PALATIN TECHNOLOGIES INC PTN
Palatin™ is a biopharmaceutical company developing first-in-class medicines based on molecules that modulate the activity of the melanocortin receptor ("MCR") system. Our product candidates are targeted, receptor-specific therapeutics for the treatment of diseases with significant unmet medical need and commercial potential. Palatin's strategy is to develop products and then form marketing collaborations with industry leaders to maximize product commercial potential.
The MCR system has effects on inflammation and immune system response, food intake, metabolism, and sexual function. There are five melanocortin receptors, MC1R through MC5R. Modulation of these receptors, through use of receptor-specific agonists, which activate receptor function, or receptor-specific antagonists, which block receptor function, can have significant pharmacological effects. We believe that our MC1R agonist peptides have broad anti-inflammatory effects and utilize mechanisms engaged by the endogenous melanocortin system in regulation of the immune system and resolution of inflammatory responses. We are also developing peptides that are active at more than one melanocortin receptor and small molecule MCR agonists.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0 | $4.5M | $4.9M | $1.5M | -$188.6K | $118.0K | $60.3M | $67.1M | $67.1M | $0 |
| Cost of revenue | — | $97.6K | $418.5K | $217.5K | $147.8K | $0 | — | — | — | — |
| Gross profit | — | $4.4M | $4.4M | $1.3M | -$336.4K | $118.0K | — | — | — | — |
| R&D | $14.9M | $22.4M | $22.6M | $21.3M | $12.9M | $14.0M | $14.9M | $32.6M | $32.6M | $43.1M |
| SG&A | $7.8M | $12.3M | $15.3M | $16.5M | $17.3M | $9.8M | $9.7M | $8.6M | $8.6M | $6.2M |
| Total operating expenses | $17.5M | $27.0M | $37.3M | $38.1M | $33.2M | -$23.6M | $24.6M | $41.2M | $41.2M | $49.3M |
| Operating income | -$17.5M | -$22.5M | -$32.5M | -$36.6M | -$33.4M | -$23.6M | $35.7M | $25.9M | $25.9M | -$49.3M |
| Interest expense | $15.0K | $17.1K | $20.0K | $29.7K | $23.4K | $20.1K | $417.6K | $1.5M | $1.5M | $2.5M |
| Pre-tax income | — | $29.7M | -$32.2M | -$36.2M | — | -$22.4M | $35.8M | $24.8M | $24.8M | -$51.7M |
| Income tax | — | $0 | $4.7M | $0 | — | $0 | $0 | $82.5K | $82.5K | $0 |
| Net income | $17.3M | $29.7M | $36.2M | -$36.2M | -$33.6M | -$22.4M | $35.8M | $24.7M | $24.7M | -$51.7M |
| EPS, basic | — | -2.02 | -2.21 | — | — | -0.10 | 0.17 | 0.12 | 0.12 | -0.33 |
| EPS, diluted | -32.15 | -101.16 | — | — | -0.14 | -0.10 | 0.16 | 0.12 | 0.12 | -0.33 |
| Shares, diluted (wtd. avg.) | $538.3K | $294.0K | $10.9M | — | — | $234.7M | $217.1M | $207.0M | $207.0M | $156.6M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $2.6M | $9.5M | $8.0M | $29.9M | $60.1M | $82.9M | $43.5M | $38.0M | $40.2M | $8.0M |
| Short-term investments | — | $0 | $3.0M | $0 | — | — | — | — | — | — |
| Receivables | — | $0 | $2.9M | $1.8M | $1.6M | $0 | $60.3M | $0 | $15.1M | $0 |
| Inventory | — | $0 | $526.0K | $944.5K | $1.2M | $0 | — | — | — | — |
| Total current assets | $2.9M | $9.8M | $16.3M | $34.6M | $65.9M | $83.6M | $104.4M | $38.5M | $56.6M | $10.7M |
| Property, plant and equipment | $129.4K | $388.4K | $684.9K | $539.3K | $94.8K | $140.2K | $141.5K | $164.0K | $198.2K | $97.8K |
| Total assets | $3.3M | $10.7M | $17.9M | $36.1M | $67.3M | $85.1M | $104.7M | $39.0M | $56.8M | $10.9M |
| Accounts payable | $7.0M | $4.1M | $4.3M | $3.2M | $640.6K | $715.7K | $504.8K | $2.2M | $1.6M | $713.9K |
| Total current liabilities | $8.0M | $9.7M | $15.1M | $16.3M | $10.5M | $3.9M | $4.2M | $10.8M | $55.0M | $13.9M |
| Long-term debt | — | — | — | — | — | — | $332.9K | $332.9K | $6.3M | $14.1M |
| Total liabilities | $8.0M | $10.9M | $19.7M | $19.8M | $17.6M | $4.9M | $4.2M | $12.1M | $62.0M | $28.4M |
| Retained earnings | -$459.1M | -$441.8M | -$412.0M | -$388.0M | -$351.8M | -$318.2M | -$295.8M | -$332.0M | -$356.7M | -$343.4M |
| Total equity | -$4.8M | -$111.5K | -$2.0M | $16.3M | $49.7M | $80.2M | $100.5M | $27.0M | -$5.2M | -$17.6M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$21.3M | -$31.5M | -$29.3M | -$29.9M | -$93.6K | $41.3M | -$21.8M | $1.7M | $12.9M | -$47.4M |
| Depreciation and amortisation | — | — | — | $126.7K | $51.1K | $64.2K | $58.6K | $56.6K | $33.1K | $43.1K |
| Stock-based compensation | $1.4M | $1.9M | $1.7M | $2.5M | $3.2M | $3.1M | $3.5M | $3.5M | $1.8M | $1.8M |
| Capital expenditure | $0 | $42.5K | $433.9K | $261.4K | $5.7K | $62.9K | $36.1K | $22.5K | $133.4K | $17.7K |
| Investing cash flow | $3.1M | $12.5M | -$3.4M | -$261.4K | -$5.7K | -$62.9K | -$36.1K | $227.5K | $991.6K | -$1.4M |
| Financing cash flow | $11.2M | $20.5M | $10.7M | $18.4K | -$22.6M | -$1.9M | $27.3M | -$4.1M | $18.3M | $29.5M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001493152-26-030126.
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