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Palatin Technologies, Inc. NYSE American: PTN CORPORATE PRESENTATION February 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 Therapeutics for Obesity (primary focus rare MC4R diseases), Inflammatory & Autoimmune Diseases 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 J. Don Wang, PhD Vice President Product Development 30-plus years in CMC and supply chain Palatin Leadership Strong team, with broad and extensive biopharma experience
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5 Product/Indication R&D Pre-clinical Phase 1 Phase 2 Phase 3 NDA Status/Next Steps PL7737 Oral Small Molecule MC4R Agonist Multiple obesity indications with focus on rare MC4R pathway diseases, like Hypothalamic Obesity (HO) and Prader-Willi Syndrome (PWS) Daily dosing format IND enabling – CMC activities ongoing IND filing 1H26 Phase 1 SAD/MAD start 1H26 / data 2H26 Novel Once-Weekly Peptide MC4R Agonist Multiple obesity indications with focus on rare MC4R pathway diseases, like Hypothalamic Obesity (HO) and Prader-Willi Syndrome (PWS) Identify optimal compound 1H26 Extended dosing formats IND enabling – CMC activities ongoing IND filing 2H26 Phase 1 SAD/MAD start 2H26 / data 1H27 Bremelanotide (PoC Study) Obesity GLP-1 adjunct therapy Proof-of-concept study only Phase 2 - tirzepatide patients Positive Topline data reported 1Q25 Multiple Clinical Trials Targeted in 2026 for the Treatment of Rare MC4R Pathway Diseases HO and PWS patients to be included in Phase 2/3 studies / programs PL7737 granted FDA orphan drug designation for obesity due to leptin receptor (LEPR) deficiency Development Programs Novel ‘next generation’ MC4R 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 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 The Melanocortin Receptor System Review of weight loss maintenance; obesity management by way of MC4R agonism Realizing the Long-Term Benefits of Obesity Treatment Excess body weight and fat is associated with negative health conditions Including: cardiovascular disease, diabetes, fatty liver disease, musculoskeletal disorders and some cancers Current and next “generation” incretin based anti-obesity treatments result in significant weight loss and improved health outcomes, but for most patients, weight loss stops after 1st year Current research indicates that persistent long-term intervention will be required to maintain a “healthy” weight reduced state and realize the benefits of anti-obesity treatment MC4R agonism counteracts many of the metabolic, autonomic, neuroendocrine and behavioral adaptations that strongly favor weight regain 7
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Rare MC4R Pathway Diseases • Hypothalamic Obesity (HO) • Prader-Willi Syndrome (PWS)
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9 Acquired HO • Craniopharyngioma are brain tumors that develop near the hypothalamus and pituitary gland. • Treatments include tumor resection surgery, radiation or both. • Treatment damages the hypothalamus leading to disruption of MC4R signaling pathway causing reduced energy, hyperphagia and rapid-onset, severe obesity. Congenital HO • Hypothalamic dysfunction as a result of a genetic disorder which can disrupt MC4R signaling pathway 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 PWS • PWS by deletion ~70% of cases o Part of the chromosome 15 that was inherited from the person’s father is missing, or deleted, in this critical region. • PWS by maternal uniparental disomy (UPD) ~30% of cases o Occurs when an individual inherits two chromosome 15s from their mother and none from their father. • Hallmark symptom of PWS is hyperphagia, or continuous, extreme hunger o A person with PWS never feels full. o Those with PWS have a slow metabolism and need only a fraction of the calories of their typical peers resulting in easy weight gain. o PWS is recognized as the leading genetic cause of life- threatening obesity in children. Prader-Willi Syndrome (PWS) A complex, multi -system disorder
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11 • High unmet and unsatisfied medical need • MC4R agonism is a validated target • Patients ➢ Require life-long treatment ➢ Easily identified ➢ Engaged with the health system receiving specialist care for endocrine complications ® * U.S. estimates based on reported incidence of hypothalamic obesity 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 hypothalamic obesity in Japan to be approximately 5,000 to 8,000 based on our re view of certain data; Prevalence is 2-3 times higher than in the USA & Europe due to a higher reported frequency of craniopharyngioma. **** Palatin estimates the prevalence of prader-willi syndrome in the U.S. to be approximately 10,000-20,000 based on our review of certain data; with worldwide prevalence estimated at 300,000-400,000. Acquired Hypothalamic Obesity (HO) 5,000 – 10,000 Estimated U.S. prevalence* 3,500 – 10,000 Estimated European prevalence** 5,000 – 8,000 Estimated Japanese prevalence*** MC4R Obesity Programs for Treating Rare MC4R Pathway Diseases Prevalence of HO and PWS – a severe, life-long burden for patients Prader-Willi Syndrome (PWS) 5,000 – 10,000 Estimated U.S. prevalence**** 3,500 – 10,000 Estimated Worldwide prevalence****
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Melanocortin-4 Receptor (MC4R) Obesity Programs • Novel “Next Generation” MC4R Selective Agonists o PL7737 Oral MC4R Selective Small Molecule o MC4R Selective Peptides Once Weekly Dosing
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13 Melanocortin-4 Receptor (MC4R) Obesity Programs 13 MC4R selective oral small molecule programs 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 AE’sNausea / Vomiting Multiple structural features in Palatin compounds have demonstrated the ability to eliminate cardiovascular effectsCardiovascular Effects
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14 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 • 30-day non-GLP toxicity completed • IP protection out to 2044, with patent term extension Novel “next generation” MC4R selective agonists: understanding what is required for success Palatin’sPL7737 has the TARGETPROFILE for a successful MC4R selective, oral small molecule entity. MC4R Obesity Programs for Treatment of Rare MC4R Pathway Diseases
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15 MC4R Obesity Programs for Treatment of Rare MC4R Pathway Diseases Ideal PK profile for an obesity treatment (PK consistency across mouse, rat, dog) • Oral administration • Protein binding facilitates efficacious levels without surpassing them • PL7737 does not have a high transient Cmax helps to avoid AE’s • Once per day dosing with steady state reached day 3 • Low PK variability
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16 MC4R Obesity Programs for Treatment of Rare MC4R Pathway Diseases MC4R selective oral small molecule PL7737 @ 3, 10 and 30mg/kg reduces body weight in DIO mice • PL7737 oral dosing days 0, 1 & 2 • PL8905 SC BID (selective peptide MC4R agonist) • Oral treatment with PL7737 resulted in significant body weight loss • Effects of PL7737 is MC4R dependent 1 2 3 4 -10 -8 -6 -4 -2 0 2 Body Weight Change in DIO mice % Change from Day 0 Vehicle subtracted study day Body Weight Change (%) Vehicle PL7737 3mg/kg PL7737 10mg/kg PL7737 30mg/kg PL8905 (1mg/kg bid) PL7737 is a novel MC4Rselective oral small molecule agonist.
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17 17 • PL7737 dosed orally at 3, 10 and 30mg/kg • PL7737 monotherapy had rapid, dose-dependent weight loss with of 4 days of tx • PL7737 + Tirzepatide - additive effect on weight loss • No observed hyperpigmentation [NOTE: Dose of tirzepatide = 2 nmol/kg, SC injection, once daily] MC4R Obesity Programs for Acquired and Congenital Obesity Oral PL7737 monotherapy causes significant weight loss in diet-induced obesity (DIO) rats PL7737 is a novel MC4Rselective oral small molecule agonist.
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18 IND-enabling toxicology activities started • Toxicology studies ongoing • IND planned for submission 1H 2026 CMC activities ongoing • Non-GMP tox API manufactured • GMP clinical API manufactured • Phase 1 drug product planned for delivery 1H 2026 • Phase 2/3 study drug product planned for delivery 2H 2026 Phase 1 Single- and Multiple-Ascending (SAD/MAD), Phase 2/3 Studies • Phase 1 SAD/MAD initiation 1H 2026 with data 2H 2026 o SAD: healthy obese patients / MAD: healthy obese patients ▪ Phase 2/3 study Initiation in HO & PWS patients planned to start 4Q 2026 MC4R Obesity Programs for Treatment of Rare MC4R Pathway Diseases Current & planned activities for PL7737 novel MC4R selective oral small molecule agonist
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19 Current Therapy Challenges Palatin Achieved Solutions Palatin’s compounds with high potency coupled with structural elements, extend drug residency time (≥ 1 week)Injection Frequency Multiple structural elements have been identified by Palatin and demonstrate reduced MC1R agonism (a known contributor to hyperpigmentation) Skin Pigmentation Palatin research and development has identified multiple approaches to reduce gastrointestinal AE’sNausea / Vomiting Palatin structure-function studies have identified achievable modifications which eliminate cardiovascular effectsCardiovascular Effects Novel "Next Generation" MC4R Selective Peptide Agonists Legacy challenges of MC4R peptide agonists have been solved
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20 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 model confirm weight loss is dependent on a functional MC4R • PL8905 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 intakeat 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 bias for MC4R selectivity over MC1R o Extended in vivo stability allows for 1x weekly dosing o Hyperpigmentation minimized, potentially eliminated
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21 Novel "Next Generation" MC4R Selective Peptide Agonists Second series - new Palatin peptide compounds reduce/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 MC1R EC50 (Emax) MC4R EC50 (Emax) MC4R Selectivitya Bremelanotide 0.23 nM (91.8%) 5.01 nM (91.0%) 0.05 Setmelanotide 0.4 nM (106%) 0.66 nM (98.8%) 0.61 PL8905 30.2 nM (78.5%) 4.99 nM (88.3%) 6.05 2 199.6 nM (98.8%) 2.99 nM (107.4%) 66.76 3 69.1 nM (89.9%) 0.74 nM (94.9%) 93.38 4 352.3 nM (32.5%) 9.69 nM (90.5%) Undefinedb aSelectivity is defined as ratio of MC4R EC50 to MC1R EC50 (larger # is more MC4R relative to MC1R) bUndefined indicates that the compound is not an agonist at MC1R
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22 Novel "Next Generation" MC4R Selective Peptide Agonists In vivo PL8905 weight loss studies in diet-induced obese (DIO) and MC4R knockout (KO) mice Body Weight in Wild Type DIO Mice and MC4R- Knockout Mice Change in Body Weight D a y 1 D a y 2 D a y 3 D a y 4 D a y 6 D a y 7 D a y 8 D a y 9 -2 0 2 4 6 Body Weight Change (%) Change in body weight Vehicle PL-8905 0.3mg/kg PL-8905 1mg/kg PL-8905 3mg/kg begin dosing
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23 Novel "Next Generation“ MC4R Selective Peptide Agonists Proprietary technology for extending peptide PK 1 10 100 0 4 8 12 16 20 24 Plasma Concentration (ng/mL) Time (h) Unlipidated-PL10239 Single SC Dose of 0.5 mg/kg Rat 1 Rat 2 • Proprietary technology for extending peptide pk • Enhances patent protection • Allows for once weekly dosing
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24 Novel "Next Generation“ MC4R Selective Peptide Agonists Current/Planned activities – long-acting once weekly administration SC peptides Highly selective MC4R agonsits to avoid hyperpigmentation, no blood pressure effects and enabling once weekly injection into one compound accomplished • Multiple candidates being profiled for receptor selectivity, PK analysis and efficacy in obesity models • Novel intellectual property with full-term patent coverage • Final development candidate will be selected based on superior 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 • IND enabling studies planned for 2H 2026 • IND submission planned for 2H 2026 • Phase 1 SAD/MAD initiation 4Q 2026 with data 1H 2027 • Phase 2/3 study Initiation in HO & PWS patients planned to start 2H 2027
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25 Melanocortin-4 Receptor (MC4R) Obesity Programs Next steps and development timeline overview MC4R agonists • PL7737 oral (daily) small molecule o IND submission planned for 1H 2026 o Phase 1 SAD/MAD initiation 1H 2026 / data 2H 2026 o Phase 2/3 clinical study(ies) initiation (HO & PWS patients) targeted for 4Q 2026 • Long-acting peptide (weekly SC administration) o IND submission planned for 2H 2026 o Phase 1 SAD/MAD initiation 2H 2026 / data 1H 2027 o Phase 2/3 clinical study(ies) initiation (HO & PWS patients) targeted for 2H 2027 Strategic Opportunity in HO and PWS • Clinically validated mechanism for safe, effective treatment of obesity • Significant unmet need • MC4R is a validated target • Potential best-in-class MC4R oral and long-acting peptide therapies Treating rare MC4R pathway diseases: primary focus on Hypothalamic Obesity (HO) and Prader-Willi Syndrome (PWS)
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MC4R Agonist 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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27 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 27 C o n f i d e n t i a l
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28 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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29 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 29
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30 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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31 31 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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32 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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33 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 33
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Financial Snapshot / Cap Table Spin-Out / Out-License Programs Development Programs Overview Milestones Recap
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35 Financial Snapshot / Cap Table Financial Highlights as of December 31, 2025 Cash and Cash Equivalents $14.5 million No debt Summary Capitalization as of December 31, 2025 Common Shares and Equivalent Common Stock 1.7 million shares Warrants (includes PF warrants of ~2.1M) 8.5 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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36 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 2026 Sublicense Agreement with Altanispac Labs January 2026 Proprietary MCR Agonists Retinal Diseases Research Collaboration / License Agreement with Boehringer Ingelheim August 2025 Gastroenterology PL8177 Oral MC1R Agonist Ulcerative colitis (UC) Phase 2 Proof-of-Concept Positive topline data reported 1Q25 Discussions Ongoing Renal MCR Agonist Diabetic nephropathy Phase 2 Open Label Trial Positive topline data reported 4Q24 Discussions Ongoing Spin-Out / Out-License Programs
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37 Development Programs Overview Boehringer Ingelheim and Palatin to develop potential first-in-class proprietary melanocortin receptor targeted treatment for patients with retinal diseases. • Collaboration strengthens Boehringer’s pipeline in Eye Health. • Many patients with diabetic retinopathy (DR) continue to experience vision loss or treatment fatigue, underscoring an unmet need. • Melanocortin receptor agonists offer a promising, differentiated mechanism that targets key drivers of retinal diseases, including DR. 37 Research Collaboration / License Agreement with Boehringer Ingelheim August 2025 • Upfront payment of €2.0 million ($2.3 million USD). • Up to €18.0 million ($20.9 million USD) in near-term research milestone payments. • Up to €260 million ($301.6 million USD) in success-based development, regulatory, and commercial milestone payments. • Tiered royalties on net commercial sales of Products. • DR, including diabetic macular edema (DME), affects one in three people with diabetes and is the leading cause of blindness in working-age people. • Studies suggest that patients with DME face 30-50% higher healthcare costs than those with diabetes alone, underscoring the need for new approaches that mitigate the necessity of long-term, intensive care that often requires frequent monitoring and specialized procedures.
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38 Obesity Development Programs Preclinical Phase 1 Phase 2 Phase 3 NDA Status/Next Steps PL7737 Oral Small Molecule MC4R Agonist Multiple obesity indications with focus on HO and PWS diseases IND enabling – CMC activities ongoing IND filing 1H26 Phase 1 SAD/MAD start 1H26 / data 2H26 Novel Once-Weekly Peptide MC4R Agonist Multiple obesity indications with focus on HO and PWS diseases IND enabling – CMC activities ongoing IND filing 2H26 Phase 1 SAD/MAD start 2H26 / data 1H27 Bremelanotide Obesity - GLP-1 adjunct therapy Proof-of-concept study only Phase 2 MC4R agonist + GLP-1 in obese patients initiated Positive topline data reported 1Q25 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 Phase 3 Melody-2 & -3 potential initiation 2026 Sublicense Agreement with Altanispac Labs – January 2026 Proprietary MCR Agonists Retinal diseases Research Collaboration / License Agreement with Boehringer Ingelheim August 2025 Gastroenterology PL8177 Oral MC1R Agonist Ulcerative colitis (UC) Phase 2 Proof-of-Concept Positive topline data reported 1Q25 Discussions ongoing Renal MCR Agonist Diabetic nephropathy Phase 2 Open Label Trial Positive topline data reported 4Q24 Discussions ongoing Development Programs Overview Pipeline 38
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39 39 Milestones Recap Melanocortin System Development Programs Date Obesity - MC4R Agonists – Treatment of Rare MC4R Pathway Diseases (primary focus on HO and PWS) Phase 2 BMT-801 Clinical Study Bremelanotide + GLP-1 (proof-of-concept study only) – Positive Topline Data Reported PL7737 MC4R Oral Small Molecule – IND Filing / Phase 1 SAD/MAD Start/Data (to include HO patients) Novel MC4R Selective Long-Lasting Peptide – IND Filing / phase 1 SAD/MAD Start/Data (to include HO patients) Completed 1H26 / 2H26 2H26 / 1H27 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 2026 Sublicense Agreement: Altanispac Labs January 2026 Proprietary MCR Agonists – Retinal Diseases (Preclinical Assets) Research Collaboration / License Agreement with Boehringer Ingelheim Executed August 2025 PL8177 Oral – Ulcerative Colitis Phase 2 Proof-of-Concept – Positive Topline Data Reported Discussions Ongoing MC4R Agonist – Diabetic Nephropathy Phase 2 Open Label Trial – Positive Topline Data Reported Discussions Ongoing
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Thank You.