The following is a summary of the Palatin Technologies, Inc. (PTN) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Palatin Technologies reported no product sales in the quarter ended March 31, 2024 due to the sale of Vyleesi's worldwide rights.

• Total operating expenses were $9.2 million, an increase primarily due to heightened spending on Melanocortin receptor programs.

• The net cash used in operations was $8.6 million, an increase mostly from changes in working capital.

• Net loss for the quarter was $8.4 million or $0.53 per share.

• As of March 31, 2024, the company's cash, cash equivalents and marketable securities totaled to $10 million.

Business Progress:

• Palatin has focused on the biology and chemistry of the Melanocortin system to develop selective Melanocortin agonists.

• The company has three clinical programs based on Melanocortin agonists and plans to start enrollment in two new clinical programs by mid-2024.

• Positive results were reported for PL9643 Phase 3 MELODY-1 dry eye disease clinical study.

• A Phase 2 obesity study and a Phase 2 study for treating erectile dysfunction are expected to start this year.

• Current financial resources are expected to fund operating expenses well into the second half of calendar year 2024.

More details: Palatin Technologies IR

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