Palatin Technologies, Inc. (PTNT.PK), a biopharmaceutical company, on Wednesday reported narrower net loss in its first quarter with sharply lower operating expenses.
Palatin did not record any product sales to pharmacy distributors in both periods, pursuant to the completion of the sale of Vyleesi's worldwide rights for female sexual dysfunction to Cosette Pharmaceuticals for up to $171 million in December 2023.
In the first quarter, Palatin's net loss was $4.81 million or $0.18 per share, compared to a net loss of $8.44 million or $0.53 per share a year ago.
The narrower net loss was driven primarily by the decrease in operating expenses partially offset by the change in fair values of the warrant liability and the foreign currency transaction gain recorded in the prior year.
Total operating expenses were $4.81 million, compared to $9.22 million for the comparable quarter last year. The decrease was mainly the result of the decrease in spending related to MCR programs for the third quarter.
Carl Spana, President and CEO of Palatin, said, "We had a strong quarter operationally, with significant progress across both our obesity and ocular pipelines. Our obesity program Phase 2 study results demonstrated the synergistic potential of melanocortin receptor modulation with GLP-1-based therapies, and our PL9643 Phase 3 dry eye disease program results showed a level of symptom resolution not previously achieved by any approved treatments."
Trading of the Company's common stock on the NYSE American was suspended on May 7 and began trading on the OTC Pink Market on May 8.
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