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Palatin Technologies, Inc. (trading as PTNT and expected to resume trading on the NYSE American under the symbol PTN) is a biopharmaceutical company focused on developing receptor-specific medicines that modulate the melanocortin receptor (MCR) system. According to company disclosures and SEC filings, Palatin develops targeted product candidates for diseases with significant unmet medical need and commercial potential, particularly in obesity, ocular disease, and retinal disorders.

Palatin is incorporated in Delaware and classified under Standard Industrial Classification code 2834, which covers pharmaceutical preparations. Its principal executive offices are located in New Jersey. Across its public communications, Palatin consistently describes its strategy as advancing a pipeline of melanocortin agonists and then forming marketing or development collaborations with larger industry partners to expand patient access and maximize commercial potential.

Focus on the Melanocortin Receptor System

The company’s research centers on the melanocortin receptor system, which, based on Palatin’s scientific summaries, influences inflammation, immune responses, metabolism, food intake, and sexual function. There are five known melanocortin receptors (MC1R through MC5R). Palatin develops receptor-specific agonists that activate these receptors and, in some cases, antagonists that block them, aiming to achieve medically meaningful pharmacological effects in targeted tissues.

Palatin highlights the melanocortin-4 receptor (MC4R) as a key target in obesity and energy balance. Company materials describe how MC4R-expressing neurons in the hypothalamus play a central role in regulating stored energy, appetite, and body weight. Genetic disruptions in MC4R signaling are associated with hyperphagia, decreased energy expenditure, and early-onset obesity. Palatin’s MC4R agonist programs are designed to leverage this biology for potential obesity treatments, including rare genetic forms such as leptin receptor (LEPR) deficiency–related obesity.

Obesity Pipeline and MC4R Agonists

Palatin’s obesity efforts include both oral small molecules and injectable peptide melanocortin-4 receptor agonists. The company has reported preclinical data for PL7737, an orally bioavailable, selective small molecule MC4R agonist in development for obesity. In diet-induced obese animal models, Palatin reports dose-dependent weight loss with favorable pharmacokinetics and encouraging safety signals in early toxicology studies. The U.S. Food and Drug Administration has granted Orphan Drug Designation to PL7737 for LEPR deficiency–related obesity, according to Palatin’s news releases.

In addition to preclinical work, Palatin has conducted a Phase II study (BMT-801) evaluating co-administration of an MC4R agonist, bremelanotide, with the GLP-1/GIP agonist tirzepatide in patients with obesity. Company-reported results indicate that adding low-dose MC4R agonism to tirzepatide led to greater weight loss than tirzepatide alone, with no new safety concerns and evidence of weight maintenance after tirzepatide discontinuation. Palatin states that these findings support MC4R agonists as complementary to incretin-based therapies and inform the design of its next-generation oral and long-acting peptide MC4R candidates.

Ocular and Retinal Disease Programs

Beyond obesity, Palatin is advancing melanocortin-based therapies for ocular surface disease and retinal conditions. The company reports Phase 3 data for PL9643, an ophthalmic melanocortin agonist evaluated in the MELODY-1 trial for dry eye disease (DED). In this study, Palatin states that PL9643 achieved statistically significant symptom improvements, including complete resolution across multiple symptom endpoints, with rapid onset and a tolerability profile comparable to vehicle. The company positions PL9643 as a potential first-in-class therapy in DED based on these responder analyses.

Palatin is also developing melanocortin agonists PL9654 and PL9655 for diabetic retinopathy and related retinal diseases. Preclinical data presented by the company describe these agents as resolving inflammation, stabilizing the blood-retinal barrier, reducing VEGF signaling, and preserving retinal structure and function in multiple models. Palatin reports activity via both topical and systemic administration, suggesting potential for earlier intervention in the course of diabetic retinopathy.

Retinal Disease Collaboration with Boehringer Ingelheim

According to an 8-K filing and related press releases, Palatin has entered into a strategic collaboration with Boehringer Ingelheim to develop melanocortin receptor–targeted treatments for retinal diseases, including diabetic retinopathy and diabetic macular edema. Under this agreement, Palatin received an upfront payment and is eligible for research, development, regulatory, and commercial milestone payments, as well as tiered royalties on net sales. In September 2025, Palatin announced achievement of a research milestone that triggered a multimillion-euro payment, underscoring progress within this partnership.

Business Model and Capital Markets Activity

Palatin’s stated business model combines internal research and clinical development with external collaborations and capital markets financing. The company emphasizes advancing its melanocortin agonist pipeline through key development stages and then partnering with pharmaceutical companies for commercialization and broader patient reach. This approach is reflected in the Boehringer Ingelheim collaboration and in Palatin’s prior sale of worldwide rights to the product Vyleesi for female sexual dysfunction to Cosette Pharmaceuticals, which the company notes eliminated related product revenue from its recent financial periods.

To fund its programs, Palatin has used registered offerings, private placements, and warrant structures. SEC filings detail multiple offerings of common stock, preferred stock, and various series of common stock purchase warrants. In 2025, Palatin implemented a 1-for-50 reverse stock split, which the company states was intended to increase the per-share trading price of its common stock and support compliance with NYSE American listing standards related to low selling price.

Listing Status and Exchange Transitions

Palatin’s SEC filings explain that NYSE Regulation determined the company was no longer suitable for listing on the NYSE American due to the low selling price of its common stock, leading to a suspension of trading and initiation of delisting proceedings in May 2025. Following that suspension, Palatin’s common stock traded on the OTC Pink and then the OTCQB Market under the symbol PTNT. The company subsequently executed the reverse stock split and pursued equity offerings.

In connection with a later underwritten public offering, Palatin submitted pro forma financial statements to NYSE American demonstrating compliance with the exchange’s stockholders’ equity requirements, supported by revenue from the Boehringer Ingelheim collaboration and anticipated offering proceeds. An 8-K filed in November 2025 states that, upon closing of the offering, Palatin would regain compliance with NYSE American continued listing standards and that its common stock is expected to resume trading on NYSE American under the symbol PTN with a new CUSIP.

Regulatory Filings and Corporate Structure

Palatin files as a smaller reporting company and non-accelerated filer with the U.S. Securities and Exchange Commission. Its registration statements on Form S-1 and amendments describe firm commitment public offerings of common stock, pre-funded warrants, and Series J and Series K common stock purchase warrants, with exercise terms linked in part to FDA acceptance of an investigational new drug application for an in-house obesity treatment compound.

The company’s certificate of incorporation and bylaws, as summarized in SEC filings, provide for indemnification of directors and officers and limit certain liabilities to the fullest extent permitted under Delaware law. Palatin has also issued various series of convertible preferred stock and multiple series of common stock purchase warrants in prior financing transactions.

Research Areas and Disease Targets

Across its communications, Palatin highlights several therapeutic areas where it believes melanocortin receptor modulation may be beneficial:

• Obesity and rare genetic obesity disorders, including LEPR deficiency–related obesity and hypothalamic obesity.
• Dry eye disease (DED), where PL9643 has completed a Phase 3 trial (MELODY-1) and additional Phase 3 studies are planned, subject to partnership and funding.
• Diabetic retinopathy and diabetic macular edema, addressed through PL9654, PL9655, and the Boehringer Ingelheim collaboration.
• Other inflammatory and immune-mediated conditions in ocular, gastrointestinal, and renal tissues, where the company notes that melanocortin receptors are expressed and may mediate inflammation resolution and tissue repair.

Palatin characterizes its melanocortin agonist programs as mechanism-based therapies that aim to activate natural resolution pathways in disease rather than broadly suppressing immune function.

Risk Profile and Investor Considerations

As a clinical-stage biopharmaceutical company, Palatin’s prospects depend on the success of its research and development programs, regulatory outcomes, and its ability to secure sufficient funding and collaborations. Its SEC registration statements and risk factor disclosures emphasize uncertainties related to clinical trial results, regulatory approvals, financing, warrant structures, and exchange listing status. Investors evaluating PTNT/PTN stock typically review Palatin’s SEC filings, clinical data updates, collaboration announcements, and capital structure to understand the company’s progress and risk profile.