In This Article:
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Revenue: No product sales recorded for the quarter ended March 31, 2025, due to the sale of Vyleesi's worldwide rights.
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Operating Expenses: Total operating expenses were $4.8 million, net of $0.4 million gain, compared to $9.2 million in the previous year.
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Net Cash Used in Operations: $5.4 million for the quarter ended March 31, 2025, compared to $8.6 million in the same period in 2024.
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Net Loss: $4.8 million for the quarter ended March 31, 2025, compared to $8.4 million in the same period in 2024.
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Cash and Cash Equivalents: $2.5 million as of March 31, 2025, compared to $9.5 million at June 30, 2024.
Release Date: May 14, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Palatin Technologies Inc (PTNT) reported positive top-line data for their Phase 2 study, demonstrating significant weight loss with the co-administration of melanocortin 4 receptor agonist bremelanotide and tirzepatide.
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The company achieved a significant reduction in operating expenses, decreasing from $9.2 million to $4.8 million compared to the previous year.
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Palatin Technologies Inc (PTNT) reported a decrease in net loss from $8.4 million to $4.8 million year-over-year, primarily due to reduced operating expenses.
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The FDA granted orphan drug status to PL7737 for treating obesity due to leptin receptor deficiency, with plans for an initial new drug application submission in early 2026.
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Positive Phase 2 study results for PL8177 in treating ulcerative colitis showed significant clinical remission and response rates, enhancing business development discussions with potential partners.
Negative Points
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Palatin Technologies Inc (PTNT) faced suspension of its common stock trading on the NYSE American Stock Exchange due to low selling prices, now trading on the OTC Pink Market.
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The company did not record any product sales for the quarter ended March 31, 2025, following the sale of Vyleesi's worldwide rights.
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Cash and cash equivalents significantly decreased from $9.5 million to $2.5 million as of March 31, 2025, indicating a need for additional funding.
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Palatin Technologies Inc (PTNT) is actively seeking multiple potential funding sources to meet future operating cash requirements.
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The company faces challenges in addressing the NYSE's decision to de-list its common stock, which could impact investor confidence.
Q & A Highlights
Q: Do you believe a higher dose of bremelanotide would increase weight loss, comparable to Wegovy or Zepbound? A: Yes, higher doses of bremelanotide have shown weight loss comparable to Wegovy in earlier studies. While tirzepatide is slightly better due to its multiple mechanisms, good MC4R agonists like bremelanotide can achieve competitive weight loss. - Carl Spana, CEO