Palatin Technologies Inc (0KF3.L) Q3 2024 Earnings Report

Palatin Technologies reported QQ3 2024 with no reported revenue and a pronounced R&D-driven burn. The quarter showed a net loss of $8.44 million and an EBITDA of about $−8.26 million, amidst $7.16 million in research and development expense and $1.86 million in SG&A. The company generated negative operating cash flow of $8.61 million, while financing activities provided a cash inflow of $9.14 million, yielding a modest net increase in cash and ending cash of $10.01 million. The balance sheet reflects a robust cash position relative to near-term liabilities, with total assets of $11.41 million and net debt well into negative territory driven by cash on hand, implying substantial liquidity to fund ongoing pipeline activities. However, the absence of revenue and ongoing large R&D outlays underscore the high-risk, development-stage profile common to Palatin’s therapeutic programs. The company’s near-term investment thesis hinges on the progression of its MC receptor agonist programs (notably PL8177, PL9643) and potential partnering or licensing milestones that could monetize the pipeline beyond internal development timelines.