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Dec 31, 2021
Palatin Technologies Q2 2022 Earnings Report
Palatin Technologies' financial performance for Q2 2022 was reported, featuring advancements in clinical programs and strategic focus on Vyleesi.
Key Takeaways
Palatin Technologies reported a net loss of $8.7 million for the quarter ended December 31, 2021, with total revenues including $72,140 in net product revenue from Vyleesi and $250,000 in license and contract revenue. The company's cash and cash equivalents stood at $47.3 million as of December 31, 2021, expected to fund operations through at least March 2023.
Initiated Phase 3 clinical program for PL9643 in dry eye disease with topline data expected in the second half of calendar year 2022.
Presented positive effects of PL8177 on treating ulcerative colitis in an animal disease model at the 2022 Crohn’s and Colitis Congress.
Vyleesi gross product sales decreased 18% year-over-year, while net product revenue increased 144% compared to the same quarter in 2020.
Cash position of approximately $47 million at December 31, 2021, provides operating cash runway through at least March 2023.
Forward Guidance
Palatin anticipates topline data readouts in the second half of calendar year 2022 for the Phase 3 pivotal study of PL9643 in dry eye disease and for the Phase 2 clinical trial of PL8177 in ulcerative colitis.
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