PTN - Earnings call transcript Q3 2021 | Palatin Technologies, Inc.

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Operator

Good day, ladies and gentlemen, and welcome to the Palatin’s Third Quarter Fiscal Year 2021 Operating Results Conference Call.

As a reminder, this call is being recorded.

Before we beginning our remarks, I would like to remind you all that the statements made by Palatin are not historical facts and may be forward-looking statements. These statements are based on assumptions that may or may not prove to be accurate and the actual results may differ materially from those anticipated due to the variety of risks and uncertainties discussed in the company's most recent filings with the Securities and Exchange Commission. Please consider such risks and uncertainties carefully in evaluating these forward-looking statements and Palatin's prospects.

turn over to Dr. our like I'd today's to call host, Now Spana, Officer Executive and Palatin. Carl Chief of President Please go ahead, sir.

Carl Spana

Carl XXXX Thank to to turn and Steve, you. update financial on Chief Executive Operating I'm the he'll year Wills, is and With Officer will and operating the today's Vice the call with will welcome I and on we On Dr. call. updates over Palatin's Palatin Technologies' call Officer. of financial Good third quarter making provide me morning, Palatin. Spana, CEO and President, Steve now Financial and President today an provide Steve? as significant call, updates. fiscal as Vyleesi. are we well progress exciting Chief

Steve Wills

everyone. Carl. good you, And morning, Thank

or increase net mainly net to were The $X.X accruals. of of related $X.X quarter results, Vyleesi share, prior was per to period Palatin’s expenses revenue the due allowances and $X.X with sales $X.X XXXX same XXXX. of XXXX million, for to million per revenue net negative ended revenue of to consisting sales gross was product Regarding $X.XX quarter Total quarter of million, compared amounted XX, compared ended net $X.XX or XXXX. There $XXX,XXX, net net the December for in compared and commercial quarter product allowances the of $X,XXX,XXX, product operating again XXXX, expenses of net our for to for XX, the $XX,XXX. $XX,XXX, no accruals, XXXX. third Palatin's which was of gross was quarter loss net revenue of $XXX,XXX, is total revenue, million, to share, with a loss reported Vyleesi. comparable third Vyleesi, financial of March

accounts receivable of equivalents Palatin cash XXXX. XXXX, June no in accounts Palatin has $XX.X compared $X.X equivalents cash and debt. XX, cash as million and March in and million $XX.X cash and no receivable, outstanding had in to of As million XX,

desire quarter. disorder, XX%, and are healthcare our over and premenopausal of monthly Regarding Vyleesi, consumer XX, increased efforts expected campaign the FDA quarter has the healthcare website for revenue the millions Geo-targeted digital approved prescriptions March significant XX%; XXXX, for XXXX ended gross and increased conversions. HSDD, ended The or and reach numbers current marketing drive and XXX% thousands increased telemedicine quarter very provider resulted increased December to prior traffic hypoactive engagement. applications and in providers sexual of for product sales net product XX, women

We more commercial positive resulted pharmacy access and now the We to focus coverage, increases approximately regional estimate on continue the in benefit plans. access have quarterly numerous of coverage first and insured reimbursement and and managers call Prescription three revenue achieved major gross-to-net to XX% two product reimbursement over formulary XX% adjustments and and Carl? lives I for will approximately turn of expanding coverage. commercially Carl. including back Vyleesi the of net has expanding favorable time.

Carl Spana

Steve. you, Thank

the ongoing employees, programs, by pandemic. made preclinical, that all advance to clinical and have adjustments operations the COVID-XX safety to our we to commercial of us imposed maintaining healthcare under allowed the we continue our the Today We continue conditions partners. our providers, and conduct believe have patients,

the with put prescribers experience, enhancing patient place Vyleesi. changes we in The prescriptions team. and access, the have their demonstrate the presentation, sides and relationship we have motivated improved on place As quarter Results revenue. of profitability from patient positive the progress putting and excellent commercial made in Steve's and an have and during heard you substantial infrastructure Vyleesi in that collecting commercial

to sexual a ultimate or with option disorder, a in strong our of hypoactive objective, cost-effective value ensuring for of manner women treatment continued partner, of potential the Vyleesi now in HSDD committed and a investment. Vyleesi the premenopausal desire obtain a our position are a We Vyleesi and on demonstrate the availability to as relicensing return

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of as is at data disease presented ARVO models also various poster. retinal Our a preclinical on

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www.palatin.com. can on new additional programs information You find our our website, on

positive allow programs a are a These our and to Wills' to across all the beginning quarter, healthy to past have activities changes will emerge continued our significant pandemic Vyleesi Under made position. have direction, we progress make us prescriptions significant position and Steve impact the our strong increasing cash Vyleesi During from in revenue. commercial on progress.

presentations PLXXXX covering dry results and and eye Phase We Research the for diseases. concerning Phase retinal for X calendar end required two dry this agonist we one our a meeting eye preclinical Phase trial to the For second disease clinical Meeting, of disease, conducting preparing Annual And in the in for melanocortin includes XXXX activities of this at X with treatment of PLXXXX, the X the data begin for study, topical details a an FDA. Association Ophthalmology had Vision are half year.

the product a a out continue remain start We portfolio second of program initiating which is and PLXXXX We of in to clinical the patients, therapeutics ulcerative start second to development in proof-of-concept track half on XXXX. for colitis X ocular targeted anticipate starting melanocortin-based second half build oral a in ocular indication to Phase clinical formulation an study with calendar a XXXX. of

in hosting data completed from to Key and PLXXXX on Finally, dry focus the we XXXX effects melanocortin disease May agonists clinical are trial Phase of portfolio indications, a on our primary with for Opinion webinar recently ocular of treat our XX, Leader harmful on introducing growing agonists and our eye. the treating eye for inflammation X a melanocortin

Steve pipeline team, all strong focused We'll to of their we clinical of forward and like on rest the In thank look programs. now continued the advancements. and to our we we to XXXX, questions. their I candidates the Palatin of the a have open closing, dedication our for would advancement call to partners and remain novel of As

Operator

our ahead. We'll first Please John from Canaccord. Newman Thank question take Instructions] you. [Operator go with

John Newman

Thanks my Hi taking for guys. question.

Just like right been in that making have here things some Vyleesi, moving on guys certainly changes have seems direction. the a question you been have

this sort if positive Just out And believe curious if a as to well. of to a terms where of year about I'm efforts is with making. of physician Thanks. what curious that. the expect as also face-to-face that COVID, tailwind you that rest ask the we for product but have is not sure you're the in coming might should continued just interaction you I'm just wanted required, there of

Steve Wills

you XXX Well, duplicated of go the All we I quarter but Steve. as can't be will the John. year, my is for the help give we right. Thanks Nostradamus This forward. prediction a rest

I can I pandemic, companies most mean, the think I best doing face-to-face, with better. always like the the other we Regarding just is limited think Palatin face-to-face.

majority the or experiencing be now streaming. vast continues but face-to-face the are video to the some We contact, Zoom

face-to-face little market would anticipate that some greater of we the and up that also care. we'll pandemic the as a see uptake greater, the because bit the access more opens in for better on people prescription and being our So

John Newman

seen you to that have gross favorable that would as to you more And go I we improve – net Is expect think something continue adjustment. – would forward? you've

Steve Wills

a that – per the on, Absolutely. net based Palatin revenue That's the very increasing Carl and of higher A I mean, amount on significant on early was of items insurance generates basis most script the targeted I notwithstanding that prescriptions, coverage. one

hard covered formulary we're in more a that So coverage, to and our net. to gross is have increase favorable to lives, our results what we've going worked

strategy Our is the to continue now right program. copay

patients, first any pocket. $XX dose of is dose out more And out pocket. of than is subsequent the zero dollars So no

collect Now we doesn't can't that the mean insurance.

we're specialty I we've processes. pharmacies. in that on feel coverage the pretty I pharmacies mentioned, possible that streamlined the of and the processes care I health the make as patient. But We've with the a done, our we've the efficient And sure one also as think both switched working as area. provider out increasing close as improved good to for job So of pretty for also and

John Newman

Also working about the really us been give here? you great. potential for an But that a talk you partner you point. hard a here Thanks. on also prescriptions I partnership can know Vyleesi? wondered for to to have curious us good Okay, activities if the I'm update if bit guys could on getting a

Steve Wills

because expand product Thanks, to advancing very We're value that the brand feel that's discussions significant Palatin’s also Those investment I and comfortable relicense regions. are other assess and which That's has to and the quarter throughout ongoing. are going John. the The and the Carl is with showing U.S. progress. in no question, those limited. – is showing Steve they're first results the our strategy. we're discussions/negotiations to that strategy, collaborations very

the want it can add a type committed in find that's that or to you has existing have. on other that you So product, that either the is put this our infrastructure standalone product care to products a you female behind strategy space partner health of as to

results So we negotiations, think but first important those the very they are quarter advancing. regarding are

John Newman

Thank you. great. Okay,

Operator

ahead. from with go Wainwright. Joe will Pantginis H.C. our We Please next take question

Joe Pantginis

wanted the because PL-XXXX, details Good on of taking to asset, the that guys. around And adjustments you now meetings for end this really we'll here you focus development have I at Hey, getting of X plan opportunity commercial kind I to want because of might Thanks. X the with trial in versus to you to potential to wanted the that tie the little end what product. evolution December, to the the but year, week development could points Phase X read those on business looking But if I talk made? about about end what first for Thanks to in to and question. Phase of to potential of it a or or second end now be the Phase XXXX of clinical potential morning. the design more a see FDA the you're the start study and is I program know going combine wanted more as a say the the Phase out just business a do X program, conduct the the of have want partner the so a by two? program,

Carl Spana

speaking. Thanks, Joe. This A is of Carl couple things.

just regulatory symptoms. a environment. about signs the that the to know as those is showing listening strategy don't variable eye So for disease for be may – dry think One and environment that – efficacy just

underlying be signs, are the the may dry or the are So cornea painful dry eye the of the to conjunctiva and there and are tissues surface inflammation symptoms scratchy damage burning. indicative eyes, and of more the eyes, are occurring disease symptoms of what all others such Those that have – the which as you. eye in

X so the so Friday that design that show into from But walk and using, call at an in Phase and really of up no if out. which bit looking symptoms innovative signs the on product. trial, on it because into strategy symptom that be little design some the data, that we're Phase X the is translated data. at X And coming – of in to pulled to being There's the suffice to a will with the the people the want again go program. be improvement much that signs for we a said, think And looking I don't and you symptoms. how through And approval going how was you say, is basis the was have it the too play one great that's that we'll and some were is sign Phase I will the we we multiple details a

that primary the patient severe be where to the data, of and be we'll in the coming moderate population, is basis ones, X of which that both ones looking – out endpoint. the key results have strongest Phase the the one we're So we the at there'll a secondary

results be the but in will we improving fluorescein such an pain, inferior corneal the the these things that These Phase to study. they're be And showed So of the staining. going of very staining, as ocular how are conjunctival strong things X, types be structured, basis on X analyzed. Phase there'll

about the have Phase as guys think the we I I X, of quite week, think end I very, likely to program you I really excited forward great that a into our little designed innovative we we've walk that very suspense And think risk and reduces some for can we're it. because through. go

mean, through you, on in that So not by it learned to it study, assets as there Phase the I'll Joe, in asset this subject. leave the Vyleesi and to capital clinical necessarily we license – a we a lot we're clinical into although ocular go come the what study. regards With have through licensing to and the we hurry have great X through. I

obviously interest starting So we're although partners. getting we're with engage and potential to

we're I the think the the getting types things that comfortable of we're with. they're from doing feedback things are that that

want we of think We bring be viewing. we to I just a there'll the partnership that to it the partner. in change broad sure So to much in design a the trial, want talk and gets if one don't of don't make

what to it results of be I eye think other limited treatment, different money, partnership. product an front that really, asset diseases show a we'll we we as do value to think really lot one impactful that well as we've in they want we really positive the We'll a get And indication. of here. partner continues one the that dry I is us don't sure mean, true disease, eye. this but course, to the Of if that's is offer for a then good to got story, make talk a in

Joe Pantginis

No, and looking Thanks forward Friday. lot absolutely. fair. That's to a

Carl Spana

excited you I we're great it. set and think to we've with talk of Okay. Yes, come by people got a

Operator

our ahead. next We'll with Thalmann. Please go Higgins from take question Michael Ladenburg

Michael Higgins

Thanks, KOL on events. sending comments lot sounds PLXXXX a of like you're the guys. It the for

off. So mine I'll hold

seems then appreciate it. then, Thanks so detail though. So want discuss further it you in to it

Carl Spana

Okay.

Operator

time, session. this and Thank will like back and this to conference Michael concludes remarks. you. closing Ladies gentlemen, today's I'd At or Higgins any turn question-and-answer for the Dr. Spana to additional

Carl Spana

any have okay. you further make Well, I well, you Mike, Steve meant you its remarks. thank to insightful calling think Wills, guys think, in for questions. I

progress ocular and in assets others. looking the make forget to not things about other as here, going although the ocular we'll just continue is there a about We direction, but And we're some lot future are very where but colitis. we're in well. near-term And excited the of be a that in space, ulcerative don't in at

best we're For going listen with, and some those inflammation. sign the ocular can got system working Friday to invitation We've the find and design in think really or where really of the world the please now, on in an they'll presenting call up. be the role on that are the on website, in data, trial we're I to you that and webinar the it, melanocortin

quite time exciting lot for quite think to an learn, I us. So a and

and then have to Thanks. we thank also update look you forward our Friday's be you, So and continue safe, to call progress. on to

Operator

We and appreciate this gentlemen, participation. concludes Ladies conference. your today's

disconnect. now may You

Palatin (PTN) 17 May 212021 Q3 Earnings call transcript