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Palatin Technologies Inc. (PTN-1.96%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing reports that Palatin Technologies Inc. did not generate any product revenue for the six months ended December 31, 2024, following the sale of worldwide rights to Vyleesi to Cosette Pharmaceuticals, Inc. in December 2023.
Research and development expenses for the three and six months ended December 31, 2024, were $3,429,479 and $9,173,233, respectively, reflecting a decrease from the same periods in the previous year. This decrease is attributed to reduced spending on melanocortin receptor programs.
Selling, general, and administrative expenses decreased to $1,681,844 for the three months ended December 31, 2024, compared to $3,032,613 for the same period in 2023. This reduction is primarily due to the elimination of selling expenses related to Vyleesi.
The company reported a gain of $2,500,000 on the sale of Vyleesi for the three months ended December 31, 2024, resulting from the settlement of certain purchase commitments.
Net cash used in operating activities for the six months ended December 31, 2024, was $11,863,319, compared to $16,382,079 for the same period in 2023. The decrease is attributed to a reduction in net loss and changes in working capital.
Palatin Technologies Inc. has expressed substantial doubt about its ability to continue as a going concern for one year from the date of the filing, due to its current cash position and liabilities.
The company is exploring strategies for additional funding, including equity financing and cost reductions, to support its operations and development programs.
Palatin Technologies Inc. has identified a material weakness in its internal controls over financial reporting related to the accounting for complex financial instruments, which it is working to address.
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 February 13, 2025. To report an error, please email earnings@qz.com.