The company's equity base is severely impaired by a massive accumulated deficit of -$463.1 million as of 2026Q3, reflecting a long-term failure to achieve profitable operations.
| Metric | TTM | Jun'25 | Jun'24 | Jun'23 | Jun'22 | Jun'21 | Jun'20 | Jun'19 | Jun'18 | Jun'17 | Jun'16 | Jun'15 | Jun'14 | Jun'13 | Jun'12 | Jun'11 | Jun'10 | Jun'09 | Jun'08 | Jun'07 | Jun'06 | Jun'05 | Jun'04 | Jun'03 | Jun'02 | Jun'01 | Jun'00 | Jun'99 | Jun'98 | Jun'97 | Jun'96 |
|---|
| Total Current Assets | 12.79M | 2.92M | 9.77M | 16.32M | 34.6M | 65.91M | 83.59M | 104.41M | 38.51M | 56.58M | 10.81M | 29.2M | 12.34M | 24.75M | 4.74M | 19.26M | 9.26M | 8.82M | 13.26M | 35.39M | 32.19M | 26.82M | 20.84M | 18.83M | 8.29M | 11.66M | 6.51M | 2.9M | 4.9M | 13.1M | 6.86M |
| Cash & Short-Term Investments | 10.16M | 2.56M | 9.53M | 10.98M | 29.94M | 60.1M | 82.85M | 43.51M | 38M | 40.45M | 9.38M | 27.3M | 12.18M | 24.42M | 3.83M | 18.87M | 8.87M | 7.82M | 12.77M | 33.77M | 30.66M | 18.11M | 20.41M | 18.38M | 7.94M | 11.46M | 5.38M | 2.8M | 4.5M | 12.8M | 6.79M |
| Cash Only | 10.16M | 2.56M | 9.53M | 7.99M | 29.94M | 60.1M | 82.85M | 43.51M | 38M | 40.2M | 8M | 27.3M | 12.18M | 19.17M | 3.83M | 18.87M | 5.41M | 4.38M | 9.42M | 31.45M | 28.33M | 15.72M | 17.95M | 14.29M | 7.94M | 11.46M | 3.22M | 2.3M | 4.5M | 12.8M | 6.79M |
| Short-Term Investments | 0 | 0 | 0 | 2.99M | 0 | 0 | 0 | 0 | 0 | 249.84K | 1.38M | 0 | 0 | 5.25M | 0 | 0 | 3.46M | 3.44M | 3.35M | 2.32M | 2.33M | 2.39M | 2.47M | 4.09M | 0 | 0 | 2.16M | 500K | 0 | 0 | 0 |
| Accounts Receivable | 2.17M | 29.47K | 0 | 2.92M | 1.78M | 1.58M | 0 | 60.27M | 0 | 15.12M | 0 | 0 | 0 | 0 | 27.63K | 131.15K | 2.88K | 508.53K | 5.75K | 607.84K | 69.59K | 5.44M | 0 | 0 | 0 | 0 | 953.16K | 0 | 0 | 100K | 4.57K |
| Days Sales Outstanding | 76.06 | - | - | 219.27 | 442.44 | -3.06K | - | 364.79 | - | 123.37 | - | - | - | - | 136.78 | 32.44 | 0.07 | 16.35 | 0.18 | 15.4 | 1.29 | 110.6 | - | - | - | - | 67.99 | - | - | 52.14 | 83.48 |
| Inventory | 0 | 0 | 0 | 526K | 944.47K | 1.16M | 0 | 149.74K | 0 | 840.03K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.38M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | 458.79 | 1.58K | 2.87K | - | 3.68 | - | 6.71 | - | - | - | - | - | - | - | - | - | - | - | 584.35 | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 458.54K | 325.69K | 147.25K | 1.08M | 1.12M | 2.35M | 609.85K | 487.55K | 325.09K | 171.19K | 143.86K | 225.1K | 131.25K | 0 | 350K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.16M | 0 | 179.79K | 100K | 400K | 200K | 0 |
| Total Non-Current Assets | 440.09K | 347.53K | 972.6K | 1.62M | 1.47M | 1.39M | 1.46M | 321.45K | 502.95K | 255.07K | 244.23K | 278.44K | 218.06K | 324.55K | 643.64K | 1.91M | 3.13M | 4.38M | 5.86M | 7.39M | 7.86M | 8.35M | 3.54M | 3.89M | 4.06M | 2.58M | 2.38M | 1.8M | 1.6M | 1M | 178.9K |
| Property, Plant & Equipment | 418.46K | 290.61K | 915.68K | 1.56M | 1.42M | 1.33M | 1.41M | 141.54K | 164.03K | 198.15K | 97.8K | 123.16K | 160.75K | 266.42K | 318.65K | 1.31M | 2.39M | 3.65M | 5.13M | 6.07M | 6.35M | 6.46M | 2.93M | 3.4M | 2.42M | 1.92M | 1.57M | 1.5M | 1.6M | 900K | 96.35K |
| Fixed Asset Turnover | 36.44x | - | 4.90x | 3.11x | 1.04x | -0.14x | 0.08x | 426.03x | 409.27x | 225.70x | - | 105.16x | - | 0.04x | 0.23x | 1.13x | 5.94x | 3.11x | 2.24x | 2.37x | 3.11x | 2.78x | 0.79x | 0.37x | 0.12x | 0.93x | 3.25x | 0.40x | 0.06x | 0.78x | 0.21x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 100K | 100K | 4.57K |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 21.63K | 56.92K | 56.92K | 56.92K | 56.92K | 56.92K | 56.92K | 179.92K | 338.92K | 56.92K | 146.43K | 155.28K | 57.31K | 58.13K | 324.99K | 604.79K | 736.7K | 729.36K | 732.2K | 1.32M | 1.51M | 1.88M | 603K | 491.46K | 1.65M | 658.09K | 804.09K | 300K | -100K | 0 | 0 |
| Total Assets | 13.23M | 3.27M | 10.74M | 17.94M | 36.07M | 67.3M | 85.05M | 104.74M | 39.02M | 56.83M | 11.05M | 29.47M | 12.56M | 25.07M | 5.38M | 21.17M | 12.39M | 13.2M | 19.12M | 42.78M | 40.05M | 35.17M | 24.38M | 22.72M | 12.36M | 14.24M | 8.89M | 4.7M | 6.5M | 14.1M | 7.04M |
| Asset Turnover | 1.20x | - | 0.42x | 0.27x | 0.04x | -0.00x | 0.00x | 0.58x | 1.72x | 0.79x | - | 0.44x | - | 0.00x | 0.01x | 0.07x | 1.14x | 0.86x | 0.60x | 0.34x | 0.49x | 0.51x | 0.09x | 0.06x | 0.02x | 0.13x | 0.58x | 0.13x | 0.02x | 0.05x | 0.00x |
| Asset Growth % | 653.32% | -69.59% | -40.12% | -50.27% | -46.4% | -20.88% | -18.79% | 168.44% | -31.35% | 414.25% | -62.5% | 134.69% | -49.91% | 366.02% | -74.59% | 70.9% | -6.14% | -30.98% | -55.3% | 6.83% | 13.88% | 44.25% | 7.3% | 83.85% | -13.24% | 60.31% | 89.05% | -27.69% | -53.9% | 100.25% | - |
| Total Current Liabilities | 2.54M | 8.01M | 9.66M | 15.13M | 16.26M | 10.51M | 3.93M | 4.19M | 10.76M | 54.96M | 13.99M | 7.36M | 2.77M | 2.06M | 3.46M | 2.81M | 2.39M | 8.67M | 5M | 9.56M | 12.45M | 13.05M | 4.96M | 3.99M | 3.67M | 2.3M | 1.98M | 2.4M | 2.5M | 2.7M | 2.36M |
| Accounts Payable | 1.69M | 7M | 4.1M | 4.3M | 3.16M | 640.65K | 715.67K | 504.79K | 2.22M | 1.55M | 713.89K | 1.11M | 261.28K | 338.73K | 294.89K | 496.91K | 155.79K | 206.36K | 635.18K | 1.12M | 3.09M | 4.77M | 2.02M | 1.34M | 1.58M | 1.13M | 1.01M | 1.1M | 500K | 300K | 214.42K |
| Days Payables Outstanding | 62.75K | - | 15.33K | 3.75K | 5.3K | 1.58K | - | 12.4 | 24.92 | 12.4 | 6.05K | 16.44 | 8.84 | 11.74 | - | - | - | - | - | - | 482.21 | 2.02K | - | - | - | - | -1.38K | -267.67 | -96.05 | -219 | - |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 332.9K | 5.95M | 7.82M | 5.37M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 263.13K | 216.84K | 86.56K | 11.27K | 33.49K | 188.01K | 0 | 0 | 0 | 0 | 900K | 900K | 1.41M |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.85M | 500M | 35.05M | 0 | 0 | 1M | 0 | 37.22K | 46.1K | 0 | 7M | 1.67M | 4.86M | 4M | 3.79M | 242K | 407.42K | 794.02K | 166.67K | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 0 | 0 | 2.72M | 5.42M | 7.3M | 3.72M | 0 | 499.52K | 487.49K | 0 | 0 | 0 | 0 | 0 | 2.67M | 374.09K | 0 | 0 | 0 | 0 | 0 | 0 | -394.42K | 0 | 0 | 0 | 968.17K | 1.3M | 1.1M | 1.5M | 0 |
| Current Ratio | 5.04x | 0.36x | 1.01x | 1.08x | 2.13x | 6.27x | 21.28x | 24.94x | 3.58x | 1.03x | 0.77x | 3.97x | 4.45x | 12.01x | 1.37x | 6.86x | 3.87x | 1.02x | 2.65x | 3.70x | 2.59x | 2.06x | 4.20x | 4.72x | 2.26x | 5.07x | 3.29x | 1.21x | 1.96x | 4.85x | 2.91x |
| Quick Ratio | 5.04x | 0.36x | 1.01x | 1.04x | 2.07x | 6.16x | 21.28x | 24.91x | 3.58x | 1.01x | 0.77x | 3.97x | 4.45x | 12.01x | 1.37x | 6.86x | 3.87x | 1.02x | 2.65x | 3.70x | 2.59x | 1.95x | 4.20x | 4.72x | 2.26x | 5.07x | 3.29x | 1.21x | 1.96x | 4.85x | 2.91x |
| Cash Conversion Cycle | -62.67K | - | - | -3.08K | -3.27K | -1.77K | - | 356.07 | - | 117.69 | - | - | - | - | - | - | - | - | - | - | - | -1.32K | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 97.46K | 33.97K | 1.2M | 4.79M | 3.54M | 7.13M | 953.35K | 0 | 1.29M | 7.04M | 14.64M | 9.91M | 1.26M | 35.46K | 92.59K | 175.04K | 675.67K | 1.22M | 7.57M | 14.68M | 9.3M | 12.89M | 30.2K | 76.43K | 2.37M | 27.78K | 1.01M | 2M | 600K | 1.6M | 1.84M |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 332.9K | 6.28M | 14.11M | 9.78M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 76.43K | 0 | 27.78K | 0 | 2M | 0 | 900K | 1.84M |
| Capital Lease Obligations | 260.49K | 33.97K | 163.78K | 590.34K | 681.8K | 900.52K | 953.35K | 0 | 0 | 0 | 14.32K | 41.75K | 0 | 0 | 19.91K | 42.19K | 14.28K | 33.95K | 121.63K | 275.13K | 229.59K | 18.93K | 30.2K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.18B | -5.97B | -12.44B | -6.71B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 1.03M | 4.2M | 2.86M | 6.23M | 0 | 0 | 456.04K | 753.96K | 439.13K | 91.3K | 0 | 35.46K | 72.68K | 132.85K | 661.39K | 0 | 7.45M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 600K | 700K | 0 |
| Total Liabilities | 2.63M | 8.04M | 10.85M | 19.92M | 19.8M | 17.65M | 4.88M | 4.19M | 12.05M | 62M | 28.64M | 17.27M | 2.77M | 2.1M | 3.55M | 2.98M | 3.07M | 9.89M | 12.57M | 24.25M | 21.75M | 25.94M | 4.99M | 4.06M | 3.67M | 2.33M | 1.98M | 4.4M | 3.1M | 4.3M | 4.2M |
| Total Debt | 286.66K | 163.78K | 590.34K | 1.05M | 1.15M | 1.25M | 1.27M | 332.9K | 6.28M | 14.12M | 19.72M | 9.85M | 0 | 19.91K | 42.19K | 77.11K | 33.95K | 121.63K | 384.76K | 491.97K | 316.15K | 30.2K | 63.69K | 264.45K | 0 | 27.78K | 0 | 2M | 900K | 1.8M | 3.26M |
| Net Debt | -9.87M | -2.4M | -8.94M | -6.94M | -28.79M | -58.85M | -81.59M | -43.18M | -31.72M | -26.08M | 11.71M | -17.45M | -12.18M | -19.15M | -3.79M | -18.79M | -5.37M | -4.26M | -9.04M | -30.96M | -28.02M | -15.69M | -17.88M | -14.03M | -7.94M | -11.43M | -3.22M | -300K | -3.6M | -11M | -3.54M |
| Debt / Equity | 0.03x | - | - | - | 0.07x | 0.03x | 0.02x | 0.00x | 0.23x | - | - | 0.81x | - | 0.00x | 0.02x | 0.00x | 0.00x | 0.04x | 0.06x | 0.03x | 0.02x | 0.00x | 0.00x | 0.01x | - | 0.00x | - | 6.67x | 0.26x | 0.18x | 1.15x |
| Debt / EBITDA | -0.04x | - | - | - | - | - | - | 0.01x | 0.24x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 1.54x | - | - | - | - | - | - | -1.21x | -1.22x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | -889.91x | -1150.90x | -1736.53x | -1433.65x | -1218.54x | - | -1112.45x | 85.60x | 17.86x | -4.61x | -19.60x | -26.50x | -2538.84x | -2687.79x | -1758.81x | -1267.46x | -211.00x | -249.15x | - | - | - | - | - | - | - | - | - | - | - | - | -9.48x |
| Total Equity | 10.59M | -4.78M | -111.5K | -1.98M | 16.27M | 49.65M | 80.17M | 100.55M | 26.96M | -5.16M | -17.59M | 12.2M | 9.79M | 22.98M | 1.83M | 18.19M | 9.32M | 3.31M | 6.55M | 18.53M | 18.3M | 9.23M | 19.39M | 18.66M | 8.69M | 11.92M | 6.91M | 300K | 3.4M | 9.8M | 2.84M |
| Equity Growth % | -3533.78% | -4184.46% | 94.37% | -112.17% | -67.24% | -38.07% | -20.27% | 272.89% | 622.11% | 70.63% | -244.09% | 24.68% | -57.4% | 1155.03% | -89.94% | 95.23% | 181.22% | -49.43% | -64.64% | 1.27% | 98.37% | -52.41% | 3.91% | 114.77% | -27.1% | 72.56% | 2201.72% | -91.18% | -65.31% | 245.29% | - |
| Book Value per Share | 9.64 | -8.87 | -0.01 | -0.18 | 1.70 | 5.25 | 8.54 | 11.58 | 3.26 | -0.70 | -2.81 | 2.52 | 2.29 | 5.88 | 1.31 | 22.64 | 23.62 | 9.59 | 19.22 | 60.80 | 75.80 | 42.82 | 101.63 | 164.45 | 152.99 | 294.04 | 232.00 | 12.63 | 264.76 | 837.89 | 0.12 |
| Total Shareholders' Equity | 10.59M | -4.78M | -111.5K | -1.98M | 16.27M | 49.65M | 80.17M | 100.55M | 26.96M | -5.16M | -17.59M | 12.2M | 9.79M | 22.98M | 1.83M | 18.19M | 9.32M | 3.31M | 6.55M | 18.53M | 18.3M | 9.23M | 19.39M | 18.66M | 8.69M | 11.92M | 6.91M | 300K | 3.4M | 9.8M | 2.84M |
| Common Stock | 17.76K | 9.3K | 179.27K | 116.57K | 92.71K | 92.02K | 2.29M | 2.27M | 2.01M | 1.61M | 685.68K | 571.28K | 394.17K | 391.17K | 349.01K | 349.01K | 117.03K | 866.63K | 855.24K | 851.27K | 708.78K | 542.37K | 527.91K | 429.94K | 174.23K | 112K | 79.02K | 100K | 0 | 0 | 115.39K |
| Retained Earnings | -463.09M | -459.07M | -441.77M | -412.03M | -387.99M | -351.8M | -318.2M | -295.77M | -332.05M | -356.74M | -343.41M | -291.7M | -274.03M | -260.11M | -239.24M | -221.99M | -209.17M | -207.38M | -202.58M | -188.2M | -160.44M | -131.48M | -117.13M | -90.81M | -70.24M | -54.11M | -43.51M | -35.3M | -23.3M | -13.4M | -8.13M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.67K |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.34M | -590 | -1.94K | -2.21M | -2.09M | -1.98M | -8.24M | -11.49M | 138.65K | 116.11K | 29.12K | -6.62M | -54.74K | -3.96M | -163.18K | -49.78K | -43.34K | -80.12K | -914.85K | -700K | -500K | -200K | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity and dilution
As reported in recent financial filings, Palatin's total assets have fluctuated significantly, dropping from $17.9 million in 2026Q2 to $13.2 million by 2026Q3, reflecting a volatile capital trajectory that underscores the company's ongoing struggle to maintain a stable foundation for its clinical development programs.
The rapid contraction in asset value suggests that the company is consuming its limited resources at an unsustainable pace to fund R&D. This downward trend in asset accumulation indicates that the business model remains highly dependent on external capital injections rather than internal value creation.
According to historical balance sheet data, Palatin has sustained a massive accumulated deficit, with retained earnings reaching -$463.1 million as of 2026Q3, which effectively hollows out the company's equity base and highlights the persistent failure to achieve profitable commercial operations over the long term.
The negative equity position observed in multiple prior quarters suggests that the company has historically relied on dilutive financing to survive. Investors should interpret this as a sign that shareholder value has been consistently eroded by the necessity of funding clinical trials through equity issuance.
Based on the most recent quarterly data, the company's cash position of $10.2 million in 2026Q3 provides a limited runway, especially when viewed against the backdrop of historical quarterly burn rates that have frequently exceeded the company's ability to generate internal cash flow from operations.
While the current ratio of 5.04 appears superficially healthy, it is heavily influenced by the timing of cash infusions rather than operational efficiency. The lack of recurring revenue suggests that this liquidity buffer is likely to be depleted rapidly, necessitating further capital raises that may be dilutive.
As disclosed in financial statements, the company's asset base is almost entirely devoid of tangible, income-generating assets, with net PPE declining to $418.5K in 2026Q3, which implies that the firm's value is tied exclusively to intangible clinical pipeline potential rather than operational infrastructure.
This asset-light profile is typical for clinical-stage biotech but creates significant valuation risk if clinical milestones are not met. The absence of meaningful tangible assets means there is little recovery value for shareholders should the primary pipeline candidates fail to achieve regulatory approval.
Quick answers to the most common questions about buying PTN stock.
As of 2025, Palatin Technologies, Inc. (PTN) had total assets of $3.3M including $2.9M in current assets.
Palatin Technologies, Inc. (PTN) carries total debt of $0.2M, offset by $2.6M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Palatin Technologies, Inc. (PTN) has total shareholders' equity (book value) of $-4.8M ($-8.87 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Palatin Technologies, Inc. (PTN) reported a current ratio of 0.36x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.