Palatin Technologies reported $13.2 million in collaboration and license revenue for fiscal 2026, while narrowing its annual net loss and advancing a pipeline of MC4R-targeted treatments for rare and syndromic obesity disorders.
Approximately $9.4 million of fiscal 2026 revenue was associated with Boehringer Ingelheim, while another $3.8 million represented non-cash license revenue under Palatin’s agreement with Altanispac Labs. The company had reported no collaboration and license revenue in fiscal 2025.
Palatin’s obesity programs focus on disorders associated with the melanocortin 4 receptor pathway, including hypothalamic obesity, Prader-Willi syndrome, and Bardet-Biedl syndrome.
The company is pursuing lipidated and non-lipidated peptide candidates as well as an oral small-molecule approach.
Multiple peptide compounds have demonstrated potent MC4R agonist activity while not acting as agonists at MC1R, which Palatin believes could reduce or potentially eliminate MC1R-related hyperpigmentation.
A once-weekly injectable MC4R selective peptide agonist Phase 1 SAD/MAD study is targeted to begin during the first half of 2027, with initial data expected in the second half.
An oral MC4R selective agonist Phase 1 study is targeted to begin in the second half of 2027, with initial results anticipated in the first half of 2028.
Palatin is also using AI and machine learning tools as part of its oral small-molecule drug-design efforts.
Separately, the company continues to work with Boehringer Ingelheim under a research collaboration and license agreement covering MCR-targeted compounds for retinal diseases.
Palatin remains eligible for future development, regulatory, and commercial milestone payments and tiered royalties from that collaboration.
Other assets available for partnering include PL8177 for ulcerative colitis, where Palatin has reported positive Phase 2 proof-of-concept results, and an MCR agonist program in diabetic nephropathy.
Fiscal 2026 R&D expenses declined to $12.4 million from $14.9 million, while G&A expenses increased to $9.5 million from $7.8 million.
Total operating expenses were $21.9 million compared with $17.5 million in fiscal 2025, which benefited from gains related to Vyleesi and purchase commitments.
Palatin’s fiscal 2026 net loss narrowed to $8.4 million, or $2.96 per share, from $17.3 million, or $32.15 per share.
Net cash used in operating activities improved to $13.5 million from $21.3 million.
Cash and cash equivalents stood at $7.5 million as of June 30, 2026, and the company said additional financing will be required to continue funding operations and advancing its development programs.
KEY QUOTES:
“MC4R agonism is now clinically and commercially validated in multiple rare and syndromic obesity disorders, establishing a strong foundation for the development of next-generation therapies. While currently available and emerging therapies have demonstrated meaningful efficacy, gastrointestinal adverse events and hyperpigmentation remain important challenges for patients requiring long-term treatment. Our objective is to develop MC4R therapies that deliver comparable or greater efficacy with improved tolerability, little to no hyperpigmentation, and product profiles suitable for lifelong use.
We are advancing two complementary peptide series, non-lipidated PL1000 and lipidated PL2000, with tested compounds from both demonstrating potent MC4R agonist activity and not acting as agonists at MC1R. These findings support our strategy to minimize or potentially eliminate MC1R-mediated hyperpigmentation. Combined with our work to improve gastrointestinal tolerability, develop a long-acting injectable therapy and advance our oral small-molecule program, we believe we are building a differentiated portfolio for patients with rare and syndromic obesity disorders.”
Carl Spana, Ph.D., President And CEO Of Palatin Technologies
