Thu, Nov 14, 2:08 PM (19 days ago)
Palatin Technologies, Inc. (PTN) reported a significant decline in quarterly performance for the period ended September 30, 2024. Revenues fell to $0 from $2,106K in the prior year, primarily due to the sale of Vyleesi's rights to Cosette Pharmaceuticals. The company incurred a net loss of $7,824K, worsening from a $5,206K loss in Q3 2023. Total operating expenses decreased to $7,765K from $8,215K, mainly due to reduced selling, general, and administrative costs, while research and development expenses rose to $5,744K, reflecting ongoing investment in melanocortin receptor programs. Cash and cash equivalents dropped to $2,384K from $9,527K, with current liabilities at $9,862K, indicating liquidity challenges. Management expressed substantial doubt about the company's ability to continue as a going concern, necessitating additional funding through equity or debt financing. The company’s future operations hinge on successful clinical trials and regulatory approvals, with significant risks including market competition and economic conditions. The stock is currently not compliant with NYSE American listing standards, further complicating its financial outlook.