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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Palatin Technologies Inc New | AMEX:PTN | AMEX | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.05 | -2.44% | 2.00 | 2.165 | 2.01 | 2.10 | 553,607 | 00:06:24 |
Delaware
|
|
95-4078884
|
(State
or other jurisdiction of incorporation or
organization)
|
|
(I.R.S.
Employer Identification No.)
|
|
|
|
4B Cedar Brook Drive
Cranbury, New Jersey
|
|
08512
|
(Address
of principal executive offices)
|
|
(Zip
Code)
|
Title of Each Class
|
Trading Symbol
|
Name of Each Exchange on Which Registered
|
Common
Stock, par value $.01 per share
|
PTN
|
NYSE
American
|
Large
accelerated filer
|
Accelerated
filer
|
☑
|
|
Non-accelerated
filer
|
☐
|
Smaller
reporting company
|
☑
|
Emerging
growth company
|
☐
|
|
|
|
Page
|
|
|
PART I – FINANCIAL INFORMATION
|
|
|
|
|
|
1
|
|
|
|
2
|
|
|
|
3
|
|
|
|
5
|
|
|
|
6
|
|
|
|
20
|
|
|
|
24
|
|
|
|
24
|
|
|
|
PART
II – OTHER INFORMATION
|
|
|
|
25
|
|
|
|
25
|
|
|
|
25
|
|
|
|
27
|
|
|
|
27
|
|
|
|
27
|
|
|
|
28
|
|
|
|
29
|
|
December
31,
2019
|
June
30,
2019
|
ASSETS
|
|
|
Current
assets:
|
|
|
Cash and cash
equivalents
|
$91,459,480
|
$43,510,422
|
Accounts
receivable
|
117,989
|
60,265,970
|
Prepaid expenses
and other current assets
|
656,599
|
637,289
|
Total current
assets
|
92,234,068
|
104,413,681
|
|
|
|
Property and
equipment, net
|
167,913
|
141,539
|
Right-of-use
assets
|
173,666
|
-
|
Other
assets
|
179,916
|
179,916
|
Total
assets
|
$92,755,563
|
$104,735,136
|
|
|
|
LIABILITIES
AND STOCKHOLDERS’ EQUITY
|
|
|
Current
liabilities:
|
|
|
Accounts
payable
|
$135,171
|
$504,787
|
Accrued
expenses
|
1,079,591
|
2,848,692
|
Notes payable, net
of discount
|
-
|
332,896
|
Other current
liabilities
|
160,178
|
499,517
|
Total current
liabilities
|
1,374,940
|
4,185,892
|
|
|
|
Other
liabilities
|
13,488
|
-
|
Total
liabilities
|
1,388,428
|
4,185,892
|
|
|
|
Stockholders’
equity:
|
|
|
Preferred stock of
$0.01 par value – authorized 10,000,000 shares; shares issued
and outstanding designated
as
follows:
|
|
|
Series A
Convertible: authorized 264,000 shares: issued and outstanding
4,030 shares as of December 31,
2019 and June 30,
2019
|
40
|
40
|
Common stock of
$0.01 par value – authorized 300,000,000 shares:
|
|
|
issued and
outstanding 229,174,754 shares as of December 31, 2019 and
226,815,363 shares as of June 30,
2019
|
2,291,748
|
2,268,154
|
Additional paid-in
capital
|
394,592,802
|
394,053,929
|
Accumulated
deficit
|
(305,517,455)
|
(295,772,879)
|
Total
stockholders’ equity
|
91,367,135
|
100,549,244
|
Total liabilities
and stockholders’ equity
|
$92,755,563
|
$104,735,136
|
|
Three Months
Ended December 31,
|
Six Months Ended
December 31,
|
||
|
2019
|
2018
|
2019
|
2018
|
REVENUES
|
|
|
|
|
License and
contract
|
$20,610
|
$-
|
$117,989
|
$34,505
|
|
|
|
|
|
OPERATING
EXPENSES
|
|
|
|
|
Research and
development
|
3,257,624
|
2,961,656
|
6,385,113
|
6,584,347
|
General and
administrative
|
2,404,093
|
2,088,565
|
4,236,535
|
4,129,147
|
Total operating
expenses
|
5,661,717
|
5,050,221
|
10,621,648
|
10,713,494
|
|
|
|
|
|
Loss from
operations
|
(5,641,107)
|
(5,050,221)
|
(10,503,659)
|
(10,678,989)
|
|
|
|
|
|
OTHER INCOME
(EXPENSE)
|
|
|
|
|
Investment
income
|
399,982
|
100,169
|
770,636
|
253,752
|
Interest
expense
|
(2,502)
|
(92,298)
|
(11,553)
|
(299,169)
|
Total other income
(expense), net
|
397,480
|
7,871
|
759,083
|
(45,417)
|
|
|
|
|
|
NET
LOSS
|
$(5,243,627)
|
$(5,042,350)
|
$(9,744,576)
|
$(10,724,406)
|
|
|
|
|
|
Basic and diluted
net loss per common share
|
$(0.02)
|
$(0.02)
|
$(0.04)
|
$(0.05)
|
|
|
|
|
|
Weighted average
number of common shares outstanding used in computing basic and
diluted net loss per common share
|
234,923,592
|
206,487,984
|
234,018,417
|
205,724,321
|
|
|
|
|
|
Additional
|
|
|
|
Preferred
Stock
|
Common
Stock
|
Paid-in
|
Accumulated
|
|
||
|
Shares
|
Amount
|
Shares
|
Amount
|
Capital
|
Deficit
|
Total
|
Balance, September
30, 2019
|
4,030
|
$40
|
227,697,257
|
$2,276,973
|
$394,119,078
|
$(300,273,828)
|
$96,122,263
|
Stock-based
compensation
|
-
|
-
|
299,775
|
2,998
|
801,938
|
-
|
804,936
|
Withholding taxes
related to restricted
stock
units
|
-
|
-
|
(87,179)
|
(872)
|
(103,364)
|
-
|
(104,236)
|
Sale of common
stock, net of costs
|
-
|
-
|
1,238,040
|
12,380
|
989,388
|
-
|
1,001,768
|
Warrant
repurchases
|
-
|
-
|
-
|
-
|
(1,213,969)
|
-
|
(1,213,969)
|
Warrant
exercises
|
-
|
-
|
26,861
|
269
|
(269)
|
-
|
-
|
Net
loss
|
-
|
-
|
-
|
-
|
-
|
(5,243,627)
|
(5,243,627)
|
Balance, December
31, 2019
|
4,030
|
$40
|
229,174,754
|
$2,291,748
|
$394,592,802
|
$(305,517,455)
|
$91,367,135
|
|
|
|
|
|
Additional
|
|
|
|
Preferred
Stock
|
Common
Stock
|
Paid-in
|
Accumulated
|
|
||
|
Shares
|
Amount
|
Shares
|
Amount
|
Capital
|
Deficit
|
Total
|
Balance, June 30,
2019
|
4,030
|
$40
|
226,815,363
|
$2,268,154
|
$394,053,929
|
$(295,772,879)
|
$100,549,244
|
Stock-based
compensation
|
-
|
-
|
523,775
|
5,238
|
1,627,433
|
-
|
1,632,671
|
Withholding taxes
related to restricted
stock
units
|
-
|
-
|
(87,179)
|
(872)
|
(103,364)
|
-
|
(104,236)
|
Sale of common
stock, net of costs
|
-
|
-
|
1,895,934
|
18,959
|
1,562,539
|
-
|
1,581,498
|
Warrant
repurchases
|
-
|
-
|
-
|
-
|
(2,547,466)
|
-
|
(2,547,466)
|
Warrant
exercises
|
-
|
-
|
26,861
|
269
|
(269)
|
-
|
-
|
Net
loss
|
-
|
-
|
-
|
-
|
-
|
(9,744,576)
|
(9,744,576)
|
Balance, December
31, 2019
|
4,030
|
$40
|
229,174,754
|
$2,291,748
|
$394,592,802
|
$(305,517,455)
|
$91,367,135
|
|
|
|
|
|
Additional
|
|
|
|
Preferred
Stock
|
Common
Stock
|
Paid-in
|
Accumulated
|
|
||
|
Shares
|
Amount
|
Shares
|
Amount
|
Capital
|
Deficit
|
Total
|
Balance, September
30, 2018
|
4,030
|
$40
|
203,032,129
|
$2,030,321
|
$360,370,494
|
$(337,227,962)
|
$25,172,893
|
Stock-based
compensation
|
-
|
-
|
-
|
-
|
978,794
|
-
|
978,794
|
Sale of common
stock, net of costs
|
-
|
-
|
31,300
|
313
|
30,048
|
-
|
30,361
|
Net
loss
|
-
|
-
|
-
|
-
|
-
|
(5,042,350)
|
(5,042,350)
|
Balance, December
31, 2018
|
4,030
|
$40
|
203,063,429
|
$2,030,634
|
$361,379,336
|
$(342,270,312)
|
$21,139,698
|
|
|
|
|
|
Additional
|
|
|
|
Preferred
Stock
|
Common
Stock
|
Paid-in
|
Accumulated
|
|
||
|
Shares
|
Amount
|
Shares
|
Amount
|
Capital
|
Deficit
|
Total
|
Balance, June 30,
2018
|
4,030
|
$40
|
200,554,205
|
$2,005,542
|
$357,005,233
|
$(332,045,906)
|
$26,964,909
|
Cumulative effect
of accounting change
|
-
|
-
|
-
|
-
|
-
|
500,000
|
500,000
|
Stock-based
compensation
|
-
|
-
|
319,817
|
3,198
|
2,209,181
|
-
|
2,212,379
|
Withholding taxes
related to restricted
stock
units
|
-
|
-
|
(67,038)
|
(670)
|
(65,322)
|
-
|
(65,992)
|
Sale of common
stock, net of costs
|
-
|
-
|
2,256,445
|
22,564
|
2,230,244
|
-
|
2,252,808
|
Net
loss
|
-
|
-
|
-
|
-
|
-
|
(10,724,406)
|
(10,724,406)
|
Balance, December
31, 2018
|
4,030
|
$40
|
203,063,429
|
$2,030,634
|
$361,379,336
|
$(342,270,312)
|
$21,139,698
|
|
Six Months Ended
December 31,
|
|
|
2019
|
2018
|
CASH FLOWS FROM
OPERATING ACTIVITIES:
|
|
|
Net
loss
|
$(9,744,576)
|
$(10,724,406)
|
Adjustments
to reconcile net loss to net cash
|
|
|
provided
by (used in) operating activities:
|
|
|
Depreciation and
amortization
|
36,506
|
27,882
|
Non-cash interest
expense
|
438
|
39,462
|
Decrease in
right-of-use asset
|
144,903
|
-
|
Stock-based
compensation
|
1,632,671
|
2,212,379
|
Changes in
operating assets and liabilities:
|
|
|
Accounts
receivable
|
60,147,981
|
-
|
Prepaid expenses
and other assets
|
(19,310)
|
(21,459)
|
Accounts
payable
|
(369,616)
|
(1,603,793)
|
Accrued
expenses
|
(1,769,101)
|
(1,001,976)
|
Operating lease
liability
|
(144,903)
|
-
|
Other
liabilities
|
-
|
42,948
|
Net cash provided
by (used in) operating activities
|
49,914,993
|
(11,028,963)
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES:
|
|
|
Purchases of
property and equipment
|
(62,880)
|
-
|
Net cash used in
investing activities
|
(62,880)
|
-
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES:
|
|
|
Payment of
withholding taxes related to restricted
|
|
|
stock
units
|
(104,236)
|
(65,992)
|
Payment on notes
payable obligations
|
(832,851)
|
(4,500,000)
|
Warrant
repurchases
|
(2,547,466)
|
-
|
Proceeds from the
sale of common stock,
|
|
|
net of
costs
|
1,581,498
|
2,252,808
|
Net cash used in
financing activities
|
(1,903,055)
|
(2,313,184)
|
|
|
|
NET INCREASE
(DECREASE) IN CASH AND CASH EQUIVALENTS
|
47,949,058
|
(13,342,147)
|
|
|
|
CASH AND CASH
EQUIVALENTS, beginning of period
|
43,510,422
|
38,000,171
|
|
|
|
CASH AND CASH
EQUIVALENTS, end of period
|
$91,459,480
|
$24,658,024
|
|
|
|
SUPPLEMENTAL CASH
FLOW INFORMATION:
|
|
|
Cash paid for
interest
|
$8,132
|
$260,890
|
|
December
31,
|
June
30,
|
|
2019
|
2019
|
Clinical /
Regulatory costs
|
$88,985
|
$61,798
|
Insurance
premiums
|
65,892
|
87,937
|
Other
|
501,722
|
487,554
|
|
$656,599
|
$637,289
|
|
Carrying
Value
|
Quoted prices in
active markets
(Level
1)
|
Other
quoted/observable inputs (Level 2)
|
Significant
unobservable inputs (Level 3)
|
December 31,
2019:
|
|
|
|
|
Money Market
Account
|
$91,257,600
|
$91,257,600
|
$-
|
$-
|
June 30,
2019:
|
|
|
|
|
Money Market
Account
|
$43,381,556
|
$43,831,556
|
$-
|
$-
|
|
|
|
|
|
Lease
cost
|
Three months
ended
December
31,
2019
|
Six months
ended
December
31,
2019
|
Operating lease
cost
|
$50,394
|
$99,258
|
Variable lease
cost
|
17,824
|
35,649
|
Short-term lease
cost
|
3,600
|
12,120
|
Total lease
cost
|
$71,818
|
$147,027
|
|
December
31,
2019
|
Operating lease ROU
asset and liability
|
$173,666
|
Weighted-average
remaining lease term (years)
|
0.7
|
Weighted-average
discount rate
|
6.25%
|
|
Three months
ended
December
31,
2019
|
Six months
ended
December
31,
2019
|
Cash paid for the
amounts included in the measurement of lease
liabilities:
|
|
|
Operating
cash flows for operating leases
|
$77,096
|
$148,935
|
Supplemental
non-cash information on lease liabilities arisng from obtaining
right-of-use assets:
|
|
|
Right-of-use
assets obtained in exchange for new lease obligation
|
$36,720
|
$93,435
|
|
December
31,
2019
|
Year Ending June
30
|
|
2020
|
$154,194
|
2021
|
18,360
|
2022
|
4,590
|
Less imputed
interest
|
(3,478)
|
Total
|
$173,666
|
|
December
31,
|
June
30,
|
|
2019
|
2019
|
Clinical /
Regulatory costs
|
$520,470
|
$943,721
|
Other research
related expenses
|
504,337
|
1,361,414
|
Professional
services
|
32,000
|
317,500
|
Other
|
22,784
|
226,057
|
|
$1,079,591
|
$2,848,692
|
|
June
30,
|
|
2019
|
Notes payable under
venture loan
|
$333,333
|
Unamortized related
debt discount
|
(295)
|
Unamortized debt
issuance costs
|
(142)
|
Notes
payable
|
332,896
|
|
|
Less: current
portion
|
332,896
|
|
|
Long-term
portion
|
$-
|
|
Three months
ended December 31, 2019
|
Six months ended
December 31, 2019
|
||
|
Warrants
|
Buyback
price
|
Warrants
|
Buyback
price
|
Series F
Warrants
|
297,352
|
$62,712
|
297,352
|
$62,712
|
Series H
Warrants
|
992,387
|
390,600
|
1,466,432
|
577,373
|
Series J
Warrants
|
1,908,080
|
760,657
|
4,774,889
|
1,907,381
|
|
3,197,819
|
$1,213,969
|
6,538,673
|
$2,547,466
|
|
Number of
Shares
|
Weighted Average
Exercise Price
|
Weighted Average
Remaining Term in Years
|
Aggregate
Intrinsic Value
|
Outstanding - June
30, 2019
|
14,435,650
|
0.85
|
7.3
|
|
|
|
|
|
|
Granted
|
-
|
-
|
|
|
Forfeited
|
-
|
-
|
|
|
Exercised
|
-
|
-
|
|
|
Expired
|
(77,100)
|
2.72
|
|
|
Outstanding -
December 31, 2019
|
14,358,550
|
$0.84
|
6.8
|
$1,503,989
|
|
|
|
|
|
Exercisable at
December 31, 2019
|
8,934,000
|
$0.77
|
5.8
|
$990,474
|
|
|
|
|
|
Expected to vest at
December 31, 2019
|
5,424,550
|
$0.96
|
8.5
|
$513,515
|
|
RSUs
|
Outstanding at July
1, 2019
|
10,327,833
|
Granted
|
-
|
Forfeited
|
-
|
Vested
|
(523,775)
|
Outstanding at
December 31, 2019
|
9,804,058
|
|
|
Fiscal
Month Period
|
Total Number of
Warrant Shares Purchased (1)
|
Average Price
per Warrant Share
|
Total Number of
Warrant Shares Purchased as Part of Publicly Announced Plans or
Programs (2)
|
Maximum Number
of Warrant Shares that May Yet be Purchased Under Announced Plans
or Programs (3)
|
October 1, 2019
through October 31, 2019
|
3,197,819
|
$0.38
|
-
|
14,508,924
|
November 1, 2019
through November 30, 2019
|
-
|
-
|
-
|
-
|
December 1, 2019
through December 31, 2019
|
-
|
-
|
-
|
-
|
Total
|
3,197,819
|
$0.38
|
-
|
14,508,924
|
Fiscal
Month Period
|
Total Number of
Shares Purchased (1)
|
Weighted Average
Price per Share
|
Total Number of
Shares Purchased as Part of Publicly Announced Plans or
Programs
|
Maximum Number
of Shares that May Yet be Purchased Under Announced Plans or
Programs
|
October 1, 2019
through October 31, 2019
|
87,179
|
$1.15
|
-
|
-
|
November 1, 2019
through November 30, 2019
|
-
|
-
|
-
|
-
|
December 1, 2019
through December 31, 2019
|
-
|
-
|
-
|
-
|
Total
|
87,179
|
$1.15
|
-
|
-
|
Exhibit Number
|
|
Description
|
|
Filed Herewith
|
|
Form
|
|
Filing Date
|
|
SEC File No.
|
|
Certification
of Chief Executive Officer.
|
|
X
|
|
|
|
|
|
|
|
|
Certification
of Chief Financial Officer.
|
|
X
|
|
|
|
|
|
|
|
|
Certification
of principal executive officer pursuant to 18 U.S.C. Section 1350,
as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of
2002.
|
|
X
|
|
|
|
|
|
|
|
|
Certification
of principal financial officer pursuant to 18 U.S.C. Section 1350,
as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of
2002.
|
|
X
|
|
|
|
|
|
|
|
101.INS
|
|
XBRL
Instance Document.
|
|
X
|
|
|
|
|
|
|
101.SCH
|
|
XBRL
Taxonomy Extension Schema Document.
|
|
X
|
|
|
|
|
|
|
101.CAL
|
|
XBRL
Taxonomy Extension Calculation Linkbase Document.
|
|
X
|
|
|
|
|
|
|
101.LAB
|
|
XBRL
Taxonomy Extension Label Linkbase Document.
|
|
X
|
|
|
|
|
|
|
101.PRE
|
|
XBRL
Taxonomy Extension Presentation Linkbase Document.
|
|
X
|
|
|
|
|
|
|
101.DEF
|
|
XBRL
Taxonomy Extension Definition Linkbase Document.
|
|
X
|
|
|
|
|
|
|
|
|
Palatin Technologies, Inc.
|
|
|
|
(Registrant)
|
|
|
|
|
|
|
|||
|
|||
|
|
/s/
Carl Spana
|
|
Date:
February 10, 2020
|
|
Carl
Spana, Ph.D.
President
and
Chief
Executive Officer (Principal
Executive
Officer)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
/s/ Stephen T. Wills
|
|
Date:
February 10, 2020
|
|
Stephen
T. Wills, CPA, MST
Executive
Vice President, Chief Financial Officer and Chief Operating
Officer
(Principal
Financial and Accounting Officer)
|
|
1 Year Palatin Technologies Chart |
1 Month Palatin Technologies Chart |
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