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- **Strategic Milestones Achieved**: $2.3M upfront and $6.5M milestone from BI, $16.9M public offering, and NYSE relisting.
- **Pipeline Progress**: PL7737 IND filing Q2 2026, long-acting peptides entering IND studies Q2 2026, and $307M potential in retinal disease collaboration.
- **Financial Stability**: Net income of $4.7M, 59% expense reduction, and extended cash runway beyond 2026.
- **Market Differentiation**: Next-gen MC4R agonists with reduced side effects and first-in-class positioning in obesity treatment.

**【Management Opening Remarks】**
- **Boehringer Ingelheim Collaboration**: Received upfront payment of $2.3 million and a $6.5 million milestone, with potential for up to $307 million in future milestones and royalties.
- **Public Offering**: Raised $16.9 million (gross) through an 18.2 million share offering, including Series J and K warrants. Series J warrants exercisable at $6.50 if FDA accepts IND by mid-2026; Series K warrants at $8.12 expiring in 2030.
- **NYSE Compliance**: Resumed trading on NYSE American under symbol PTN after regaining compliance.

**【CEO Commentary】**
- **Obesity Pipeline Focus**: 
  - **PL7737**: Oral MC4R agonist with reduced MC1R activity to minimize hyperpigmentation. IND filing expected Q2 2026, with Phase 1 data in Q4 2026.
  - **Long-acting Peptides**: Target weekly or bi-weekly dosing; IND-enabling studies to begin Q2 2026, with first-in-human studies in Q4 2026.
- **Strategic Licensing**: Advanced programs (e.g., PL9643 for dry eye, PL8177 for ulcerative colitis) available for licensing, with BI collaboration as a validation of melanocortin system potential.

**【CFO Financial Commentary】**
- **Q1 2026 Financials**: 
  - Revenue: $8.8 million (vs. $0 prior year) from BI collaboration.
  - Net Income: $4.7 million (vs. $7.8 million loss prior year).
  - Operating Expenses: $4.2 million (59% YoY decline) due to reduced non-core R&D spending.
  - Cash Position: $1.3 million as of Sep 30, 2025, but post-offering, cash runway extended beyond Q4 2026.
- **Liquidity**: Public offering proceeds and expected Series J warrant exercises provide financial stability for obesity program development.

**【Q&A Highlights】**
- **Pipeline Differentiation**: PL7773 and peptides designed for flat PK profiles to maintain efficacy without GI side effects; >100,000-fold MC4R/MC1R selectivity reduces pigmentation risk.
- **Competitive Positioning**: Confident in multi-billion-dollar obesity market potential; focus on first-in-class MC4R-selective compounds.
- **Future Collaborations**: Expect $14.5 million in near-term milestones from BI within 12 months, with active business development for other melanocortin programs.

Palatin Technologies Inc (PTN) Q1 2026 Earnings Call Transcript

- **Financial Stability**: Net loss reduced 69% YoY to $2.4M; $3.4M cash on hand supports 2025 operations.
- **Obesity Pipeline Momentum**: Two new MCR4 receptor programs set for IND in 2025; Phase II BMT-801 data imminent.
- **Strategic Focus**: Targeting $100B+ obesity market with differentiated MCR4 agonists; exploring rare disease opportunities.
- **Partnership Opportunities**: Multiple programs (obesity, UC, kidney disease) in active partner discussions.

**【CFO Financial Update】**
- **Revenue Decline**: Q2 2024 product revenue was $2 million (down from $4.3 million in Q2 2023) due to the sale of Vyleesi rights in 2023.
- **Operating Expenses**: Total expenses were $2.6 million (net of a $2.5M gain on Vyleesi sale), up 189% YoY due to reduced sale-related gains.
- **Net Loss**: Improved to $2.4 million (from $7.8 million YoY) driven by reduced warrant liability adjustments.
- **Cash Position**: $3.4 million as of Dec 31, 2024 (excluding $4.3M equity raise in Feb 2025), with active funding discussions.

**【CEO Operational Highlights】**
- **BMT-801 Study**: Phase II trial combining bremelanotide with tirzepatide for obesity completed; topline data expected late Dec 2024.
- **Obesity Portfolio**: Two new MCR4 receptor programs (long-acting peptide & oral small molecule) advancing to IND in 2025.
- **Ulcerative Colitis**: PL8177 Phase II data release expected Q1 2025; partner discussions ongoing.
- **Kidney Disease**: Bremelanotide study (BREAKOUT) showed 71% proteinuria reduction; partner outreach initiated.
- **Strategic Focus**: Prioritizing MCR4 receptor agonists for obesity, targeting $100B+ market potential.

**【Q&A Key Points】**
- **BMT-801 Benchmarking**: Seeking >4% weight loss vs. tirzepatide alone; focus on maintenance phase weight retention.
- **Rare Disease Potential**: Exploring MCR4 agonists for Prader-Willi Syndrome and other syndromic obesity indications.
- **2025 Outlook**: Multiple programs (obesity, UC, kidney disease) poised for partnership discussions and clinical advancement.

Palatin (PTN)-13 Feb 25-2025 Q2 Earnings call transcript

Palatin (PTN)-14 Nov 24-2025 Q1 Earnings call transcript

Palatin (PTN)-15 May 24-2024 Q3 Earnings call transcript

- **Vyleesi Momentum**: 7 straight quarters of double-digit growth, with net revenue exceeding operating expenses.
- **Dry Eye Breakthrough**: MELODY-1 Phase III study on track for year-end top-line data, targeting superior efficacy and tolerability.
- **Obesity Innovation**: GLP-1/bremelanotide combo study to launch Q1 2024, addressing weight loss maintenance and side effects.
- **Financial Resilience**: $5.5M cash on hand, with $4.5M raised in October, supporting operations into H1 2024.

**【CEO Summary Section】**
- Vyleesi achieved 7 consecutive quarters of double-digit growth, with net product revenue exceeding quarterly operating expenses.
- Phase III MELODY-1 study for dry eye disease (DED) is fully enrolled, with top-line data expected by year-end and full results in Q1 2024.
- New clinical programs include a Phase II study combining bremelanotide with GLP-1 agonists for obesity and erectile dysfunction (ED) patients unresponsive to PD-5 inhibitors.
- Cash position as of September 30, 2023, was $5.5 million, plus $1.3 million in accounts receivable, with $4.5 million raised in a registered direct offering in October 2023.

**【CFO Financial Commentary】**
- Gross product sales for Vyleesi: $4.6 million (Q1 2024) vs. $2.3 million (Q1 2023), +100% YoY.
- Net product revenue: $2.1 million (Q1 2024) vs. $1.0 million (Q1 2023), +142% YoY.
- Total operating expenses: $8.2 million (Q1 2024) vs. $9.6 million (Q1 2023), -14% YoY due to reduced monocortin program costs.
- Net loss: $5.9 million (Q1 2024) vs. $8.3 million (Q1 2023), -29% YoY.
- Cash used in operations: $5.9 million (Q1 2024) vs. $8.6 million (Q1 2023), -31% YoY.

**【Q&A Key Highlights】**
- **MELODY-1 Data**: Primary endpoints include inferior corneal staining and ocular pain; full dataset to be released in Q1 2024. Secondary endpoints include tear breakup time and dryness symptoms.
- **GLP-1 Combination Study**: Targeting obese patients (BMI >35) on tirzepatide, with focus on weight loss maintenance and tolerability. Preclinical data shows melanocortin agonists can enhance weight loss without increasing GLP-1 dose.
- **Out-Licensing Progress**: Vyleesi discussions with women's health companies advanced, with expectation of transaction in the near term.
- **Breakout Study**: Phase II open-label study in diabetic kidney disease patients; data expected in Q1 2024. Bremelanotide used as proof of concept for broader melanocortin receptor agonist pipeline.

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