WASHINGTON (dpa-AFX) - Palatin Technologies, Inc. (PTN) posted a wider loss in its fourth-quarter due to higher operating expenses. The company said the increase in operating expenses was primarily due to the recognition of non-cash expenses on the Vyleesi license termination agreement and the increase in selling, general and administrative expenses, offset by a decrease in research and development expenses.
Net loss for the quarter was $13.9 million, or $0.06 per share, compared to a net loss of $7.3 million or $0.03 share, prior year. Vyleesi gross sales were $1.2 million, for the quarter. On average, three analysts polled by Thomson Reuters expected the company to report a loss per share of $0.03, for the quarter. Analysts' estimates typically exclude special items.
The company said its strong cash position of $60.1 million at June 30, 2021, provides a sufficient operating cash runway through calendar year 2022, allowing it to advance melanocortin-based programs, including top-line data readouts for phase 3 DED clinical trial and PL8177 phase 2 clinical trial for ulcerative colitis in the second half of calendar year 2022.
Based on current operating plan, Palatin believes existing cash and cash equivalents will be sufficient to fund currently anticipated operating expenses through the end of calendar year 2022.
Shares of Palatin Technologies were up 4% in pre-market trade on Wednesday.
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