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Jun 30, 2020
Palatin Technologies Q4 2020 Earnings Report
Palatin Technologies reported a net loss for Q4 2020, impacted by the absence of license revenue from AMAG compared to the previous year. The company is focusing on advancing its clinical programs and exploring options for Vyleesi commercialization.
Key Takeaways
Palatin Technologies reported a net loss of $7.3 million for the fourth quarter ended June 30, 2020, compared to a net income of $52.2 million for the comparable quarter of 2019. The decrease is primarily due to the recognition of license and contract revenue from the AMAG license agreement in the previous year. As of June 30, 2020, the company had $82.9 million in cash and cash equivalents.
Palatin Technologies reported a net loss for the fourth quarter ended June 30, 2020, contrasting with a net income in the same quarter of the previous year.
The company's financial results were significantly affected by the absence of license revenue from the AMAG agreement in Q4 2020, which had contributed substantially to Q4 2019 revenues.
Palatin regained North American rights to Vyleesi following the mutual termination of the license agreement with AMAG Pharmaceuticals and is exploring future commercialization strategies.
The company is advancing its clinical programs, including a Phase 2 study of PL9643 for dry eye disease, with data readout expected in the fourth calendar quarter of 2020.
Forward Guidance
Palatin is focused on advancing its clinical programs and exploring options for Vyleesi commercialization.
Positive Outlook
- Completed enrollment in PL9643 Phase 2 clinical study for dry eye disease, with data readout targeted for Q4 2020.
- Targeting Phase 2 proof-of-concept clinical study with oral formulation of PL8177 in ulcerative colitis patients to start in the first half of calendar year 2021.
- Advancing COVID-19 development plan to file an IND and begin clinical studies with PL8177 in COVID-19 patients early in the first calendar quarter of 2021.
- Evaluating PL3994 in a Phase 2A clinical study in heart failure patients with preserved ejection fraction, with patient enrollment anticipated to start in the fourth calendar quarter of 2020.
- Exploring collaboration discussions for Vyleesi territories outside of China and Korea, anticipating multiple agreements through calendar year 2021.
Challenges Ahead
- The start of a PL8177 clinical study for COVID-19 patients is subject to receiving external funding and operational support.
- Potential disruptions to business activity based on a resurgence of the virus.
Historical Earnings Impact
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