Palatin Technologies Inc · Q3 2022 earnings

Briefing

Palatin Technologies reported an increase in net product revenue and a net loss for Q3 2022.

Palatin Technologies reported financial results for the third quarter of fiscal year 2022. Net product revenue increased 144% compared to the same quarter in 2021, while the company experienced a net loss of $7.6 million. As of March 31, 2022, Palatin's cash and cash equivalents were approximately $37.7 million.

• Patient enrollment is on track for the Phase 3 pivotal study of PL9643 in patients with dry eye disease, with topline results expected in the second half of calendar year 2022.
• A Phase 2 clinical study of PL8177 in patients with ulcerative colitis is expected to start next month, with topline results expected in the first quarter of calendar year 2023.
• Vyleesi's March 31, 2022 quarter reflected increases across all value metrics compared to the prior quarter.
• Gross product sales increased 67% over the prior quarter, but decreased 27% over the comparable quarter in 2021.

Headline financials

Revenue & EPS history

Palatin believes that existing cash and cash equivalents along with the $15 million of proceeds raised from our recent private placement of Preferred Stock, assuming conversion to common stock or debt, will be sufficient to fund currently anticipated operating expenses through at least calendar year 2023.