Palatin Technologies, Inc. (PTN), a biopharmaceutical company focu sed on developing innovative therapies, has reported its financial results for the fiscal year ended June 30, 2023. The company posted a net loss of $10.7 million for the year, highlighting the challenges it faced in the highly competitive pharmaceutical industry. Despite this loss, Palatin Technologies generated total revenues of $4.9 million, reflecting the progress made in its product and licensing activities.
Revenues Show Substantial Growth
Palatin Technologies reported total revenues of $4.9 million for the fiscal year 2023, a significant increase from the $1.5 million in revenues recorded in the previous year. This growth was primarily driven by a surge in product revenue, which reached $4.85 million, compared to $1.22 million in 2022. The company also generated $3,000 in license and contract revenue during the year, with additional licensing activity contributing to its income.
While the company experienced revenue growth, it also incurred substantial operating expenses. The cost of products sold amounted to $418,470, representing an increase compared to the previous year's $217,529. Research and development expenses reached $22.6 million, slightly higher than the $21.3 million reported in 2022. Selling, general, and administrative expenses decreased to $15.3 million from $16.5 million. A notable factor in the financial report was a gain of $1.03 million from a purchase commitment.
Despite efforts to control costs, Palatin Technologies reported a loss from operations of $32.5 million for the fiscal year 2023, compared to a loss of $36.6 million in the previous year.
Other Income and Loss Before Taxes
The company's other income and expenses were mixed. Investment income increased to $692,000 from $30,000, while foreign currency gain turned into a loss of $430,000, compared to a gain of $390,000 in the previous year. Interest expenses remained relatively stable at $20,000.
Palatin Technologies reported a loss before income taxes of $32.2 million for the fiscal year 2023, representing a slight improvement compared to the $36.2 million loss in the previous year.
Net Loss and Earnings per Share
The company's net loss for the fiscal year 2023 amounted to $27.5 million, compared to a loss of $36.2 million in the previous year. On a per-share basis, basic and diluted net loss per common share was $2.53 for 2023, compared to $3.79 in 2022. The weighted average number of common shares outstanding used in computing basic and diluted net loss per common share increased to 10.9 million from 9.5 million in the previous year.
Balance Sheet Highlights
As of June 30, 2023, Palatin Technologies reported total assets of $17.9 million, a decrease from the previous year's $36.1 million. The company's current assets included $7.99 million in cash and cash equivalents, $2.99 million in marketable securities, and $2.92 million in accounts receivable. Property and equipment, net, stood at $684,910, and right-of-use assets for operating leases were $876,101.
The company's liabilities, which include accounts payable and accrued expenses, amounted to $15.1 million for the year. Palatin Technologies had no redeemable convertible preferred stock as of June 30, 2023. Stockholders' equity was reported at $134,073, reflecting a decrease from $16.3 million in the previous year.
Palatin Technologies, Inc. has reported its fiscal year 2023 financial results, showing notable growth in revenues while managing expenses. Despite a net loss, the company continues its efforts in the biopharmaceutical industry, focusing on innovative therapies that hold promise for the future.
For further details and a comprehensive breakdown of Palatin Technologies, Inc.'s financial performance, please refer to the company's official financial statements and reports.