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Palatin Technologies, Inc. Nasdaq: PTN CORPORATE PRESENTATION September 2026 Carl Spana, Ph.D. President & CEO Stephen T. Wills, CPA/MST CFO / COO
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2 Forward Looking Statements The statements in this presentation that relate to future plans, events or performance are forward-looking statements, which are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended. Such forward-looking statements involve significant risks and uncertainties, and actual results, events and performance may differ materially from those expressed or implied in this presentation. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. These forward-looking statements include, but are not limited to, statements concerning the following: (i) estimates of our expenses, future revenue and capital requirements; (ii) our ability to obtain additional funding on terms acceptable to us, or at all; (iii) our ability to advance product candidates into, and successfully complete, clinical trials; (iv) the initiation, timing, progress and results of future preclinical studies and clinical trials, and our research and development programs; (v) the timing or likelihood of regulatory filings and approvals; (vi) our expectation regarding timelines for development of our other product candidates; (vii) the potential for commercialization of our other product candidates, if approved for commercial use; (viii) our ability and the ability of our licensees to compete with other products and technologies similar to our product candidates; (ix) the ability of third party collaborators to timely carry out their duties under their agreements with us and our licensees; (x) the ability of contract manufactures to perform their manufacturing activities in compliance with applicable regulations; (xi) our ability to recognize the potential value of our licensing arrangements with third parties; (xii) the potential to achieve revenues from the sale of our product candidates; (xiii) our ability to maintain product liability insurance at a reasonable cost or in sufficient amounts, if at all; (xiv) the retention of key management, employees and third-party contractors; (xv) the scope of protection we are able to establish and maintain for intellectual property rights covering our product candidates and technology; (xvi) our compliance with federal and state laws and regulations; (xvii) the timing and costs associated with obtaining regulatory approval for our product candidates; (xviii) the impact of legislative or regulatory healthcare reforms in the United States; and (xix) other risks disclosed in our SEC filings. The forward-looking statements in this presentation do not constitute guarantees of future performance. We undertake no obligation to publicly update these forward- looking statements to reflect events or circumstances that occur after the date of this presentation. 2
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3 3 MC4R agonists therapeutics for syndromic and genetic obesity Demonstrated expertise moving programs from discovery to FDA approval Expertise in the biology and chemistry of melanocortin system (MCS) 1st company to gain FDA approval for a melanocortin agent - Vyleesi® for female sexual dysfunction MOA with potential to modify underlying disease pathologies – not just treat symptoms Strategy leverages our expertise across multiple therapeutic opportunities Company Profile Technology platform – targeting the melanocortin system
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4 Stephen T. Wills, CPA/MST Chief Financial Officer and Chief Operating Officer 25-plus years in finance, operations, M&A, licensing, capital markets and board directorships Carl Spana, PhD President and Chief Executive Officer Co-founder with 25-plus years in drug research, development, approval and board directorships 4 John Dodd, PhD Senior Vice President Research / Development 40-plus years in drug discovery and development Robert Jordan Senior Vice President Program Operations 20-plus years in drug development and clinical operations James Hattersley Senior Vice President Business Development 25-plus years of identifying and executing deals Stephen A. Slusher Chief Legal Officer 30-plus years of legal leadership with a focus on Intellectual property Palatin Leadership Strong team, with broad and extensive biopharma experience Shankar Venkatraman, PhD Vice President Preclinical Development 20-plus years in drug discovery and medicinal chemistry
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5 Product / Administration R&D Pre-clinical Phase 1 Phase 2 Phase 3 NDA Status / Next Steps Peptide MC4R Selective Agonist Once-weekly injection Identify optimal compound 2H 2026 IND enabling – CMC activities ongoing Phase 1 SAD/MAD healthy obese patients Start 1H 2027 / Data 2H 2027 Oral Small Molecule MC4R Selective Agonist Daily dosing Identify optimal compound 1H 2027 Phase 1 SAD/MAD healthy obese patients Start 2H 2027 / Data 1H 2028 Therapies for patients with obesity caused by an impaired leptin melanocortin-4 receptor (MC4R) pathway Focus on hypothalamic obesity (HO), Prader-Willi syndrome (PWS), and Bardet-Biedl syndrome (BBS) HO, PWS and BBS patients to be included in Phase 2/3 studies / programs Development Programs Novel ‘next generation’ MC4R selective agonists for treatment of rare neuroendocrine diseases
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6 Central leptin-melanocortin pathwayis a critical pathway that regulates feeding and body weight to maintain energy homoeostasis Disruption of this pathway, whether acquired or genetic, produces severe, treatment-resistant obesity 6 C o n f i d e n t i a l Sweeney, P et.al. Nature Reviews Endocrinology 2023 Sep;10(9):507-519 MC4R Obesity Programs MC4R pathway regulates obesity and energy management through satiety & food intake
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7 Strategy / Focus Novel "Next Generation" MC4R Selective Agonists Developing next-generation, best-in-class MC4R therapies Designed to improve potency, tolerability, and long-term usability Achieved through enhanced receptor selectivity and reduced off-target effects
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Rare MC4R Pathway Diseases • Hypothalamic Obesity (HO) • Prader-Willi Syndrome (PWS) • Bardet-Biedl Syndrome (BBS)
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9 • Acquired HO o Craniopharyngioma — brain tumors near the hypothalamus and pituitary gland o Treatment (tumor resection, radiation, or both) can damage the hypothalamus, disrupting MC4R signaling and causing reduced energy, hyperphagia and rapid-onset, severe obesity • Congenital HO o Hypothalamic dysfunction from a genetic disorder that can similarly disrupt the MC4R signaling pathway o Causing reduced energy, hyperphagia and rapid-onset, severe obesity together.stjudes.org Hypothalamic Obesity (HO) A rare, acquired fo rm of obesity following injury to the hypothalamus or congenital
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10 • Two genetic origins o ~70% of cases: paternal chromosome 15 deletion in the critical region o ~30% of cases: maternal uniparental disomy of chromosome 15 • Clinical Hallmark o Hyperphagia — continuous, extreme hunger; patients never feel full o Slow metabolism drives easy weight gain on a fraction of typical caloric intake o Leading genetic cause of life-threatening childhood obesity Prader-Willi Syndrome (PWS) A complex, multi -system disorder
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11 • A multi-system ciliopathy o Rare genetic disorder from mutations affecting cilia function o Severe early-onset obesity driven by hyperphagia and impaired satiety o Also affects vision, cognition, kidneys and extremities • MC4R-linked, metabolically severe o Obesity in BBS is linked to dysfunction of the MC4R pathway o Elevated risk of type 2 diabetes, cardiovascular disease and fatty liver disease o Tolerability and usability are critical to therapy adherence Bardet-Biedl Syndrome (BBS) Affects multiple organ systems, significant morbidity and reduced quality of life
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12 Hypothalamic Obesity (acquired) * ** *** 5,000–10,000 5,000–10,000 — Prader-Willi Syndrome **** ~20,000 — ~400,000 Bardet-Biedl Syndrome ***** 4,000–5,000 4,000–5,000 50,000–80,000 Rare MC4R Pathway Diseases - Prevalence High, Unmet, and Unsatisfied Need * U.S. estimates based on reported incidence of HO following craniopharyngioma and long-term survival rates, (Zacharia, et al., Neuro-Oncology 14(8):1070–1078, 2012. doi:10.1093/neuonc/nos142; and Muller, et al., Neuro-Oncology 17(7), 1029–1038, 2015 doi:10.1093/neuonc/nov044.). ** European estimates limited to the EU4 (Germany, France, Spain, Italy), UK and the Netherlands and prevalence of 0.1 -0.3 in 10,000 patients. *** Palatin estimates the prevalence of acquired HO in Japan to be approximately 5,000 to 7,500 based on our review of certain da ta; Prevalence is 2-3 times higher than in the USA & Europe due to a higher reported frequency of craniopharyngioma. **** Estimated based on published prevalence rates and global population assumptions. ***** Estimated based on published prevalence rates and global population assumptions.
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Melanocortin-4 Receptor (MC4R) Obesity Programs • Novel “Next Generation” MC4R Selective Agonists o Peptides - Once Weekly Dosing o Oral Small Molecules – Daily Dosing
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Melanocortin-4 Receptor (MC4R) Obesity Programs • Novel “Next Generation” MC4R Selective Agonists o Peptides - Once Weekly Dosing
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15 Current Therapy Challenges Palatin Achieved Solutions Palatin’s high-potency compounds with structural elements extend drug residency time (≥ 1 week)Injection Frequency Multiple structural elements identified by Palatin that demonstrate reduced MC1R agonism (a known contributor to hyperpigmentation)Skin Pigmentation Palatin R&D has identified multiple approaches to reduce gastrointestinal adverse eventsNausea / Vomiting Palatin structure-function studies have identified achievable modifications that eliminate cardiovascular effectsCardiovascular Effects Novel "Next Generation" MC4R Selective Peptide Agonists Legacy challenges of MC4R peptide agonists have been solved
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16 First series / Second series Novel "Next Generation" MC4R Selective Peptide Agonists First series of ‘next generation’MC4R peptide agonists for obesity: • Palatin studies in MC4R knock-out models confirm weight loss is dependent on a functional MC4R • Next-generation class lead development candidate o Selective MC4R agonist: Significant multiples of binding selectivity for MC4R over MC1R o Protein binding tail added for extended duration o Efficacy in weight loss and food intakeand withoutblood pressure effects o Confirms validity of structure/functionrelationships ✓ New compounds extendthe selectivity for MC4R over MC1R Second series of ‘next generation’ MC4R peptide agonists for obesity: • Palatin has generated novel structures/compounds that highly selective for MC4R over MC1R o Extended in vivo stability allows for 1x weekly dosing o Hyperpigmentation minimized, potentially eliminated
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17 Novel "Next Generation" Selective MC4R Peptide Agonists Palatin compounds reduce / (potentially) eliminate MC1R agonism • MC1R agonism results in skin darkening • Bremelanotide is FDA approved for treating hypoactive sexual desire disorder in women • Setmelanotide is FDA approved for treating several orphan obesity indications Agonist MC4R EC50 (Emax) MC4R Selectivitya Bremelanotide 5.01 nM (91%) 0.05 Setmelanotide 0.66 nM (98%) 0.61 PL8905 4.99 nM (88%) 6.05 PL1000 <25 nM (>90%) Not an agonist @ MC1R PL2000 <25 nM (>90%) Not an agonist @ MC1R aSelectivity is defined as ratio of MC1R EC50 to MC4R EC50 (larger # is more MC4R relative to MC1R) PL1000 MC1R Binding Ki > 2 uM
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18 Dose-Dependent Efficacy of PL1000 in Diet-Induced Obese Mice • PL1000 produced dose-dependent reductions in body weight and food intake (p<0.05 and p<0.0001 vs. vehicle), supporting continued development of PL1000 0 1 2 3 4 -6 -4 -2 0 Body Weight Day of Treatment % Body weight change Vehicle PL10233 Low dose PL10233 High dose Vehicle PL10233 Low dose PL10233 High dose 0 50 100 150 Food Intake (6hr) AUC ✱ ✱✱✱✱ PL1000 Low dose PL1000 High dose
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19 Cardiovascular Safety of PL1000 in Dog at Exposure-Matched Doses PL1000 showed no blood pressure/CV effects in dog at tested exposures
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20 Single Dose of PL2000 in DIO Mice Equivalent efficacy to BID Dosing of positive control PL8905 • PL2000 reduced body weight by 8.0% and 24-hr food intake by 34% vs. vehicle (p<0.01), equivalent to positive control PL8905
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21 Novel "Next Generation“ MC4R Selective Peptide Agonists Activities – long-acting once weekly administration SC peptides Highly selective MC4R agonists designed to limit/avoid hyperpigmentation, and have once-weekly dosing accomplished • Novel intellectual property • Development candidate profile o High selectivity for MC4R over MC1R ➢Potential to eliminate hyperpigmentation o PK that supports ≥1 week dosing o Excellent weight loss in obesity models o No findings with initial toxicology studies
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Melanocortin-4 Receptor (MC4R) Obesity Programs • Novel “Next Generation” MC4R Selective Agonists o Oral Small Molecules – Daily Dosing
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23 Melanocortin-4 Receptor (MC4R) Obesity Programs 23 MC4R selective oral small molecule program for treatment of rare MC4R pathway diseases Current Therapy Challenges Palatin Achieved Solutions Palatin identified small molecules show excellent preclinical oral bioavailabilityInjection Frequency Palatin small molecules interact weakly with MC1 receptors, and with limited potential to cause skin pigmentationSkin Pigmentation Palatin research has identified multiple approaches, including compound structure and/or formulation, to reduce GI AEsNausea / Vomiting Multiple structural features in Palatin compounds have demonstrated the ability to eliminate cardiovascular effectsCardiovascular Effects
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24 Historically,MC4R small molecule programs have failed due to a lack of understanding the receptor biology and the structure/function relationship that determine weight loss versus side effects. Targetprofile for orally active selective MC4R agonist: • Optimal PK curve for max therapeutic window • Properties required for a successful oral small molecule ✓ Molecular weight ✓ Polar surface area ✓ hERG activity ✓ Human plasma protein binding ✓ CYP activity • MC4R mechanism-based weight loss • Limited MC1R activity (hyperpigmentation minimized) • No sexual or blood pressure effects • Clean 28-day rat tox study • Novel IP Novel “next generation” MC4R selective agonists: understandingwhat is required for success • Current efforts • Improving PL7737 chemotype • Exploring multiple new chemotypes Small Molecule Program
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25 Multiple Small-Molecule Chemotypes Demonstrate Strong MC4R Selectivity >300-fold MC1R binding selectivity achieved across distinct chemical series Agonist MC4R EC50 (Emax) MC1R/MC4R binding Selectivitya Bremelanotide 5 nM (91.0%) 0.05 Setmelanotide 0.66 nM (98.8%) 0.61 Series A 2 nM (66%) 40 Series B 10.5 nM (110%) 83 Series C 9.9 nM (115%) 333 Series D 10.1 nM (100%) 200 • Multiple differentiated chemotypes achieve up to >200-fold MC1R/MC4R binding selectivity o Providing multiple starting points for optimization toward a best-in-class small-molecule MC4R agonist • SAR underway to identify a development candidate 1H 2027 aSelectivity is defined as ratio of MC1R EC50 to MC4R EC50 (larger # is more MC4R relative to MC1R)
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26 "Next Generation“ MC4R Selective Oral Small Molecule Agonists Activities - Solving MC1R selectivity/activity Palatin advances in understanding ligand/receptor interactions has led to the ability to significantly reduce and potentially eliminate MC1R selectivity/activity • Learnings from our peptide program and PL7737 successfully translated to our oral small molecule program • Next-generation candidates o Show improved MC4R selectivity o Selectivity → potential for better tolerability + less MC1R selectivity/activity o Potential for meaningful reduction, and possible elimination of hyperpigmentation • MC4R selective oral small molecule candidates o Low binding affinity for MC1R >10,000nM Ki o While maintaining high MC4R potency EC50 <1nM, Emax >100%. • Novel intellectual property covering composition of matter
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27 Melanocortin-4 Receptor (MC4R) Obesity Programs Next steps and development timeline overview MC4R selective agonists • Long-acting peptide (weekly SC administration) o Phase 1 SAD/MAD start 1H 2027 / data 2H 2027 ▪ MAD in Healthy obese patients o Phase 2/3 clinical study(ies) initiation (HO, PWS, BBS patients) targeted for 2H 2027 • Oral (daily) small molecule o Phase 1 SAD/MAD start 2H 2027 / data 1H 2028 ▪ MAD in Healthy obese patients o Phase 2/3 clinical study(ies) initiation in HO, PWS, BBS patients targeted for 1H 2028 Strategic Opportunity in HO, PWS and BBS • Clinically validated mechanism for safe, effective treatment of obesity • Significant unmet need • MC4R is a validated target • Potential best-in-class MC4R long-acting peptide and oral small molecule therapies Treating rare MC4R pathway diseases: primary focus on hypothalamic obesity (HO), Prader-Willi Syndrome (PWS) and Bardet-Biedl Syndrome (BBS)
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MC4R Agonist Plus GLP-1/GIP For Generalized Obesity Management • Bremelanotide MC4R agonist Phase 1b clinical weight loss study in general obese subjects • Co-administration of Bremelanotide MC4R & Tirzepatide (GLP-1/GIP) o Bremelanotide (BMT) MC4R Agonist ✓ FDA Approved (Vyleesi® for Female HSDD)
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29 MC4R Agonist Generalized Obesity Management Bremelanotide MC4R agonist obesity Phase 1b clinical weight loss study in general obese subjects 2-Week Study • General obese subjects: BMI ~35 o Bremelanotide: n=27 o Vehicle: n=26 • Weight loss: o Placebo -0.7kg; o Bremelanotide: -2.2kg p<0.001 • Bremelanotide reduction daily caloric intake~400kcal p<0.01 • Steady weight loss over the duration of treatment 29 C o n f i d e n t i a l
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30 MC4R Agonist Generalized Obesity Management GLP-1/GIP agonist + MC4R agonist: co-administration clinical data* • No prospective studies have been done with combination pharmacotherapy • Previously published combination of setmelanotide plus 2.5mg of tirzepatide for obesity in BBS • 2 patients lost 26% in 34 weeks and 30% TBW at 52 weeks never moving past 2.5mg dose *McCorkle, C. et. al. Poster Obesity Week 2024 Dallas, TX
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31 MC4R Agonist Generalized Obesity Management BMT-801 Phase 2 signal detection study objectives Co-Administration GLP1/GIP Agonist Tirzepatide (2.5mg Weekly) + MC4R Agonist Bremelanotide (1.25mg Daily) Main Research Questions • Does co-administration result in increased weight loss? • Does MC4R agonism blunt the weight regain seen post-incretin treatment? • Evaluate the safety and tolerability of co-administration Pro’s • Appropriate control arms included • Co-administration arm powered to see a statistically significant weight loss effect • Evaluating a comprehensive set of secondary end points Limitations • MC4R agonist given at a low dose 1x day in the morning • Not powered for between arm comparisons • Short duration of treatment Combination therapy will be an important approach in helping many subjects reach their weight loss goals. 31
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32 MC4R Agonist Generalized Obesity Management BMT-801 Phase 2 signal detection study Co-Administration GLP1/GIP Agonist Tirzepatide & MC4R Agonist Bremelanotide Study Design: Randomized, double-blind, placebo-controlled trial evaluating the safety and efficacy of the addition of an MC4R agonist (BMT) to tirzepatide in n=96 obese subjects Screening Treatment Period 1 Treatment Period 2 N= Tirzepatide 2.5mg (qwk) + Bremelanotide 1.25mg(qd) 49 Tirzepatide 2.5mg (qwk) + Placebo (qd) 15 Bremelanotide 1.25mg (qd) + Placebo (qwk) 16 Placebo (qwk) +Placebo (qd) 16 Tirzepatide 2.5mg (qwk) No Treatment Week 12Week 8Week 0 Week 4 Primary endpoint: % change in weight loss tirzepatide/bremelanotide compared to pbo/pbo at week 8 Additive effect of BMT: % of subjects with ≥5% weight loss at week 8 tirzepatide/bremelanotide compared to tirzepatide/pbo % subjects greater weight loss in Treatment Period 2 vs Treatment Period 1, tirzepatide/bremelanotide compared to tirzepatide/pbo % change in weight loss tirzepatide/bremelanotide compared to tirzepatide/pbo Treatment Period 2 (week 4–week 8) Weight loss maintenance: % change weight loss bremelanotide/pbo vs pbo/pbo (week 4-week 8) End of Treatment End of Study
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33 33 50 40 27 19 10 4 47 27 13 0 0 0 13 0 0 0 0 0 6 0 0 0 0 0 0 10 20 30 40 50 60 4% 5% 6% 7% 8% 9% Percentage of Patients Percentage Reduction from Baseline Group 1 Group 2 Group 3 Group 4 Group 1: Tirzepatide (2.5 mg SC) weekly/BMT (1.25 mg SC) daily; Group 2: Tirzepatide (2.5 mg SC) weekly/placebo SC daily Group 3: Placebo SC weekly/BMT (1.25 mg SC) daily; Group 4: Placebo SC weekly/placebo SC daily Statistics are based on a comparison to Group 4 *** *** *** *** * *** MC4R Agonist Generalized Obesity Management Co-administration additive effect – primary analysis Analysis for Additive Effect Percent of Subjects with ≥4% Reduction in Percent Weight Loss at End of Study p=<0.05 p=<0.05 p=<0.1 p=<0.05 p=<0.05 p=<0.05
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34 MC4R Agonist Generalized Obesity Management Effect of co-administration on increased weight loss Weekly Change in Percent Body Weight (%) by Group -5 -4.5 -4 -3.5 -3 -2.5 -2 -1.5 -1 -0.5 0 Visit 3 Visit 4 Visit 5 Visit 6 Visit 7 Visit 8 Visit 9 Visit 10 Visit 11 Visit 12 Percent Change in % Weight Group 1 - Tirz/BMT Group 2 - Tirz Group 3 - BMT Group 4 - Pbo Linear (Group 1 - Tirz/BMT) Linear (Group 2 - Tirz) Linear (Group 3 - BMT) Linear (Group 4 - Pbo) Treatment Period 1 2.5mg tirzepatide Treatment Period 2 Randomized Treatment Recovery No Treatment Week 4 Week 8 • Comparison of Group 4 to Group 3 during Treatment Period 2 demonstrates a weight loss maintenance effect • Comparison Group 1 to Group 2 at week-8 demonstrates additive effect of co-administration • Rapid weight regain seen post-treatment
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35 MC4R Agonist Generalized Obesity Management BMT-801 MC4R/GLP-1-GIP co-administration detection study Value of the study results and next steps Confirmation that MC4R treatment with GLP-1/GIP can be additive without increasing safety and tolerability issues BMT-801 Study Provided valuable dosing information for future, new development compounds Support to perform co- administration study early in development with new compounds for optimal safety & efficacy plus broad label BMT-801 data supports the use of an MC4R for weight loss maintenance 35
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Financial and Corporate Spin-Out / Out-License Programs Development Programs Overview Milestones Recap
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37 Financial Snapshot / Cap Table Financial Highlights as of March 31, 2026 Cash and Cash Equivalents $10.2 million Other Receivables $2.2 million Expected to be received during QE 6/30/2026 No debt Summary Capitalization as of March 31, 2026 Common Shares and Equivalent Common Stock 1.8 million shares Warrants (includes PF warrants of ~2.1M) 8.4 million shares Options and RSUs 0.1 million shares Fully Diluted Shares 10.3 million shares Total Shares Authorized 300.0 million shares
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38 Product/Indication R&D Phase 1 Phase 2 Phase 3 NDA Status/Next Steps Ocular PL9643 MCR Agonist Dry eye disease (DED) Phase 3 MELODY-1 completed - positive data Phase 3 Melody-2 & -3 potential initiation 2H 2027 Sublicense Agreement with Altanispac Labs Proprietary MCR Agonists Retinal Diseases Research Collaboration / License Agreement with Boehringer Ingelheim Gastroenterology PL8177 Oral MC1R Agonist Ulcerative colitis (UC) Phase 2 Proof-of-Concept Clinical remission / response - excellent AE profile Discussions ongoing Renal MCR Agonist Diabetic nephropathy Phase 2 Open Label Trial Compelling efficacy result in UP/Cr ratio and eGFR Discussions ongoing Spin-Out / Out-License Programs
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39 Development Programs Overview • Potential to develop first-in-class proprietary melanocortin receptor treatment for patients with retinal diseases • Collaboration strengthens Boehringer Ingelheim’s Eye Health pipeline • Addresses a significant unmet need in diabetic retinopathy (DR) and diabetic macular edema (DME) €280M Potential milestones (~$328M) + tiered royalties €7.5M Received to date (~$8.8M) 39 Research Collaboration / License Agreement with Boehringer Ingelheim August 2025 1 in 3 People with diabetes affected by DR and DME #1 Leading cause of blindness in working-age adults 30–50% Higher healthcare costs with DME vs. diabetes alone
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40 Obesity Development Programs Preclinical Phase 1 Phase 2 Phase 3 NDA Status/Next Steps Once-Weekly Peptide MC4R Agonists Multiple obesity indications with focus on HO, PWS, BBS diseases IND enabling – CMC activities ongoing Phase 1 SAD/MAD start 1H 2027 / data 2H 2027 Oral Small Molecule MC4R Agonists Multiple obesity indications with focus on HO, PWS, BBS diseases IND enabling – CMC activities ongoing Phase 1 SAD/MAD start 2H 2027 / data 1H 2028 Bremelanotide Obesity - GLP-1 adjunct therapy Proof-of-concept study only Phase 2 MC4R agonist + GLP-1 in obese patients completed Highly significant weight reduction outcome Spin-Out / Out-License Product Candidates - Seeking Development & Commercial Partnerships Ocular PL9643 MCR Agonist Dry eye disease (DED) Phase 3 MELODY-1 completed, positive data Sublicense Agreement with Altanispac Labs Phase 3 Melody-2 & -3 potential initiation 2H 2027 Proprietary MCR Agonists Retinal diseases Research Collaboration / License Agreement with Boehringer Ingelheim Gastroenterology PL8177 Oral MC1R Agonist Ulcerative colitis (UC) Phase 2 Proof-of-Concept Clinical remission / response - excellent AE profile Discussions ongoing Renal MCR Agonist Diabetic nephropathy Phase 2 Open Label Trial Compelling efficacy result in UP/Cr ratio and eGFR Discussions ongoing Development Programs Overview Pipeline 40
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41 41 Milestones Recap Melanocortin System Development Programs Status Obesity - MC4R Selective Agonists – Treatment of Rare MC4R Pathway Diseases (Primary Focus HO, PWS, BBS) Phase 2 BMT-801 Clinical Study Bremelanotide + GLP-1 (proof-of-concept study only) – Positive Topline Data Reported Once- Weekly Peptide MC4R Selective Agonist – Phase 1 SAD/MAD Start/Data Oral Small Molecule MC4R Selective Agonist – IND Filing / Phase 1 SAD/MAD Data Completed 1H 2027 / 2H 2027 2H 2027 / 1H 2028 Spin-Out / Out-License Product Candidates: Seeking Development & Commercial Partnerships PL9643 – Dry Eye Disease (DED) Phase 3 Melody-1 Clinical Trial - Positive Results Reported Phase 3 Melody-2 and -3 Pivotal Clinical Trials Potential Initiation 2H 2027 Sublicense Agreement: Altanispac Labs Proprietary MCR Agonists – Retinal Diseases (Preclinical Assets) Research Collaboration / License Agreement with Boehringer Ingelheim Partnership activities advancing PL8177 Oral – Ulcerative Colitis Phase 2 Proof-of-Concept - Positive Topline Data Reported: Clinical Remission / Response with Excellent AE Profile Discussions ongoing MC4R Agonist – Diabetic Nephropathy Phase 2 Open Label Trial – Positive Topline Data Reported / Compelling Efficacy Result in UP/Cr Ratio and eGFR Discussions ongoing
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Thank You