Palatin Technologies, Inc.
PTNHealthcare|Biotechnology|US
$6.27
+0.56 (+9.81%)
Tangible Book / Share
$1.71
Cash / Share
$1.91
Financials
Financial Snapshot
Market Cap
$11.2M
Enterprise Value
$3.9M
Revenue (TTM)
$13.2M
Net Income (TTM)
-$8.4M
Cash & Investments
$7.5M
Net Cash
$7.3M
Free Cash Flow (TTM)
-$13.6M
Operating CF (TTM)
-$13.5M
Debt/Equity
0.03
Cash Runway & Burn Rate
Cash on Hand
$7.5M
Quarterly Burn
$3.4M
Monthly Burn
$1.1M
Est. Runway
~2.2 quarters
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $40.5M | $38.0M | $43.5M | $82.9M | $60.1M | $29.9M | $11.0M | $9.5M | $2.6M | $7.5M | $7.5M | |
| Operating Cash Flow | $12.9M | $1.7M | -$21.8M | $41.3M | -$22.6M | -$29.9M | -$28.4M | -$31.5M | -$21.3M | -$13.5M | -$13.5M | |
| Free Cash Flow | $12.7M | $1.7M | -$21.8M | $41.3M | -$22.7M | -$30.2M | -$28.9M | -$31.5M | -$21.3M | -$13.6M | -$13.6M | |
| Capital Expenditure | -$133.4K | -$22.5K | -$36.1K | -$62.9K | -$5.7K | -$261.4K | -$433.9K | -$42.5K | -$3.00 | -$51.3K | -$51.3K | |
| Financing Cash Flow | $18.3M | -$4.1M | $27.3M | -$1.9M | -$93.6K | $18.4K | $9.9M | $20.5M | $11.2M | $18.5M | $18.5M |
R&D Spending
R&D (TTM)
$12.4M
R&D Intensity
93.8%
R&D Growth vs Prior
+0.0%
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $44.7M | $67.1M | $60.3M | $118.0K | -$188.6K | $1.5M | $4.9M | $4.5M | $0.00 | $13.2M | $13.2M | |
| R&D Expense | $45.7M | $32.6M | $14.9M | $14.0M | $12.9M | $21.3M | $22.6M | $22.4M | $14.9M | $12.4M | $12.4M | |
| R&D % of Revenue | 102.1% | 48.5% | 24.6% | 11831.1% | -6854.1% | 1452.4% | 466.3% | 498.9% | — | 93.8% | 93.8% | |
| SG&A | $9.6M | $8.6M | $9.7M | $9.8M | $17.3M | $16.5M | $15.3M | $12.3M | $7.8M | $9.5M | $9.5M |
Income Statement
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $44.7M | $67.1M | $60.3M | $118.0K | -$188.6K | $1.5M | $4.9M | $4.5M | $0.00 | $13.2M | $13.2M | |
| Cost of Revenue | $45.7M | $32.6M | $14.9M | $0.00 | $147.8K | $217.5K | $418.5K | $97.6K | $0.00 | $62.7K | $48.3K | |
| Gross Profit | -$959.3K | $34.6M | $45.4M | $118.0K | -$336.4K | $1.3M | $4.4M | $4.4M | $0.00 | $13.1M | $13.2M | |
| R&D | $45.7M | $32.6M | $14.9M | $14.0M | $12.9M | $21.3M | $22.6M | $22.4M | $14.9M | $12.4M | $12.4M | |
| SG&A | $9.6M | $8.6M | $9.7M | $9.8M | $17.3M | $16.5M | $15.3M | $12.3M | $7.8M | $9.5M | $9.5M | |
| Operating Income | -$10.6M | $25.9M | $35.7M | -$23.6M | -$33.4M | -$36.6M | -$32.5M | -$22.5M | -$17.5M | -$8.7M | -$8.7M | |
| Interest Expense | $2.3M | $1.5M | $417.6K | $20.1K | $0.00 | $29.7K | $20.0K | $17.1K | $15.0K | $6.7K | $6.7K | |
| Pretax Income | -$12.8M | $24.8M | $35.8M | -$22.4M | -$33.6M | -$36.2M | -$28.7M | -$29.7M | -$17.3M | -$8.4M | -$8.4M | |
| Net Income | -$13.3M | $24.7M | $35.8M | -$22.4M | -$33.6M | -$36.2M | -$24.0M | -$29.7M | -$17.3M | -$8.4M | -$8.4M | |
| EPS (Diluted) | -1.81 | 2.98 | 4.12 | -2.38 | -3.55 | -3.79 | -2.21 | -2.02 | -32.15 | -2.96 | -4.76 | |
| EBITDA | -$10.5M | $26.0M | $35.8M | -$22.3M | -$33.5M | -$36.0M | -$28.4M | -$29.4M | -$17.0M | -$8.6M | -$8.4M | |
| Shares Out. (M) | 7.36 | 8.28 | 8.69 | 9.39 | 9.47 | 9.54 | 10.89 | 14.70 | 0.54 | 2.83 | 3.92 |
Balance Sheet
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $40.2M | $38.0M | $43.5M | $82.9M | $60.1M | $29.9M | $8.0M | $9.5M | $2.6M | $7.5M | $7.5M | |
| Short-Term Investments | $249.8K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $3.0M | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Current Assets | $56.6M | $38.5M | $104.4M | $83.6M | $65.9M | $34.6M | $16.3M | $9.8M | $2.9M | $8.2M | $8.2M | |
| Total Assets | $56.8M | $39.0M | $104.7M | $85.1M | $67.3M | $36.1M | $17.9M | $10.7M | $3.3M | $8.5M | $8.5M | |
| Total Current Liabilities | $55.0M | $10.8M | $4.2M | $3.9M | $10.5M | $16.3M | $15.1M | $9.7M | $8.0M | $1.8M | $1.8M | |
| Long-Term Debt | $6.3M | $332.9K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Liabilities | $62.0M | $12.1M | $4.2M | $4.9M | $17.6M | $19.8M | $19.9M | $10.9M | $8.0M | $1.8M | $1.8M | |
| Stockholders' Equity | -$5.2M | $27.0M | $100.5M | $80.2M | $49.7M | $16.3M | -$2.0M | -$111.5K | -$4.8M | $6.7M | $6.7M | |
| Retained Earnings | -$356.7M | -$332.0M | -$295.8M | -$318.2M | -$351.8M | -$388.0M | -$412.0M | -$441.8M | -$459.1M | -$467.5M | -$467.5M |
Cash Flow Statement
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $12.9M | $1.7M | -$21.8M | $41.3M | -$22.6M | -$29.9M | -$28.4M | -$31.5M | -$21.3M | -$13.5M | -$13.5M | |
| Capital Expenditure | -$133.4K | -$22.5K | -$36.1K | -$62.9K | -$5.7K | -$261.4K | -$433.9K | -$42.5K | -$3.00 | -$51.3K | -$51.3K | |
| Free Cash Flow | $12.7M | $1.7M | -$21.8M | $41.3M | -$22.7M | -$30.2M | -$28.9M | -$31.5M | -$21.3M | -$13.6M | -$13.6M | |
| Investing Cash Flow | $991.6K | $227.5K | -$36.1K | -$62.9K | -$5.7K | -$261.4K | -$3.4M | $12.5M | $3.1M | -$51.3K | -$51.3K | |
| Financing Cash Flow | $18.3M | -$4.1M | $27.3M | -$1.9M | -$93.6K | $18.4K | $9.9M | $20.5M | $11.2M | $18.5M | $18.5M | |
| Issuance of Stock | $23.9M | $1.3M | $33.1M | $1.6M | $0.00 | $0.00 | $10.1M | $14.7M | $8.0M | $18.5M | $18.5M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | -$93.6K | -$221.3K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | -$5.7M | -$8.0M | -$6.5M | -$832.9K | $0.00 | -$56.5K | -$100.9K | -$106.4K | -$46.0K | $0.00 | $0.00 | |
| Stock Based Comp. | $1.8M | $3.5M | $3.5M | $3.1M | $3.2M | $2.5M | $1.4M | $1.9M | $1.4M | $1.3M | $1.3M | |
| Net Change in Cash | $32.2M | -$2.2M | $5.5M | $39.3M | -$22.7M | -$30.2M | -$21.9M | $1.5M | -$7.0M | $4.9M | $4.9M |
Dilution Tracker
Shares Outstanding
2M
5-Year Share Growth
-70.1%
Stock Issuance (TTM)
$18.5M
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 7.36 | 8.28 | 8.69 | 9.39 | 9.47 | 9.54 | 10.89 | 14.70 | 0.54 | 2.83 | 3.92 | |
| Change vs Prior % | — | 12.5% | 4.9% | 8.1% | 0.8% | 0.8% | 14.1% | 35.0% | -96.3% | 425.2% | 38.7% | |
| Stock Issuance | $23.9M | $1.3M | $33.1M | $1.6M | $0.00 | $0.00 | $10.1M | $14.7M | $8.0M | $18.5M | $18.5M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | -$93.6K | -$221.3K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $1.8M | $3.5M | $3.5M | $3.1M | $3.2M | $2.5M | $1.4M | $1.9M | $1.4M | $1.3M | $1.3M |
Margins & Profitability
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | -2.1% | 51.5% | 75.4% | 100.0% | 178.4% | 85.2% | 91.4% | 97.8% | — | 99.5% | 99.8% | |
| Operating Margin % | -23.6% | 38.6% | 59.3% | -20007.6% | 17701.3% | -2491.6% | -668.7% | -501.0% | — | -65.7% | -65.7% | |
| Net Margin % | -29.8% | 36.8% | 59.3% | -19006.9% | 17799.2% | -2465.1% | -495.2% | -662.3% | — | -63.5% | -63.5% | |
| EBITDA Margin % | -23.5% | 38.7% | 59.4% | -18935.4% | 17774.4% | -2454.4% | -585.2% | -654.3% | — | -65.3% | -63.6% | |
| FCF Margin % | 28.5% | 2.5% | -36.2% | 34972.4% | 12011.7% | -2055.5% | -594.5% | -701.6% | — | -103.0% | -103.0% | |
| ROE % | 258.1% | 91.6% | 35.6% | -28.0% | -67.6% | -222.5% | 1214.1% | 26669.9% | 362.3% | -125.3% | -115.0% | |
| ROA % | -23.5% | 63.3% | 34.2% | -26.4% | -49.9% | -100.4% | -134.0% | -276.8% | -529.8% | -98.3% | -98.3% | |
| ROIC % | -108.8% | 75.6% | 35.4% | -29.0% | -58.4% | -180.4% | -831.5% | -1488.7% | 378.5% | -125.4% | -125.4% | |
| R&D / Revenue % | 102.1% | 48.5% | 24.6% | 11831.1% | -6854.1% | 1452.4% | 466.3% | 498.9% | — | 93.8% | 93.8% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | 50.1% | -10.2% | -99.8% | -259.8% | 878.6% | 230.5% | -7.5% | -100.0% | 0.0% | |
| Gross Profit | -2128.3% | 3703.3% | 31.5% | -99.7% | -385.1% | 471.8% | 254.6% | -1.0% | -100.0% | 0.0% | |
| Operating Income | 78.5% | 345.3% | 37.9% | -166.0% | -41.4% | -9.6% | 11.3% | 30.7% | 22.4% | 50.4% | |
| Net Income | 74.2% | 285.3% | 44.8% | -162.7% | -49.7% | -7.8% | 33.6% | -23.7% | 41.8% | 51.6% | |
| EPS (Diluted) | 78.1% | 264.6% | 38.3% | -157.8% | -49.2% | -6.8% | 41.7% | 8.6% | -1491.6% | 90.8% | |
| Operating Cash Flow | 127.2% | -86.8% | -1379.0% | 289.7% | -154.8% | -32.1% | 5.0% | -10.7% | 32.3% | 36.5% | |
| Free Cash Flow | 126.9% | -86.8% | -1398.2% | 289.1% | -154.9% | -33.2% | 4.4% | -9.2% | 32.4% | 36.2% | |
| R&D Expense | 6.1% | -28.7% | -54.4% | -6.0% | -7.4% | 65.0% | 6.1% | -1.0% | -33.5% | -17.0% | |
| SG&A Expense | 55.5% | -10.1% | 12.2% | 0.7% | 77.5% | -4.8% | -7.4% | -19.8% | -36.4% | 21.4% | |
| Total Assets | 414.2% | -31.3% | 168.4% | -18.8% | -20.9% | -46.4% | -50.3% | -40.1% | -69.6% | 160.9% | |
| Book Value / Share | 75.0% | 585.2% | 255.7% | -29.4% | -38.6% | -67.5% | -110.7% | 95.8% | -116867.3% | 126.7% | |
| Debt | -28.4% | -55.5% | -94.7% | 280.3% | -1.1% | -7.9% | -8.9% | -43.8% | -72.3% | 36.6% | |
| Diluted Shares | 17.6% | 12.5% | 4.9% | 8.1% | 0.8% | 0.8% | 14.1% | 35.0% | -96.3% | 425.2% |
Valuation
P/E (TTM)At Loss
P/S0.85
10Y Low / Med / High2.31 / 235.59 / 50720.51
P/B3.68
10Y Low / Med / High4.56 / 145.37 / 356.31
EV/EBITDAAt Loss
EV/Revenue0.30
10Y Low / Med / High1.76 / 234.16 / 50029.03
P/FCFAt Loss
10Y Low / Med / High145.03 / 310.47 / 5716.77
Intrinsic Value Models (per share)
Tangible Book / Share
$1.71
Net Current Assets / Share
$3.55
Graham Net-Net
$1.50
Cash / Share
$1.91
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -296.96 | 388.62 | 316.13 | -267.86 | -214.79 | -92.35 | -47.51 | -46.04 | -0.22 | -3.65 | -1.19 | |
| P/S Ratio | 88.50 | 143.11 | 187.69 | 50720.51 | -38271.17 | 2274.71 | 235.59 | 304.41 | 0.00 | 2.31 | 0.85 | |
| P/B Ratio | -766.34 | 356.31 | 112.56 | 74.64 | 145.37 | 205.33 | -577.55 | -12258.89 | -0.79 | 4.56 | 3.68 | |
| EV/EBITDA | -374.10 | 368.55 | 314.91 | -264.21 | -213.56 | -91.88 | -40.01 | -46.22 | -0.08 | -2.70 | -0.46 | |
| EV/Revenue | 87.91 | 142.64 | 186.98 | 50029.03 | -37959.12 | 2255.11 | 234.16 | 302.42 | 0.00 | 1.76 | 0.30 |
Analyst Estimates & Quality
Altman Z-Score
-73.96
Distress
Piotroski F-Score
4
Moderate
Forward Estimates (consensus)
| Metric | FY2027 | FY2028 | FY2029 |
|---|---|---|---|
| Revenue | $8.6M | $7.3M | $500.0K |
| Net Income | -$6.3M | -$6.0M | -$7.6M |
| EPS | $-2.18 | $-2.13 | $-2.69 |
| # Analysts (EPS) | 2 | 2 | 1 |
Revenue Segments
By Product
| Segment | 2021 | 2022 |
|---|---|---|
| License and Contract | $94.7K | — |
| Product Revenue | $4.7M | $1.2M |