PTN Stock — Palatin Technologies Inc.: Cash, EV, Pipeline

What they do

Our Business Overview Palatin™ is a biopharmaceutical company developing first-in-class medicines based on molecules that modulate the activity of the melanocortin receptor (“MCR”) system. Our product candidates are targeted, receptor-specific therapeutics for the treatment of diseases with significant unmet medical need and commercial potential.

Source: 10-K FY2026 via SEC EDGAR

Share price

$6.90

Market cap

$12.3M

Cash

$7.5M

Enterprise value

$4.8M

Balance sheet

Cash	$7.5M
Debt	$0.0M
Net cash	$7.5M
Enterprise value	$4.8M
Basic shares	1.8M shares
Fully diluted shares	1.9M shares
Fully diluted market cap	$13.3M
Cash per share	$4.21
Quarterly burn	$2.7M
Cash runway	2.8 quarters

Cash figures as of 2026-06-30. Database snapshot: 2026-11-11.

Share structure

Common

1.8M

Pre-funded warrants

0.0M

Options

0.1M

RSUs

0.1M

Warrants

0.0M

Converts

0.0M

Conv preferred

—

ESPP reserve

—

FDSO

1.9M

Cap table as of 2026-09-25.

Price history

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Upcoming catalysts

No upcoming catalysts on file for this company.

Full readout calendar →

Pipeline assets

PL9643

Phase 3 · Active Modality: peptide (MC1R agonist)

Target MC1R

Partnerships Exclusively licensed to Altanispac Labs, LLC (debt cancellation plus future payments on sublicensing/sale and tiered royalties).

Indications

Dry eye disease (keratoconjunctivitis sicca) (Phase 3)

Catalysts

— 1H CY2026

Status note MC1R agonist for dry eye disease; successfully completed a Phase 3 clinical trial, with a second Phase 3 trial targeted for 1H CY2026 under the licensee.

PL8177

Phase 2 · Active Modality: peptide (MC1R agonist, oral formulation)

Target MC1R

Indications

Ulcerative colitis (Phase 2)

Status note Oral peptide MC1R formulation for treatment of ulcerative colitis; reported positive topline data in a Phase 2 proof-of-concept trial in Q1 2025.

MC4R once-weekly peptide agonist

Preclinical · Active Modality: peptide (MC4R agonist, once-weekly)

Target MC4R

Indications

Obesity and metabolic-related disorders (Preclinical)

Catalysts

— Q1 CY2026

Status note Novel once-weekly MC4R-selective peptide agonist for obesity indications. IND filing projected for Q1 CY2026.

Oral small molecule MC4R agonist

Preclinical · Active Modality: small molecule (MC4R selective agonist)

Aliases PL7737

Target MC4R

Indications

Obesity and metabolic-related disorders (Preclinical)

Catalysts

— Q1 CY2026

Status note Oral small molecule MC4R selective agonist for obesity indications. IND filing projected for Q1 CY2026.

Bremelanotide + tirzepatide

Phase 2 · Active Modality: peptide (MC4R agonist) in co-administration

Target MC4R

Indications

Obesity (with tirzepatide) (Phase 2)

Status note Co-administration of bremelanotide with the GLP-1 agonist tirzepatide for obesity entered Phase 2 in Q2 CY2024 and reported positive topline data in Q1 CY2025.

MC4R agonist for diabetic nephropathy

Stage not disclosed · Active Modality: peptide (MC4R agonist)

Target MC4R

Indications

Diabetic nephropathy (Stage not disclosed)

Status note MC4R agonist program for diabetic nephropathy; reported positive topline data in Q4 2024. Trial phase not disclosed in the excerpts.

MC4R rare-disease agonist programs

Stage not disclosed · Active Modality: peptide/small molecule (MC4R agonists)

Target MC4R

Indications

Rare MC4R pathway diseases (hypothalamic obesity, Prader-Willi syndrome, Bardet-Biedl syndrome) (Stage not disclosed)

Status note MC4R-selective long-acting peptide and small molecule agonists with potential utility in rare MC4R pathway diseases (hypothalamic obesity, Prader-Willi syndrome, Bardet-Biedl syndrome). Phase not disclosed in the excerpts.

Retinal disease MCR compounds

Stage not disclosed · Active Modality: melanocortin receptor-targeted compounds

Target melanocortin receptors

Partnerships Research Collaboration, License and Patent Assignment Agreement with Boehringer Ingelheim (Aug 2025): upfront payment, up to €280M in development/regulatory/commercial milestones, tiered royalties; up to 2.5 years of reimbursed R&D services.

Indications

Retinal diseases (Stage not disclosed)

Status note Family of melanocortin receptor-targeted compounds for retinal diseases under a Boehringer Ingelheim collaboration; BI acquired certain Palatin IP in Aug 2025.

Vyleesi

Approved · Terminated Modality: peptide (MC4R agonist)

Aliases bremelanotide

Target MC4R

Partnerships Sold (gain on sale of Vyleesi recorded in 2025).

Indications

Hypoactive sexual desire disorder (HSDD) in premenopausal women (Approved)

Status note Prior commercial product approved by FDA in Jun 2019 for HSDD in premenopausal women; the asset was subsequently sold and is no longer owned by the company.

Per-asset detail extracted from the 10-Q filed 2026-05-13. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	bremelanotide
Lead indication	Obesity
Lead phase	Phase 2
Active trials	2

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT06565611	Phase 2	Active, not recruiting	Sponsor	PTN	—	Obesity	—
NCT05466890	Phase 2	Active, not recruiting	Sponsor	PTN	—	Ulcerative Colitis; Ulcerative Colitis Acute; Ulcerative	—

Sponsor-matched active trials from ClinicalTrials.gov (2 as sponsor, 0 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 2 active trials for Palatin Technologies, Inc on ClinicalTrials.gov

Specialist fund holders

Tracked specialist funds: ADAR1 Capital Management, Aisling Capital, Ally Bridge Group, Avoro Capital Advisors, BVF Partners, Baker Bros. Advisors, Boxer Capital, Braidwell LP, Casdin Capital, Cormorant Asset Management, DAFNA Capital, Deerfield Management, EcoR1 Capital, Frazier Life Sciences, Great Point Partners, Ikarian Capital, Logos Global Management, OrbiMed Advisors, Perceptive Advisors, RA Capital Management, RTW Investments, Sphera Biotech, Stonepine Capital, Tang Capital Partners, Vivo Capital.

Fund	Shares	Q/Q change	% of portfolio	Filing
Logos Global Management	130,000	-10,000	0.06%	2026-08-14
RA Capital Management	62,124	-7,876	0.01%	2026-08-14
Perceptive Advisors	0	-61,945	0.00%	2026-08-14

Specialist-fund positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

Latest news

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PTN — Palatin Technologies Inc. ☆

What they do

Balance sheet

Share structure

Price history

Upcoming catalysts

Pipeline assets

Pipeline

Active clinical trials

Specialist fund holders

Latest news

PTN — Palatin Technologies Inc.