Mon, Sep 30, 8:32 PM (81 days ago)
Palatin Technologies, Inc. reported a net loss of $29.7 million for the fiscal year ended June 30, 2024, an increase from $24.0 million in the previous year. Revenue decreased to $4.49 million from $4.85 million, largely due to the sale of its product Vyleesi to Cosette Pharmaceuticals. Research and development expenses remained steady at approximately $22.4 million. The company ended the fiscal year with $9.5 million in cash and cash equivalents, raising concerns about its ability to continue as a going concern, given its current liabilities of $9.7 million. Palatin's strategy includes developing melanocortin receptor therapies, with ongoing clinical trials for obesity and erectile dysfunction. The company is pursuing additional funding and expects to incur substantial expenses in future development efforts. Key risks include reliance on third-party contractors, regulatory approval delays, and market acceptance of its products. The company also faces significant competition in the biopharmaceutical sector. Looking ahead, Palatin plans to leverage potential milestone payments from Vyleesi sales to support its operations, but uncertainties regarding future profitability and capital needs remain.