PALATIN TECHNOLOGIES INC

Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of our disclosure controls and procedures, as defined in Exchange Act Rules 13a-15(e) and 15d-15(e), as of the end of the period covered by this report. Based on that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that, as of June 30, 2024, our disclosure controls and procedures were not effective due to a material weakness in our controls over the accounting for complex financial instruments, specifically in connection with the valuation of warrant liability. In light of this material weakness, we performed additional analysis deemed necessary to ensure that our consolidated financial statements were prepared in accordance with U.S. GAAP. Accordingly, management believes that the consolidated financial statements included in this Annual Report on Form 10-K, present fairly, in all material respects, our financial position as of June 30, 2024 and June 30, 2023, and our results of operations and cash flows for each of the years then ended. The Company will adjust prior periods as those financial statements are presented for comparative purposes in future filings. While we processes to identify and appropriately apply applicable account requirements, we are improving these processes to ensure that the nuances of the accounting standards that apply to complex financial instruments and such other significant or unusual transactions are effectively evaluated. There were no other changes in our internal control over financial reporting that occurred during our most recent fiscal quarter that materially affected, or that are reasonably likely to materially affect, our internal control over financial reporting.