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Dec 31, 2020
Palatin Technologies Q2 2021 Earnings Report
Palatin Technologies reported second quarter fiscal year 2021 financial results.
Key Takeaways
Palatin Technologies reported a net loss of $10.0 million, or $(0.04) per share, for the quarter ended December 31, 2020. The company had $72.2 million in cash and cash equivalents as of December 31, 2020. Vyleesi gross sales for the quarter amounted to $943,950, with product revenue of $(163,971), net of allowances and accruals.
Positive results from Phase 2 clinical study of PL9643 in patients with Dry Eye Disease.
Company continues to rebuild commercial infrastructure and brand awareness for Vyleesi.
Cash and cash equivalents were approximately $72.2 million as of December 31, 2020.
Vyleesi gross sales for the quarter ended December 31, 2020 amounted to $943,950 with product revenue of $(163,971) net of allowances and accruals.
Palatin Technologies
Palatin Technologies
Forward Guidance
Palatin is planning a Phase 2/3 Clinical trial with PL9643 for the treatment of DED targeted for mid-calendar year 2021 and a Phase 2 proof-of-concept clinical study with an oral formulation of PL8177 in ulcerative colitis patients is targeted to start mid-calendar year 2021, with data readout potentially in mid-calendar year 2022.
Positive Outlook
- PL9643 is a novel approach to treating dry eye disease.
- PL9643 has a rapid therapeutic onset and excellent tolerability profile.
- The company is planning a Phase 2/3 study targeted for mid-calendar year 2021, with data readout in the first half of calendar year 2022 for PL9643.
- Payer reimbursement is rising.
- Month over month prescription numbers continuing through January 2021 are increasing.
Challenges Ahead
- Statistical significance for the primary endpoints was not reached in the overall enrolled population that included mild, moderate, and severe patients, as measured at the 12-week primary evaluation visit.
- Phase 2 proof-of-concept clinical study with an oral formulation of PL8177 in ulcerative colitis patients has data readout potentially in mid-calendar year 2022.
- The company incurred a net loss for the quarter.
- Vyleesi product revenue was negative, net of allowances and accruals.
- Commercial expenses related to Vyleesi and to PL9643’s Phase 2 study for the treatment of dry eye disease increased the net loss.