Wed, May 15, 12:06 PM (244 days ago)
Palatin Technologies, Inc. reported a net loss of $8.4 million for Q1 2024 and $21.5 million for the nine months ended March 31, 2024. This is compared to net losses of $8.7 million and $14.2 million for the same periods in 2023, respectively. The loss was driven by increased R&D expenses, which rose to $7.2 million for Q1 2024 from $4.8 million in Q1 2023, mainly due to spending on melanocortin receptor programs. Selling, general, and administrative expenses decreased to $2.0 million from $3.5 million due to reduced Vyleesi-related costs. The company sold Vyleesi to Cosette Pharmaceuticals for $9.5 million upfront and potential sales-based milestone payments up to $159 million. Cash and cash equivalents were $10 million as of March 31, 2024, with current liabilities of $8.5 million. Palatin anticipates needing additional funding to continue operations into the second half of 2024 and is exploring equity financing or cost reductions. The company has substantial doubt about its ability to continue as a going concern.