Palatin Reports Fiscal Third Quarter 2026 Financial Results and Provides Business Update
Rhea-AI Summary
Palatin (NYSE American: PTN) reported fiscal Q3 2026 results and detailed progress on its MC4R-based rare obesity programs. Key IND filings are targeted for late 2026 (once-weekly injectable) and first half 2027 (oral candidate).
Q3 2026 collaboration and license revenue was $3.9 million, with a net loss of $1.4 million versus a $4.8 million loss a year earlier. Cash and equivalents were $10.2 million plus $2.2 million of expected receivables, which Palatin believes can fund operations through June 30, 2027. Recent Boehringer Ingelheim and Altanispac deals added non-dilutive capital and potential future milestones and royalties.
Positive
- Q3 2026 collaboration and license revenue of $3.9 million versus zero prior year
- Net loss narrowed to $1.4 million from $4.8 million year over year
- Cash and equivalents of $10.2 million plus $2.2 million receivables expected
- Runway expected to fund operations through June 30, 2027
- €7.5 million ($8.8 million) from Boehringer Ingelheim in 2H 2025
- $3.8 million upfront from Altanispac in January 2026
Negative
- Company remains loss-making with Q3 2026 net loss of $1.4 million
- Operating expenses increased to $5.5 million from $4.8 million year over year
- Net cash used in operations was $4.4 million in Q3 2026
News Market Reaction – PTN
In the May 13 session, PTN declined 16.01%, reflecting a significant negative market reaction. Argus tracked a trough of -18.6% from its starting point during tracking. Our momentum scanner triggered 9 alerts that day, indicating moderate trading interest and price volatility. Trading volume was elevated at 2.8x the daily average, suggesting increased selling activity.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Feb 17 | Earnings and financing | Positive | +1.1% | Q2 2026 results, $18.2M offering, stronger cash and obesity pipeline progress. |
| Nov 13 | Earnings and listing | Positive | -2.2% | Q1 2026 results, collaboration milestones, upsized $18.2M offering, NYSE relisting. |
| May 14 | Earnings and delisting | Negative | +11632.2% | Q3 2025 results, obesity data, but NYSE delisting and continued net loss. |
| Feb 13 | Earnings and pipeline | Positive | +7.1% | Q2 2025 results with reduced loss, added cash, and obesity trial milestones. |
| Nov 14 | Earnings and strategy | Negative | -10.1% | Q1 2025 loss increase, low cash, and review of non-obesity strategic options. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Earnings and business updates have often been viewed positively, but reactions are volatile with at least one major divergence on mixed news.
Over recent earnings cycles, Palatin’s updates have combined clinical progress with financing and listing milestones. Prior events included public offerings, collaboration upfronts, and a major trading venue shift, alongside obesity and inflammatory disease pipeline advances. Price reactions ranged from modest single‑digit moves to extreme spikes, especially when clinical data and corporate restructuring coincided. Today’s earnings and obesity program update continue that pattern of pairing financial results with pipeline and partnering progress, while highlighting an extended cash runway.
Key Terms
mc4r medical
mc1r medical
phase 1 medical
phase 2 medical
melanocortin receptor medical
hyperpigmentation medical
AI-generated analysis. How Rhea-AI works. Not financial advice.
Advancing MC4R-based obesity programs for rare obesity disorders with a focus on improved tolerability and long-term use, and key IND submissions targeted in calendar 2026 and 2027
- Programs target rare obesity disorders linked to the MC4R pathway, including hypothalamic obesity, Prader-Willi syndrome, and Bardet-Biedl syndrome
- Once-weekly injectable MC4R selective peptide agonist remains on track for an IND submission in the fourth quarter of calendar 2026
- Oral MC4R selective agonist program is advancing, with a next-generation oral candidate targeted for IND submission in the first half of calendar 2027
- Focus is on developing best-in-class MC4R candidates designed to enhance potency, improve tolerability, reduce off-target effects, including those associated with hyperpigmentation, and support safe and effective long-term use
- Conference call and webcast scheduled for May 13, 2026, at 11:00 a.m. ET
"Our goal is to develop best-in-class MC4R agonists. To support this, we have made significant advancements in improving MC4R selectivity and reducing MC1R activity, resulting in highly selective MC4R lead candidates," said Carl Spana, Ph.D., President and Chief Executive Officer of Palatin Technologies. "Our once-weekly MC4R selective peptide agonist program remains on track for an IND submission in the fourth quarter of calendar 2026. In our oral MC4R selective agonist program, we have used data from PL7737 and broader program insights to develop next-generation highly selective MC4R candidates, targeting an IND submission for the first half of calendar 2027."
Dr. Spana continued, "Available therapies for rare obesity disorders often present challenges for long-term use. We have leveraged our extensive experience in the design of MC4R selective agonists, along with advancements in our understanding of receptor-ligand interactions, to develop optimized candidates. Our once-weekly injectable peptide lead and next-generation oral small molecule candidates are highly selective for MC4R, which we believe could result in a meaningful reduction in off-target effects associated with MC1R activity, with the potential to eliminate hyperpigmentation. Our next-generation oral small molecule candidates, informed by insights from earlier compounds including PL7737, also demonstrate improved potency. These attributes could translate into improved long-term tolerability, usability, and patient adherence."
Obesity Program Update
Palatin's obesity program is focused on MC4R selective agonists designed to enhance efficacy while improving tolerability and long-term usability.
Planned development and clinical studies will focus on advancing both a long-acting peptide and an oral small-molecule MC4R selective agonist for the treatment of hypothalamic obesity, Prader-Willi syndrome, and Bardet-Biedl syndrome, addressing populations with significant unmet medical need.
- Next-generation peptide MC4R selective agonists:
- Designed as a once-weekly injection.
- Preclinical data support sustained efficacy with repeat dosing and a tolerability profile designed to minimize and potentially eliminate hyperpigmentation through greater receptor selectivity.
- Investigational New Drug (IND) submission and initiation of a Phase 1 single- and multiple-ascending dose (SAD/MAD) trial remains on track for the fourth quarter of calendar year 2026.
- Oral MC4R selective agonists:
- Palatin is advancing next-generation oral small molecule MC4R selective agonist candidates based on data and learnings from earlier compounds, including PL7737, and broader program insights.
- In internal preclinical models, these candidates demonstrate improved MC4R selectivity relative to earlier compounds, supporting the potential for enhanced potency and tolerability, including a meaningful reduction in MC1R-mediated off-target effects, with the potential to eliminate hyperpigmentation.
- IND submission and initiation of a Phase 1 SAD/MAD trial for a next-generation oral MC4R selective agonist candidate is targeted for the first half of calendar year 2027.
Partnering and Out-Licensing Update
- Retinal diseases (MCR agonists) – Partnership with Boehringer Ingelheim, providing non-dilutive capital and potential future milestone and royalty payments.
- Received an upfront payment and research milestone totaling
€7.5 million ($8.8 million - Eligible to receive payments for development, regulatory, and commercial milestones, in addition to tiered royalties on net sales.
- Received an upfront payment and research milestone totaling
- PL9643 (MC1R agonist) - Dry Eye Disease – Sublicensing agreement with Altanispac Labs, providing non-dilutive capital while preserving potential future payments and royalty economics.
- Received
$3.8 million - Eligible to receive additional future payments under the sublicensing agreement, including asset disposition, as well as royalties on net sales.
- Received
- PL8177 (MCR agonist) - Ulcerative Colitis – Available for potential partnering following positive Phase 2 proof-of-concept results.
- Delivered positive Phase 2 proof-of-concept results, supporting the therapeutic potential of the program.
- Active out-licensing discussions are underway, reflecting interest in the asset's clinical data and potential commercial opportunity.
- Diabetic nephropathy (MCR agonists) – Positive Phase 2 open-label data support continued partnering discussions.
- Reported positive Phase 2 open-label results, supporting the therapeutic potential of the program.
- Ongoing out-licensing discussions continue to explore strategic pathways to maximize the value of the asset.
Fiscal Third Quarter Ended March 31, 2026, Financial Results
Revenue
For the third quarter ended March 31, 2026, Palatin recognized
Operating Expenses
Total operating expenses were
Other Income / (Expense)
Total other income, net, was
Cash Flows
Net cash used in operations was
Net Loss
Palatin reported a net loss for the third quarter ended March 31, 2026, of
The reduced net loss for the quarter ended March 31, 2026, was mainly due to collaboration and license revenue recognized during the quarter.
Cash Position
As of March 31, 2026, cash and cash equivalents were
Based on the Company's current operating and development plans, and the ability to manage the timing of certain operating expenses, the Company believes its existing cash and cash equivalents and expected other receivables will be sufficient to fund operations through June 30, 2027.
Conference Call / Webcast
Palatin will host a conference call and audio webcast on May 13, 2026, at 11:00 a.m. ET to discuss the results of operations in greater detail and provide an update on corporate developments. To listen to the live conference call, dial 1-888-506-0062 (US) or 1-973-528-0011 (International), Participant Access Code: 405313. The audio webcast and replay can be accessed by logging on to the "Investor-Webcasts" section of Palatin's website at http://www.palatin.com. A telephone and audio webcast replay will be available one hour after the completion of the call. To access the telephone replay, dial 1-877-481-4010 (US) or 1-919-882-2331 (International), Replay Passcode 54002. The webcast and telephone replay will be available through May 27, 2026.
Role of MC4R Agonists Effect in Obesity
Hypothalamic neurons expressing the melanocortin-4 receptor (MC4R) play a central role in regulating stored energy, food intake, and body weight. When the MC4R pathway signaling is impaired, patients can experience severe hunger, lower energy use, and early onset obesity. MC4R agonism represents a validated and attractive target for the development of therapies to treat obesity, particularly in disorders driven by dysfunction of the melanocortin pathway.
About Hypothalamic Obesity
Hypothalamic obesity (HO) is a rare and severe form of obesity caused by dysfunction or damage to the hypothalamus, the region of the brain that regulates appetite, satiety, and energy balance. HO can occur as an acquired condition, most commonly after surgery or radiation therapy for brain tumors such as craniopharyngioma, or as a congenital disorder associated with genetic syndromes and developmental abnormalities affecting hypothalamic function. Individuals with HO typically experience rapid weight gain, intense hunger, and serious metabolic problems that are resistant to conventional diet, exercise, and behavioral interventions. Although therapeutic options have recently emerged, HO remains a condition with significant unmet medical need, particularly with respect to long-term efficacy, tolerability, and patient management.
About Prader-Willi Syndrome
Prader-Willi syndrome (PWS) is a rare, complex genetic neurodevelopmental disorder caused by the loss of function of specific genes on chromosome 15. The condition is characterized by hyperphagia, impaired satiety, developmental delays, reduced muscle tone, endocrine abnormalities, and behavioral challenges. Individuals with PWS typically develop an intense and persistent drive to eat, beginning in early childhood, which can lead to severe obesity and related metabolic complications if not strictly managed. Current treatment approaches focus primarily on symptom management, including nutritional supervision, behavioral interventions, and growth hormone therapy. While new drug therapies are emerging, there remains significant unmet need, particularly in addressing hyperphagia and improving long-term tolerability and patient adherence.
About Bardet-Biedl Syndrome
Bardet-Biedl syndrome (BBS) is a rare genetic disorder characterized by early-onset obesity, hyperphagia, retinal degeneration, renal abnormalities, and developmental and cognitive impairment. Obesity in BBS is driven, in part, by dysfunction in the melanocortin signaling pathway, leading to impaired satiety and increased food intake. Individuals with BBS often experience significant, early weight gain and associated metabolic complications that are difficult to manage with conventional interventions. While targeted therapies have recently been approved, BBS remains a serious and lifelong condition with ongoing unmet need, particularly with respect to treatment tolerability, durability of treatment benefit, and overall patient quality of life.
About Melanocortin Receptor Agonists
The melanocortin receptor ("MCR") system has effects on inflammation, immune system responses, metabolism, food intake, and sexual function. There are five melanocortin receptors, MC1R through MC5R. Modulation of these receptors, through use of receptor-specific agonists, which activate receptor function, or receptor-specific antagonists, which block receptor function, can have medically significant pharmacological effects.
About Palatin
Palatin is a biopharmaceutical company developing medicines that target the melanocortin receptor system with targeted, receptor-specific product candidates for the treatment of diseases with significant unmet medical need and commercial potential. Palatin's strategy is to develop products and then form marketing collaborations with industry leaders to maximize their commercial potential. For more information, visit the company's website at www.palatin.com and follow us on X, formerly Twitter, @PalatinTech.
Forward-looking Statements
Statements in this press release that are not historical facts, including statements about future expectations of Palatin Technologies, Inc., such as statements about Palatin products in development, clinical trial results, potential actions by regulatory agencies, regulatory plans, development programs, proposed indications for product candidates, and market potential for product candidates are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and as that term is defined in the Private Securities Litigation Reform Act of 1995. Palatin intends that such forward-looking statements be subject to the safe harbors created thereby. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause Palatin's actual results to be materially different from its historical results or from any results expressed or implied by such forward-looking statements. Palatin's actual results may differ materially from those discussed in the forward-looking statements for reasons including, but not limited to, results of clinical trials, regulatory actions by the FDA and other regulatory and the need for regulatory approvals, Palatin's ability to fund development of its technology and establish and successfully complete clinical trials, the length of time and cost required to complete clinical trials and submit applications for regulatory approvals, products developed by competing pharmaceutical, biopharmaceutical and biotechnology companies, commercial acceptance of Palatin's products, and other factors discussed in Palatin's periodic filings with the Securities and Exchange Commission. Palatin is not responsible for updating events that occur after the date of this press release.
Palatin Technologies® is a registered trademark of Palatin Technologies, Inc.
PALATIN TECHNOLOGIES, INC. | ||||||||
and Subsidiary | ||||||||
Consolidated Statements of Operations | ||||||||
(unaudited) | ||||||||
Three Months Ended March 31, | Nine Months Ended March 31, | |||||||
2026 | 2025 | 2026 | 2025 | |||||
REVENUES | ||||||||
Collaboration and license | $ 3,920,675 | $ - | $ 12,884,261 | $ - | ||||
OPERATING EXPENSES | ||||||||
Research and development | 3,517,223 | 3,755,158 | 10,362,756 | 12,928,391 | ||||
General and administrative | 1,984,446 | 1,474,019 | 6,769,994 | 5,176,794 | ||||
Gain on sale of Vyleesi | - | - | - | (2,500,000) | ||||
Gain on purchase commitment | - | (416,000) | - | (416,000) | ||||
Total operating expenses | 5,501,669 | 4,813,177 | 17,132,750 | 15,189,185 | ||||
Loss from operations | (1,580,994) | (4,813,177) | (4,248,489) | (15,189,185) | ||||
OTHER INCOME (EXPENSE) | ||||||||
Investment income | 149,275 | 31,452 | 232,943 | 139,072 | ||||
Foreign currency transaction loss | - | (27,900) | - | (15,900) | ||||
Interest expense | (1,268) | (1,795) | (3,768) | (11,538) | ||||
Total other income (expense), net | 148,007 | 1,757 | 229,175 | 111,634 | ||||
NET LOSS | $ (1,432,987) | $ (4,811,420) | $ (4,019,314) | $ (15,077,551) | ||||
Basic and diluted net loss per common share | $ (0.37) | $ (9.13) | $ (1.63) | $ (33.89) | ||||
Weighted average number of common shares | 3,911,941 | 526,891 | 2,463,915 | 444,903 | ||||
PALATIN TECHNOLOGIES, INC. | ||||
and Subsidiary | ||||
Consolidated Balance Sheets | ||||
(unaudited) | ||||
March 31, 2026 | June 30, 2025 | |||
ASSETS | ||||
Current assets: | ||||
Cash and cash equivalents | $ 10,159,494 | $ 2,564,265 | ||
Other receivables | 2,167,215 | 29,468 | ||
Prepaid expenses and other current assets | 458,539 | 325,695 | ||
Total current assets | 12,785,248 | 2,919,428 | ||
Property and equipment, net | 135,016 | 129,444 | ||
Right-of-use assets - operating leases | 283,447 | 161,166 | ||
Other assets | 21,626 | 56,916 | ||
Total assets | $ 13,225,337 | $ 3,266,954 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIENCY) | ||||
Current liabilities: | ||||
Accounts payable | $ 1,693,400 | $ 6,998,806 | ||
Accrued expenses | 653,397 | 881,412 | ||
Short-term operating lease liabilities | 189,205 | 129,812 | ||
Total current liabilities | 2,536,002 | 8,010,030 | ||
Long-term operating lease liabilities | 97,457 | 33,969 | ||
Total liabilities | 2,633,459 | 8,043,999 | ||
Stockholders' equity (deficiency): | ||||
Preferred stock of | ||||
and outstanding designated as follows: | ||||
Series A Convertible: authorized 4,030 shares as of March 31, 2026: issued and | ||||
and outstanding 4,030 shares as of March 31, 2026 and June 30, 2025 | 40 | 40 | ||
Series D Convertible: authorized 3,400 shares as of March 31, 2026: issued and | ||||
and outstanding 3,400 shares as of March 31, 2026 and June 30, 2025 | 34 | 34 | ||
Common stock of | ||||
issued and outstanding 1,776,275 shares as of March 31, 2026 and 929,597 shares | 17,763 | 9,296 | ||
Additional paid-in capital | 473,667,254 | 454,287,484 | ||
Accumulated deficit | (463,093,213) | (459,073,899) | ||
Total stockholders' equity (deficiency) | 10,591,878 | (4,777,045) | ||
Total liabilities and stockholders' equity (deficiency) | $ 13,225,337 | $ 3,266,954 | ||
BS Check | $ - | $ - | ||
Working Capital | $ 10,249,246 | $ (5,090,602) | ||
View original content to download multimedia:https://www.prnewswire.com/news-releases/palatin-reports-fiscal-third-quarter-2026-financial-results-and-provides-business-update-302770261.html
SOURCE Palatin Technologies, Inc.