MeritValue

PALATIN TECHNOLOGIES INC

PTNdata completeness 88%16 fiscal years on file
The thesis, from the filings

PALATIN TECHNOLOGIES INC earns about -145% on equity, and has bought back 94% of its shares over 5 years. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue−$188,5971$1.47M2$4.85M3$4.49M4$04
Net income−$33.6M5−$36.2M6−$24M7−$29.7M8−$17.3M8
Operating cash flow−$93,6389−$29.9M10−$29.3M11−$31.5M12−$21.3M12
Capital expenditure$5,72213$261,37414$433,92715$42,52616$016
Free cash flow (derived)−$99,3609−$30.2M10−$29.7M11−$31.5M12−$21.3M12
Total debt—————
Cash & equivalents$60.1M17$29.9M17$11M18$9.53M19$2.56M20
Diluted shares9.2M9.3M10.9M293,951538,348

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
−$88.74
your share of equity
Profit it earned you last year
−$321.49
Free cash flow it threw off
−$395.78
Debt you’d be carrying
—

10 shares is a claim on −$88.74 of net worth that earned you −$321.49 and generated −$395.78 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-145% avg · 5y
FY21 -68%FY22 -223%FY23 —FY24 —FY25 —

It earned an average -145% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−94% shares · 5y

Share count is down 94% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-06-30 · accession 0001654954-22-012862 (Revenues)
  2. 10-K · period ending 2022-06-30 · accession 0001654954-23-012335 (Revenues)
  3. 10-K · period ending 2023-06-30 · accession 0001654954-24-012498 (Revenues)
  4. 10-K · period ending 2024-06-30 · accession 0001654954-25-011030 (Revenues)
  5. 10-K · period ending 2021-06-30 · accession 0001654954-22-012862 (NetIncomeLoss)
  6. 10-K · period ending 2022-06-30 · accession 0001654954-23-012335 (NetIncomeLoss)
  7. 10-K · period ending 2023-06-30 · accession 0001654954-24-012498 (NetIncomeLoss)
  8. 10-K · period ending 2024-06-30 · accession 0001654954-25-011030 (NetIncomeLoss)
  9. 10-K · period ending 2021-06-30 · accession 0001654954-22-012862 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-06-30 · accession 0001654954-23-012335 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-06-30 · accession 0001654954-24-012498 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-06-30 · accession 0001654954-25-011030 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-06-30 · accession 0001654954-22-012862 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-06-30 · accession 0001654954-23-012335 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-06-30 · accession 0001654954-24-012498 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-06-30 · accession 0001654954-25-011030 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-06-30 · accession 0001654954-22-012862 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-06-30 · accession 0001654954-23-012335 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-06-30 · accession 0001654954-24-012498 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2025-06-30 · accession 0001654954-25-011030 (CashAndCashEquivalentsAtCarryingValue)