Palatin Technologies Shares Drop After Wider Than Expected Quarterly Loss

Biopharmaceutical company Palatin Technologies Inc's PTN Q4 FY22, Vyleesi gross product sales to pharmacy distributors, reached $2.3 million, with net product revenue of $770,738. Gross product sales increased 91% Y/Y, and net product revenue increased 857%.
The company posted an EPS loss of $(1.34), missing the consensus loss of $(0.81) but lower than the $(1.47) posted a year ago.
Vyleesi: Gross product sales increased 79%, net product revenue increased 257%, and prescriptions dispensed increased 49% over the prior quarter.
Total prescriptions dispensed increased 49% over the prior quarter and 54% compared to the comparable quarter in 2021.
As of June 30, 2022, the company had cash and cash equivalents of $29.9 million.
Update from Clinical Trials:
- PL9643 for dry eye disease (DED): The independent data monitoring committee (DMC) reviewed the data from the first 120 patients. Palatin plans to enroll up to an additional 230 patients for a final sample size of 350.
- The DMC identified no safety concerns. Topline data readout is expected in Q2 2023.
- PL8177 for ulcerative colitis (UC): Initiated patient recruitment in a Phase 2 oral formulation study. Interim assessment is expected in Q1 2023, with topline data expected in Q2 2023.
Price Action: PTN shares are down 5.42% at $7.50 during the premarket session on the last check Thursday.