Q3 2024 Palatin Technologies Inc Earnings Call Transcript
Key Points
- Palatin Technologies Inc reported positive Phase 3 MELODY-1 results for PL9643 in treating dry eye disease, highlighting excellent ocular tolerability and rapid onset of efficacy.
- The company has a growing portfolio of Melanocortin based therapeutics with three clinical programs underway and plans to initiate two new clinical programs by mid-2024.
- Palatin Technologies Inc has successfully resolved previous issues with the classification of warrants, cleaning up financial statements and eliminating related liabilities.
- The company's cash position is stable, with sufficient funds to support anticipated operating expenses well into the second half of calendar year 2024.
- Palatin Technologies Inc is planning to initiate a Phase 2 obesity clinical study and a Phase 2 study for erectile dysfunction, targeting large underserved markets with innovative Melanocortin receptor agonist treatments.
- Palatin Technologies Inc did not record any product sales to pharmacy distributors for the quarter, following the sale of Vyleesi's worldwide rights.
- Net loss for the quarter was $8.4 million, although this was a slight improvement from the previous year's net loss of $8.7 million.
- Operating expenses increased to $9.2 million from $8.5 million in the comparable quarter last year, primarily due to increased spending on Melanocortin receptor programs.
- Net cash used in operations significantly increased to $8.6 million from $1.4 million in the same period last year, mainly due to changes in working capital.
- The company faces ongoing challenges in advancing its clinical programs, with multiple clinical data milestones and study initiations needed before potential NDA submissions.
Greetings. Welcome to Palatin's third quarter fiscal year 2024 operating results conference call. (Operator Instructions) As a reminder, this conference call is being recorded.
Before we begin our remarks, I would like to remind you that statements made by Palatin are not historical facts. It may be forward-looking statements. These statements are based on assumptions that may or may not prove to be accurate and that the actual results may differ materially from those anticipated due to the variety of risks and uncertainties discussed in the company's most recent filings with the Securities and Exchange Commission.
Please consider such risks and uncertainties carefully in evaluating these forward-looking statements by Palatin's prospects. Now I would like to turn the call over to your host, Dr. Carl Spana, President, and Chief Executive Officer of Palatin. Please go ahead.
Thank you. Good morning and welcome to the Palatin third quarter fiscal year 2024 call.
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