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Mar 31, 2024
Palatin Technologies Q3 2024 Earnings Report
Palatin Technologies reported financial results for the third quarter of fiscal year 2024 and provided a corporate update.
Key Takeaways
Palatin Technologies reported a net loss of $8.4 million, or $(0.53) per common share, for the quarter ended March 31, 2024. They had no product revenue due to the sale of Vyleesi. Cash, cash equivalents, and marketable securities totaled $10.0 million as of March 31, 2024.
Phase 3 MELODY-1 clinical trial for DED demonstrated that PL9643 has the potential to be a highly differentiated product.
Study results showed statistically significant efficacy for the co-primary symptom endpoint of pain and 7 of 11 exploratory secondary endpoints, including eye dryness.
The company is advancing discussions with potential collaboration partners and actively preparing for a meeting with the FDA to discuss the remaining studies for the PL9643 program.
Two new therapeutic area clinical trials are expected to launch in the second quarter of calendar year 2024.
Forward Guidance
Palatin believes that existing cash, cash equivalents, marketable securities and accounts receivable, will be sufficient to fund currently anticipated operating expenses and disbursements into the second half of calendar year 2024.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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