What is Pathnet Inc's earnings per share (EPS)?

Pathnet Inc (PTNT) reported diluted earnings per share of $-32.15 for fiscal year 2025. This represents a 68.2% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Pathnet Inc Financials

PTNT

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE June

This page shows Pathnet Inc (PTNT) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI PTNT FY2025 2026-04-22

Palatin’s financials show a development-stage company sustained by external financing because operating spend still dwarfs customer revenue.

Over the last three valid years, operating cash burn stayed near $30M while revenue stayed below $5M, and capex was negligible, so the reported losses are largely cash losses from ongoing R&D and overhead. In the latest year, cash was down to $2.56M and the current ratio to 0.4x, showing that financing inflows were mainly replacing consumed liquidity rather than building reserves.

The headline gross margin above 90% is not the core economic story, because most spending sits below gross profit rather than in cost of revenue. In the latest full operating year, R&D ran at $22.4M against only $4.49M of revenue, so scale has not yet shifted the business into a self-funding mode.

Liquidity has compressed sharply, with cash falling from $29.9M to $2.56M across the period even after repeated financing inflows. Nearly all liabilities are current in the latest year, which means the balance-sheet strain is concentrated in near-term obligations rather than long-dated debt.

Financial Health Signals

Financial Profile 13/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Pathnet Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Growth

Pathnet Inc's revenue declined 100% year-over-year, from $4.5M to $0. This contraction results in a growth score of 0/100.

Leverage

Pathnet Inc carries a low D/E ratio of -1.68, meaning only $-1.68 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 77/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Pathnet Inc's current ratio of 0.36 is below the typical benchmark, resulting in a score of 1/100. This tight liquidity could limit financial flexibility if cash inflows slow.

Key Financial Metrics

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Earnings & Revenue

Revenue

YoY-100.0%

Pathnet Inc generated $0 in revenue in fiscal year 2025. This represents a decrease of 100.0% from the prior year.

EBITDA

N/A

Net Income

N/A

EPS (Diluted)

$-32.15

YoY+68.2%

Pathnet Inc earned $-32.15 per diluted share (EPS) in fiscal year 2025. This represents an increase of 68.2% from the prior year.

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$2.6M

YoY-73.1%

5Y CAGR-50.1%

10Y CAGR-21.1%

Pathnet Inc held $2.6M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

929,597

YoY+159.3%

Pathnet Inc had 929,597 shares outstanding in fiscal year 2025. This represents an increase of 159.3% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

N/A

Capital Allocation

R&D Spending

$14.9M

YoY-33.5%

5Y CAGR+1.3%

10Y CAGR-4.9%

Pathnet Inc invested $14.9M in research and development in fiscal year 2025. This represents a decrease of 33.5% from the prior year.

Share Buybacks

N/A

Capital Expenditures

YoY-100.0%

Pathnet Inc invested $0 in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 100.0% from the prior year.

PTNT Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$0-100.0%	$4.5M-7.5%	$4.9M+230.5%	$1.5M	N/A	$118K
Cost of Revenue	N/A	$98K-76.7%	$418K+92.4%	$218K+47.1%	$148K	$0
Gross Profit	N/A	$4.4M-1.0%	$4.4M+254.6%	$1.3M+471.8%	-$336K-385.1%	$118K
R&D Expenses	$14.9M-33.5%	$22.4M-1.0%	$22.6M+6.1%	$21.3M+65.0%	$12.9M-7.4%	$14.0M
SG&A Expenses	$7.8M-36.4%	$12.3M-19.8%	$15.3M-7.4%	$16.5M-4.8%	$17.3M+77.5%	$9.8M
Operating Income	N/A	-$22.5M+30.7%	-$32.5M+11.3%	-$36.6M-9.6%	-$33.4M-41.4%	-$23.6M
Interest Expense	$15K-12.2%	$17K-14.5%	$20K-32.6%	$30K+26.6%	$23K+16.4%	$20K
Income Tax	N/A	$0+100.0%	-$4.7M	$0	N/A	$0
Net Income	N/A	-$29.7M-23.7%	-$24.0M+33.6%	-$36.2M-7.7%	-$33.6M-49.8%	-$22.4M
EPS (Diluted)	$-32.15+68.2%	$-101.16	N/A	N/A	N/A	$-0.10

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Revenue	$116K-98.7%	$8.8M	N/A	$0	N/A	$0	N/A	$0
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$0
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$0
R&D Expenses	$4.3M+71.0%	$2.5M	N/A	$3.8M+9.5%	$3.4M-40.3%	$5.7M	N/A	$7.2M
SG&A Expenses	$3.1M+88.2%	$1.7M	N/A	$1.5M-12.4%	$1.7M-16.8%	$2.0M	N/A	$2.0M
Operating Income	-$7.3M-257.2%	$4.7M	N/A	-$4.8M-84.3%	-$2.6M+66.4%	-$7.8M	N/A	-$9.2M
Interest Expense	$498-75.1%	$2K	N/A	$2K-52.8%	$4K-36.0%	$6K	N/A	$1K
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$0
Net Income	-$7.3M-255.3%	$4.7M	N/A	-$4.8M-97.0%	-$2.4M+68.8%	-$7.8M	N/A	-$8.4M
EPS (Diluted)	$-2.86-167.1%	$4.26	N/A	$-0.18+97.0%	$-5.92+70.0%	$-19.71	N/A	$-0.53

PTNT Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$3.3M-69.6%	$10.7M-40.1%	$17.9M-50.3%	$36.1M-46.4%	$67.3M-20.9%	$85.1M
Current Assets	$2.9M-70.1%	$9.8M-40.1%	$16.3M-52.8%	$34.6M-47.5%	$65.9M-21.2%	$83.6M
Cash & Equivalents	$2.6M-73.1%	$9.5M-13.2%	$11.0M-63.3%	$29.9M-50.2%	$60.1M-27.5%	$82.9M
Inventory	N/A	$0-100.0%	$526K-44.3%	$944K-18.7%	$1.2M	$0
Accounts Receivable	$0	$0-100.0%	$2.9M+63.8%	$1.8M+12.6%	$1.6M	$0
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$8.0M-25.9%	$10.9M-44.8%	$19.7M-0.7%	$19.8M+12.2%	$17.6M+261.5%	$4.9M
Current Liabilities	$8.0M-17.1%	$9.7M-36.2%	$15.1M-6.9%	$16.3M+54.7%	$10.5M+167.6%	$3.9M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	-$4.8M-4184.5%	-$111K+94.4%	-$2.0M-112.2%	$16.3M-67.2%	$49.7M-38.1%	$80.2M
Retained Earnings	-$459.1M-3.9%	-$441.8M-7.2%	-$412.0M-6.2%	-$388.0M-10.3%	-$351.8M-10.6%	-$318.2M

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Total Assets	$17.9M+108.1%	$8.6M+163.7%	$3.3M-12.4%	$3.7M-13.5%	$4.3M+26.2%	$3.4M-68.2%	$10.7M-5.8%	$11.4M
Current Assets	$17.5M+108.7%	$8.4M+186.7%	$2.9M-9.7%	$3.2M-11.9%	$3.7M+40.5%	$2.6M-73.3%	$9.8M-4.9%	$10.3M
Cash & Equivalents	$14.5M+1037.1%	$1.3M-50.4%	$2.6M+1.7%	$2.5M-26.2%	$3.4M+43.3%	$2.4M-75.0%	$9.5M	N/A
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	$0	$0
Accounts Receivable	$1.6M-76.2%	$6.9M	$0	N/A	N/A	N/A	$0	$0
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$6.5M-21.4%	$8.2M+2.2%	$8.0M-20.5%	$10.1M-5.4%	$10.7M-3.7%	$11.1M+2.3%	$10.9M+10.4%	$9.8M
Current Liabilities	$6.3M-22.9%	$8.2M+2.6%	$8.0M-20.3%	$10.0M+5.1%	$9.6M-3.1%	$9.9M+2.1%	$9.7M+13.2%	$8.5M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$11.5M+2792.5%	$396K+108.3%	-$4.8M+25.2%	-$6.4M-0.1%	-$6.4M+17.0%	-$7.7M-6793.1%	-$111K-107.1%	$1.6M
Retained Earnings	-$461.7M-1.6%	-$454.4M+1.0%	-$459.1M-0.5%	-$456.8M-1.1%	-$452.0M-0.5%	-$449.6M-1.8%	-$441.8M-1.9%	-$433.5M

PTNT Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	N/A	-$31.5M-7.5%	-$29.3M+2.2%	-$29.9M-31855.8%	-$94K-100.2%	$41.3M
Capital Expenditures	$0-100.0%	$43K-90.2%	$434K+66.0%	$261K+4467.9%	$6K-90.9%	$63K
Free Cash Flow	N/A	-$31.5M-6.1%	-$29.7M+1.6%	-$30.2M-30278.5%	-$99K-100.2%	$41.3M
Investing Cash Flow	$3.1M-74.9%	$12.5M+463.3%	-$3.4M-1211.1%	-$261K-4467.9%	-$6K+90.9%	-$63K
Financing Cash Flow	$11.2M-45.4%	$20.5M+91.2%	$10.7M+58449.9%	$18K+100.1%	-$22.6M-1078.5%	-$1.9M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Operating Cash Flow	-$4.8M-196.8%	-$1.6M+60.4%	-$4.1M+23.6%	-$5.4M-10.5%	-$4.8M+30.9%	-$7.0M-8.4%	-$6.5M+24.8%	-$8.6M
Capital Expenditures	N/A	N/A	$0	$0	N/A	N/A	$5K	$0
Free Cash Flow	N/A	N/A	-$4.1M+23.6%	-$5.4M	N/A	N/A	-$6.5M+24.7%	-$8.6M
Investing Cash Flow	N/A	N/A	$630K	$0-100.0%	$2.5M	$0+100.0%	-$5K	$0
Financing Cash Flow	$18.0M+5391.4%	$328K-90.6%	$3.5M-21.4%	$4.5M+31.9%	$3.4M+2761.7%	-$127K-102.1%	$6.0M-34.4%	$9.1M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

PTNT Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	97.8%+6.5pp	91.4%+6.2pp	85.2%	N/A	100.0%
Operating Margin	N/A	-501.0%+167.7pp	-668.8%+1822.9pp	-2491.6%	N/A	-20007.6%
Net Margin	N/A	-662.3%-167.0pp	-495.2%+1969.8pp	-2465.1%	N/A	-19006.9%
Return on Equity	N/A	N/A	N/A	-222.5%-154.8pp	-67.7%-39.7pp	-28.0%
Return on Assets	N/A	-276.8%-142.8pp	-134.0%-33.6pp	-100.4%-50.4pp	-49.9%-23.5pp	-26.4%
Current Ratio	0.36-0.6	1.01-0.1	1.08-1.0	2.13-4.1	6.27-15.0	21.28
Debt-to-Equity	-1.68+95.7	-97.35-87.4	-9.93-11.1	1.22+0.9	0.36+0.3	0.06
FCF Margin	N/A	-701.6%-89.6pp	-612.0%+1443.5pp	-2055.5%	N/A	34972.4%

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	-6315.8%-6368.4pp	52.7%	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	-6260.0%-6312.9pp	52.9%	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	-63.3%-1243.4pp	1180.0%	N/A	N/A	N/A	N/A	N/A	-534.3%
Return on Assets	-40.5%-94.8pp	54.3%	N/A	-129.0%-72.4pp	-56.7%+172.4pp	-229.1%	N/A	-74.0%
Current Ratio	2.76+1.7	1.02+0.7	0.36+0.0	0.32-0.1	0.38+0.1	0.26-0.7	1.01-0.2	1.20
Debt-to-Equity	0.56-20.2	20.73+22.4	-1.68-0.1	-1.58+0.1	-1.68-0.2	-1.44+95.9	-97.35-103.6	6.22
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Note: Shareholder equity is negative (-$4.8M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.

Note: The current ratio is below 1.0 (0.36), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

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Frequently Asked Questions

What is Pathnet Inc's annual revenue?

Pathnet Inc (PTNT) reported $0 in total revenue for fiscal year 2025. This represents a -100.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Pathnet Inc's revenue growing?

Pathnet Inc (PTNT) revenue declined by 100% year-over-year, from $4.5M to $0 in fiscal year 2025.

What are Pathnet Inc's total assets?

Pathnet Inc (PTNT) had $3.3M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Pathnet Inc's capital expenditures?

Pathnet Inc (PTNT) invested $0 in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Pathnet Inc spend on research and development?

Pathnet Inc (PTNT) invested $14.9M in research and development during fiscal year 2025.

How many shares does Pathnet Inc have outstanding?

Pathnet Inc (PTNT) had 929,597 shares outstanding as of fiscal year 2025.

What is Pathnet Inc's current ratio?

Pathnet Inc (PTNT) had a current ratio of 0.36 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.

What is Pathnet Inc's debt-to-equity ratio?

Pathnet Inc (PTNT) had a debt-to-equity ratio of -1.68 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

Why is Pathnet Inc's debt-to-equity ratio negative or unusual?

Pathnet Inc (PTNT) has negative shareholder equity of -$4.8M as of fiscal year 2025, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.

How financially healthy is Pathnet Inc?

Pathnet Inc (PTNT) scores 13 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.