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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

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