Palatin Technologies Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Palatin Technologies Inc. filed its quarterly report (10-Q) for the period ending March 31, 2024, detailing its financial status and operations.</b>

AI Summary

PALATIN TECHNOLOGIES INC (PTN) filed a Quarterly Report (10-Q) with the SEC on May 15, 2024. Palatin Technologies Inc. filed a 10-Q report for the period ending March 31, 2024. The company's fiscal year ends on June 30. The filing covers the third quarter of fiscal year 2024. The company's principal business is in Pharmaceutical Preparations (SIC 2834). Palatin Technologies Inc. is incorporated in New Jersey.

Why It Matters

For investors and stakeholders tracking PALATIN TECHNOLOGIES INC, this filing contains several important signals. This filing provides investors with the latest financial performance and operational updates for Palatin Technologies Inc. for the third quarter of fiscal year 2024. Understanding the details within this 10-Q is crucial for assessing the company's current financial health, strategic direction, and potential risks and opportunities.

Risk Assessment

Risk Level: low — PALATIN TECHNOLOGIES INC shows low risk based on this filing. The filing is a standard 10-Q, providing routine financial disclosures without immediate indicators of significant new risks or positive developments.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to understand Palatin Technologies Inc.'s performance and outlook.

Key Numbers

• 2024-03-31 — Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-05-15 — Filing Date (FILED AS OF DATE)
• 0630 — Fiscal Year End (FISCAL YEAR END)
• 2834 — SIC Code (STANDARD INDUSTRIAL CLASSIFICATION)

Key Players & Entities

• PALATIN TECHNOLOGIES INC (company) — FILER
• 0000911216 (company) — CENTRAL INDEX KEY
• 2834 (company) — STANDARD INDUSTRIAL CLASSIFICATION
• NJ (company) — STATE OF INCORPORATION
• 0630 (company) — FISCAL YEAR END
• 20240331 (date) — CONFORMED PERIOD OF REPORT
• 20240515 (date) — FILED AS OF DATE
• 609-495-2200 (company) — BUSINESS PHONE

FAQ

Industry Context

Palatin Technologies Inc. operates within the Pharmaceutical Preparations industry, focusing on the development of drugs.

Regulatory Implications

The company is subject to standard SEC regulations for public companies, including the requirement to file quarterly reports (10-Q) detailing financial performance and business operations.

What Investors Should Do

1. Analyze the financial statements presented in the 10-Q for the period ending March 31, 2024.
2. Review the 'Management's Discussion and Analysis of Financial Condition and Results of Operations' section for insights into performance drivers.
3. Identify any new risk factors or updates to existing risks disclosed in the filing.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-15: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This is the 10-Q filing for the period ending March 31, 2024. Specific comparative data from the previous filing (e.g., 10-K or prior 10-Q) is not directly available in this extracted header information.

Key Financial Figures

• $0.01 — ch Registered Common Stock, par value $0.01 per share PTN NYSE American Indica
• $10,014,088 — ompany's cash and cash equivalents were $10,014,088 and current liabilities were $ 8,532,78
• $159,000,000 — sales-based milestone payments of up to $159,000,000 on sales of Vyleesi by Cosette and its

Filing Documents

• ptn_10q.htm (10-Q) — 1178KB
• ptn_ex311.htm (EX-31.1) — 9KB
• ptn_ex312.htm (EX-31.2) — 8KB
• ptn_ex321.htm (EX-32.1) — 2KB
• ptn_ex322.htm (EX-32.2) — 2KB
• ptn_10qimg20.jpg (GRAPHIC) — 4KB
• ptn_10qimg19.jpg (GRAPHIC) — 45KB
• 0001654954-24-006292.txt (&nbsp;) — 4760KB
• ptn-20240331.xsd (EX-101.SCH) — 59KB
• ptn-20240331_lab.xml (EX-101.LAB) — 268KB
• ptn-20240331_cal.xml (EX-101.CAL) — 48KB
• ptn-20240331_pre.xml (EX-101.PRE) — 214KB
• ptn-20240331_def.xml (EX-101.DEF) — 102KB
• ptn_10q_htm.xml (XML) — 619KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) Consolidated Balance Sheets as of March 31, 2024 and June 30, 2023 5 Consolidated Statements of Operations for the Three and Nine Months Ended March 31, 2024 and 2023 6 Consolidated Statements of Changes in Stockholders Equity (Deficiency) for the Three and Nine Months Ended March 31, 2024 7 Consolidated Statements of Changes in Redeemable Convertible Preferred Stock and Stockholders Equity for the Three and Nine Months Ended March 31, 2023 8 Consolidated Statements of Cash Flows for the Nine Months Ended March 31, 2024 and 2023 9

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 10

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 22

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 26

Controls and Procedures

Item 4. Controls and Procedures 26

– OTHER INFORMATION

PART II – OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 27

Risk Factors

Item 1A. Risk Factors 27

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 48

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 48

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 48

Other Information

Item 5. Other Information 48

Exhibits

Item 6. Exhibits 49

Signatures

Signatures 50 2 Table of Contents Special Note Regarding Forward-Looking Statements In this Quarterly Report on Form 10-Q (this "Quarterly Report") references to "we," "our," "us," the "Company" or "Palatin" mean 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 productivity or the productivity of our contractors and suppliers, supply chain constraints, and labor shortages; the ability of Cosette Pharmaceuticals, Inc. ("Cosette"), which acquired Vyleesi (the trade name for bremelanotide) for the treatment of premenopausal women with hypoactive sexual desire disorder ("

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. PALATIN TECHNOLOGIES, INC . and Subsidiary Consolidated Balance Sheets (unaudited) March 31, 2024 June 30, 2023 ASSETS Current assets: Cash and cash equivalents $ 10,014,088 $ 7,989,582 Marketable securities - 2,992,890 Accounts receivable - 2,915,760 Inventories - 526,000 Prepaid expenses and other current assets 254,554 1,897,281 Total current assets 10,268,642 16,321,513 Property and equipment, net 465,410 684,910 Right-of-use assets - operating leases 615,269 876,101 Other assets 56,916 56,916 Total assets $ 11,406,237 $ 17,939,440 LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIENCY) Current liabilities: Accounts payable $ 3,443,247 $ 4,303,527 Accrued expenses 2,364,964 6,511,059 Short-term operating lease liabilities 371,280 354,052 Short-term finance lease liabilities 73,141 106,392 Other current liabilities 2,280,150 3,856,800 Total current liabilities 8,532,782 15,131,830 Long-term operating lease liabilities 262,220 544,323 Long-term finance lease liabilities - 46,014 Other long-term liabilities 1,032,300 2,083,200 Warrant liabilities - 1,850,544 Total liabilities 9,827,302 19,655,911 Commitments and contingencies (Note 13) Contingently redeemable warrants - 263,400 Stockholders' deficiency: Preferred stock of $ 0.01 par value – authorized 10,000,000 shares: shares issued and outstanding designated as follows: Series A Convertible: authorized 4,030 shares as of March 31, 2024: issued and outstanding 4,030 shares as of March 31, 2024 and June 30, 2023 40 40 Common stock of $ 0.01 par value – authorized 300,000,000 shares: issued and outstanding 16,136,640 shares as of March 31, 2024 and 11,656,714 shares as of June 30, 2023 161,366 116,567 Additional paid-in capital 434,933,649 409,933,959 Accumulated deficit ( 433,516,120 ) ( 412,030,437 ) Total stockholders' equity (deficiency)

View Full Filing

View this 10-Q filing on SEC EDGAR