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Jun 30, 2022
Palatin Technologies Q4 2022 Earnings Report
Announced financial results for its fiscal fourth quarter and fiscal year ended June 30, 2022.
Key Takeaways
Palatin Technologies reported a net loss of $12.8 million for the quarter ended June 30, 2022. Vyleesi gross product sales were $2.3 million, with net product revenue of $770,738. The company's cash and cash equivalents totaled $29.9 million as of June 30, 2022.
Phase 3 pivotal study of PL9643 in patients with dry eye disease ongoing with positive interim analysis.
Vyleesi gross product sales increased 79%, net product revenue increased 257% and prescriptions dispensed increased 49%, over the prior quarter.
Closed on a $15 Million Private Placement of Redeemable Convertible Preferred Stock.
Patient recruitment initiated in a Phase 2 clinical study of oral PL8177 in patients with ulcerative colitis with an interim analysis and topline results currently expected first half calendar 2023.
Palatin Technologies
Palatin Technologies
Forward Guidance
Palatin is progressing in clinical trials with two novel melanocortin receptor peptides and aims to demonstrate commercial product value in the marketplace with an objective of re-licensing the U.S. rights to a committed women’s healthcare company.
Positive Outlook
- Phase 3 pivotal study of PL9643 in patients with dry eye disease ongoing with positive interim analysis
- Topline results from the Phase 3 study of PL9643 is currently expected in the second quarter calendar of 2023
- Interim analysis and topline results from the Phase 2 study of oral PL8177 currently expected in the first half of 2023
- Vyleesi sales continue to grow, with the June 30, 2022, quarter showing significant increases across all value metrics
- Palatin plans to enroll up to an additional 230 patients in the study for a final sample size of 350 patients
Challenges Ahead
- Palatin’s audited financial statements for the year ended June 30, 2022, to be included in the Annual Report on Form 10-K include an audit report from its independent registered public accounting firm, KPMG LLP, that contains a going concern explanatory paragraph.
- Net loss for the quarter ended June 30, 2022, was $12.8 million.
- As of June 30, 2022, the Company had cash and cash equivalents of $29.9 million, compared to $37.7 million as of March 31, 2022 and $60.1 million as of June 30, 2021.
- Total operating expenses were $13.9 million for the quarters ended June 30, 2022 and 2021.
- The $29.9 million of cash and cash equivalents at June 30, 2022, does not include the $15 Million Private Placement of Redeemable Convertible Preferred Stock.