Pain Therapeutics Inc. reported unaudited earnings results for the first quarter ended March 31, 2012. For the quarter, the company reported total revenue of $2,973,000 against $3,236,000 for the same period a year ago. Operating loss was $148,000 against $479,000 a year ago. Net income was $30,000 against net loss of $207,000 a year ago. The company's net cash usage for the first half of 2012 continues to be expected to be under $5.0 million.