Palatin Technologies Q2 2025 Update: Assets, Liabilities, and Warrants

TL;DR

Palatin Tech's Q2 2025: Assets $23.5M, Liabs $17.9M. Recent warrant activity noted.

AI Summary

Palatin Technologies Inc. filed its 10-Q for the period ending December 31, 2024. The company reported total assets of $23,455,846 and total liabilities of $17,926,640. During the quarter, Palatin Technologies Inc. also disclosed subsequent events related to private placements and stock warrants, with specific dates noted for these transactions in February 2025 and December 2024.

Why It Matters

This filing provides a snapshot of Palatin Technologies' financial health and recent corporate activities, which are crucial for investors to assess the company's stability and future prospects.

Risk Assessment

Risk Level: medium — The company's financial figures and subsequent events, particularly related to warrants and private placements, indicate potential financial maneuvers that warrant investor attention.

Key Numbers

• $23.5B — Total Assets (As of December 31, 2024)
• $17.9B — Total Liabilities (As of December 31, 2024)

Key Players & Entities

• Palatin Technologies Inc. (company) — Filer of the 10-Q
• December 31, 2024 (date) — End of reporting period
• $23,455,846 (dollar_amount) — Total assets
• $17,926,640 (dollar_amount) — Total liabilities
• February 2025 (date) — Subsequent event period
• December 2024 (date) — Subsequent event period

FAQ

Key Financial Figures

• $0.01 — ch Registered Common Stock, par value $0.01 per share PTN NYSE American Indica

Filing Documents

• ptn_10q.htm (10-Q) — 755KB
• ptn_ex311.htm (EX-31.1) — 9KB
• ptn_ex312.htm (EX-31.2) — 9KB
• ptn_ex321.htm (EX-32.1) — 2KB
• ptn_ex322.htm (EX-32.2) — 2KB
• ptn_10qimg17.jpg (GRAPHIC) — 32KB
• ptn_10qimg18.jpg (GRAPHIC) — 4KB
• ptn_10qimg16.jpg (GRAPHIC) — 59KB
• 0001654954-25-001431.txt ( ) — 3975KB
• ptn-20241231.xsd (EX-101.SCH) — 49KB
• ptn-20241231_lab.xml (EX-101.LAB) — 239KB
• ptn-20241231_cal.xml (EX-101.CAL) — 42KB
• ptn-20241231_pre.xml (EX-101.PRE) — 192KB
• ptn-20241231_def.xml (EX-101.DEF) — 95KB
• ptn_10q_htm.xml (XML) — 510KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) Consolidated Balance Sheets as of December 31, 2024 and June 30, 2024 1 Consolidated Statements of Operations for the Three and Six Months Ended December 31, 2024 and 2023 2 Consolidated Statements of Changes in Stockholders' Deficiency for the Three and Six Months Ended December 31, 2024 3 Consolidated Statements of Changes in Stockholders' Deficiency for the Three and Six Months Ended December 31, 2023 4 Consolidated Statements of Cash Flows for the Six Months Ended December 31, 2024 and 2023 5

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 6

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 18

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 22

Controls and Procedures

Item 4. Controls and Procedures 22

– OTHER INFORMATION

PART II – OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 23

Risk Factors

Item 1A. Risk Factors 23

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 24

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 24

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 24

Other Information

Item 5. Other Information 24

Exhibits

Item 6. Exhibits 25

Signatures

Signatures 26 i 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; whether Cosette Pharmaceuticals, Inc. ("Cosette"), which acquired our product Vyleesi (the trade name for bremelanotide for treatment of hyperactive sexual desire disorder in premenopausal women) in December 2023, will h

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. PALATIN TECHNOLOGIES, INC . and Subsidiary Consolidated Balance Sheets (unaudited) December 31, 2024 June 30, 2024 ASSETS Current assets: Cash and cash equivalents $ 3,416,604 $ 9,527,396 Prepaid expenses and other current assets 253,113 242,272 Total current assets 3,669,717 9,769,668 Property and equipment, net 235,741 388,361 Right-of-use assets - operating leases 347,644 527,321 Other assets 56,916 56,916 Total assets $ 4,310,018 $ 10,742,266 LIABILITIES AND STOCKHOLDERS' DEFICIENCY Current liabilities: Accounts payable $ 6,718,233 $ 4,101,929 Accrued expenses 1,650,700 4,185,046 Short-term operating lease liabilities 257,673 380,542 Short-term finance lease liabilities - 46,014 Other current liabilities 932,150 944,150 Total current liabilities 9,558,756 9,657,681 Long-term operating lease liabilities 100,071 163,782 Other long-term liabilities 1,032,300 1,032,300 Total liabilities 10,691,127 10,853,763 Commitments and contingencies (Note 12) 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 December 31, 2024: issued and outstanding 4,030 shares as of December 31, 2024 and June 30, 2024 40 40 Common stock of $ 0.01 par value – authorized 300,000,000 shares: issued and outstanding 23,455,846 shares as of December 31, 2024 and 17,926,640 shares as of June 30, 2024 234,558 179,266 Additional paid-in capital 445,416,974 441,475,747 Accumulated deficit ( 452,032,681 ) ( 441,766,550 ) Total stockholders' deficiency ( 6,381,109 ) ( 111,497 ) Total liabilities and stockholders' deficiency $ 4,310,018 $ 10,742,266 The accompanying notes are an integral part of these consolidated financial statements. 1 Table of Contents PALATIN TECHNOLOGIES, INC. and Subsidia

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements (1) ORGANIZATION Nature of Business - Palatin Technologies, Inc. ("Palatin" or the "Company") is a biopharmaceutical company developing first-in-class medicines based on molecules that modulate the activity of the melanocortin receptor system. The Company's product candidates are targeted, receptor-specific therapeutics for the treatment of diseases with significant unmet medical need and commercial potential. Melanocortin Receptor System. The melanocortin receptor system has effects on food intake, metabolism, sexual function, inflammation, and immune system responses. 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. The Company's prior commercial product, Vyleesi, was approved by the U.S. Food and Drug Administration ("FDA") in June 2019 for the treatment of hypoactive sexual desire disorder ("HSDD") in premenopausal women. As disclosed in Note 5, this product was acquired by Cosette Pharmaceuticals, Inc. ("Cosette") on December 19, 2023. Our new product development activities focus primarily on use of bremelanotide, or other MC4r agonists, with tirzepatide, a GLP-1 agonist for treatment of obesity, which entered Phase 2 in the second quarter of calendar year 2024, with topline results expected in the first quarter of calendar year 2025. The Company is also developing, dependent on resources for development activities, MC1r agonist products, with potential to treat inflammatory and autoimmune diseases, such as dry eye disease, which is also known as keratoconjunctivitis sicca, uveitis, diabetic retinopathy, and inflammatory bowel disease. The Company believes that the MC1r agonist peptides in development have broad anti-inflammatory effects and appear to utilize mechanisms engaged by the en

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements Based on our available cash and cash equivalents as of December 31, 2024 and $ 4,309,641 received in February 2025, management has concluded that substantial doubt exists about the Company's ability to continue as a going concern for one year from the date these consolidated financial statements are issued. The Company is evaluating strategies to obtain additional funding for future operations which include but are not limited to obtaining equity financing, issuing debt, or reducing planned expenses. A failure to raise additional funding or to effectively implement cost reductions could harm the Company's business, results of operations, and future prospects. If the Company is not able to secure adequate additional funding in future periods, the Company could be forced to make additional reductions in certain expenditures. This could include liquidating assets and suspending or curtailing planned programs. The Company may also have to delay, reduce the scope of, suspend, or eliminate one or more research and development programs or its commercialization efforts or pursue a strategic transaction. If the Company is unable to raise capital when needed or enter into a strategic transaction, then the Company could be required to cease operations, which could cause its stockholders to lose all or part of their investment. The consolidated financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the continuity of operations, the realization of assets and the satisfaction of liabilities and commitments in the normal course of business. Assuming no additional funding and based on its current operating and development plans, the Company expects that existing cash and cash equivalents as of the date of this filing will be sufficient to fund currently anticipated operating expenses into the second half of calendar year 2025. The Company may receive contingent, sales-based mile

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View this 10-Q filing on SEC EDGAR