Palatin reports Q2 EPS (12c) vs. (56c) last year

Pursuant to the completion of the sale of Vyleesi’s worldwide rights for female sexual dysfunction to Cosette Pharmaceuticals for up to $171M in December 2023, Palatin (PTN) did not record any product sales to pharmacy distributors, for the second quarter ended December 31, 2024. For the second quarter ended December 31, 2023, gross product sales were $4.3M and net product revenue was $2M. As of December 31, 2024, Palatin’s cash and cash equivalents were $3.4M, compared to cash and cash equivalents of $2.4M at September 30, 2024, and $9.5M as of June 30, 2024. The $3.4M of cash and cash equivalents as of December 31, 2024, does not include $4.3M of net proceeds from the equity offering, which closed in February 2025. The company is actively engaged with multiple potential funding sources for future operating cash requirements.