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• A nascent Amgen, focused on developing first-in-class drugs for conditions like female sexual dysfunction and dry eye disease.
• An Acadia Pharmaceuticals, but for sexual health and inflammatory diseases instead of neurological disorders.
• A specialized biotech company, similar to an early-stage Vertex Pharmaceuticals, but targeting conditions like female sexual dysfunction and inflammatory diseases.

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• Vyleesi (bremelanotide injection): A prescription medication approved for the treatment of premenopausal women with acquired, generalized hypoactive sexual desire disorder (HSDD).
• PL9643: An investigational melanocortin receptor agonist currently in Phase 3 clinical trials for the treatment of dry eye disease.
• PL8177: An investigational selective melanocortin 1 receptor agonist being developed for the treatment of inflammatory bowel disease, currently in Phase 2 clinical trials.

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Palatin Technologies (symbol: PTN) is a biopharmaceutical company focused on developing first-in-class therapeutics for diseases with unmet medical needs. Rather than selling products directly to individuals or a broad base of wholesalers, Palatin primarily generates revenue through licensing agreements with larger pharmaceutical companies that handle the commercialization of its products.

Therefore, its major customers are other companies that have licensed rights to Palatin's drug candidates, particularly its commercialized product, Vyleesi (bremelanotide injection) for Hypoactive Sexual Desire Disorder (HSDD).

The major customer companies for Palatin Technologies are:

• Covis Pharma: Holds the commercialization rights for Vyleesi in North America. (Covis Pharma is a privately held company.)
• Shanghai Fosun Pharmaceutical Group Co., Ltd. (also known as Fosun Pharma): Holds the commercialization rights for Vyleesi in Greater China (mainland China, Hong Kong, Macau, and Taiwan). (Public company, symbol: HKEX: 2196, SSE: 600196)
• Kwang Dong Pharmaceutical Co., Ltd.: Holds the commercialization rights for Vyleesi in South Korea. (Public company, symbol: KRX: 009290)

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• Lonza Group Ltd. (LONN)
• AptarGroup, Inc. (ATR)

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Carl Spana, Chief Executive Officer, President, and Director

Carl Spana is a co-founder of Palatin Technologies, having established the company in 1986. He has served as CEO and President since June 2000. Prior to Palatin, from 1993 to 1996, he was Vice President of Paramount Capital Investments, LLC, a biotechnology and biopharmaceutical merchant banking firm, and of The Castle Group Ltd., a medical venture capital firm. During this time, he co-founded and acquired several private biotechnology firms. Notably, Castle Group was acquired by Paladin Group Ltd. in 2006. From 1991 to 1993, Dr. Spana was a Research Associate at Bristol-Myers Squibb.

Stephen T. Wills, Chief Financial Officer, Chief Operating Officer, Treasurer and Secretary

Stephen T. Wills has been the Chief Financial Officer of Palatin Technologies since November 1997, and its Chief Operating Officer and Executive Vice President since June 2011. He previously served as Executive Chairman and Chief Executive Officer of Derma Sciences, Inc. from 2015 to 2017. Mr. Wills has also held director positions at MediWound Ltd., Enzon Pharmaceuticals, Inc., and Gamida Cell Ltd.

James Hattersley, Senior Vice President, Business Development

James Hattersley possesses over 25 years of experience in product acquisitions, corporate alliances, and business and corporate development. Before joining Palatin, he was the Senior Vice President for Mission Pharmacal Company, where he was a member of the executive leadership team responsible for reshaping the company. He also serves as a member of the Board of Directors for Temple Therapeutics BV.

Michael B. Raizman, M.D., Chief Medical Officer

Michael B. Raizman, M.D., joined Palatin Technologies in June 2021. He is a cornea and cataract specialist, practicing at Ophthalmic Consultants of Boston and the New England Eye Center at Tufts Medical Center.

John Dodd, Ph.D., Senior Vice President, Preclinical Development

John Dodd, Ph.D., brings 40 years of experience in the discovery and development of clinically relevant drugs.

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The key risks to Palatin Technologies (PTN) are primarily centered around its financial viability and its ability to successfully develop and commercialize its product pipeline.

1. Financial Distress and Going Concern Risk: Palatin Technologies faces significant financial challenges, including a high probability of bankruptcy, with one analysis indicating an 86% chance of distress. The company has a history of net losses and an accumulated deficit, and it has been quickly burning through its cash reserves. This precarious financial position led to a notification of potential delisting from the NYSE American due to non-compliance with stockholders' equity requirements, although the company has since reported regaining compliance and reinstatement of NYSE American trading. The substantial financial strain impacts the company's ability to fund operations and further product development, and its cash reserves were notably low as of September 30, 2025.
2. Reliance on Product Pipeline Success and Revenue Generation: Following the sale of rights to its product Vyleesi, Palatin Technologies has experienced a loss of product revenue. The company's future hinges on the successful development, regulatory approval, and commercialization of its pipeline candidates, particularly its melanocortin receptor (MCR) therapeutics for conditions like obesity and ocular indications. The costs and timing of clinical trials are difficult to predict, and there is no guarantee that any program will advance or be successfully completed, or that related net cash inflows will materialize.

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Palatin Technologies (PTN) focuses on developing therapeutics that modulate the melanocortin receptor system for various indications. The addressable markets for their main products and pipeline candidates are as follows:

• Vyleesi (Bremelanotide) for Hypoactive Sexual Desire Disorder (HSDD):
  • The global female sexual dysfunction treatment market was valued at approximately USD 489.6 million in 2024 and is projected to grow to USD 1,329.5 million by 2032.
  • In the U.S. alone, the female sexual dysfunction treatment market is projected to reach an estimated value of USD 782.3 million by 2032.
  • Approximately 6 million premenopausal women in the U.S. are affected by HSDD.
• PL9643 for Dry Eye Disease (DED):
  • The global dry eye disease market is estimated at USD 6.11 billion in 2024 and is expected to reach USD 7.46 billion by 2029.
  • The global market for dry eye syndrome therapeutics is estimated to reach USD 8.5 billion by 2033.
  • Dry eye disease affects an estimated 38 million people in the U.S. The U.S. market for DED was approximately USD 2.7 billion (73% of the 7MM market of USD 3.7 billion) in 2023.
• Bremelanotide (adjunct therapy for obesity) in combination with GLP-1:
  • The global GLP-1 receptor agonist market, which includes treatments for obesity, was estimated at USD 53.46 billion in 2024 and is projected to reach USD 156.71 billion by 2030.
  • Another estimate places the global GLP-1 receptor agonist market size at USD 62.86 billion in 2025, projected to reach around USD 268.37 billion by 2034.
  • North America held 77.72% of the revenue share in the GLP-1 receptor agonist market in 2024.
• PL8177 for Ulcerative Colitis (UC):
  • The global ulcerative colitis market reached USD 8.2 billion in 2024 and is expected to reach USD 12.5 billion by 2033.
  • Other estimates for the global ulcerative colitis market indicate a value of USD 8 billion in 2024, growing at a CAGR of 5.6% from 2025 to 2034, and USD 10.56 billion in 2025, projected to climb to USD 13.21 billion by 2030.
  • The North America ulcerative colitis market accounted for USD 3.2976 billion in 2022 and held a 39% market share globally in 2023.

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Palatin Technologies (PTN) is poised for potential revenue growth over the next 2-3 years, driven primarily by milestone payments from its divested Vyleesi asset and the advancement and commercialization of its pipeline products, particularly in dry eye disease and obesity.

1. Milestone Payments from Cosette Pharmaceuticals for Vyleesi: Although Palatin Technologies sold the worldwide rights for Vyleesi (bremelanotide for female hypoactive sexual desire disorder) to Cosette Pharmaceuticals in December 2023, the agreement includes potential sales-based milestone payments of up to $159 million. These payments are contingent on annual net sales ranging from $15 million up to $200 million and represent a potential future revenue stream for Palatin. Palatin retained rights for Vyleesi in obesity and male erectile dysfunction.
2. Commercialization of PL9643 for Dry Eye Disease (DED): Palatin's PL9643, a potential treatment for dry eye disease, has shown promising positive results in its Phase 3 MELODY-1 trial, demonstrating statistically significant improvements in symptoms like pain and an excellent safety profile. The DED market is significant, with an estimated 38 million affected individuals in the U.S. and a projected growth from $6.1 billion in 2024 to $7.5 billion by 2029. The FDA has confirmed the protocols for the remaining Phase 3 pivotal clinical trials (MELODY-2 and MELODY-3), with patient enrollment expected to begin in Q4 2024 and topline results anticipated by the end of 2025. A New Drug Application (NDA) submission is projected for the first half of 2026. Palatin's strategy involves forming marketing collaborations with industry leaders to maximize the commercial potential of its products, indicating a potential licensing or partnership revenue opportunity for PL9643.
3. Advancement and Potential Partnerships for Obesity and Weight Loss Management Programs: Palatin is strategically focused on developing Melanocortin-4 receptor (MCR4) agonists for obesity treatment, a market projected to exceed $100 billion annually. The company is on track to advance both novel acting, long-acting MCR4 receptor peptide agonists and an orally active MCR4 selective small molecule agonist (PL7737) into IND-enabling activities and clinical studies in calendar year 2025. A Phase 2 study for obesity treatment has been completed, with topline data expected soon (as of April 2025), and a trial was set to begin in Q3 2024 with data in the first half of 2025, which the company sees as an excellent partnering opportunity. Recent proceeds from a public offering in November 2025 are intended to support the development of this obesity program.
4. Out-licensing and Partnerships for PL8177 (Ulcerative Colitis) and other pipeline assets: Palatin is actively seeking partnerships for its ulcerative colitis program (PL8177) and other pipeline assets, such as those targeting diabetic kidney disease. A Phase 2 clinical study for oral PL8177 in ulcerative colitis had an interim analysis targeted for Q1 2024, with topline results expected in H1 2024. Successful clinical development and subsequent out-licensing agreements for these programs could generate additional revenue through upfront payments, milestones, and royalties. Palatin also retains the rights to bremelanotide for male erectile dysfunction, with a Phase 3 program planned for the second half of 2025, and data expected in the second half of 2026.

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Share Repurchases

• Palatin Technologies's 3-Month Share Buyback Ratio was -62.87%, indicating no significant share repurchases during the period.

Share Issuance

• In November 2025, Palatin closed an upsized underwritten public offering, raising approximately $18.2 million in gross proceeds through the issuance of common stock (or pre-funded warrants) along with Series J and Series K warrants.
• In May 2025, Palatin completed a public offering, raising approximately $1.1 million from the sale of common stock and three series of warrants (Series F, G, and H). This offering was initially priced to raise gross proceeds of $11.5 million, with potential for an additional $11.5 million if milestone-related Series G warrants are exercised.
• In May 2022, Palatin issued Series B and Series C Convertible Redeemable Preferred Stock and associated warrants, generating gross proceeds of $15 million.

Inbound Investments

• In August 2025, Palatin entered into a strategic partnership with Boehringer Ingelheim, receiving an upfront payment of €2.0 million (approximately $2.3 million) for retinal disease treatments. The agreement includes potential development, regulatory, and commercial milestone payments of up to €278 million (approximately $328 million), plus tiered royalties on net sales.
• In September 2025, Palatin received a €5.5 million (approximately $6.5 million) milestone payment from Boehringer Ingelheim under their collaboration for retinal disease treatments.

Outbound Investments

• Palatin Technologies has not made any investments or acquisitions in other companies.