The following is a summary of the Palatin Technologies, Inc. (PTN) Q3 2024 Earnings Call Transcript:
Financial Performance:
Palatin Technologies reported no product sales in the quarter ended March 31, 2024 due to the sale of Vyleesi's worldwide rights.
Total operating expenses were $9.2 million, an increase primarily due to heightened spending on Melanocortin receptor programs.
The net cash used in operations was $8.6 million, an increase mostly from changes in working capital.
Net loss for the quarter was $8.4 million or $0.53 per share.
As of March 31, 2024, the company's cash, cash equivalents and marketable securities totaled to $10 million.
Business Progress:
Palatin has focused on the biology and chemistry of the Melanocortin system to develop selective Melanocortin agonists.
The company has three clinical programs based on Melanocortin agonists and plans to start enrollment in two new clinical programs by mid-2024.
Positive results were reported for PL9643 Phase 3 MELODY-1 dry eye disease clinical study.
A Phase 2 obesity study and a Phase 2 study for treating erectile dysfunction are expected to start this year.
Current financial resources are expected to fund operating expenses well into the second half of calendar year 2024.
More details: Palatin Technologies IR
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