PTN (Palatin Technologies Inc.) stock: $10.66, $19.0M market cap, $10.2M cash, $8.8M EV, $110.4M fully diluted market cap. Lead program: bremelanotide (Obesity), Phase 2. Data from Fully Diluted's biotech stocks database.
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)
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)
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)
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.