Palatin Technologies, Inc. (NYSEAMERICAN:PTN) released its financials for its fiscal quarter ended June 30, 2020, revealing that the three months did not yield in its favor.
The novel medicines manufacturer realized a $(7.3) million, or $(0.03) per basic and diluted share net loss during the fiscal quarter. In contrast, Palatin Technologies reported a $52.2 million, or $0.25 per basic share net income in its fiscal Q4 of the previous year. The company’s net loss for the entire fiscal year 2020 amounted to $(22.4) million, or $(0.10) per share (both basic and diluted) compared to $35.8 million net income or $0.17 basis and $0.16 diluted share in FY2019.
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What on Palatin’s pipeline as far as future growth is concerned?
The first half of 2020 was characterized by an unfavorable business environment due to the coronavirus pandemic. Palatin Technologies is one of the many companies that were negatively affected by the business slow down caused by the pandemic.
The company reported better performance data in its fiscal year 2019 compared to FY2020 due to the recognition of contract and license revenue from its license agreement with AMAG in 2019. The agreement generated $60.3 million which was accounted for in Palatin’s fiscal fourth quarter and fiscal year 2019.
Palatin Technologies is still optimistic about its future performance. The company had not debt by the end of June 30, 2020, while its cash and cash equivalents amounted to $82.9 million. In comparison, Palatin had $43.5 million in cash and cash equivalents by June 30, 2019. The company thus ended the fiscal fourth quarter of 2020 in a better position in terms of cash and cash equivalents than it did in its Q4 2019, despite not turning a profit this year.
As far as forward-looking news is concerned, Palatin recently announced that it finalized the enrollment of subjects in its PL9643 phase 2 clinical study. The latter will explore PL9643’s viability as a treatment for dry eye disease. The company also plans to launch the proof of concept study for a PL8177 oral formulation in the first half of 2021. The study will evaluate PL8177 as a potential treatment for ulcerative colitis patients.