Palatin Technologies, Inc.
In the quarter to June 2026, revenue fell 14.1%, EPS fell 276.3% and free cash flow grew 34.2%, each against the same quarter a year earlier.
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Palatin Technologies, Inc. (PTN) Altman Z-score
Palatin Technologies, Inc.'s Altman Z-score for fiscal 2026 is −67.72, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2026 | −67.72 | (5.26) |
| FY2024 | −62.47 | (25.38) |
| FY2023 | −37.09 | (21.36) |
| FY2022 | −15.73 | (12.67) |
| FY2021 | −3.06 | (12.74) |
| FY2020 | 9.68 | (23.74) |
| FY2019 | 33.42 | 31.00 |
| FY2018 | 2.42 | 10.23 |
| FY2017 | −7.81 | 2.91 |
| FY2015 | −10.72 | — |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.75 | — | 0.90 | |
| Retained earnings / total assets | (54.84) | — | −76.78 | |
| EBIT / total assets | (1.02) | — | −3.36 | |
| Market value of equity / total liabilities | 16.60 | — | 9.96 | |
| Sales / total assets | 1.55 | — | 1.55 | |
| Altman Z-score | Distress zone | −67.72 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −176.87 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| ENSC Ensysce Biosciences, Inc. compare | −29.4× |
| PLUR Pluri Inc. compare | −30.4× |
| PTN Palatin Technologies, Inc. | −67.7× |
| ASBP Aspire-Lakewood Holdings, Inc. compare | −83.5× |
| INTS Intensity Therapeutics Inc. compare | — |
| CLRB Cellectar Biosciences, Inc. compare | — |
| ACTU Actuate Therapeutics, Inc. compare | — |
| INAB IN8bio, Inc. compare | — |
| PASG Passage Bio, Inc. compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets