Palatin reported net income of $10.6M, or $0.05 per basic and diluted share, for the quarter ended September 30, 2017.
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CRANBURY, N.J., Nov. 13, 2017 /PRNewswire/ -- Palatin Technologies (NYSE MKT: PTN), a biopharmaceutical company developing targeted, receptor-specific peptide therapeutics for the treatment of diseases with significant unmet medical need and commercial potential, today announced results for its first quarter ended September 30, 2017. Recent Highlights
First Quarter Fiscal Year 2018 Financial Results The difference in financial results between the three months ended September 30, 2017 and 2016 was primarily attributable to the recognition of $26.9 million in license and contract revenue during the 2017 period pursuant to our license agreement with AMAG and our license agreement with Fosun. Revenue There were no revenues recorded in the quarter ended September 30, 2016. Operating Expenses Other Income/Expense Income Tax Cash Position Palatin believes that existing capital resources will be sufficient to fund our planned operations through at least the 2018 calendar year. Conference Call / Webcast About Palatin Technologies, Inc. Forward-looking Statements
(Financial Statement Data Follows)
PALATIN TECHNOLOGIES, INC.
and Subsidiary
Consolidated Statements of Operations
(unaudited)
Three Months Ended September 30,
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2017 2016
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REVENUES:
License and contract revenue $26,941,508 $ -
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OPERATING EXPENSES:
Research and development 14,163,097 11,226,084
General and administrative 1,544,575 1,209,346
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Total operating expenses 15,707,672 12,435,430
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Income (Loss) from operations 11,233,836 (12,435,430)
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OTHER INCOME (EXPENSE):
Interest income 51,726 6,645
Interest expense (456,677) (623,985)
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Total other expense, net (404,951) (617,340)
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Income (Loss) before income taxes 10,828,885 (13,052,770)
Income tax expense (225,255) -
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NET INCOME (LOSS) $10,603,630 $(13,052,770)
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Basic net income (loss) per common share $0.05 $(0.08)
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Diluted net income (loss) per common share $0.05 $(0.08)
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Weighted average number of common shares 197,112,400 165,848,269
outstanding used in computing basic net income
(loss) per common share
Weighted average number of common shares 201,360,736 165,848,269
outstanding used in computing diluted net income
(loss) per common share
PALATIN TECHNOLOGIES, INC.
and Subsidiary
Consolidated Balance Sheets
(unaudited)
September 30, 2017 June 30, 2017
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ASSETS
Current assets:
Cash and cash equivalents $39,708,573 $40,200,324
Available-for-sale investments 249,969 249,837
Accounts receivable 9,389,722 15,116,822
Prepaid expenses and other current assets 939,985 1,011,221
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Total current assets 50,288,249 56,578,204
Property and equipment, net 193,037 198,153
Other assets 56,916 56,916
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Total assets $50,538,202 $56,833,273
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LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIENCY)
Current liabilities:
Accounts payable $2,033,638 $1,551,367
Accrued expenses 9,384,423 10,521,098
Notes payable, net of discount and debt issuance costs 7,857,231 7,824,935
Capital lease obligations 7,214 14,324
Deferred revenue 20,160,381 35,050,572
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Total current liabilities 39,442,887 54,962,296
Notes payable, net of discount and debt issuance costs 4,305,241 6,281,660
Other non-current liabilities 814,396 753,961
Total liabilities 44,562,524 61,997,917
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Stockholders' equity (deficiency):
Preferred stock of $0.01 par value - authorized 10,000,000 shares:
Series A Convertible: issued and outstanding 4,030 shares as of 40 40
September 30, 2017 and June 30, 2017
Common stock of $0.01 par value - authorized 300,000,000 shares:
issued and outstanding 184,393,007 shares as of September 30, 1,843,930 1,605,153
2017 and 160,515,361 shares as of June 30, 2017, respectively
Additional paid-in capital 350,276,851 349,974,538
Accumulated other comprehensive loss (153) (590)
Accumulated deficit (346,144,990) (356,743,785)
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Total stockholders' equity (deficiency) 5,975,678 (5,164,644)
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Total liabilities and stockholders' equity (deficiency) $50,538,202 $56,833,273
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Company Codes: AMEX:PTN |
