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Mar 31, 2021
Palatin Technologies Q3 2021 Earnings Report
Palatin Technologies reported results for the third fiscal quarter of 2021.
Key Takeaways
Palatin Technologies reported a net loss of $5.7 million, or $(0.02) per share, for the third quarter ended March 31, 2021. Total net revenues, consisting of net product revenues of Vyleesi, were $88,741. The company had $68.6 million in cash and cash equivalents as of March 31, 2021.
Phase 3 clinical study of PL9643 in patients with Dry Eye Disease planned for second half calendar 2021.
Phase 2 clinical study of PL8177 in patients with Ulcerative Colitis planned for second half calendar 2021.
Vyleesi Gross Product Sales Up 89%, Net Revenue Up 154%, Prescriptions Increased 24% Compared to Prior Quarter.
$68.6 Million in Cash and Cash Equivalents as of March 31, 2021.
Forward Guidance
Palatin is planning to commence a Phase 3 trial of PL9643 in patients with dry eye disease and a Phase 2 study with an oral formulation of PL8177 in ulcerative colitis patients in the second half of calendar year 2021.
Positive Outlook
- Phase 3 clinical trial of PL9643 in patients with dry eye disease is planned for the second half of calendar year 2021.
- Phase 2 clinical study with an oral formulation of PL8177 in ulcerative colitis patients is targeted to start in the second half of calendar year 2021.
- Vyleesi gross sales amounted to $1,780,020.
- Prescription increases and expanding access and reimbursement coverage have resulted in more favorable gross-to-net adjustments and positive quarterly net product revenue for the first time.
- Palatin has filed an election to extend the patent term of U.S. patent 6,794,489 to June 26, 2025.
Challenges Ahead
- Statements in this press release that are not historical facts, including statements about future expectations of Palatin technologies, Inc. are "forward-looking statements".
- Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause Palatin’s actual results to be materially different from its historical results or from any results expressed or implied by such forward-looking statements.
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