Financial performance highlights (USD):
- Revenue: Recognized collaboration revenue from BI totaling approximately $8.8 million for the quarter ending September 30, 2025. Note: GAAP revenue is primarily from BI collaboration upfront and milestone activities; standalone product revenue is not disclosed for the quarter.
- Operating expenses: $4.186 million for the quarter, driven by reductions in melanocortin receptor (MCR) development spending.
- EBITDA: $4.661 million; Operating income: $4.661 million.
- Net income: $4.677 million.
- Earnings per share (basic): $4.81; (diluted): $4.26; Weighted average shares outstanding: 971,650 (basic) and 1,098,490 (diluted).
- Cash flow and liquidity: Net cash used in operating activities of $(1.619) million; net change in cash $(1.291) million; cash and cash equivalents at period end $(1.273) million; cash at beginning of period $(2.564) million. The period’s cash position does not include a $6.5 million BI milestone payment received in October 2025 or net proceeds from the $18.2 million equity offering closed on November 12, 2025. Following the offering, Palatin indicated a cash runway beyond the quarter ending December 31, 2026.
- Balance sheet snapshot: Total assets $8.614 million; total current assets $8.369 million; total current liabilities $8.218 million; cash and cash equivalents $1.273 million; accounts receivable $6.907 million; short-term debt $132 thousand; retained earnings $(454.396) million; total stockholders’ equity $0.396 million; net debt $(1.141) million (cash greater than debt).
- Near-term catalysts: IND filing for PL-7737 targeted for 1H2026; data readouts in 2H2026; expansion of the BI retinal program collaboration with potential development/regulatory milestones and royalties; continuing opportunities to license PL9643, PL8177, and kidney disease candidates.