2024 Q4 Form 10-Q Financial Statement

#000165495424014335 Filed on November 14, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3 2023 Q3
Revenue $0.00 $2.106M
YoY Change -100.0% 142.16%
Cost Of Revenue $0.00
YoY Change -100.0%
Gross Profit $2.106M
YoY Change 168.91%
Gross Profit Margin 100.0%
Selling, General & Admin $2.021M $3.200M
YoY Change -36.85% -8.79%
% of Gross Profit 151.96%
Research & Development $5.744M $5.015M
YoY Change 14.54% -16.8%
% of Gross Profit 238.11%
Depreciation & Amortization $80.79K $90.00K
YoY Change -10.23% 50.94%
% of Gross Profit 4.27%
Operating Expenses $7.765M $8.215M
YoY Change -5.48% -14.63%
Operating Profit -$7.765M -$6.109M
YoY Change 27.1% -30.21%
Interest Expense $5.940K $10.88K
YoY Change -45.41% 13.33%
% of Operating Profit
Other Income/Expense, Net -$58.96K $220.5K
YoY Change -126.74% -55.66%
Pretax Income -$7.824M -$5.890M
YoY Change 32.83% -28.65%
Income Tax
% Of Pretax Income
Net Earnings -$7.824M -$5.888M
YoY Change 32.87% -28.67%
Net Earnings / Revenue -279.6%
Basic Earnings Per Share -$0.39 -$0.43
Diluted Earnings Per Share -$0.39 -$0.48
COMMON SHARES
Basic Shares Outstanding 19.55M shares 19.55M shares 11.95M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2024 Q4 2024 Q3 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.384M $5.500M
YoY Change -56.65% -74.05%
Cash & Equivalents $2.384M $5.525M
Short-Term Investments $0.00
Other Short-Term Assets $228.4K $1.300M
YoY Change -82.43% -38.24%
Inventory $1.598M
Prepaid Expenses
Receivables $1.349M
Other Receivables $0.00
Total Short-Term Assets $2.613M $9.805M
YoY Change -73.36% -62.54%
LONG-TERM ASSETS
Property, Plant & Equipment $307.6K $597.6K
YoY Change -48.53% -3.76%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $56.92K $56.92K
YoY Change 0.0% 0.0%
Total Long-Term Assets $802.6K $1.442M
YoY Change -44.34% -1.54%
TOTAL ASSETS
Total Short-Term Assets $2.613M $9.805M
Total Long-Term Assets $802.6K $1.442M
Total Assets $3.415M $11.25M
YoY Change -69.64% -59.31%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.949M $2.270M
YoY Change 73.99% -39.87%
Accrued Expenses $4.573M $7.152M
YoY Change -36.06% 16.93%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $18.53K $100.0K
YoY Change -81.47% -2.21%
Total Short-Term Liabilities $9.862M $13.61M
YoY Change -27.54% -14.2%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $1.239M $2.027M
YoY Change -38.88% -26.01%
Total Long-Term Liabilities $1.239M $2.027M
YoY Change -38.88% -26.01%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.862M $13.61M
Total Long-Term Liabilities $1.239M $2.027M
Total Liabilities $11.10M $16.14M
YoY Change -31.21% -15.92%
SHAREHOLDERS EQUITY
Retained Earnings -$449.6M -$421.4M
YoY Change 6.69% 6.34%
Common Stock $195.5K $119.5K
YoY Change 63.63% 28.59%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$7.686M -$4.889M
YoY Change
Total Liabilities & Shareholders Equity $3.415M $11.25M
YoY Change -69.64% -59.31%

Cashflow Statement

Concept 2024 Q4 2024 Q3 2023 Q3
OPERATING ACTIVITIES
Net Income -$7.824M -$5.888M
YoY Change 32.87% -28.67%
Depreciation, Depletion And Amortization $80.79K $90.00K
YoY Change -10.23% 50.94%
Cash From Operating Activities -$7.016M -$5.906M
YoY Change 18.79% 23782.55%
INVESTING ACTIVITIES
Capital Expenditures $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $2.990M
YoY Change -100.0%
Cash From Investing Activities $0.00 $2.993M
YoY Change -100.0% -2219.19%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$127.0K $448.9K
YoY Change -128.28% -105.23%
NET CHANGE
Cash From Operating Activities -$7.016M -$5.906M
Cash From Investing Activities $0.00 $2.993M
Cash From Financing Activities -$127.0K $448.9K
Net Change In Cash -$7.143M -$2.465M
YoY Change 189.83% -71.82%
FREE CASH FLOW
Cash From Operating Activities -$7.016M -$5.906M
Capital Expenditures $0.00
Free Cash Flow -$5.906M
YoY Change -5169.91%

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PALATIN TECHNOLOGIES, INC.
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Common Stock, par value $0.01 per share
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CY2024Q3 us-gaap Preferred Stock Shares Authorized
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CY2024Q3 us-gaap Research And Development Expense
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CY2024Q3 us-gaap Operating Expenses
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CY2024Q3 us-gaap Net Income Loss
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CY2024Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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19845106 shares
CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2024Q2 us-gaap Stockholders Equity
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CY2024Q3 ptn Shares Released From Abeyance Amount
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CY2023Q3 ptn Sale Of Common Stock Net Of Costs Amount
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CY2024Q3 ptn Unrealized Foreign Currency Transaction Loss Gain
UnrealizedForeignCurrencyTransactionLossGain
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CY2023Q3 ptn Unrealized Foreign Currency Transaction Loss Gain
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CY2024Q3 us-gaap Share Based Compensation
ShareBasedCompensation
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CY2023Q3 us-gaap Share Based Compensation
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CY2024Q3 ptn Change In Fair Value Of Liability Classified Warrants
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CY2024Q3 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
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CY2023Q3 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
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IncreaseDecreaseInInventories
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CY2024Q3 us-gaap Increase Decrease In Accrued Liabilities
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CY2024Q3 us-gaap Increase Decrease In Operating Lease Liability
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CY2024Q3 us-gaap Net Cash Provided By Used In Operating Activities
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CY2023Q3 us-gaap Net Cash Provided By Used In Operating Activities
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CY2024Q3 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
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CY2023Q3 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
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2992890 usd
CY2024Q3 us-gaap Net Cash Provided By Used In Investing Activities
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0 usd
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NetCashProvidedByUsedInInvestingActivities
2992890 usd
CY2024Q3 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
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PaymentsRelatedToTaxWithholdingForShareBasedCompensation
56401 usd
CY2024Q3 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0 usd
CY2023Q3 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
531369 usd
CY2024Q3 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
27487 usd
CY2023Q3 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
26074 usd
CY2024Q3 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-126969 usd
CY2023Q3 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
448894 usd
CY2024Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
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CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
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CY2024Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
9527396 usd
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
7989582 usd
CY2024Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
2384214 usd
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
5524973 usd
CY2024Q3 us-gaap Interest Paid Net
InterestPaidNet
5940 usd
CY2023Q3 us-gaap Interest Paid Net
InterestPaidNet
10882 usd
CY2024Q3 ptn Sales Based Milestone Payments
SalesBasedMilestonePayments
159000000 usd
CY2024Q2 ptn Money Market Accounts And Treasury Bills
MoneyMarketAccountsAndTreasuryBills
9089113 usd
CY2024Q2 ptn Carrying Value During The Year
CarryingValueDuringTheYear
9089113 usd
CY2024Q2 ptn Personal Cost
PersonalCost
1771694 usd
CY2023Q4 ptn Description Of Securities Purchase Agreement
DescriptionOfSecuritiesPurchaseAgreement
) 1,325,000 shares of common stock (the “October 2023 Shares”), of the Company and (ii) pre-funded warrants (the “October 2023 Pre-Funded Warrants”) to purchase up to 1,033,491 shares of the Company’s common stock (the “October 2023 Pre-Funded Warrant Shares”). Pursuant to the October 2023 Purchase Agreement the Company also issued unregistered warrants (the “October 2023 Private Warrants”) to purchase up to 2,358,491 shares of the Company’s common stock (the “October 2023 Private Warrant Shares”) in a concurrent private placement (the “October 2023 Private Offering” and together with the October 2023 RD Offering, the “October 2023 Offering”). The October 2023 Shares and accompanying October 2023 Private Warrants were offered at a combined offering price of $2.12. The October 2023 Pre-Funded Warrants and accompanying October 2023 Private Warrants were offered at a combined offering price of $2.1199. The October 2023 Offering closed on October 24, 2023
CY2023Q2 ptn Description Of Securities Purchase Agreement
DescriptionOfSecuritiesPurchaseAgreement
The 2023 Equity Distribution Agreement and related prospectus is limited to sales of up to an aggregate maximum $50.0 million of shares of the Company’s common stock. The Company pays Canaccord 3.0% of the gross proceeds as a commission
CY2024Q3 ptn Equity Net Proceeds Shares
EquityNetProceedsShares
217027 shares
CY2024Q3 ptn Stock Based Compensation To Stock Options
StockBasedCompensationToStockOptions
177734 usd
CY2023Q3 ptn Stock Based Compensation To Stock Options
StockBasedCompensationToStockOptions
205317 usd
CY2024Q3 ptn Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number Beginning Balance
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumberBeginningBalance
2263440 shares
CY2024Q3 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0
CY2024Q3 ptn Share Based Compensation Arrangement By Share Based Payment Award Options Expired Outstanding Number Ending Balance01
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpiredOutstandingNumberEndingBalance01
-14338 shares
CY2024Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P9Y1M6D
CY2024Q3 ptn Unvested Performance Based Stock Options Granted
UnvestedPerformanceBasedStockOptionsGranted
418945 shares
CY2023Q3 ptn Unvested Performance Based Stock Options Granted
UnvestedPerformanceBasedStockOptionsGranted
88911 shares
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Granted
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted
95167 shares
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Granted
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted
60566 shares
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Granted
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted
238838 shares
CY2024 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Granted
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted
264945 shares
CY2024Q3 ptn Stock Issued During Period Value Share Based Compensation To Restricted Stock Units
StockIssuedDuringPeriodValueShareBasedCompensationToRestrictedStockUnits
171289 usd
CY2023Q3 ptn Stock Issued During Period Value Share Based Compensation To Restricted Stock Units
StockIssuedDuringPeriodValueShareBasedCompensationToRestrictedStockUnits
185019 usd
CY2024Q3 ptn Number Of Outstanding Shares Of Restricted Stock Units
NumberOfOutstandingSharesOfRestrictedStockUnits
279700 shares
CY2024Q3 ptn Unvested Performance Based Stock Options Granted Estricted Stock Units
UnvestedPerformanceBasedStockOptionsGrantedEstrictedStockUnits
274549 shares
CY2023Q3 ptn Unvested Performance Based Stock Options Granted Estricted Stock Units
UnvestedPerformanceBasedStockOptionsGrantedEstrictedStockUnits
59842 shares
CY2021 ptn Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Granted Rsu
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGrantedRSU
22343 shares
CY2022 ptn Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Granted Rsu
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGrantedRSU
40707 shares
CY2023 ptn Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Granted Rsu
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGrantedRSU
152432 shares
CY2024 ptn Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Granted Rsu
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGrantedRSU
184443 shares
CY2024Q3 ptn Stock Issued During Period Value Restricted Stock Unitshares
StockIssuedDuringPeriodValueRestrictedStockUnitshares
54691 shares

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