PTN - Earnings call transcript Q1 2025 | Palatin Technologies, Inc.

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Operator

Greetings, and welcome to Palatin's First Quarter Fiscal Year 2025 Operating Results Conference Call. [Operator Instructions]As a reminder, this conference call is being recorded.

Before we begin our remarks, I would like to remind you that 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 that 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 by Palatin's prospects.

to call like host, to would Dr. I turn over the our Now and of Executive Spana, Chief Carl President Officer Palatin. Please go ahead.

Carl Spana

Thank Call. Spana, welcome Fiscal Palatin. Financial you. to the Palatin's Steve the Officer. Officer on Palatin and Good call Chief First With today me Year I'm and CEO XXXX Carl Dr. President of and Wills, Operating morning, is Quarter Chief

the over financial the now call to Steve. will turn update. give I'll He

Steve Wills

Thanks, welcome, Carl, everyone. and

regarding sexual September results pursuant ended Vyleesi's up September distributors Cosette December XX, completion not the Palatin in For the to Pharmaceuticals quarter of million the fiscal XXXX. of did pharmacy financial the for first record first quarter worldwide XX, XXXX, rights dysfunction for revenue sale product of any to XXXX, ended $XXX for to female to sales

quarter For September $X.X were gross $X.X revenue product and XXXX, sales XX, was net product million. the million first ended

operating our XXXX operating $X.X expenses of XX, by the spending the September were Total for result the elimination MCR quarter decrease ended million melanocortin $X.X comparable being was year. quarter compared selling on Vyleesi, related mainly Regarding offset programs, to The expenses. greater last expenses the MCR to of receptor. for million first

used operations net in operations net of capital in the was working period operations ended period secondarily September the approximately $X Regarding million cash XX, used the same cash used for $X.X during flows. XXXX cash mainly in loss net a million Palatin's in the cash quarter compared and due for to changes. XXXX. in increase the net The is to increase of to

selling loss million September of the for was quarter September loss net to million XXXX the XXXX. in period XXXX XX, ended Palatin's XX, in $X.X same a net the increase $X.X net The loss. the over for quarter ended expenses XXXX for in value offset September compared net ended the loss for of Regarding the and to XXXX. Vyleesi change was warrant XX, the revenue, the product fair mainly by quarter of liabilities elimination September Vyleesi ended net of recognition due XX, market quarter elimination of

Regarding cash position.

deferred XX, million Palatin cash equivalents to $X.X million June cash September were XX, as of cash of $X.X receive compared of cash and XXXX, a balance. November, scheduled Vyleesi. Pharmaceuticals equivalents XXXX. As million from it did $X.X and Palatin's in since payment November Cosette cash to in related XX sale XXXX included our not received was cash the September equivalents in is and of this Obviously,

programs and our retained bank strategic our explore operations. investment our to -- core obesity. going stage, limited be ongoing our eye go-forward there dry significant multiple II and in program an discussions Future We've and non-obesity for disease interest our focused from and Regarding our activities investment retina Phase options evaluate and Phase glaucoma development At is programs. programs program, colitis will for conduct, ulcerative to III parties. in early-stage our this and

the Now to I'll back turn call Carl. over

Carl Spana

the Thank you, over go now operating the Steve. for quarter. update I'll

receptor agonist, II We of obesity. melanocortin-X with is in tirzepatide, patients co-administration evaluating safety bremelanotide,with BMT-XXX, the is conducting a and of efficacy dual-agonist Phase are currently which the GLP-X/GIP study, a the that generalized

body variety society In ], combining as evaluated. will loss addition of on of maintenance the efficacy mass two also efficacy study's potential the such weight endpoint weight. increased reducing on [ to is be effects and to safety, evaluate the A treatments secondary primary preservation of lean endpoints

expected size quarter to in enrolled increase high because XXXX. the the we of is of results October, of were able in from the As demand Top the XX first patients rapid line approximately study the study enrollment, to and XXX. fully of are

-- both agonist selective the molecule and orally includes portfolio agonist, long-acting management PLXXXX. loss weight active small melanocortin-X MCRX peptide obesity novel Our acting receptor

and clinical calendar activities move to track year on XXXX. are We studies of into in IND-enabling both programs these

darkening. selective means that that potential have they over melanocortin cost novel have dosing a or significant oral Our skin or the at next-generation reduced lack and FDA-approved to represents reduced activity receptor, melanocortin-X believe darkening with once-a-week We improvements dosing compounds the treatments. skin current activity coupled MCRX of

on You can presentations our clinical find trial our compounds. recent additional next-generation at information melanocortin-X on our receptor selective has website and clinicaltrials.gov, novel MCRX,

for a PLXXXX anticipation For the in development XXXX. diabetic business with of II significant have line is our or partners, II oral discussions study disease, our with this quarter of to the has patients data in colitis, data line anticipate strategy potential BREAKOUT current treatment the finally, XXXX. of fourth which will we top quarter line in for with data, in selective In program. quarter kidney MCRX bremelanotide Phase Phase of And exciting ulcerative the first this out-license study there top releasing been increase

development Before on on system, generating to highly programs melanocortin areas melanocortin diseases, company, the efforts sexual the targeting team Senior questions, our of with to been ocular information a long-term moving strategy. have as By to and I'd exciting productive to management in like take area indicate in comment in our of in Directors, outside dysfunction one a obesity. has multiple and need that focus investors we small clearly limited our the consultants discussions Board success. resources and research

has such develop that are will of the We obesity innovation We development important we and to call, weight part loss obesity treatments an per $XXX Melanocortin treatment on melanocortin-X intake. year. believe Palatin be of and food our role MCR-X developing, to future obesity treatment begin have market believe heard and the cycle pharmacological a in efforts value a early mention therapeutics focus and As than assets. melanocortin-X you critically Steve will greater obesity of maintenance. a receptor research for and billion loss plays weight we that management. stages energy activates storage agonists, receptor a multiyear is that system ones of of the regulating research effort selectively as the as earlier the in long-standing will in strongly important our melanocortin

importantly, in melanocortin the X of including development a to the development in weight therapeutics, weight to efforts published, loss For assets weight and intend a shareholder we melanocortin-based agonist MCXR and loss, obesity we of our focusing positioned and substantial By obesity, value. treating well studies for on our drive extensive increase leader are clinical loss completed maintenance. and previously be maintenance, experience and in design

PLXXXX However, value ocular as we of and our said, in doesn't believe lead efforts mean anchored value. other dry are Phase and retinal less glaucoma our have have believe worthy by compounds that III Steve we focusing diseases To and eye contrary, assets disease tremendous that the investment. program assets the continued our

realizing peer a a taking value includes which with interested are approach company, development investors engagement their combinations. of potential are potential to programs, funding concerning out-licensing business and these the in companies with to We discussions further larger multipronged that

to We to approaches dysfunction similar return provide sexual a PLXXXX as in shareholders. will with oral our inflammatory take assets well disease our bowel and our assets

you open So the the to would to like call, call in Stephen, I now questions. for going thank participating to and we're

Operator

question [Operator H.C. coming is Wainwright. Pantginis of from Instructions] Joe Your first

Joseph Pantginis

if to end ask I wanted just heard comments, just back logistically I on of correctly. you the your

discussions, typical all did and following you colitis the engage project beyond? the with that finance are you that say data, partnering ulcerative and for program options might available, the So

Carl Spana

X We've on one have good And with probably larger a first them that in or are. a since coming Yes. very business CDA. I probably with is them for the had in that where updating companies We company. quarter, particular development X we and have interest. under data -- in began, that we had mean, the large anticipation we've reengaged study are

move with positive that confident program, we'll think a pretty have we're So to which outcome, we're be to out-licensed. going with that we

Joseph Pantginis

it. focus obesity. Got then now got it, the obviously, And main is

So don't mind. a couple you if of questions,

out what you're steps you a the going that successful your trial? as obviously, for combination? you would at components. viewing So to And next study, Because data inform XXX with next said looking for be the how are multiple quarter, coming

Carl Spana

just take more bit are line view of a for little Right get the of give now, the specifics. into treatment to going incretins. step I'm and kind slightly global obesity a back of then I'll Well, little current and a

similar know the work you And those well. out. too or quite as frankly, versions are more ones Zepbound and a some So Wegovy. probably they they -- things But those relatively mechanism.and there of are coming represent new all that of work

right of work, where way the I safely does broad of I long that's XX% you're to is therapy patients don't not going fan of X the combination these that are healthy. it's sort it have see not I'm of the of loss what reach mean, to driving XX%, obese, going not right? out to that that newer -- who think you're run, can think over number outside months. probably the I treatment have the actually goals, more are in I'm I big mean coming so morbidly mechanisms obesity [ a different to probably weight go. combine ] their And although ones

I think long lower the loss have can that goals. go mechanisms weight you these to the loss their is so -- slower so reach weight right weight loss way probably patients combining

know plateau year, working. really treatments, They much end we the fact, they that pretty current the In X by of out. stop

really So loss prolong people you're goals. that going that weight really can so to need weight melanocortin reach the other treatments mechanism like their to loss

combining there done why Oklahoma we genesis it. that's doing at work actually is melanocortin clinical or incretin weight mechanism case, preclinical enhances line that therapy or have that the specifically, why of reason been the a being -- an like this doing and in More work, tirzepatide So we're Wegovy indicate really top research loss. with also

X more mechanisms, than really here, we demonstrate X combining that's what these X. to we're that equals and that So hopefully can see trying X by

think exploratory direction. Now an going first that optimized. do We're this all weight claim loss bremelanotide when I in we've to But the stuff we an a is in increase and is doses should that got not tirzepatide. that study. really to added step see It's

loss important lose lean because incretins, is looking -- to a In one. is -- mechanism than When muscle reported should. from at things begin be driving loss be able seen addition to muscle weight we'd look muscle very set we've which literature melanocortin more today. addition been weight that up, in it's -- study mass, derived way like you to mass. at, very lean a preserves we weight that, have like to another and melanocortin mass that, maintenance. we'll And look actually the you at preclinically key one And That's we'll loss we you're it's the to the in of and with that thing

mechanisms, of there -- safety different X want then, obviously, that see course, safety signals. to And no combining we are

Joseph Pantginis

I No, that's to. alluded just when weight appreciate look you're very the details. loss rapidly about those talk that seeing more changing you you I dynamic, the guess, companies And component helpful. at maintenance

MCRX your long monotherapies trying you a approach molecule as or of when and small to leap consider management? as that as bit therapies? obesity, -- well here. peptide little oral is view both it loss do So combination approach, a for you And When potential your general I'm weight take you consider

Carl Spana

kind to of and I rapidly -- it's cardiometabolic there is started it disappear. the which treatment, and a I to mean mean, is regain have remove and the becoming really both weight with their mixture was I of clear that and benefits I the that of is patients certainly, about. what's it's maintenance Novo It's just benefit, the the loss put due all extremely you talked something be important. treatment And weight started think and out. weight once down and important long-term at were Lilly But what by Week, less that is, you more above. Obesity pretty other the data benefits and the

to order melanocortin going to term, in is have require really going long to they're be very So the suited benefits and well and And different loss mechanisms. of weight the to capture on that's those treatment for its won't treatment, stores into help probably energy lot I of energy by low-dose And can and weight loss. but supports science role that activation of balance. that there's science, that. maintain the for a you good system, in get system

therapy, failing add-on off general escalate there. in certainly therapy to they for as the are we that because monotherapy need think different more about broadly as dose the incretins well, on they population When are that patients to tolerate dropping they to therapies as don't move and Potential are it well.

forward. for different for of valuable goes a both right? a put peptide. places way to options it a to in molecule it talked then there's And weight lot brought treating drive can benefit, are be player, treatment. Both the is of lot value patients, primary almost anywhere to maintenance them like utility these The but I small loss some as as and should melanocortin. different they'll the patient where will where There's have a of good probably find both you So populations maximum their well slightly from

Joseph Pantginis

at then When you broad to And in obesity melanocortin the again. you Because approaches, you think helpful development? one applicability. hypothalamic -- question. seem especially market, with do you last obesity, obesity fit broader compounds really look specially the you I guess where that's No, seem regard in other to have like the with

Carl Spana

Sure.

obesity So not call call skin out we're I want large for obesity. And And compounds newer daily. obviously, there. product in do darkening of I is think through year approved in treatment. given how study similar there other that sometime a we next effects melanocortin what that the to That's long-term variety should compound, setmelanotide, we space to hypothalamic And that and obesity. a a side is play also syndromic a well, setmelanotide might is that [indiscernible], or read genetic would both what are have in where you it's that's evaluating first-generation as very and

at a that's when long-acting with go peptide similar oral you have the PLXXXX a way either the once increases we which We at a given it's molecule, want think or agonist. are. in want to compounds, we look melanocortin very we week, we an small our And where to a want

You you patients not And -- darkening. are so but do. drop like don't that skin really the of patients to have lot again, don't a it, MCRX mind necessarily there would out

better. of if we So rid which can get have, you it that's

Joseph Pantginis

I No, again. appreciate that

quite overall, now, dynamic have we quarter. look the first thesis forward to definitive right guess, things at company some have been look to you and in the catalysts when So I

Now also strategic business and the different regarding you a were talking more lot development opportunities options.

all mix say, of aggregators of finance how have royalty approaches options, what right in guess there mentioned would I throw or if said out now? you So different finance portray, project you from also different those you like, whether, be -- types it's but the project investors, again, BD, typical may you the even there. you can, financial

Carl Spana

I of got kind think to at differently. we've slightly them look

almost got of really the -- doing a it's that's really for point the eye -- doing So partly Phase III. that it's franchise in almost our we're a is what has we're gone -- where franchise, company, You've ocular dry reasons to that one disease right?

development. of You've They're because forward we're are held and that programs got a glaucoma to ready back by move lack company. retinal go and investment into small

we early require started to that in -- really that So we when move these for the with year lot out than the that dry data They forward. Phase genesis disease III the started more financial came eye product resources a need we things have. really

when looking on the that, everything table. at So is

large the dry then that glaucoma have have and retinal. disease are in and the do as interested we We programs very eye as well companies

So it mixture. may a be

corporate the little earlier. dry corporate You may may eye then -- a combination see assets see bit of disease Or a for and split. of out-licensing and that are you a a others

the glaucoma and going of and going way front company. one the back see different another -- retina a to eye large may You the of eye,

the very has the open, on our Steve to been clear transaction that its we shareholders. for do we optionality of is and keep that want Palatin things best one to always and So want

best so potential we're be or And the it that return be that. transaction to has and ] [ the to gives company. going wedded to has got be to It's not the it right to be saying for this

Steve Wills

parties. the as could interest we they're to press with an And release we Joe, multiple put asset alluded to, X, ongoing pharma. CDA, just are X just they're of be have data good add, interest, significant pharma it room, X the not types a could the equals multiple in our have a that -- Carl from discussions, these if combining discussions, when But It's asset, I X these on statement They different may X. or smaller in plus this parties fronts. specialty the interest, multiple big they're advancing under in

to forward, going we're that of year. first some early is we multiple confirmed, as as quarter could as be deals absolutely them of non-Nostradamus expectation, next Our and have go the

Joseph Pantginis

forward play and strategic to these appreciate all options really see how the details especially looking out. Guys,

Carl Spana

for question, Thanks Joe. . the

Operator

end Carl back to Thank over reached you I will much. the appear question-and-answer our for to Well, of hand very any closing we session. have remarks. now

Carl Spana

thank the I'd year participating you, for to quarter Thank XXXX like in everyone fiscal Steve. first quarter.

have very excited we We about what here. are

had where build have interest high tremendous there's ourselves it and very we're assets set a great doing, of a system We value. to in we time loss the what long-term as in right weight and interest maintenance. obesity melanocortin at And pertains find really have to we extremely really now

very on website. can As a actually resource. information It's always, our you more nice find

resources, If and that you our presentations do. and all you the on publications can find we of look posters

extensive always are and company, go Steve are there. as quite keeping about quite the We so the really again, forward you get you really, the -- more for we they're I we once quite all forward. and updated to And and staff full here look can information excited future

a guys, great day. all you, thank So have and

Operator

Thank does you This conference. very much. today's conclude

disconnect lines You for have Thank your phone may a you participation. this wonderful time, at day. your and

Palatin (PTN) 14 Nov 242025 Q1 Earnings call transcript