$PTN
PALATIN TECHNOLOGIES INC

2023 Q4 Form 10-Q Financial Statement

#000165495423014251 Filed on November 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3 2022 Q3
Revenue $2.034M $2.106M $869.7K
YoY Change 98.18% 142.16% 445.3%
Cost Of Revenue $97.64K $0.00 $86.50K
YoY Change -1.09% -100.0% 60.39%
Gross Profit $1.936M $2.106M $783.2K
YoY Change 108.74% 168.91% 641.97%
Gross Profit Margin 95.2% 100.0% 90.05%
Selling, General & Admin $3.033M $3.200M $3.509M
YoY Change -4.46% -8.79% -8.54%
% of Gross Profit 156.6% 151.96% 448.04%
Research & Development $5.554M $5.015M $6.027M
YoY Change 27.17% -16.8% 72.95%
% of Gross Profit 286.82% 238.11% 769.59%
Depreciation & Amortization $82.06K $90.00K $59.63K
YoY Change 17.62% 50.94% 374.76%
% of Gross Profit 4.24% 4.27% 7.61%
Operating Expenses $861.0K $8.215M $9.622M
YoY Change -86.98% -14.63% 30.47%
Operating Profit $1.173M -$6.109M -$8.753M
YoY Change -121.0% -30.21% 21.3%
Interest Expense $1.605K $10.88K $9.602K
YoY Change -70.75% 13.33% 70.52%
% of Operating Profit 0.14%
Other Income/Expense, Net $696.9K $220.5K $497.3K
YoY Change -236.05% -55.66% 382.13%
Pretax Income -$7.844M -$5.890M -$8.255M
YoY Change 28.61% -28.65% 16.07%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$7.844M -$5.888M -$8.255M
YoY Change 450.81% -28.67% 16.07%
Net Earnings / Revenue -385.62% -279.6% -949.28%
Basic Earnings Per Share -$0.43
Diluted Earnings Per Share -$0.56 -$0.48 -$856.8K
COMMON SHARES
Basic Shares Outstanding 13.74M shares 11.95M shares 9.290M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q4 2023 Q3 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $9.485M $5.500M $21.19M
YoY Change -55.22% -74.05% -60.33%
Cash & Equivalents $4.574M $5.525M $21.19M
Short-Term Investments $0.00 $0.00
Other Short-Term Assets $414.0K $1.300M $2.105M
YoY Change -80.54% -38.24% -28.57%
Inventory $0.00 $1.598M $858.0K
Prepaid Expenses
Receivables $2.346M $1.349M $2.023M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $12.25M $9.805M $26.18M
YoY Change -59.92% -62.54% -55.17%
LONG-TERM ASSETS
Property, Plant & Equipment $550.5K $597.6K $620.9K
YoY Change -18.4% -3.76% 343.44%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $56.92K $56.92K $56.92K
YoY Change 0.0% 0.0% 0.0%
Total Long-Term Assets $1.309M $1.442M $1.465M
YoY Change -8.13% -1.54% 9.03%
TOTAL ASSETS
Total Short-Term Assets $12.25M $9.805M $26.18M
Total Long-Term Assets $1.309M $1.442M $1.465M
Total Assets $13.55M $11.25M $27.64M
YoY Change -57.61% -59.31% -53.72%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.593M $2.270M $3.774M
YoY Change 94.25% -39.87% 394.8%
Accrued Expenses $5.614M $7.152M $6.117M
YoY Change -7.44% 16.93% 22.55%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $99.91K $100.0K $102.3K
YoY Change -3.58% -2.21%
Total Short-Term Liabilities $11.20M $13.61M $15.86M
YoY Change -1.93% -14.2% 62.05%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $126.3K
YoY Change -100.0% -100.0%
Other Long-Term Liabilities $11.85M $2.027M $2.740M
YoY Change 217.52% -26.01% -55.57%
Total Long-Term Liabilities $11.85M $2.027M $2.740M
YoY Change 217.52% -26.01% -55.57%
TOTAL LIABILITIES
Total Short-Term Liabilities $11.20M $13.61M $15.86M
Total Long-Term Liabilities $11.85M $2.027M $2.740M
Total Liabilities $24.52M $16.14M $19.19M
YoY Change 56.82% -15.92% 14.49%
SHAREHOLDERS EQUITY
Retained Earnings -$425.1M -$421.4M -$396.2M
YoY Change 6.89% 6.34% 10.4%
Common Stock $143.1K $119.5K $92.91K
YoY Change 38.15% 28.59% -95.98%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$11.38M -$4.889M $8.449M
YoY Change
Total Liabilities & Shareholders Equity $13.55M $11.25M $27.64M
YoY Change -57.61% -59.31% -53.72%

Cashflow Statement

Concept 2023 Q4 2023 Q3 2022 Q3
OPERATING ACTIVITIES
Net Income -$7.844M -$5.888M -$8.255M
YoY Change 450.81% -28.67% 16.07%
Depreciation, Depletion And Amortization $82.06K $90.00K $59.63K
YoY Change 17.62% 50.94% 374.76%
Cash From Operating Activities -$10.47M -$5.906M -$24.73K
YoY Change 18.68% 23782.55% -99.61%
INVESTING ACTIVITIES
Capital Expenditures $37.62K $0.00 -$141.2K
YoY Change -69.52% -100.0% 144.51%
Acquisitions
YoY Change
Other Investing Activities $9.503M $2.990M
YoY Change
Cash From Investing Activities $9.465M $2.993M -$141.2K
YoY Change -7768.54% -2219.19% 144.49%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 4.972M $448.9K -$8.581M
YoY Change -44.37% -105.23% 4140.77%
NET CHANGE
Cash From Operating Activities -10.47M -$5.906M -$24.73K
Cash From Investing Activities 9.465M $2.993M -$141.2K
Cash From Financing Activities 4.972M $448.9K -$8.581M
Net Change In Cash 3.966M -$2.465M -$8.747M
YoY Change -43968.03% -71.82% 30.87%
FREE CASH FLOW
Cash From Operating Activities -$10.47M -$5.906M -$24.73K
Capital Expenditures $37.62K $0.00 -$141.2K
Free Cash Flow -$10.51M -$5.906M $116.5K
YoY Change 17.47% -5169.91% -101.83%

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-8747279 usd
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
7989582 usd
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
29939154 usd
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
5524973 usd
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
21191875 usd
CY2023Q3 us-gaap Interest Paid Net
InterestPaidNet
10882 usd
CY2022Q3 us-gaap Interest Paid Net
InterestPaidNet
9602 usd
CY2023Q3 ptn Retained Earning Accumulated Deficit
RetainedEarningAccumulatedDeficit
-421423982 usd
CY2023Q3 us-gaap Use Of Estimates
UseOfEstimates
<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:left;"><em>Use of Estimates</em> – The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</p>
CY2023Q3 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:left;"><em>Credit Risk</em> – Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of cash, cash equivalents, and accounts receivable. Total cash and cash equivalent balances have exceeded balances insured by the Federal Depository Insurance Company. Currently, product revenues and related accounts receivable are generated primarily from one specialty pharmacy.</p>
CY2022Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2829183 shares
CY2023Q3 us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
279700 shares
CY2022Q3 us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
344180 shares
CY2023Q3 ptn Warrant To Purchase Common Stock
WarrantToPurchaseCommonStock
798182 shares
CY2023Q3 us-gaap Long Term Purchase Commitment Amount
LongTermPurchaseCommitmentAmount
1027322 usd
CY2017Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Issues
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityIssues
92500000 usd
CY2017Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Issues
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityIssues
37500000 usd
CY2023Q3 ptn Inventory Purchases
InventoryPurchases
688918 usd
CY2023Q2 ptn Inventory Purchases
InventoryPurchases
0 usd
CY2023Q3 us-gaap Proceeds From Grantors
ProceedsFromGrantors
15000000 usd
CY2023Q3 ptn Voting Of Shares Description
VotingOfSharesDescription
The holders of Series C Preferred Stock were entitled to 20,000 votes per share
CY2022Q4 ptn Description Of Securities Purchase
DescriptionOfSecuritiesPurchase
1,020,000 shares of the Company’s common stock, (ii) prefunded warrants (the “Pre-Funded Warrants”) to purchase up to 798,182 shares of the Company’s common stock, and (iii) common stock warrants (the “Common Warrants”) to purchase up to 1,818,182 shares of the Company’s common stock. Each share of common stock was offered with one accompanying Common Warrant with a combined offering price of $5.50. Each Pre-Funded Warrant was offered with one accompanying Common Warrant with a combined offering price of $5.4999
CY2022Q4 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
5.83
CY2022Q4 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
0.0001
CY2023Q3 us-gaap Costs And Expenses
CostsAndExpenses
9109117 usd
CY2023Q3 ptn Description Of Commission
DescriptionOfCommission
The Company pays Canaccord 3.0% of the gross proceeds as a commission
CY2023Q3 ptn Equity Gross Proceeds Shares
EquityGrossProceedsShares
217027 shares
CY2023Q3 ptn Equity Net Proceeds Shares
EquityNetProceedsShares
217027 shares
CY2023Q3 us-gaap Stock Option Plan Expense
StockOptionPlanExpense
205317 usd
CY2022Q3 us-gaap Stock Option Plan Expense
StockOptionPlanExpense
260957 usd
CY2023Q3 ptn Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number Beginning Balance
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumberBeginningBalance
1550600 shares
CY2023Q3 ptn Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price Beginning Balance
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePriceBeginningBalance
8.27
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Outstanding Weighted Average Remaining Contractual Terms
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsOutstandingWeightedAverageRemainingContractualTerms
P8Y4M24D
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0 shares
CY2023Q3 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
0 shares
CY2023Q3 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
0
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
0 shares
CY2023Q3 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0
CY2023Q3 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0 shares
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
0
CY2023Q3 ptn Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number Ending Balance
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumberEndingBalance
1550600 shares
CY2023Q3 ptn Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price Ending Balance
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePriceEndingBalance
8.27
CY2023Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y1M6D
CY2023Q3 ptn Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number Ending Balance
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumberEndingBalance
550973 shares
CY2023Q3 ptn Share Based Compensation Arrangement By Share Based Payment Award Option Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionExercisableWeightedAverageExercisePrice
14.31
CY2023Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P6Y2M12D
CY2023Q3 ptn Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number Ending Balance
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumberEndingBalance
999627 shares
CY2023Q3 ptn Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedExercisePrice
4.94
CY2023Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P9Y2M12D
CY2023Q3 ptn Share Based Compensation Arrangement By Shares Based Payment Award Options Vested And Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementBySharesBasedPaymentAwardOptionsVestedAndOutstandingAggregateIntrinsicValue
0 usd
CY2023Q3 ptn Weighted Average Unrecogized Compensation Cost
WeightedAverageUnrecogizedCompensationCost
P48M
CY2023Q3 ptn Unvested Performance Based Stock Options Granted To Executive Officers And Other Employees
UnvestedPerformanceBasedStockOptionsGrantedToExecutiveOfficersAndOtherEmployees
318813 shares
CY2023Q3 ptn Unvested Performance Based Stock Options Granted
UnvestedPerformanceBasedStockOptionsGranted
57999 shares
CY2020Q2 ptn Unvested Performances Based Restricted Stock Unit
UnvestedPerformancesBasedRestrictedStockUnit
87303 usd
CY2021Q2 ptn Unvested Performances Based Restricted Stock Unit
UnvestedPerformancesBasedRestrictedStockUnit
95167 usd
CY2022Q2 ptn Unvested Performances Based Restricted Stock Unit
UnvestedPerformancesBasedRestrictedStockUnit
60566 usd
CY2023Q2 ptn Unvested Performances Based Restricted Stock Unit
UnvestedPerformancesBasedRestrictedStockUnit
238838 usd
CY2023Q3 us-gaap Restricted Stock Expense
RestrictedStockExpense
185019 usd
CY2022Q3 us-gaap Restricted Stock Expense
RestrictedStockExpense
175920 usd
CY2023Q3 ptn Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Beginning Balance
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityBeginningBalance
987521 shares
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Forfeitures
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsForfeitures
2302 shares
CY2023Q3 ptn Restricted Stock Vested In Period
RestrictedStockVestedInPeriod
-98372 shares
CY2023Q3 ptn Share Based Compensation Arrangement By Share Based Payment Award Non Option Ending Balance
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEndingBalance
886847 shares
CY2023Q3 ptn Share Based Compensation Arrangement By Share Based Payment Award Options Veste Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVesteOutstandingNumber
279700 shares
CY2023Q4 ptn Offering Price
OfferingPrice
2.12
CY2023Q4 us-gaap Costs And Expenses
CostsAndExpenses
4573948000000 usd

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