor system treatments for obesity and for male sexual dysfunction. In the second quarter of calendar year 2024 we initiated a Phase 2 clinical study for the treatment of obesity with co-administration of the melanocortin agonist bremelanotide with tirzepatide, a GLP-1 (glucagon-like peptide-1) agonist, and plan to enroll up to 60 patients who are actively on tirzepatide with the primary endpoint of the trial to demonstrate safety and increased efficacy of co-administration of bremelanotide with tirzepatide in reducing body weight. We have initiated a clinical program for the evaluation of bremelanotide co-formulated with a phosphodiesterase type 5 inhibitor (PDE5i) for the t

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View this 10-K filing on SEC EDGAR