Melanocortin-based therapies for obesity
PL7737 IND-enabling toxicology underway; IND submission and clinical trial initiation planned for the first half of 2026
Next-generation selective peptide MC4R agonists designed for once-weekly subcutaneous dosing; IND submission and clinical trial initiation planned for mid-2026
Research Collaboration, License and Patent Assignment Agreement with Boehringer Ingelheim for the treatment of retinal diseases in August 2025
Received €2.0M ($2.3M) upfront
Achieved €5.5M ($6.5M) research milestone in September 2025
$18.2 million public offering, including full exercise of the over-allotment option, closed on November 12, 2025
Regained compliance with NYSE American listing standards, common stock resumed trading under the symbol "PTN" on November 12, 2025
Teleconference and Webcast to be held on Thursday, November 13, 2025, at 11:00 AM EST
PRINCETON, N.J., Nov. 13, 2025 /PRNewswire/ -- Palatin Technologies, Inc. (NYSE:PTN), a biopharmaceutical company developing first-in-class medicines based on molecules that modulate the activity of the melanocortin receptor (MCR) system, today announced financial results for its fiscal first quarter ended September 30, 2025 and provided a corporate update.
"Palatin's melanocortin-based obesity programs are advancing rapidly, led by our oral small molecule PL7737, which is on track to enter clinical studies in the first half of next year," said Carl Spana, Ph.D., President and CEO of Palatin "The strength of our preclinical data and our ability to target both broad and rare obesity indications, particularly neuroendocrine diseases such as hypothalamic obesity, underscore the differentiated potential of our melanocortin platform and our commitment to transforming obesity treatment."
"The execution of our collaboration with Boehringer Ingelheim, completion of our $18.2 million public offering, and reinstatement of NYSE American trading mark an important inflection point for Palatin," continued Dr. Spana. "As we move into 2026, we are well positioned with a strengthened balance sheet, a global partnership delivering near-term milestones, and a robust pipeline of clinical catalysts that collectively support meaningful long-term value creation."
Obesity Program Update
PL7737 (oral MC4R agonist):
Demonstrated robust weight loss, strong safety, and high oral bioavailability in preclinical models.
IND-enabling toxicology studies are ongoing, with an IND filing and initiation of a Phase 1 single- and multiple-ascending dose (SAD/MAD) trial expected in the first half of 2026.
Phase 1 studies are planned to include patients with hypothalamic obesity.
The U.S. FDA has granted Orphan Drug Designation for the treatment of leptin receptor (LEPR) deficiency–related obesity.
Next-generation selective peptide MC4R agonists:
Designed for once-weekly subcutaneous dosing, with an IND filing and Phase 1 SAD/MAD trial planned for mid-2026.
Phase 1 studies are also expected to include patients with hypothalamic obesity.
Pre-clinical and early clinical data support co-administration with tirzepatide as a safe, potentially synergistic approach to weight management.
Out-Licensing Programs Update
Retinal diseases (MCR agonists), Boehringer Ingelheim collaboration
Received an upfront payment of €2.0 million ($2.3 million) in August 2025.
Achieved €5.5 million ($6.5 million) research milestone in September 2025.
Eligible to receive up to €12.5 million ($14.5 million) in additional near-term research milestones and up to €260 million ($307.0 million) in development, regulatory, and commercial milestones, plus tiered royalties on future net sales.
PL9643 (MCR agonist) - Dry Eye Disease
Reported positive Phase 3 MELODY-1 results, with 6 of 13 symptom endpoints showing statistically significant complete symptom resolution versus placebo (p<0.05).
Out-licensing discussions are ongoing.
PL8177 (MCR agonist) - Ulcerative Colitis
Achieved positive Phase 2 proof-of-concept results.
Out-licensing discussions are ongoing.
Diabetic nephropathy (MCR agonists)
Reported positive Phase 2 open label data.
Out-licensing discussions are ongoing.
Corporate Update
Public OfferingOn November 12, 2025, Palatin announced the closing of its upsized $18.2 million underwritten public offering ("Offering"), including the full exercise of the over-allotment option, consisting of 2,795,384 shares of common stock (or pre-funded warrants in lieu thereof) of the Company, together with Series J warrants to purchase up to 2,795,384 shares of common stock (or pre-funded warrants in lieu thereof), (the "Series J Warrants"), and Series K warrants to purchase up to 2,795,384 shares of common stock (or pre-funded warrants in lieu thereof), (the "Series K Warrants"), at a combined public offering price of $6.50 per share of common stock and accompanying Series J and Series K warrants (the "Offering").
Each Series J Warrant will have an exercise price of $6.50 per share and will be immediately exercisable. The Series J Warrants will expire on the earlier of (i) the eighteen-month anniversary of the original issuance date or (ii) on the 31st calendar day following the date that the Company receives the U.S. Food and Drug Administration ("FDA") acceptance of the Company's Investigational New Drug for an in-house obesity treatment compound (long-acting peptide or oral small molecule) (the "FDA Exercise Period"). Each Series K Warrant will have an exercise price of $8.125 per share and will be immediately exercisable. The Series K Warrants will expire on the five-year anniversary of the original issuance date, however, if a holder's Series J Warrants have not been terminated in accordance with their terms prior to the expiration of the FDA Exercise Period, such holder's Series K Warrants will terminate automatically upon the earlier of the (i) eighteen-month anniversary of the original issuance date of the Series J Warrant or (ii) the expiration of the FDA Exercise Period and prior to the five-year anniversary of the issuance of the Series K Warrant.
The gross proceeds from the Offering, before deducting the underwriting discounts and commissions and offering expenses, are expected to be approximately $16.9 million. The Company may receive additional proceeds of up to $18.2 million upon the cash exercise of the milestone related Series J Warrants, however, there is no guarantee that such warrants will be exercised and accordingly that the Company will receive any proceeds from the exercise thereof.
The Company intends to use the net proceeds from the Offering to support the development of its obesity program and for working capital and general corporate purposes.
NYSE AmericanAs a result of the closing of the Offering, the Company regained compliance with NYSE American continued listing standard under Section 1003(a)(iii) of the NYSE American Company Guide (the "Stockholders' Equity Rule") and all applicable requirements for continued listing on NYSE American. Effective November 12, 2025, the Company's common stock resumed trading on the NYSE American under the symbol "PTN" and CUSIP "696077601".
Fiscal First Quarter Ended September 30, 2025 Financial Results
RevenueFor the quarter ended September 30, 2025, Palatin recognized $8,847,550 in collaboration and license revenue compared to $0 for the comparable quarter last year. The increase in collaboration and license revenue is related to the Boehringer Ingelheim agreement which consisted of an upfront payment, the achievement of a research milestone, and certain cost related reimbursements.
Operating ExpensesTotal operating expenses were $4.2 million for the first quarter ended September 30, 2025, compared to $7.8 million for the comparable quarter last year. The decrease was mainly related to a decrease in spending on our MCR development programs.
Other Income / (Expense)Total other income (expense), net was $16,481 for the quarter ended September 30, 2025, compared to $(58,964) for the comparable quarter last year. The increase was a result of foreign currency transaction losses incurred during the quarter ended September 30, 2024 and a decrease in interest expense offset by a decrease in investment income.
Cash FlowsPalatin's net cash used in operations for the quarter ended September 30, 2025, was $1.6 million, compared to net cash used in operations of $7.0 million for the comparable quarter last year. The decrease in net cash used in operations was mainly due to the recognition of license and contract revenue recognized during the quarter ended September 30, 2025, related to the Boehringer Ingelheim agreement.
Net Income / (Loss)Palatin reported net income for the quarter ended September 30, 2025, of $4.7 million, or $4.81 per basic common shares and $4.26 per diluted common share, compared to a net loss of $7.8 million, or $(19.71) per basic and diluted common share, for the comparable quarter last year.
The increase in net income for the quarter ended September 30, 2025, was mainly due to the revenue recognized pursuant to the Boehringer Ingelheim agreement and the decrease in operating expenses.
Cash PositionAs of September 30, 2025, Palatin's cash and cash equivalents were $1.3 million, compared to cash and cash equivalents of $2.6 million as of June 30, 2025.
The $1.3 million of cash and cash equivalents as of September 30, 2025, does not include approximately $6.5 million milestone payment pursuant to our retinal disease collaboration with Boehringer Ingelheim in October 2025 and the net proceeds from the Company's underwritten public offering of ...
