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PTN Palatin

Palatin Technologies, Inc. is a biopharmaceutical company, which engages in the development of medicines based on molecules that modulate the activity of the melanocortin and natriuretic peptide receptor systems. Its primary product candidate is marketed under the Vyleesi brand, the trade name for bremelanotide, a peptide melanocortin receptor 4 agonist for the treatment of premenopausal women with acquired, generalized, hypoactive sexual desire disorder (HSDD). The company was founded by Carl Spana and John K. A. Prendergast on November 21, 1986 and is headquartered in Cranbury, NJ.

Company profile

Ticker
PTN
Exchange
Website
CEO
Carl Spana
Employees
Incorporated
Location
Fiscal year end
Former names
INTERFILM INC
SEC CIK
IRS number
954078884

PTN stock data

(
)

Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

14 May 21
24 Jun 21
31 Dec 21
Quarter (USD)
Mar 21 Dec 20 Sep 20 Jun 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Jun 20 Jun 19 Jun 18 Jun 17
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from Palatin earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 68.64M 68.64M 68.64M 68.64M 68.64M 68.64M
Cash burn (monthly) 1.17M 1.69M 2.16M 2.26M 1.17M 1.68M
Cash used (since last report) 3.26M 4.71M 6.02M 6.29M 3.25M 4.69M
Cash remaining 65.38M 63.93M 62.62M 62.36M 65.39M 63.95M
Runway (months of cash) 55.8 37.8 29.0 27.6 56.0 38.0

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
18 Nov 20 Deveer Robert K JR Common Stock Buy Aquire P No No 0.41 54,000 22.14K 728,638
29 Sep 20 Deveer Robert K JR Common stock Sell Dispose S No No 0.4626 54,000 24.98K 643,472
31 Aug 20 Wills Stephen T Common Stock Payment of exercise Dispose F No No 0.55 13,847 7.62K 6,380,047
31 Aug 20 Wills Stephen T Common Stock Payment of exercise Dispose F No No 0.55 11,770 6.47K 6,393,894
31 Aug 20 Spana Carl Common Stock Payment of exercise Dispose F No No 0.55 20,208 11.11K 7,187,368
31 Aug 20 Spana Carl Common Stock Payment of exercise Dispose F No No 0.55 17,176 9.45K 7,207,576
25 Jun 20 Spana Carl Common Stock Grant Aquire A No No 0 323,250 0 7,097,102
25 Jun 20 Spana Carl Stock Option Common Stock Grant Aquire A No No 0.58 535,750 310.74K 535,750
24 Jun 20 Spana Carl Common Stock Grant Aquire A No No 0 50,150 0 7,147,252

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

10.3% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 70 74 -5.4%
Opened positions 13 15 -13.3%
Closed positions 17 12 +41.7%
Increased positions 14 8 +75.0%
Reduced positions 13 22 -40.9%
13F shares
Current Prev Q Change
Total value 18.89M 42.84M -55.9%
Total shares 23.77M 29.11M -18.3%
Total puts 0 0
Total calls 0 0
Total put/call ratio
Largest owners
Shares Value Change
Vanguard 9.52M $6.57M +0.6%
BLK Blackrock 3.74M $2.58M +0.2%
Acadian Asset Management 2.36M $1.63M -55.8%
Geode Capital Management 1.65M $1.14M +5.1%
Bridgeway Capital Management 1.25M $861K 0.0%
Jacobs Levy Equity Management 1.21M $834K -33.1%
First Trust Advisors 556.7K $384K +8.8%
California Public Employees Retirement System 465.3K $321K 0.0%
NTRS Northern Trust 452.28K $313K +1.5%
Susquehanna International 317.59K $219K NEW
Largest transactions
Shares Bought/sold Change
Acadian Asset Management 2.36M -2.98M -55.8%
WINTON 0 -924.65K EXIT
Jacobs Levy Equity Management 1.21M -599.76K -33.1%
Arrowstreet Capital, Limited Partnership 0 -542.06K EXIT
Susquehanna International 317.59K +317.59K NEW
VIRT Virtu Financial 63.8K -308.74K -82.9%
Two Sigma Advisers 259.5K +191.8K +283.3%
Qube Research & Technologies 0 -190.9K EXIT
Two Sigma Investments 174.65K -166.44K -48.8%
WFC Wells Fargo & Co. 13.87K -131.73K -90.5%

Financial report summary

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Competition
CanadaShireNovartisAllergan
Risks
  • We have a history of substantial net losses, including a net loss of $22.4 million for the year ended June 30, 2020, and while we had net income for the years ended June 30, 2019 and 2018, we expect to incur substantial net losses over the next few years, and we may never achieve or maintain profitability.
  • We will need additional funding, including funding to complete clinical trials for our product candidates other than Vyleesi, which may not be available on acceptable terms, if at all.
  • We have a limited operating history upon which to base an investment decision.
  • Raising additional capital may cause dilution to existing shareholders, restrict our operations or require us to relinquish rights.
  • We are substantially dependent on the commercial success of Vyleesi for HSDD, but we and our licensees may never successfully commercialize Vyleesi for HSDD or obtain approvals in countries other than the United States.
  • Production and supply of Vyleesi depend on contract manufacturers over whom we do not have any control, and there may not be adequate supplies of Vyleesi.
  • Our product candidates other than Vyleesi, including PL9643 for dry eye disease and PL8177 for the treatment of COVID-19, are still in the early stages of development and remain subject to clinical testing and regulatory approval. If we are unable to successfully develop and test our product candidates, we will not be successful.
  • If clinical trials for our product candidates are prolonged or delayed, we may be unable to commercialize our product candidates on a timely basis, which would require us to incur additional costs and delay our receipt of any revenue from potential product sales.
  • In light of the COVID-19 pandemic, it is possible that one or more government entities may take actions that directly or indirectly have the effect of abrogating some of our rights or opportunities. If we were to develop a treatment for COVID-19, the economic value of such a therapeutic treatment to us could be limited.
  • We may not be able to secure and maintain relationships with research institutions and other organizations to conduct our clinical trials.
  • Even if our product candidates receive regulatory approval, they may never achieve market acceptance, in which case our business, financial condition and results of operation will be materially adversely affected.
  • Even if our product candidates receive regulatory approval in the United States, we may never receive approval or commercialize our products outside of the United States.
  • If side effects emerge that can be linked to Vyleesi or any of our product candidates (either while they are in development or after they are approved and on the market), we may be required to perform lengthy additional clinical trials, change the labeling of any such products, or withdraw such products from the market, any of which would hinder or preclude our ability to generate revenues.
  • We may not be able to keep up with the rapid technological change in the biotechnology and pharmaceutical industries, which could make any future approved products obsolete and reduce our revenue.
  • Competing products and technologies may make our proposed products noncompetitive.
  • We rely on third parties over whom we have no control to conduct preclinical studies, clinical trials and other research for our product candidates and their failure to timely perform their obligations could significantly harm our product development.
  • Production and supply of our product candidates depend on contract manufacturers over whom we have no control, with the risk that we may not have adequate supplies of our product candidates or products.
  • If we are unable to establish sales and marketing capabilities within our organization or enter into and maintain agreements with third parties to market and sell Vyleesi and our product candidates, we may be unable to generate product revenue.
  • We need to hire additional employees in order to commercialize Vyleesi and our product candidates in the future. Any inability to manage future growth could harm our ability to commercialize Vyleesi and ultimately our product candidates, increase our costs and adversely impact our ability to compete effectively.
  • Our ability to achieve revenues from the sale of our products will depend, in part, on our ability to obtain adequate reimbursement from Medicare, Medicaid, private insurers and other healthcare payers.
  • Even if we receive regulatory approval for our products in Europe, we may not be able to secure adequate pricing and reimbursement in Europe for us or any strategic partner to achieve profitability.
  • We may incur substantial liabilities and may be required to limit commercialization of our products in response to product liability lawsuits.
  • Our internal computer systems, or those of our third-party contractors or consultants, may fail or suffer security breaches, which could result in a material disruption of our product development programs.
  • We may be subject to claims that our employees, consultants or independent contractors have wrongfully used or disclosed confidential information of third parties or that our employees have wrongfully used or disclosed alleged trade secrets of their former employers.
  • We may be subject, directly or indirectly, to federal and state healthcare fraud and abuse laws, false claims laws, and health information privacy and security laws. If we are unable to comply, or have not fully complied, with such laws, we could face substantial penalties.
  • We are highly dependent on our management team, senior staff professionals and third-party contractors and consultants, and the loss of their services could materially adversely affect our business.
  • Existing coverage for Vyleesi for the treatment of HSDD is classified as a Tier 3 drug by third-party payers, so that demand for Vyleesi will be tied to discretionary spending levels of our targeted patient population and particularly affected by unfavorable economic conditions.
  • Both before and after marketing approval, our product candidates are subject to ongoing regulatory requirements and, if we fail to comply with these continuing requirements, we could be subject to a variety of sanctions and the sale of any approved commercial products could be suspended.
  • The regulatory approval process is lengthy, expensive and uncertain, and may prevent us from obtaining the approvals that we require.
  • The FDA has required that two postmarketing studies and a clinical trial be conducted on Vyleesi.
  • Legislative or regulatory healthcare reforms in the United States may make it more difficult and costly for us to obtain regulatory clearance or approval of any future product candidates and to produce, market and distribute our products after clearance or approval is obtained.
  • Changes in healthcare policy could adversely affect our business.
  • If we fail to adequately protect or enforce our intellectual property rights or secure rights to patents of others, the value of our intellectual property rights would diminish.
  • We may become involved in lawsuits to protect or enforce our patents or other intellectual property or the patents of our licensors, which could be expensive and time consuming.
  • If we infringe or are alleged to infringe intellectual property rights of third parties, our business could be harmed.
  • Our patent applications and the enforcement or defense of our issued patents may be impacted by the application of or changes in U.S. and foreign standards.
  • We may not be able to protect our intellectual property rights throughout the world.
  • If we are unable to keep our trade secrets confidential, our technologies and other proprietary information may be used by others to compete against us.
  • Our stock price is volatile and may fluctuate in a way that is disproportionate to our operating performance and we expect it to remain volatile, which could limit investors’ ability to sell stock at a profit.
  • As a public company in the United States, we are subject to the Sarbanes-Oxley Act of 2002 (“Sarbanes-Oxley”). We can provide no assurance that we will, at all times, in the future be able to report that our internal controls over financial reporting are effective.
  • If securities or industry analysts do not publish research or publish unfavorable research about our business, our stock price and trading volume could decline.
  • Holders of our preferred stock may have interests different from our common stockholders.
  • Because we do not anticipate paying any cash dividends on our common stock in the foreseeable future, capital appreciation, if any, will be your sole source of gains.
  • Anti-takeover provisions of Delaware law and our charter documents may make potential acquisitions more difficult and could result in the entrenchment of management.
  • We are a smaller reporting company and the reduced disclosure requirements applicable to smaller reporting companies may make our common stock less attractive to investors.
  • As of September 24, 2020, there were 44,970,962 shares of common stock underlying outstanding convertible preferred stock, options, restricted stock units and warrants. Stockholders may experience dilution from the conversion of preferred stock, exercise of outstanding options and warrants and vesting and delivery of restricted stock units.
  • Our failure to meet the continued listing requirements of the NYSE American could result in a de-listing of our common stock.
Management Discussion
  • Revenues – For the three and nine months ended March 31, 2021 we recognized $88,741 and $(363,790) in product revenue, net of allowances as the result of our regaining all North American development and commercialization rights to Vyleesi in July 2020 (see Note 3 of our accompanying consolidated financial statements). For the nine months ended March 31, 2021, we recognized no contract and license revenue compared to $117,989 for the nine months ended March 31, 2020 pursuant to our prior license agreement with AMAG.
  • Research and Development – Research and development expenses were $2,509,490 and $9,444,759 for the three and nine months ended March 31, 2021, respectively, compared to $3,641,250 and $10,026,363 for the three and nine months ended March 31, 2020, respectively. The decrease for the three and nine months ended March 31, 2021, as compared to the three and nine months ended March 31, 2020, is related to the overall decrease in spending on our MCr programs.
  • Research and development expenses related to our Vyleesi, MCr programs and other preclinical programs were $1,381,864 and $6,254,088 for the three and nine months ended March 31, 2021, respectively, compared to $2,801,779 and $7,458,837 for the three and nine months ended March 31, 2020, respectively. The decrease is primarily related to a decrease in spending on our MCr programs.
Content analysis
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Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability
H.S. freshman Avg
New words: hereto, specifically

Patents

APP
Utility
Uses of Bremelanotide In Therapy for Female Sexual Dysfunction
4 Mar 21
Use of a subcutaneously administered dose of between about 1.25 mg and 1.75 mg of bremelanotide or a pharmaceutically acceptable salt of bremelanotide for the treatment of female sexual dysfunction in women while reducing or minimizing undesirable side effects.
APP
Utility
Melanocortin-1 Receptor-Specific Peptides for Cytokine Storm and Inflammation Therapy
28 Oct 20
Methods preventing, ameliorating or treating cytokine storm or inflammatory disease, indications, conditions and syndromes by administration of a therapeutically effective amount of a melanocortin-1 receptor-specific cyclic peptide or pharmaceutically acceptable salt thereof.
APP
Utility
Therapies for Obesity, Diabetes and Related Indications
2 Sep 20
The invention relates to methods, uses, compositions and formulations including a melanocortin receptor-4 agonist and a glucagon-like peptide-1 receptor agonist for treatment of obesity, diabetes, metabolic syndrome and related indications, diseases or disorders.
GRANT
Utility
Melanocortin receptor-specific peptide with C-terminal naphthylalanine
13 Jul 20
Inventors: Wei Yang, Yi-Qun Shi
GRANT
Utility
Therapies for obesity, diabetes and related indications
25 May 20
The invention relates to methods, uses, compositions and formulations including a melanocortin receptor-4 agonist and a glucagon-like peptide-1 receptor agonist for treatment of obesity, diabetes, metabolic syndrome and related indications, diseases or disorders.