Palatin Technologies Q3 2026 Earnings Report

Palatin Technologies EPS Results

• Actual EPS: -$0.37
• Consensus EPS: -$1.24
• Beat/Miss: Beat by +$0.87
• One Year Ago EPS: N/A

Palatin Technologies Revenue Results

• Actual Revenue: $3.92 million
• Expected Revenue: $1.28 million
• Beat/Miss: Beat by +$2.64 million
• YoY Revenue Growth: N/A

Palatin Technologies Announcement Details

• Quarter: Q3 2026
• Date: 5/13/2026
• Time: Before Market Opens
• Conference Call Date: Wednesday, May 13, 2026
• Conference Call Time: 11:00AM ET

Palatin Technologies (NYSEAMERICAN:PTN), Inc. (NYSE American: PTN) is a clinical-stage biopharmaceutical company focused on the development of receptor-targeted peptide therapeutics. The company concentrates on designing and advancing peptide- and small-molecule programs that selectively target specific receptor systems with the goal of treating endocrine, inflammatory and cardiovascular-related disorders. Palatin’s approach emphasizes receptor specificity to improve therapeutic profiles and reduce off-target effects commonly seen with less selective agents.

Palatin’s activities center on preclinical and clinical development, regulatory interaction and the pursuit of strategic partnerships or licensing arrangements to support late-stage development and commercialization. Its pipeline has historically included multiple candidate programs at various stages of development, and the company has sought to progress those programs through clinical trials while evaluating potential collaborations to broaden development resources and market access.

Palatin operates in the United States and engages with the broader biopharma ecosystem to advance its products. Publicly traded on the NYSE American exchange, the company has worked to leverage scientific expertise and external partnerships to move assets forward. I do not have fully verifiable, up-to-date details on current executive leadership or recent corporate milestones; readers should consult the company’s filings and official releases for the latest leadership, pipeline and strategic information.

Palatin Technologies Q3 2026 Earnings Call Transcript

Key Takeaways

• Positive Sentiment: Palatin said its once-weekly MC4R-selective peptide obesity program remains on track for an IND submission in Q4 2026, and management said the candidate has entered IND-enabling studies.
• Positive Sentiment: The company highlighted progress on its next-generation oral MC4R agonist, saying preclinical data show improved selectivity, higher potency, and minimal MC1R activity, with an IND targeted for 1H 2027.
• Neutral Sentiment: Management said it is prioritizing compounds that could be best-in-class, which contributed to the decision to move away from PL7737 in favor of newer backup candidates with better selectivity and drug-like characteristics.
• Positive Sentiment: Palatin reported $3.9 million in collaboration and license revenue for the quarter, driven by the Altanispac agreement, and said cash plus expected receivables should fund operations through June 30, 2027.
• Positive Sentiment: Beyond the obesity pipeline, Palatin pointed to non-dilutive partnership income from Boehringer Ingelheim and Altanispac, and said its PL8177 ulcerative colitis program remains available for potential partnering after positive phase II proof-of-concept data.

Presentation

[Operator]

Hello, everyone. Welcome to Palatin's third quarter fiscal year 2026 operating results conference call. At this time, all participants are on 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 the statements made by Palatin are not historical facts and may be forward-looking statements.

[Operator]

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 recent filings with the Securities and Exchange Commission. Please consider such risks and uncertainties carefully in evaluating these forward-looking statements by Palatin prospects. Now, I would like to turn the call over to your host, Dr. Carl Spana, President and Chief Executive Officer of Palatin. Please go ahead.

[Carl Spana, President and CEO at Palatin]

Thank you. Good morning. Welcome to the Palatin third quarter fiscal year 2026 call. I'm Dr. Carl Spana, CEO and President of Palatin. With me on the call today is Stephen Wills, Palatin's Chief Financial Officer and Chief Operating Officer. Earlier today, we issued a press release reporting Palatin's financial results for the third quarter of fiscal year 2026 and are now providing a corporate update.

[Carl Spana, President and CEO at Palatin]

Today, we will highlight our progress advancing our melanocortin-4 receptor-based obesity pipeline, review recent strategic and financial milestones, and outline our priorities as we move through 2026, followed by a question-and-answer session. First, I will turn the call over to Stephen for the financial and operating results. Stephen.

[Stephen Wills, CFO and COO at Palatin]

Thank you, Carl, and hello, everyone. I will briefly review our financial results for the fiscal third quarter ended March 31st, 2026. Beginning with revenue. For the third quarter, we recognized $3.9 million in collaboration and license revenue compared to no revenue in the prior year period. The increase was primarily related to the revenue recognition of the upfront consideration under the Altanispac agreement.

[Stephen Wills, CFO and COO at Palatin]

Turning to operating expenses. Total operating expenses for the quarter were $5.5 million compared to $4.8 million in the prior year period, which included a $0.4 million gain on purchase commitment. The increase was primarily attributable to higher compensation costs and professional fees. Net cash used in operations for the quarter was $4.4 million, compared to $5.4 million in the prior year period. The reduction in cash used in operations was primarily driven by collaboration and license revenue recognized during the quarter.

[Stephen Wills, CFO and COO at Palatin]

Net loss for the third quarter of fiscal 2026 was $1.4 million or $0.37 per basic and diluted common share, compared to a net loss of $4.8 million or $9.13 per basic and diluted common share for the prior year period. The improvement in net loss was primarily related to collaboration and license revenue recognized during the quarter. Turning to our balance sheet and liquidity position. As of March 31st, 2026, Palatin had cash and cash equivalents of $10.2 million, in addition to approximately $2.2 million of other receivables, which are expected to be collected during the quarter ending June 30th, 2026.

[Stephen Wills, CFO and COO at Palatin]

Based on our current operating and development plans and our ability to manage the timing of certain operating expenses, we believe our existing cash resources and expected receivables will be sufficient to fund operations through June 30th, 2027. With that, I will turn the call back to Carl. Carl.

[Carl Spana, President and CEO at Palatin]

Thank you, Steph. This quarter, Palatin continued to execute on its strategy of advancing our melanocortin-4 receptor agonist therapies for rare obesity disorders with a focus on improving tolerability, usability, and long-term outcomes in chronic treatment settings. The melanocortin-4 receptor pathway is a clinically and commercially validated target. We strongly believe the next phase of innovation will be defined not just by efficacy, but by improvements in overall treatment profile, particularly tolerability and patient-friendly delivery to support long-term patient adherence.

[Carl Spana, President and CEO at Palatin]

In this context, our goal is very straightforward, is to develop best-in-class melanocortin-4 receptor agonists for the treatment of rare syndromic and genetic obesity disorders. We are uniquely positioned to achieve this with our extensive experience in the design of melanocortin-4 receptor selective agonists, along with our recent advances in the understanding of receptor ligand interactions. In rare obesity disorders such as hypothalamic obesity, Prader-Willi syndrome, and Bardet-Biedl syndrome, patients face severe hyperphagia, rapid weight gain, and significant metabolic complications.

[Carl Spana, President and CEO at Palatin]

These are chronic conditions that require lifelong treatment, and current therapeutic options often present challenges for long-term use. As a result, improving tolerability and usability is critical to achieving meaningful, sustained outcomes for patients. Updating our obesity pipeline. Our melanocortin-4 receptor agonist peptide program is designed to achieve sustained efficacy with a treatment profile optimized for high selectivity for the melanocortin-4 receptor in once-weekly delivery.

[Carl Spana, President and CEO at Palatin]

Our once-weekly melanocortin-4 receptor selective peptide agonist remains on track for an initial new drug application submission in the fourth quarter of calendar 2026 and represents our lead clinical asset. In our oral small molecule program, we are advancing next-generation oral melanocortin-4 receptor selective agonist candidates based on data and learnings from earlier compounds, including PL7737.

[Carl Spana, President and CEO at Palatin]

Recent data from our research work in medicinal chemistry and our advancements in understanding detailed receptor ligand interactions in internal preclinical studies, our candidates demonstrate significantly improved melanocortin-4 receptor selectivity with minimal melanocortin 1 receptor activity and increased potency at melanocortin-4 receptor compared to earlier compounds. We believe this improved selectivity and potency will result in lower dosing requirements and a meaningful reduction in the potential elimination of hyperpigmentation.

[Carl Spana, President and CEO at Palatin]

I want to emphasize the importance of the last point. Hyperpigmentation is a known class effect associated with melanocortin 1 receptor activity and remains a limitation of current therapies. Our approach is specifically designed to minimize melanocortin 1 receptor off target interactions and selectivity data we have supports this conclusion. Our goal is to develop best-in-class therapies with superior efficacy and long-term patient compliance.

[Carl Spana, President and CEO at Palatin]

In addition to advancing our obesity programs, we continue to leverage the broader potential of our melanocortin receptor platform through strategic partnerships and business development activities. Our partnership with Boehringer Ingelheim for retinal diseases continues to provide non-dilutive capital, milestone opportunities, and potential long-term royalty participation. During the second half of calendar 2025, we received upfront and milestone payments totaling EUR 7.5 million, or approximately $8.8 million.

[Carl Spana, President and CEO at Palatin]

We also completed the sub-licensing of PL9643 for dry eye disease to Altanispac Labs in January of 2026, receiving $3.8 million in upfront consideration while retaining the potential for future payments and royalties. In addition, our PL8177 ulcerative colitis program remains positioned for potential partnering following positive phase II proof of concept results.

[Carl Spana, President and CEO at Palatin]

These transactions reflect our strategy of leveraging the breadth of our melanocortin receptor platform to generate non-dilutive capital and support our pipeline advancements and create multiple potential long-term value drivers for shareholders. In summary, our peptide program remains on track for an IND submission in the fourth quarter of calendar 2026. Our oral small molecule program is advancing next generation candidates with improved selectivity and potency toward an IND in the first half of calendar 2027.

[Carl Spana, President and CEO at Palatin]

We have developed new intellectual property around melanocortin-4 receptor selectivity, and we are continuing to leverage both our vast experience and new data to design melanocortin-4 receptor therapies with improved selectivity and overall better treatment profiles. We believe this strategy positions Palatin to deliver differentiated best-in-class melanocortin-4 receptor agonist therapies for patients with significant unmet medical need. With that, we will now open the call to questions.

[Operator]

Certainly. The floor is now open for questions. If you have any questions or comments, please press star one on your phone at this time. We ask that while posing your question, you please pick up your handset if listening on a speakerphone to provide optimum sound quality. Please hold for just a few moments while we poll for questions. Your first question is coming from Scott Henry with AGP. Please pose your question, your line is live.

[Scott Henry, Analyst at AGP]

Thank you and good morning. Just re-recapping on PL7737. Is that molecule now discontinued? If so, was it due to an issue with PL7737, or did some of the backup compounds present a better profile to take going forward? Thank you.

[Carl Spana, President and CEO at Palatin]

Sure. Thanks for the question, Scott. You know, we're not gonna be first to market in this space, we really wanna make sure we have best-in-class compounds. Our, you know, selectivity, you know, our parameters for selecting a compound or continuing a compound to go through development into the clinic is pretty stringent. The decision was really multifactorial.

[Carl Spana, President and CEO at Palatin]

As we were running through the PL7737 development, we came to a point where we felt that, you know, the selectivity and the dosing that we wanted to achieve to be best-in-class, we didn't necessarily think that the compound would meet that. In addition to that, we were seeing, you know, since we were funded in November of last year, we were able to really push some of these backup compounds forward, and we started to see compounds that really are verging on almost the elimination of MC1R one activity.

[Carl Spana, President and CEO at Palatin]

Their profiles are just coming out just better than where PL7737 is. We had to make, you know, a decision on, you know, do we continue to put resources into a compound that, you know, may not be best in class? Do we, you know, divert those to the peptide, which is, you know, really highly selective and, you know, once a week and has a really excellent profile, and then bring along a second generation compound that really has got a much better profile.

[Carl Spana, President and CEO at Palatin]

It was a combination of a number of factors that went in. We also, we have to consider that, you know, this is a, this is a target that is, you know, growing in interest and there's potential competition. You know, when we are making final decisions to go in the clinic and start spending lots of investor money, we really wanna make sure that it's a very stringent decision and that the compounds that we take forward really meet, you know, high degree of selectivity for MC4R, have excellent drug-like characteristics, are, you know, easier for the patients to use, whether it be oral or once weekly.

[Carl Spana, President and CEO at Palatin]

Those are all, there were a lot of factors that went into it, to the decision. You know, PL7737 is still extremely valuable to the company. You know, we've learned a tremendous amount from it. We're still evaluating it. And, you know, we'll continue to, you know, be supportive of everything that we're doing.

[Scott Henry, Analyst at AGP]

Okay. In the next generation oral small molecule compound, would you expect to have a similar clinical game plan as you did for PL7737 as far as looking at hypothalamic obesity patients, as well as Prader-Willi?

[Carl Spana, President and CEO at Palatin]

Absolutely. It'll follow a similar path. I think that, you know, the peptides and the oral small molecules will each have their place in treating these patients based on, you know, patient preferences, efficacy, side effect profiles. You know, the next generation compounds, really we're seeing, you know, I expect that these compounds really won't have any MC1R activity at all. They're gonna be quite clean. I think that's gonna be a major advancement.

[Carl Spana, President and CEO at Palatin]

You know, we have to again, we have to keep in mind that, you know, this is gonna be a competitive field, and we really wanna make sure we're bringing, you know, the best that we can deliver, you know, based on the experience that we have.

[Scott Henry, Analyst at AGP]

Okay. When you think about the differentiation of your pipeline with compounds on the market and under development, what do you think are the key attributes that separate your pipeline? I mean, obviously, you've mentioned selectivity and hyperpigmentation. Are there any other aspects that you would highlight?

[Carl Spana, President and CEO at Palatin]

Sure. That's a key aspect. I think the technologies that we use for potentially delivering once-a-week injections for peptides can be differentiating as well. I think the understanding that, you know, the PK parameters, these compounds have to put them in a range where we don't need to go to, you know, levels of drug exposure that exceed the therapeutic window so that we can eliminate or drastically reduce the potential side effects that you can see outside of hyperpigmentation.

[Carl Spana, President and CEO at Palatin]

In addition to that, in the small molecule program, you know, we're looking for compounds that really limit the brain penetrance so that they don't get into the CNS. There are a number of things that are built into these things that overall will make them better drugs. This is not atypical. You know, as indications, you know, move from first approved drugs, you know, it's generally when you get to that second or third one where you get the better compounds coming through, better drug-like characteristics, better PK parameters, you know, more usability for the patient, and that's what we're aiming for.

[Scott Henry, Analyst at AGP]

Okay, great. Kind of a final question. Obviously, your game plan has followed a lot of what we've seen with Rhythm and what they've done. How would you compare your products to those of Rhythm, and how far behind do you consider yourself at this point?

[Carl Spana, President and CEO at Palatin]

Sure. You know, currently, you know, currently from an approved standpoint, setmelanotide or IMCIVREE, Rhythm Pharmaceuticals' product, and I find, you know, they've done a tremendous job, you know, bringing that product forward, expanding its indications and actually beginning to build new markets, you know, for MC4R agonists. That's a first-generation peptide that's got limitations with regards to MC1R activity, and it's a daily injectable. I know that they have a weekly injectable that's coming behind that. There's very little data. I can't comment on that.

[Carl Spana, President and CEO at Palatin]

There's no data available. I think there will be data later in the quarter, but I can't comment on that. They have a small molecule in bremelanotide. Again, it's a first-generation compound. Again, we see hyperpigmentation in the clinic. It's going through some reformulation work, and I don't know where that's gonna lead. They, they're gonna hopefully get that back in the clinic later in the year. I think, you know, from my perspective, I think that we're gonna deliver better compounds. I think they're gonna be cleaner. I think they're gonna have better drug-like characteristics and have better PK parameters.

[Carl Spana, President and CEO at Palatin]

You know, and a chance to be highly competitive, and expand and take market share. That's the goal in bringing best in class forward, right, is to have the better compounds. From how far behind are you? You know, you, depending on the indication. Obviously, you know, setmelanotide is approved. It's approved for HO. It's approved for a number of indications. You can look at our plan to get there. You know, in that case, we're several years behind. With regards to compounds coming through, I don't Is it a year, a year and a half? I mean, I'm not clear. I know it's a question that investors always ask, and it is relative there.

[Carl Spana, President and CEO at Palatin]

We're not all that far behind, and you're coming, and you're trying to come in with a better candidate and a better product. I think that's the more important part. You know, who's gonna have the compounds that really, you know, help to solve this issue with better patient compliance and, you know, better patient usability, maintaining good efficacy. That's really what you're trying to drive forward. That's really, at the end of the day, what's gonna probably determine this market.

[Scott Henry, Analyst at AGP]

Okay, great. Thank you for taking the questions.

[Operator]

Your next question is coming from Yale Jen with Laidlaw & Company. Please put your question. Your line is live.

[Yale Jen, Analyst at Laidlaw & Company]

Good morning. Thanks for taking the question. Your oral compound now it's pushed out probably roughly a year compared to PL7737. My question to you is that, do you see any challenges to have that become R&D ready next year? Any specific you can mention without, you know, reveal too much in on the competitive side?

[Carl Spana, President and CEO at Palatin]

Sure, look, you know, whenever you're dealing with orally active small molecules, you know, we run, as we did with PL7737, a tremendous amount of preclinical studies on these compounds to evaluate their, you know, not only their efficacy and their selectivity, and what have you, but really their drug ability, you know, side effect profiles, metabolism, all sorts of other things. At any point, you know, you know, the predictability, even though we use, you know, state-of-the-art software and what have you to help predict and obviously wet chemistry to go through all this stuff. ]

[Carl Spana, President and CEO at Palatin]

You know, until you get into animals, until you get through that process, you know, you're not gonna really know what you have. And, you know, how high you can dose, and so on and so forth. I would characterize it as we have a very good handle on what's required. I think we understand the pharmacophores that we're dealing with very well. They are very druggable, and, you know, with regards to their interactions with CYPs and their metabolism and so on and so forth. We have a high degree of confidence that we can deliver a compound.

[Carl Spana, President and CEO at Palatin]

Until we get through the work, you know, I can't tell you know, what the actual outcome was gonna be. I mean, I mean, we will, I'm confident that we will do the work. We will get the candidate forward. We'll go through the process with the candidate. I'm, you know, highly confident that it will pass and we'll have a great profile. Until it's done, I can't, you know, I can't comment. I don't know.

[Yale Jen, Analyst at Laidlaw & Company]

Okay. Fair enough. That's very helpful. Without revealing too much, should I think about this as it's heading to animal study or it's already in, you know, animal study and then-

[Carl Spana, President and CEO at Palatin]

It depends on the can, I mean, we haven't made a final selection, so it depends on the candidate. Some are in animal studies, some are a little further back. We'll make a little bit later in the year, we'll make a final selection on the actual candidate that we wanna go forward with. It varies depending on the candidate.

[Yale Jen, Analyst at Laidlaw & Company]

Still. Okay, great. Maybe a last question here is that, for the sub Q, weekly, peptides that, you are slightly ahead. I mean, I saw the last time we, that you may start it in the third quarter, but I guess it's slightly more pushed out to a fourth. Was there any issues or you want to resolve? Since this will, like you said, will be the end product.

[Carl Spana, President and CEO at Palatin]

No, there's.

[Yale Jen, Analyst at Laidlaw & Company]

going forward.

[Carl Spana, President and CEO at Palatin]

No, there's no issues. I mean, listen, we're, you know, we're not manufacturing screws here. We're, you know, we're doing very complex things. You know, we wanna make sure that, again, that we have the, you know, the right compound. You know, one of the things that we're seeing is, you know, with the funding that we did in the third or fourth quarter of last year, that really allowed us to really accelerate a lot of the work we were doing on the medicinal chemistry side with both the peptides and the small molecules.

[Carl Spana, President and CEO at Palatin]

What we're trying to make sure is we are, particularly on the peptide side, you know, in the candidate we selected, we wanna make sure it was the, you know, the best we have, right? Not something, you know, not, you know, not something that's really good, but when we find out a month later, we've got something better. It's really an issue of making sure we've got the right candidate. In a nice way, we are very productive in our understanding of this and of the receptor and the receptor ligand interactions.

[Carl Spana, President and CEO at Palatin]

You know, we've been really pushing the boundaries in understanding how to eliminate the MC1R activity and building that into these compounds. We really wanna make sure we pick the best one. I don't really see, you know, much difference. That peptide program to me is moving along quite nicely. I think we have an excellent candidate and, you know, we'll be running through, I mean, we're actually now entering in the IND-enabling studies. I see that moving along and staying on track quite nicely.

[Yale Jen, Analyst at Laidlaw & Company]

Okay, great. Maybe the last question, just squeeze in, which is that you mentioned about, also you're contemplating the PWS, Prader-Willi syndrome. At this point, would that be second priority to HO, or you feel that you may jump the gun into the PWS even faster or earlier? Thank you.

[Carl Spana, President and CEO at Palatin]

You Yale Jen, everything is based on resources. I think that they're equal. I mean, they're both excellent commercial activities. They're both ones where there's an extremely high medical need for innovative treatments. Given resources, we'd like to move them, you know, in parallel.

[Yale Jen, Analyst at Laidlaw & Company]

Okay, great. Thanks a lot and good luck for everything.

[Carl Spana, President and CEO at Palatin]

Thank you.

[Operator]

Your next question is coming from Dev Prasad with Loop Capital. Please pose your question. Your line is live.

[Dev Prasad, Analyst at Loop Capital]

Hi, team. Thanks for taking our question. I have a few. One is the goal with the new oral compound, is the goal is to eliminate hyperpigmentation entirely, or you're trying to reduce the frequency and severity? A follow-up is that what preclinical species or model is the most predictive for these MC1R-mediated hyperpigmentation? Then on once weekly injectable, just wondering what are the key IND-enabling studies still remaining before the planned 4Q IND submission? Thank you.

[Carl Spana, President and CEO at Palatin]

Sure. All right. A lot there. Let's go through. For the small molecule, I mean, what we're seeing is the potential to eliminate activity. That doesn't mean that when you go in and you start treating chronically that you won't see some small amount, but that's really what the goal is, and that's what we're seeing preclinically, really. A very significant separation between one and four. You know, until, you know, you get into the clinic, you're not gonna know. You're not gonna know. The animal models that we use, you know, animals, if you look at a rat, a dog, or a mouse, their skin is not really pigmented. You have to look at fur.

[Carl Spana, President and CEO at Palatin]

You look at fur darkening, and there are a number of models that we use for that. When you're seeing, you know, if your compounds have good MC1R activity and they work in these models, you're gonna see that translate to humans. We think there's a high degree of predictability that if you're showing, you know, lack of efficacy or very large separations between where you see weight loss and then where you see potential for even a small change in pigmentation, that that's gonna translate to the human condition as well.

[Carl Spana, President and CEO at Palatin]

With regards to where we are in development, you know, there's Right now, we're beginning the IND-enabling studies. That's gonna include a whole bunch of in vitro assays that we're required to do with regards to CYP binding, metabolism, and so on and so forth, as well as getting into the animal work that will start as well. We have everything, we have everything moving and coming together so that we'll have the documentation we need to file with the FDA and open up an IND in the fourth quarter of the year.

[Dev Prasad, Analyst at Loop Capital]

Great. Thank you.

[Operator]

There are no more questions in queue at this time. I would now like to turn the call back over to Carl Spana for any closing remarks.

[Carl Spana, President and CEO at Palatin]

I'd like to thank everyone for your participation on the call. You know, there's an opportunity for us to give you updates, and we're quite excited about where we are, where we're going. I thank the analysts for their questions that allow us opportunities to speak a little beyond what we have in the script and maybe give a little more color and context to what we're doing. I think that the advances that we're making are quite significant. We're generating some very good IP that I think is going to not only support the work that we're doing but make it a little more difficult for those that are following behind as well.

[Carl Spana, President and CEO at Palatin]

I think we're very well-positioned and feel pretty confident about what we're doing and going forward, that we're gonna deliver some really phenomenal compounds into the clinic. With that, thank you guys. Have a great day, and we look forward to keeping everybody updated as we continue to make progress on our programs. Steph?

[Stephen Wills, CFO and COO at Palatin]

Thanks also. Have a great rest of the day. Take care.

[Operator]

Thank you, everyone. This does conclude today's conference call. You may disconnect your phone lines at this time, and have a wonderful day. Thank you for your participation.

Participants

Analysts

• Carl Spana, President and CEO at Palatin
• Dev Prasad, Analyst at Loop Capital
• Scott Henry, Analyst at AGP
• Stephen Wills, CFO and COO at Palatin
• Yale Jen, Analyst at Laidlaw & Company