Forensic Analysis · Pharmaceuticals & Biotechnology · as of Nov 10, 2026
Palatin Technologies Inc (PTN)
A forensic read on Palatin Technologies Inc built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
F · Poor — capital at risk
Forensic grade
Distress
Financial health
-176.9
Distress distance
Not computable
Earnings quality
4
Forensic signals
-877.5%
ROE
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Palatin Technologies Inc earns an F (Poor — capital at risk) forensic quality grade, and its balance-sheet distress test reads -176.9, placing it in the Distress zone. 4 forensic signals were flagged in its latest SEC filings, led by share-count dilution.
What the filings flag
+210.1%/yr
FY2024–FY2026
Share-count dilution.Diluted share count changed +862% over the last 2 years to FY2026 (+210.1%/yr). The count is growing — 0.3M shares in FY2024, 2.8M in FY2026: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~210.1% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2024 has been diluted ~90%.
15% of rev
FY2026
Stock-based comp load.Stock-based compensation ran 15% of revenue in FY2026 — about $0.47 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 210.1% a year across FY2024–FY2026 and that rate is not falling, so total profit has to grow by that much annually before any of it reaches a share. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
-$66.3M
FY2024–FY2026
Cash burn vs. reported loss.Over FY2024–FY2026, the company reported a cumulative net loss of $55.4M against operating cash flow of -$66.3M. Cash burn ran heavier than the reported loss — something outside net income (working capital, a cash item not in the P&L) is consuming cash faster than the loss alone implies.
12d DSO
FY2024→FY2026
Receivables vs revenue.Days sales outstanding moved from 0 to 12 days FY2024→FY2026. Receivables are creeping up relative to sales. FY2024 and FY2026 aren't consecutive filed years here, so FY2026's opening balance can't be taken from FY2024 — both figures are measured on period-end balances rather than the beginning-plus-ending average, which keeps the two endpoints comparable to each other.DSO (days sales outstanding): the average days the company waits to collect cash after a sale.
Key fundamentals
Latest Revenue$8.8M
Revenue Growth YoY—
Revenue CAGR (2yr)+40.2%
Net Margin-94.9%
Free Cash Flow-$13.6M
Return on Equity-877.5%
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Palatin Technologies Inc's actual 10-K/10-Q/8-K filings?