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Palatin Technologies, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing no product revenue compared to $2,105,977 in the same quarter the previous year. This decrease is due to the sale of Vyleesi's worldwide rights to Cosette Pharmaceuticals, Inc.
Research and development expenses increased to $5,743,754 from $5,014,630 in the same quarter of the previous year, attributed to increased spending on melanocortin receptor programs.
Selling, general, and administrative expenses decreased to $2,020,931 from $3,200,244, primarily due to the elimination of selling expenses related to Vyleesi.
The company reported a net loss of $7,823,649 for the quarter, compared to a net loss of $5,205,999 in the previous year.
Cash and cash equivalents as of September 30, 2024, were $2,384,214, with current liabilities of $9,861,717.
Palatin Technologies acknowledges substantial doubt about its ability to continue as a going concern for one year from the date of the filing. The company is evaluating strategies to obtain additional funding.
The filing details various financial activities, including a securities purchase agreement in January 2024, resulting in net proceeds of $9,224,056.
Palatin Technologies is not in compliance with the continued listing standards of the NYSE American and has submitted a plan to regain compliance by April 10, 2025.
The company continues to focus on developing its melanocortin receptor programs and is engaged in discussions with potential partners for its products for ocular conditions.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Palatin Technologies Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.