Palatin Technologies disclosed that Sirenia Capital Management LP and Alex Silverstein report beneficial ownership of 2,307,000 shares of Common Stock, representing 9.9% of the class based on 1,772,199 shares outstanding as of February 13, 2026. The reported amount includes 2,192,000 shares issuable upon exercise of warrants, but those warrants are subject to a 9.99% Blocker that limits exercise. The filing is a joint Schedule 13G by Sirenia and Mr. Silverstein and states the percentages give effect to the Blocker.
Positive
None.
Negative
None.
Insights
Large warrant-backed stake reported with an ownership cap.
The filing shows Sirenia and its managing member report 2,307,000 shares (including 2,192,000 warrant-issuable shares) and present a 9.9% ownership figure calculated using February 13, 2026 outstanding shares. The issuer's 9.99% Blocker restricts full warrant exercise at this time.
Actual exercisable/beneficial ownership depends on the Blocker; subsequent filings would state if and when additional warrants become exercisable or converted. Cash‑flow treatment is not described in this excerpt.
Filing is a joint Schedule 13G with a warrant exercise constraint.
The statement is filed under Rule 13d-1(k) as a joint filing and attaches a Joint Filing Agreement. It discloses the mechanics of the Reported Warrants and the operative 9.99% Blocker language that limits exercise to avoid exceeding the ownership cap.
Documentation referenced (including Exhibit 99.1) and the issuer’s 10-Q outstanding-share count are the anchors for the ownership percentages; any change in outstanding shares or warrant terms would alter future percent calculations.
Key Figures
Beneficial ownership:2,307,000 sharesWarrants issuable:2,192,000 sharesPercent of class:9.9%+1 more
4 metrics
Beneficial ownership2,307,000 sharesReported on cover page for Sirenia and Alex Silverstein
Warrants issuable2,192,000 sharesShares issuable upon exercise of the Reported Warrants
Percent of class9.9%Calculated using 1,772,199 shares outstanding as of February 13, 2026
Outstanding shares (anchor)1,772,199 sharesIssuer's Form 10-Q as of February 13, 2026
"Includes 2,192,000 shares of Common Stock issuable upon exercise of the Reported Warrants"
9.99% Blockerregulatory
"the Reported Warrants are subject to the 9.99% Blocker"
Joint Filing Agreementregulatory
"Sirenia and Mr. Silverstein have entered into a Joint Filing Agreement"
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
PALATIN TECHNOLOGIES INC
(Name of Issuer)
Common Stock, par value $0.01 per share
(Title of Class of Securities)
696077601
(CUSIP Number)
03/31/2026
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
696077601
1
Names of Reporting Persons
Sirenia Capital Management LP
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
2,307,000.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
2,307,000.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,307,000.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
9.9 %
12
Type of Reporting Person (See Instructions)
IA, PN
Comment for Type of Reporting Person: Includes 2,192,000 shares of Common Stock (as defined in Item 2(a)) issuable upon exercise of the Reported Warrants (as defined in Item 4(a)). As more fully described in Item 4, the Reported Warrants are subject to the 9.99% Blocker (as defined in Item 4(a)) and the percentage set forth on row (11) gives effect to the 9.99% Blocker. However, rows (6), (8) and (9) show the number of shares of Common Stock that would be issuable upon the full exercise of the Reported Warrants and does not give effect to the 9.99% Blocker. Therefore, the actual number of shares of Common Stock beneficially owned by such Reporting Person, after giving effect to the 9.99% Blocker, is less than the number of securities reported on rows (6), (8) and (9).
SCHEDULE 13G
CUSIP Number(s):
696077601
1
Names of Reporting Persons
Alex Silverstein
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
2,307,000.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
2,307,000.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,307,000.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
9.9 %
12
Type of Reporting Person (See Instructions)
HC, IN
Comment for Type of Reporting Person: Includes 2,192,000 shares of Common Stock issuable upon exercise of the Reported Warrants. As more fully described in Item 4, the Reported Warrants are subject to the 9.99% Blocker and the percentage set forth on row (11) gives effect to the 9.99% Blocker. However, rows (6), (8) and (9) show the number of shares of Common Stock that would be issuable upon the full exercise of the Reported Warrants and does not give effect to the 9.99% Blocker. Therefore, the actual number of shares of Common Stock beneficially owned by such Reporting Person, after giving effect to the 9.99% Blocker, is less than the number of securities reported on rows (6), (8) and (9).
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
PALATIN TECHNOLOGIES INC
(b)
Address of issuer's principal executive offices:
301 Carnegie Center Drive, Suite 304, Princeton, NJ 08540
Item 2.
(a)
Name of person filing:
This statement is filed by:
(i) Sirenia Capital Management LP ("Sirenia") with respect to the common stock, par value $0.01 per share ("Common Stock"), of Palatin Technologies, Inc. (the "Issuer") held by, and issuable upon exercise of the Reported Warrants held by SILV Fund, Ltd. (the "Sirenia Fund"), an investment fund it manages; and
(ii) Alex Silverstein ("Mr. Silverstein"), the managing member of Sirenia Capital Management GP LLC, the general partner of Sirenia, with respect to the Common Stock held by, and issuable upon exercise of Reported Warrants held by, the Sirenia Fund.
The foregoing persons are hereinafter sometimes collectively referred to as the "Reporting Persons."
The filing of this statement should not be construed as an admission that any of the foregoing persons or any Reporting Person is, for the purposes of Section 13 of the Securities Exchange Act of 1934, the beneficial owner of the securities reported herein.
Sirenia and Mr. Silverstein have entered into a Joint Filing Agreement, a copy of which is filed with this Schedule 13G as Exhibit 99.1, pursuant to which they have agreed to file this Schedule 13G jointly in accordance with the provisions of Rule 13d-1(k) of the Securities Exchange Act of 1934 (the "Act").
(b)
Address or principal business office or, if none, residence:
The address of the principal business office of Sirenia and Mr. Silverstein is 1674 Meridian Avenue, Suite 320, Miami Beach, FL 33139.
(c)
Citizenship:
Sirenia is a Delaware limited partnership. Mr. Silverstein is a United States citizen.
(d)
Title of class of securities:
Common Stock, par value $0.01 per share
(e)
CUSIP Number(s):
696077601
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
The information required by Item 4(a) is set forth in Row 9 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
The percentage set forth in this Schedule 13G is calculated based upon an aggregate of 1,772,199 shares of Common Stock outstanding as of February 13, 2026, as reported in the Issuer's Quarterly Report on Form 10-Q for the quarterly period ended December 31, 2025, filed with the Securities and Exchange Commission on February 17, 2026, and assumes the exercise of the warrants (the "Reported Warrants") held by the Sirenia Fund.
Pursuant to the terms of the Reported Warrants, the Reporting Persons cannot exercise any of the Reported Warrants to the extent the Reporting Persons would beneficially own, after any such exercise, more than 9.99% of the outstanding shares of Common Stock (the "9.99% Blocker") and the percentage set forth in Row (11) of the cover page for each of the Reporting Persons gives effect to the 9.99% Blocker. Consequently, at this time, the Reporting Persons are not able to exercise all of such Reported Warrants due to the 9.99% Blocker.
(b)
Percent of class:
9.9%
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
The information required by Item 4(c)(i) is set forth in Row 5 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
(ii) Shared power to vote or to direct the vote:
The information required by Item 4(c)(ii) is set forth in Row 6 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
(iii) Sole power to dispose or to direct the disposition of:
The information required by Item 4(c)(iii) is set forth in Row 7 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
(iv) Shared power to dispose or to direct the disposition of:
The information required by Item 4(c)(iv) is set forth in Row 8 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
See Item 2(a). The Sirenia Fund has the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, more than 5 percent of the outstanding Common Stock.
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Sirenia Capital Management LP
Signature:
/s/ Kolby Loft
Name/Title:
Kolby Loft, General Counsel & Chief Compliance Officer
What stake does Sirenia report in Palatin Technologies (PTN)?
Sirenia reports beneficial ownership of 2,307,000 shares, equal to 9.9%. This percentage is calculated using 1,772,199 shares outstanding as of February 13, 2026 and reflects the effect of the 9.99% Blocker described in the filing.
How many shares are issuable upon exercise of the reported warrants?
The filing includes 2,192,000 shares issuable upon exercise of Reported Warrants. The cover-page figures show the full exercisable amount, but the 9.99% Blocker prevents exercise to the extent it would exceed the ownership cap.
What is the 9.99% Blocker mentioned in the filing?
The 9.99% Blocker prevents exercising warrants that would result in beneficial ownership exceeding 9.99%. The percentage shown (9.9%) gives effect to that blocker; rows showing full exercisable shares do not reflect the blocker adjustment.
On what outstanding-share count is the 9.9% calculated?
The 9.9% figure uses 1,772,199 shares outstanding as of February 13, 2026. That outstanding-share count is taken from the issuer's Form 10-Q for the period ended December 31, 2025, filed February 17, 2026.
Who filed the Schedule 13G and under what arrangement?
The statement is filed jointly by Sirenia Capital Management LP and Alex Silverstein. They executed a Joint Filing Agreement (filed as Exhibit 99.1) and submitted the Schedule 13G under Rule 13d-1(k).
