Revenue performance remains highly volatile, characterized by a -100% year-over-year decline in multiple periods, which underscores a lack of sustainable commercial traction.
| 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 |
|---|
| Sales/Revenue | 12.88M | 0 | 4.49M | 4.85M | 1.47M | -188.6K | 117.99K | 60.3M | 67.13M | 44.72M | 0 | 12.95M | 0 | 10.36K | 73.74K | 1.48M | 14.18M | 11.35M | 11.48M | 14.41M | 19.75M | 17.96M | 2.32M | 1.27M | 281.36K | 1.79M | 5.12M | 600K | 100K | 700K | 20K |
| Revenue Growth % | 3581.22% | -100% | -7.49% | 230.53% | 878.62% | -259.84% | -99.8% | -10.18% | 50.11% | - | -100% | - | -100% | -85.95% | -95% | -89.6% | 24.92% | -1.15% | -20.29% | -27.05% | 9.98% | 675.64% | 82.29% | 351.39% | -84.27% | -65.06% | 752.85% | 500% | -85.71% | 3400% | - |
| Cost of Goods Sold | 31.34K | 0 | 97.64K | 418.47K | 217.53K | 147.84K | 0 | 14.86M | 32.57M | 45.68M | 43.05K | 24.56M | 10.79M | 10.53M | 0 | 0 | 0 | 0 | 0 | 0 | 2.34M | 863.33K | 0 | 0 | 0 | 0 | -267.05K | -1.5M | -1.9M | -500K | 0 |
| COGS % of Revenue | - | - | 2.17% | 8.62% | 14.81% | -78.39% | - | 24.64% | 48.51% | 102.14% | - | 189.63% | - | 101618.48% | - | - | - | - | - | - | 11.85% | 4.81% | - | - | - | - | -5.22% | -250% | -1900% | -71.43% | - |
| Gross Profit | 12.85M | 0 | 4.39M | 4.44M | 1.25M | -336.44K | 117.99K | 45.44M | 34.57M | -959.35K | -43.05K | -11.61M | -10.79M | -10.52M | 73.74K | 1.48M | 14.18M | 11.35M | 11.48M | 14.41M | 17.41M | 17.09M | 2.32M | 1.27M | 281.36K | 1.79M | 5.38M | 2.1M | 2M | 1.2M | 20K |
| Gross Margin % | 99.76% | - | 97.83% | 91.38% | 85.19% | 178.39% | 100% | 75.36% | 51.49% | -2.15% | - | -89.63% | - | -101518.48% | 100% | 100% | 100% | 100% | 100% | 100% | 88.15% | 95.19% | 100% | 100% | 100% | 100% | 105.22% | 350% | 2000% | 171.43% | 100% |
| Gross Profit Growth % | - | -100% | -0.96% | 254.55% | 471.82% | -385.14% | -99.74% | 31.46% | 3703.34% | -2128.34% | 99.63% | -7.56% | -2.61% | -14364.85% | -95% | -89.6% | 24.92% | -1.15% | -20.29% | -17.24% | 1.83% | 638.35% | 82.29% | 351.39% | -84.27% | -66.79% | 156.39% | 5% | 66.67% | 5900% | - |
| Operating Expenses | 19.39M | 17.46M | 26.89M | 36.89M | 37.84M | 33.05M | 23.72M | 24.56M | 41.21M | 55.29M | 49.25M | 30.24M | 15.79M | 15.6M | 18.86M | 15.13M | 17.2M | 18.65M | 28.12M | 44.21M | 47.86M | 32.51M | 29.07M | 22.31M | 17.12M | 13.13M | 13.94M | 14.2M | 12M | 6.4M | 2.83M |
| OpEx % of Revenue | - | - | 598.84% | 760.13% | 2576.81% | -17522.9% | 20107.61% | 40.72% | 61.38% | 123.63% | - | 233.47% | - | 150521.39% | 25576.54% | 1025.37% | 121.26% | 164.32% | 244.84% | 306.87% | 242.33% | 181.02% | 1255.76% | 1756.34% | 6085.25% | 734.52% | 272.5% | 2366.67% | 12000% | 914.29% | 14150% |
| Selling, General & Admin | 9.4M | 7.81M | 12.27M | 15.29M | 16.51M | 17.34M | 9.77M | 9.7M | 8.64M | 9.61M | 6.18M | 5.68M | 4.96M | 5.07M | 5.05M | 4.75M | 4.9M | 5.3M | 6.93M | 7.29M | 6.84M | 7.46M | 5.74M | 4.87M | 5M | 3.02M | 4.57M | 4M | 3M | 2.5M | 1.25M |
| SG&A % of Revenue | - | - | 273.27% | 315.04% | 1124.44% | -9192.57% | 8276.51% | 16.08% | 12.87% | 21.49% | - | 43.84% | - | 48902.91% | 6842.98% | 322.06% | 34.56% | 46.66% | 60.33% | 50.63% | 34.65% | 41.55% | 247.91% | 383.2% | 1778.59% | 169.17% | 89.25% | 666.67% | 3000% | 357.14% | 6250% |
| Research & Development | 12.33M | 14.9M | 22.4M | 22.63M | 21.33M | 12.93M | 13.96M | 14.86M | 32.57M | 45.68M | 43.07M | 24.56M | 10.83M | 10.53M | 13.81M | 10.38M | 12.29M | 13.36M | 21.19M | 36.91M | 41.01M | 25.05M | 23.33M | 17.44M | 12.12M | 10.11M | 9.11M | 8.7M | 7.1M | 3.4M | 870K |
| R&D % of Revenue | - | - | 498.88% | 466.26% | 1452.37% | -6854.06% | 11831.1% | 24.64% | 48.51% | 102.14% | - | 189.63% | - | 101618.48% | 18733.56% | 703.31% | 86.69% | 117.66% | 184.51% | 256.24% | 207.68% | 139.47% | 1007.85% | 1373.15% | 4306.67% | 565.35% | 178.02% | 1450% | 7100% | 485.71% | 4350% |
| Other Operating Expenses | -1000K | -5.25M | -7.78M | -1.03M | 0 | 2.78M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 710K |
| Operating Income | -6.52M | -17.46M | -22.5M | -32.46M | -36.59M | -33.38M | -23.61M | 35.74M | 25.93M | -10.57M | -49.25M | -17.29M | -15.79M | -15.59M | -18.79M | -13.65M | -3.01M | -7.3M | -16.63M | -29.8M | -30.45M | -15.41M | -26.76M | -21.04M | -16.84M | -11.35M | -8.56M | -12.1M | -10M | -5.2M | -4.36M |
| Operating Margin % | -50.6% | - | -501.02% | -668.75% | -2491.63% | 17701.29% | -20007.61% | 59.28% | 38.62% | -23.63% | - | -133.47% | - | -150421.39% | -25476.54% | -925.37% | -21.26% | -64.32% | -144.84% | -206.87% | -154.19% | -85.83% | -1155.76% | -1656.34% | -5985.25% | -634.52% | -167.28% | -2016.67% | -10000% | -742.86% | -21800% |
| Operating Income Growth % | - | 22.39% | 30.69% | 11.29% | -9.6% | -41.42% | -166.04% | 37.87% | 345.3% | 78.54% | -184.91% | -9.49% | -1.3% | 17.04% | -37.59% | -352.94% | 58.72% | 56.1% | 44.19% | 2.13% | -97.57% | 42.4% | -27.2% | -24.92% | -48.42% | -32.55% | 29.26% | -21% | -92.31% | -19.27% | - |
| EBITDA | -6.42M | -17.2M | -22.16M | -32.17M | -36.1M | -33.33M | -23.54M | 35.8M | 25.98M | -10.54M | -49.21M | -17.17M | -15.68M | -15.47M | -17.84M | -12.52M | -1.74M | -5.94M | -15.24M | -28.35M | -29.19M | -14.34M | -26.09M | -20.46M | -15.68M | -11.06M | -8.29M | -10.6M | -8.1M | -4.7M | -4.29M |
| EBITDA Margin % | -49.83% | - | -493.47% | -662.81% | -2458.53% | 17674.18% | -19953.2% | 59.37% | 38.7% | -23.56% | - | -132.56% | - | -149341.92% | -24188.78% | -848.23% | -12.31% | -52.3% | -132.71% | -196.81% | -147.79% | -79.84% | -1126.74% | -1610.73% | -5574.08% | -618.41% | -162.06% | -1766.67% | -8100% | -671.43% | -21450% |
| EBITDA Growth % | 72.25% | 22.37% | 31.13% | 10.89% | -8.31% | -41.59% | -165.76% | 37.79% | 346.6% | 78.59% | -186.61% | -9.52% | -1.31% | 13.25% | -42.51% | -617.21% | 70.61% | 61.04% | 46.25% | 2.86% | -103.58% | 45.04% | -27.52% | -30.44% | -41.83% | -33.34% | 21.77% | -30.86% | -72.34% | -9.56% | - |
| D&A (Non-Cash Add-back) | 98.72K | 258.92K | 339.07K | 288.33K | 486.02K | 51.12K | 64.2K | 58.63K | 56.57K | 33.05K | 43.05K | 117.59K | 111.91K | 111.84K | 949.54K | 1.14M | 1.27M | 1.36M | 1.39M | 1.45M | 1.26M | 1.08M | 671.99K | 579.26K | 1.16M | 288.09K | 267.05K | 1.5M | 1.9M | 500K | 70K |
| EBIT | -6.46M | -17.29M | -29.72M | -28.69M | -36.17M | -33.6M | -22.41M | 35.74M | 25.93M | -10.54M | -49.25M | -17.54M | -15.77M | -22.61M | -18.31M | -13.44M | -2.78M | -6.52M | -16.63M | -29.8M | -30.45M | -15.41M | -26.76M | -21.04M | -16.84M | -11.35M | -8.56M | -12.09M | -10.07M | -5.2M | -4.36M |
| Net Interest Income | 207.21K | -15.03K | -17.11K | -20.01K | -29.68K | 23.57K | -20.14K | -417.56K | -1.45M | -2.29M | -2.51M | -661.7K | -6.21K | -8.41K | -10.41K | -10.61K | -13.16K | -26.16K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 214.46K | 0 | 0 | 0 | 0 | 23.57K | 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 |
| Interest Expense | 7.25K | 15.03K | 17.11K | 20.01K | 29.68K | 0 | 20.14K | 417.56K | 1.45M | 2.29M | 2.51M | 661.7K | 6.21K | 8.41K | 10.41K | 10.61K | 13.16K | 26.16K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -460K |
| Other Income/Expense | 270.13K | 152.59K | -7.24M | 3.75M | 390.15K | -212.39K | 1.18M | 28.71K | -1.14M | -2.26M | -2.46M | -910.91K | 12.71K | -7.03M | 463.97K | 200.07K | 223.47K | 758.13K | 956.96K | 1.27M | 825.08K | 473.77K | 199K | 225.51K | 308.83K | 782.47K | 500K | 0 | 466K | 300K | 460K |
| Pretax Income | -6.25M | -17.31M | -29.74M | -28.71M | -36.2M | -33.6M | -22.43M | 35.77M | 24.79M | -12.83M | -51.71M | -18.2M | -15.77M | -22.62M | -18.32M | -13.45M | -2.79M | -6.54M | -15.68M | -28.53M | -29.63M | -14.94M | -26.56M | -20.81M | -16.53M | -10.56M | -8.06M | 0 | -9.6M | -4.9M | -3.9M |
| Pretax Margin % | -48.5% | - | -662.26% | -591.55% | -2465.06% | 17813.91% | -19006.88% | 59.32% | 36.92% | -28.69% | - | -140.5% | - | -218274.12% | -24847.31% | -911.81% | -19.68% | -57.64% | -136.51% | -198.05% | -150.01% | -83.19% | -1147.17% | -1638.59% | -5875.49% | -590.76% | -157.51% | - | -9600% | -700% | -19500% |
| Income Tax | 0 | 0 | 0 | -4.67M | 0 | 0 | 0 | 0 | 82.5K | 500K | 0 | -531.51K | -1.85M | -1.75M | -1.07M | -637.39K | -998.41K | -1.74M | -1.29M | -778.31K | -666.27K | -580.27K | -240.84K | -245.09K | -392.41K | -325.15K | -376.34K | -100K | -100K | 100K | -460K |
| Effective Tax Rate % | 0% | 0% | 0% | 16.28% | 0% | 0% | 0% | 0% | 0.33% | -3.9% | 0% | 2.92% | 11.71% | 7.75% | 5.83% | 4.74% | 35.77% | 26.61% | 8.24% | 2.73% | 2.25% | 3.88% | 0.91% | 1.18% | 2.37% | 3.08% | 4.67% | - | 1.04% | -2.04% | 11.79% |
| Net Income | -6.25M | -17.31M | -29.74M | -24.04M | -36.2M | -33.57M | -22.43M | 35.77M | 24.7M | -13.33M | -51.71M | -17.67M | -13.93M | -20.86M | -17.25M | -12.82M | -1.79M | -4.8M | -14.38M | -27.75M | -28.96M | -14.36M | -26.32M | -20.57M | -16.14M | -10.6M | -8.18M | -12M | -9.9M | -5.3M | -3.44M |
| Net Margin % | -48.5% | - | -662.26% | -495.23% | -2465.06% | 17799.23% | -19006.88% | 59.32% | 36.8% | -29.81% | - | -136.4% | - | -201352.9% | -23398.58% | -868.61% | -12.64% | -42.3% | -125.26% | -192.64% | -146.64% | -79.96% | -1136.76% | -1619.29% | -5736.02% | -592.77% | -159.92% | -2000% | -9900% | -757.14% | -17200% |
| Net Income Growth % | 73.21% | 41.8% | -23.71% | 33.6% | -7.83% | -49.69% | -162.69% | 44.81% | 285.3% | 74.22% | -192.73% | -26.83% | 33.24% | -20.92% | -34.62% | -614.97% | 62.67% | 66.61% | 48.17% | 4.17% | -101.69% | 45.44% | -27.97% | -27.43% | -52.26% | -29.52% | 31.8% | -21.21% | -86.79% | -54.07% | - |
| Net Income (Continuing) | -6.25M | -17.31M | -29.74M | -24.04M | -36.2M | -33.6M | -22.43M | 35.77M | 24.7M | -13.33M | -51.71M | -17.67M | -13.93M | -20.86M | -17.25M | -12.82M | -1.79M | -4.8M | -14.38M | -27.75M | -28.96M | -14.36M | -26.32M | -20.57M | -16.14M | -10.24M | -8.18M | -12M | -9.9M | -5.3M | -3.44M |
| Discontinued Operations | 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 |
| 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 |
| EPS (Diluted) | -5.69 | -32.15 | -2.02 | -2.21 | -3.79 | -3.55 | -2.38 | 4.12 | 2.98 | -1.81 | -8.26 | -3.65 | -3.26 | -5.34 | -12.36 | -15.95 | -4.54 | -13.90 | -42.20 | -91.04 | -119.95 | -66.64 | -137.97 | -181.27 | -284.23 | -261.55 | -274.94 | -505.37 | -770.91 | -453.15 | -0.14 |
| EPS Growth % | -63.78% | -1491.58% | 8.6% | 41.69% | -6.76% | -49.16% | -157.77% | 38.26% | 264.64% | 78.09% | -126.3% | -11.96% | 38.95% | 56.8% | 22.51% | -251.32% | 67.34% | 67.06% | 53.65% | 24.1% | -80% | 51.7% | 23.89% | 36.22% | -8.67% | 4.87% | 45.6% | 34.45% | -70.12% | -323578.57% | - |
| EPS (Basic) | - | -32.15 | -2.02 | -2.21 | -3.79 | -3.55 | -2.38 | 4.31 | 3.12 | -1.81 | -8.26 | -3.65 | -3.26 | -5.34 | -12.36 | -15.95 | -4.54 | -13.90 | -42.20 | -91.04 | -119.95 | -66.64 | -137.97 | -181.27 | -284.23 | -261.55 | -274.94 | -505.37 | -770.91 | -453.15 | -0.14 |
| Diluted Shares Outstanding | 1.1M | 538.35K | 14.7M | 10.89M | 9.54M | 9.47M | 9.39M | 8.69M | 8.28M | 7.36M | 6.26M | 4.84M | 4.27M | 3.9M | 1.4M | 803.36K | 394.45K | 345.48K | 340.88K | 304.82K | 241.43K | 215.44K | 190.75K | 113.45K | 56.78K | 40.52K | 29.76K | 23.75K | 12.84K | 11.7K | 24M |
| Basic Shares Outstanding | 971.65K | 538.35K | 14.7M | 10.89M | 9.54M | 9.47M | 9.39M | 8.31M | 7.92M | 7.36M | 6.26M | 4.84M | 4.27M | 3.9M | 1.4M | 803.36K | 394.45K | 345.48K | 340.88K | 304.82K | 241.43K | 215.44K | 190.75K | 113.45K | 56.78K | 40.52K | 29.76K | 23.75K | 12.84K | 11.7K | 24M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Imminent liquidity and dilution
As evidenced by the erratic quarterly revenue swings, including a -100% year-over-year decline in multiple periods, PTN's top-line performance remains entirely dependent on lumpy, non-recurring milestone payments rather than a sustainable commercial sales trajectory for its Vyleesi product, according to the company's historical financial disclosures.
The revenue profile suggests a business model that lacks predictable recurring demand, relying instead on sporadic partnership events. Investors should interpret the recent $3.9M revenue spike in 2026Q3 with caution, as it appears to be an outlier rather than a sign of established market penetration.
Based on reported income statements, PTN's cost structure is heavily skewed toward R&D, which consistently consumes a significant portion of available capital, often exceeding quarterly revenue by several multiples and leaving minimal room for discretionary spending or commercial scaling efforts.
The persistent reliance on high R&D spend to advance the ocular and GI pipeline creates a rigid cost base that is difficult to rationalize during periods of revenue shortfall. This structure implies that the company must prioritize clinical milestones over operational efficiency, which may continue to pressure margins until a successful partnership or exit occurs.
As reported in financial statements, PTN consistently fails to achieve positive operating leverage, with operating losses frequently tracking closely to R&D expenditures, indicating that the company has yet to demonstrate a scalable business model capable of covering its fixed overhead through core product sales.
The inability to scale operating income relative to gross profit suggests that the current commercial infrastructure is not yet optimized for profitability. Without a significant shift in revenue volume, the company appears trapped in a cycle where every dollar of growth is offset by the high fixed costs of clinical development.
While the company's melanocortin receptor platform offers theoretical long-term value, the current cash position of approximately $2.56 million, as noted in recent filings, suggests a high probability of near-term dilutive financing or a potential going-concern risk that could severely impair existing shareholder equity.
Short-term observers may focus on the potential of the PL9643 ocular program, but the financial reality is that the company's burn rate is unsustainable without external capital. Investors should monitor the timing of the next capital raise, as the current liquidity profile appears insufficient to support the company's stated clinical objectives.
Quick answers to the most common questions about buying PTN stock.
For fiscal year 2025, Palatin Technologies, Inc. (PTN) reported total revenue of $0.0M. This represents a 100.0% decline compared to $0.0M in 1996.
Palatin Technologies, Inc. (PTN) reported a net loss of $17.3M for the fiscal year ending 2025.