Palatin Technologies (NYSE: PTN) signs BI retinal deal, €2M upfront

Rhea-AI Filing Summary

Palatin Technologies, Inc. entered into a Research Collaboration, License and Patent Assignment Agreement with Boehringer Ingelheim International GmbH to develop melanocortin receptor-targeted peptides for retinal diseases, including diabetic retinopathy. Palatin will assign certain patent rights, collaborate on research at Boehringer Ingelheim’s expense for two years (with a possible six‑month extension), and is entitled to an upfront payment of €2.0 million ($2.3 million), up to €18.0 million ($20.9 million) in near‑term research milestones, and up to €260 million ($301.6 million) in development, regulatory and commercial milestones, plus tiered sales royalties subject to specified reductions. The agreement runs on a product‑by‑product, country‑by‑country basis through the applicable royalty term, with termination rights for bankruptcy or material breach and with Boehringer Ingelheim also able to terminate for any reason after a notice period. Separately, Palatin’s common stock was determined no longer suitable for listing on NYSE American due to its low selling price and now trades on OTC Markets under the symbol PTNTD.

Positive

• Entered a research collaboration, license and patent assignment agreement with Boehringer Ingelheim focused on melanocortin receptor-targeted peptides for retinal diseases.
• Secured an upfront payment of €2.0 million ($2.3 million) and eligibility for up to €18.0 million ($20.9 million) in near-term research milestones.
• Gained potential access to up to €260 million ($301.6 million) in success-based development, regulatory and commercial milestone payments, plus tiered royalties on net commercial sales.

Negative

• NYSE Regulation determined the common stock was no longer suitable for listing on NYSE American due to its low selling price, leading to trading moving to OTC Markets under the symbol PTNTD.

Insights

Biopharma partnerships analyst

Palatin secures a multi-stage Boehringer Ingelheim deal with upfront cash and large milestone potential.

The agreement between Palatin Technologies and Boehringer Ingelheim centers on melanocortin receptor-targeted peptides for retinal diseases, a serious and growing therapeutic area. Palatin assigns certain patent rights and commits to collaborative research for two years, funded by Boehringer Ingelheim, which limits Palatin’s near-term development spend on this program.

Financially, Palatin is set to receive an upfront payment of €2.0 million ($2.3 million), with additional near-term research milestones of up to €18.0 million ($20.9 million). Longer term, the deal includes success-based development, regulatory and commercial milestones up to €260 million ($301.6 million), plus tiered royalties on net sales, though these royalties can be reduced after patent expiry, generic competition or third-party IP payments.

The collaboration’s impact depends on Boehringer Ingelheim’s continued commitment and the clinical performance of the retinal programs, as the company can terminate the agreement for any reason after a notice period. At the same time, Palatin’s equity story is affected by the prior NYSE American determination that its common stock was no longer suitable for listing due to low price, with trading now on OTC Markets under the symbol PTNTD as of August 12, 2025.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 14, 2025

PALATIN TECHNOLOGIES, INC.

(Exact name of registrant as specified in its charter)

Delaware		001-15543		95-4078884
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS Employer Identification No.)

103 Carnegie Center Drive, Suite 300, Princeton, NJ		08852
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (609) 495-2200

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading symbol		Name of each exchange on which registered
Common Stock, par value $0.01 per share		PTN1		NYSE American

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

____________________

¹ Palatin Technologies, Inc. (the “Company”) has received a notice from the NYSE American LLC (“NYSE American”) stating that the NYSE Regulation has determined that the Company is no longer suitable for listing pursuant to Section 1003(f)(v) of the NYSE American Company Guide due to the low selling price of the Company’s Common Stock. NYSE American commenced delisting proceedings in connection with the foregoing determination, and trading the Company’s common stock was suspended on May 7, 2025. From May 8, 2025 through June 6, 2025, the Company’s common stock traded on the Pink Market of the OTC Markets Group under the trading symbol “PTNT”. From June 9, 2025 through August 11, 2025, the Company’s common stock traded on the OCTQB Market of the OTC Markets Group under the trading symbol “PTNT”. Since August 12, 2025, the Company’s common stock has traded on the OCTQB Market of the OTC Markets Group under the trading symbol “PTNTD”.

Item 1.01 Entry into a Material Definitive Agreement.

On August 14, 2025, Palatin Technologies Inc. (“Palatin”), entered into a Research Collaboration, License and Patent Assignment Agreement (the “Agreement”) with Boehringer Ingelheim International GmbH (“BI”) to research, develop and commercialize first-in-class melanocortin receptor-targeted peptides developed by Palatin for the treatment of retinal diseases, including diabetic retinopathy.

Under the terms of the Agreement, Palatin assigned certain patent rights to BI (the “Assigned Patents”), and Palatin will conduct collaborative research with BI at BI’s expense focused on development during a two-year period, which BI has the right to extend by up to 6 months.

Under the terms of the Agreement, Palatin will receive an upfront payment of €2.0 million ($2.3 million USD), up to €18.0 million ($20.9 million USD) in near-term research milestone payments, and up to €260 million ($301.6 million USD) in success-based development, regulatory, and commercial milestone payments, plus tiered royalties on net commercial sales of Products. The royalty payments are subject to reduction due to patent expiration, generic competition and payments made under certain licenses for third-party intellectual property.

The Agreement will continue, on a product-by-product and country-by-country basis, until the expiration of the applicable royalty term, unless earlier terminated. BI has the right to terminate the Agreement for any reason after a specified notice period. Each party has the right to terminate the Agreement on account of the other party’s bankruptcy or material, uncured breach.

The foregoing description of the Agreement and the transactions contemplated thereby does not purport to be complete and is subject to, and qualified in its entirety by reference to, the complete text of the Agreement, which will be filed with the U.S. Securities and Exchange Commission as an exhibit to the Company’s Quarterly Report on Form 10-Q for the quarter ending September 30, 2025. 

Item 7.01. Regulation FD Disclosure.

On August 18, 2025, BI and Palatin issued a press release announcing entering into the Agreement. The press release is furnished as Exhibit 99.1 and incorporated by reference herein.

The information in this Item 7.01, including Exhibit 99.1 attached hereto, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section. Such information shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended (the “Securities Act”), whether made before or after the date hereof, except as expressly set forth by specific reference in such filing. The furnishing of this information will not be deemed an admission as to the materiality of any information contained therein.

Forward-Looking Statements

This Current Report includes forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as “will” and “expected”, or the negative of such terms, or other comparable terminology, and include statements about the Reverse Stock Split and the impacts, if any, on the Company’s Common Stock. Forward-looking statements are statements that are not historical facts. Such forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties, which could cause actual results to differ materially from the forward-looking statements contained herein due to many factors. These forward-looking statements and such risks, uncertainties and other factors speak only as of the date of this Current Report, and the Company expressly disclaims any obligation or undertaking to update or revise and forward-looking statement contained herein, or to reflect any change in the Company’s expectations with regard thereto or any other change in events, conditions, or circumstances, on which any such statement is based, except to the extent otherwise required by applicable law.

Item 9.01 Financial Statements and Exhibits.

Exhibit No.		Description
99.1		Press Release, dated August 18, 2025.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: August 18, 2025	PALATIN TECHNOLOGIES, INC.
	/s/ Stephen T. Wills
	Stephen T. Wills, CPA, MST
	Executive Vice President, Chief Financial Officer and Chief Operating Officer

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FAQ

What major agreement did Palatin Technologies (PTN) enter into with Boehringer Ingelheim?

Palatin Technologies entered into a Research Collaboration, License and Patent Assignment Agreement with Boehringer Ingelheim International GmbH to research, develop and commercialize first-in-class melanocortin receptor-targeted peptides for retinal diseases, including diabetic retinopathy.

How much upfront and milestone consideration can Palatin Technologies (PTN) receive from the Boehringer Ingelheim deal?

Palatin will receive an upfront payment of €2.0 million ($2.3 million) and is eligible for up to €18.0 million ($20.9 million) in near-term research milestone payments, plus up to €260 million ($301.6 million) in success-based development, regulatory and commercial milestone payments.

Does Palatin Technologies (PTN) receive royalties under the Boehringer Ingelheim agreement?

Yes. Palatin is entitled to tiered royalties on net commercial sales of products developed under the agreement. These royalties can be reduced after patent expiration, with generic competition, or when Boehringer Ingelheim makes payments under certain third-party intellectual property licenses.

How long will the Palatin and Boehringer Ingelheim agreement remain in effect?

The agreement continues on a product-by-product and country-by-country basis until the end of the applicable royalty term. It may end earlier if either party terminates for bankruptcy or material, uncured breach, and Boehringer Ingelheim may also terminate for any reason after a specified notice period.

What happened to Palatin Technologies’ (PTN) NYSE American listing?

NYSE Regulation determined that Palatin’s common stock was no longer suitable for listing on NYSE American under Section 1003(f)(v) of the NYSE American Company Guide due to its low selling price. Delisting proceedings commenced, trading was suspended on May 7, 2025, and the stock moved to OTC Markets, most recently trading under the symbol PTNTD on the OTCQB Market.

Who will fund the collaborative research between Palatin Technologies and Boehringer Ingelheim?

The collaborative research during the initial two-year development period (with a possible six-month extension) will be conducted by Palatin but at Boehringer Ingelheim’s expense, according to the agreement.