Palatin Technologies, Inc.

First, welcome to Haliton's third quarter fiscal year 2025 operating results conference call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference call is being recorded. Before we begin our remarks, I would like to remind you that statements made by Palatin are not historical facts and may be forward-looking statements. These statements are based on assumptions that may or may not prove to be accurate and that the actual results may differ materially from those anticipated due to the variety of risks and uncertainties discussed in the company's most recent filings with the Securities and Exchange Commission. Please consider such risks and uncertainties carefully in evaluating these forward-looking statements by Palatin's prospects. Now, I would like to turn the call over to our host, Dr. Carl Spana, President and Chief Executive Officer of Palatin. Please go ahead.

Thank you. Good morning, and welcome to the Palatin third quarter fiscal year 2025 call. I'm Dr. Carl Spana, CEO and President of Palatin. With me on the call today is Steve Wills, Palatin's Chief Financial Officer and Chief Operating Officer. I'll now turn the call over to Steve, and he'll give the financial update.

Thank you, Carl. Good morning, good afternoon, everyone. Regarding non-program corporate update, on May 7th, 2025, Palatin received notice from NYSE regulation that it had suspended trading of the company's common stock on the NYSE American Stock Exchange and determined to commence proceedings to delist Palatin's common stock as a result of its termination. that the company is no longer suitable for listing pursuant to Section 1003F5 of the NYSE American Company Guide due to the low selling price of the company's common stock. Trading of the company's common stock on the NYSE American was suspended on May 7, 2025, and began trading on the OTC Pink market on May 8, 2025. Palatin exercised our right to review of NYSE regulations determination to delist Palatant's common stock. We are disappointed and do not agree with the NYSE's decision and are assessing all available options. Moving over to our fiscal third quarter, ended March 31st, 2025 financial results regarding revenue. Pursuant to the completion of the sale of Ilesi's worldwide rights for female sexual dysfunction to Cassette Pharmaceuticals for up to $171 million in December 2023, Palatin did not record any product sales to pharmacy distributors for the quarter ended March 31, 2025 and March 31, 2024. Regarding operating expenses, Total operating expenses were $4.8 million, net of $0.4 million gain on a purchase commitment for the quarter ended March 31st, 2025, compared to $9.2 million for the comparable quarter last year. The decrease was mainly the result of the decrease lower spending related to our MCR programs for the quarter ended March 31st, 2025. Regarding cash flows, Palleton's net cash used in operations for the quarter ended March 31st, 2025 was 5.4 million compared to net cash used in operations of 8.6 million for the same period in 2024. The decrease in net cash used in operations is mainly due to the decrease in net loss during the period and secondarily to working capital changes. Regarding net loss, Palatine's net loss for the quarter ended March 31st, 2025 was 4.8 million compared to a net loss of 8.4 million for the same period in 2024. As referenced above, the decrease in the net loss for the quarter ended March 31st, 2025 over the quarter ended March 31st, 2024 was driven primarily by the decrease in operating expenses for the quarter ended March 31st, 2025. Regarding cash position, as of March 31st, 2025, Palatine's cash and cash equivalents were 2.5 million compared to cash and cash equivalents of 9.5 million at June 30th, 2024. The $2.5 million of cash and cash equivalents as of March 31st, 2025 does not include approximately $3.5 million of net proceeds received in April and May 2025 from Palatine's ATM facility and the recent equity offering. We are actively engaged with multiple potential funding sources, including business development initiatives for future operating cash requirements. Let me turn the call back over to Carl.