Palatin Investor Inquiries:
|
Palatin Media Inquiries:
| |
Stephen T. Wills, CPA, MST
|
Paul Arndt, MBA, LifeSci Advisors
| |
CFO/COO (609) 495-2200
|
Managing Director (646) 597-6992
| |
Info@Palatin.com
|
Paul@LifeSciAdvisors.com
|
PALATIN TECHNOLOGIES, INC.
| ||||
and Subsidiary
| ||||
Consolidated Statements of Operations
| ||||
(unaudited)
| ||||
Three Months Ended June 30,
|
Year Ended June 30,
| |||
2021
|
2020
|
2021
|
2020
| |
REVENUES
| ||||
Product revenue, net
|
$80,504
|
$-
|
$(283,286)
|
$-
|
License and contract
|
94,689
|
-
|
94,689
|
117,989
|
175,193
|
-
|
(188,597)
|
117,989
| |
OPERATING EXPENSES
| ||||
Cost of products sold
|
37,800
|
-
|
147,840
|
-
|
Research and development
|
3,481,800
|
3,933,034
|
12,926,559
|
13,959,397
|
Selling, general and administrative
|
5,950,339
|
3,456,805
|
17,336,913
|
9,765,372
|
Loss on license termination agreement
|
4,407,987
|
-
|
2,784,192
|
-
|
Total operating expenses
|
13,877,926
|
7,389,839
|
33,195,504
|
23,724,769
|
Loss from operations
|
(13,702,733)
|
(7,389,839)
|
(33,384,101)
|
(23,606,780)
|
OTHER (EXPENSE) INCOME
| ||||
Investment income
|
3,803
|
98,977
|
23,572
|
1,200,898
|
Foreign currency loss
|
(221,274)
|
-
|
(212,526)
|
-
|
Interest expense
|
(14,080)
|
(8,310)
|
(23,440)
|
(20,141)
|
Total other (expense) income, net
|
(231,551)
|
90,667
|
(212,394)
|
1,180,757
|
NET LOSS
|
$(13,934,284)
|
$(7,299,172)
|
$(33,596,495)
|
$(22,426,023)
|
Basic and diluted net loss per common share
|
$(0.06)
|
$(0.03)
|
$(0.14)
|
$(0.10)
|
Weighted average number of common shares outstanding used in computing basic and diluted net loss per common share
|
237,025,231
|
235,394,831
|
236,650,101
|
234,684,776
|
PALATIN TECHNOLOGIES, INC.
| ||
and Subsidiary
| ||
Consolidated Balance Sheets
| ||
(unaudited)
| ||
June 30, 2021
|
June 30, 2020
| |
ASSETS
| ||
Current assets:
| ||
Cash and cash equivalents
|
$60,104,919
|
$82,852,270
|
Accounts receivable
|
1,580,443
|
-
|
Inventories
|
1,162,000
|
-
|
Prepaid expenses and other current assets
|
3,059,679
|
738,216
|
Total current assets
|
65,907,041
|
83,590,486
|
Property and equipment, net
|
94,817
|
140,216
|
Right-of-use assets
|
1,237,813
|
1,266,132
|
Other assets
|
56,916
|
56,916
|
Total assets
|
$67,296,587
|
$85,053,750
|
LIABILITIES AND STOCKHOLDERS' EQUITY
| ||
Current liabilities:
| ||
Accounts payable
|
$640,650
|
$715,672
|
Accrued expenses
|
5,797,378
|
2,899,097
|
Short-term operating lease liabilities
|
351,853
|
312,784
|
Other current liabilities
|
3,721,907
|
-
|
Total current liabilities
|
10,511,788
|
3,927,553
|
Long-term operating lease liabilities
|
900,520
|
953,348
|
Other long-term liabilities
|
6,232,907
|
-
|
Total liabilities
|
17,645,215
|
4,880,901
|
Stockholders' equity:
| ||
Preferred stock of $0.01 par value - authorized 10,000,000 shares; shares issued and outstanding designated as follows:
| ||
Series A Convertible: authorized 264,000 shares: issued and outstanding 4,030 shares as of June 30, 2021 and June 30, 2020
|
40
|
40
|
Common stock of $0.01 par value - authorized 300,000,000 shares:
| ||
issued and outstanding 230,049,691 shares as of June 30, 2021 and 229,258,400 shares as of June 30, 2020
|
2,300,497
|
2,292,584
|
Additional paid-in capital
|
399,146,232
|
396,079,127
|
Accumulated deficit
|
(351,795,397)
|
(318,198,902)
|
Total stockholders' equity
|
49,651,372
|
80,172,849
|
Total liabilities and stockholders' equity
|
$67,296,587
|
$85,053,750
|
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Disclaimer
Palatin Technologies Inc. published this content on 29 September 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 September 2021 12:31:09 UTC.