Weight Management & GLP-1s - Serena Williams partners with Ro to use GLP-1s for weight management [2] - She has been trying to lose weight since her first child in 2017, despite consistent workouts and healthy eating [2][3][9] - Traditional methods like various diets and exercise routines were ineffective for her [4][5][6] - GLP-1s helped her achieve results while maintaining her existing healthy habits [10] - She emphasizes the health aspect and feeling lighter and more confident [18] - Ro provides easy access to medicine, doctor consultations, and insurance checks [15] - She hopes to reduce the stigma around weight loss medication and make it more accessible [17] Public Image & Haters - She addresses potential criticism for using GLP-1s, stating she doesn't care about haters [12][13] - She has faced criticism throughout her career and is good at blocking out noise [13][14] - She emphasizes the importance of sharing her story and journey [15] New Podcast: Stockton Street - Serena and Venus Williams are starting a podcast called Stockton Street, named after their childhood street in Compton [20] - The podcast will cover pop culture, sports, lifestyle, fashion, and design [23] - They aim to share open conversations and insights into their lives [23] Career & Resilience - She attributes her success to hard work and dedication [27] - She acknowledges the importance of resilience in tennis and life [29][30]

Health & Wellness Industry Trends - GLP-1s are gaining popularity as a weight loss solution [2] - Individuals are seeking medical interventions like GLP-1s after struggling with weight loss through traditional methods such as diet and exercise [1][2][3] - Personal experiences and testimonials are influencing decisions to try GLP-1s [2] GLP-1s & Weight Management - GLP-1s are perceived as a tool to achieve weight loss goals when other methods have failed [1][3] - GLP-1s can provide noticeable results, such as fitting into previously unwearable clothing [3] Public Perception & Personal Choice - Individuals may face criticism or judgment for using GLP-1s [3] - Personal health decisions should not be dictated by others' opinions [4]

Market Dynamics & Competition - Novo Nordisk's oral wegovy shows promising 16.6% weight loss with good tolerability, potentially shifting the oral market split [3][4] - The oral wegovy faces a "food effect" issue, requiring specific consumption conditions (fasting, water, waiting 30 minutes), potentially limiting its use to maintenance after initial weight loss with injectables [4][7] - Manufacturing costs for oral wegovy are higher due to the larger peptide dosage (25mg) compared to the weekly injectable (2.4mg) [7] - The weight loss drug space is experiencing pricing headwinds and some pricing concessions, potentially influenced by the CVS exclusive deal [8][9] Company Performance & Expectations - Lilly's stock experienced a significant drop (down 14%) due to data expectations being set too high (above 15% efficacy), raising questions about the long-term strength of their franchise [1][2] - There was a disconnect between Novo Nordisk's positive presentation of their data (27 pounds average weight loss) and the market's expectations [9] - Companies need to learn from competitors' successes and failures in managing expectations and messaging around drug data [13]

An experimental weight-loss pill from Eli Lilly helped people lose up to about 12% of their body weight, a new study found, potentially clearing the way for the drug to be on the market next year https://t.co/eihfsfp4I8 ...

Clinical Trial Results - Lilly's experimental pill resulted in patients shedding approximately 11% of their body weight [1] Market Expectations - The 11% weight loss result falls on the lower end of Wall Street's expectations [1]

Financial Data and Key Metrics Changes - Total cash and investments at year-end 2024 were reported at $132 million, expected to fund operations into the second half of 2026 [29] - R&D expenses for Q4 2024 were $19.8 million, up from $16.9 million in Q4 2023, with a full-year R&D expense of $82.2 million compared to $65.8 million in 2023 [30][32] - G&A expenses increased to $5.1 million in Q4 2024 from $4.3 million in Q4 2023, with a full-year G&A expense of $21 million compared to $18.1 million in 2023 [31][32] - Net loss for Q4 2024 was $23.2 million, an improvement from a net loss of $31.6 million in Q4 2023, while the full-year net loss was $95 million compared to $88 million in 2023 [31][32] Business Line Data and Key Metrics Changes - The company is focused on pemvidutide, with significant progress in the MASH (Metabolic Associated Steatotic Liver Disease) program, including the completion of enrollment in the Phase 2b IMPACT trial [9][10] - The upcoming Phase 2 trials for two additional indications are expected to start in mid-2025, following the clearance of INDs by the FDA [11][12] Market Data and Key Metrics Changes - The company anticipates that pemvidutide will be the first incretin-based agent to achieve fibrosis improvement at 24 weeks, positioning it favorably in the MASH treatment landscape [10][20] - The market for MASH is evolving, with increasing competition from agents like semaglutide and FGF21s, but pemvidutide's dual action on weight loss and liver health is expected to differentiate it [56][62] Company Strategy and Development Direction - The company plans to initiate a Phase 3 program in MASH in early 2026, contingent on positive data from the IMPACT trial [10][11] - The strategy includes leveraging the unique mechanism of action of pemvidutide to expand into additional indications while maintaining a primary focus on MASH [70][71] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the upcoming milestones in 2025, including the Phase 2b readout in MASH and the initiation of Phase 2 trials for new indications [35][36] - The leadership transition is planned with the upcoming retirement of the Chief Medical Officer, ensuring continuity through key milestones [15][17] Other Important Information - A virtual R&D Day is scheduled for March 13, 2025, where the company will disclose additional indications and provide a detailed overview of future plans [12][35] - The company has added experienced members to its Board of Directors, enhancing its expertise in the pharmaceutical industry [13][14] Q&A Session Summary Question: Will details about the new indications be announced at the R&D Day? - Management confirmed that comprehensive information about the two new indications will be provided at the R&D Day, including plans for starting Phase 2 programs [38][39] Question: What are the expectations for the IMPACT trial regarding competitive success? - Management indicated that achieving statistical significance at 24 weeks would differentiate pemvidutide from other agents, as it would be the only incretin to attempt such a readout [54][59] Question: How does the company plan to address real-world adherence and discontinuation rates? - Management expressed confidence in competitive compliance and low discontinuation rates based on previous trial data, anticipating similar results in the IMPACT trial [111][112] Question: What is the strategy for prioritizing the development of pemvidutide across multiple indications? - The company plans to focus on MASH while pursuing additional indications, leveraging the dual mechanism of action of pemvidutide to validate its efficacy [70][71]

Financial Data and Key Metrics Changes - For Q2 2025, Palatin did not record any product sales due to the sale of Vyleesi's rights, compared to gross product sales of $4.3 million and net product revenue of $2 million in Q2 2024 [4] - Total operating expenses for Q2 2025 were $2.6 million, net of a $2.5 million gain, compared to $900,000 net of a $7.8 million gain in Q2 2024 [4] - Net loss for Q2 2025 was $2.4 million, a decrease from a net loss of $7.8 million in Q2 2024, primarily due to changes in fair values of warrant liabilities and the elimination of leasing net product revenue [5] - Cash and cash equivalents as of December 31, 2024, were $3.4 million, an increase from $2.4 million at September 30, 2024, but down from $9.5 million at June 30, 2024 [5][6] Business Line Data and Key Metrics Changes - The Phase two study BMP-801 evaluating the co-administration of bremelanotide with drocepatide has been completed, with top-line data expected later this month [7][8] - The obesity and weight loss management portfolio includes long-acting and orally active melanocortin four receptor compounds, with plans to move both into IND enabling activities and clinical studies in 2025 [9] - A Phase two study for OP08177 for ulcerative colitis remains on track for top-line data release in Q1 2025, with increased business development discussions anticipated [10] Market Data and Key Metrics Changes - The pharmacological treatment of obesity is projected to have a market value exceeding $100 billion annually, with a focus on melanocortin four receptor agonists as a key treatment option [12] - The company is exploring opportunities in rare and orphan syndromic diseases, which may present significant market potential [22][23] Company Strategy and Development Direction - The company is concentrating its R&D efforts on melanocortin four receptor obesity assets, believing it will play a crucial role in future obesity treatment [12] - Palatin is actively engaged in discussions for out-licensing programs and seeking funding for further development [11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the upcoming quarter and 2025, highlighting the excitement surrounding their ongoing projects and potential market opportunities [28] Other Important Information - The detailed results of the Phase two breakout study for Bremelanotide in diabetic kidney disease have been accepted for presentation at a medical meeting, indicating the program's potential [10][11] Q&A Session Summary Question: Focus on upcoming obesity data and benchmarks - Management clarified that they are looking for a clear signal in the study rather than a specific percentage weight loss benchmark, emphasizing the importance of clinical meaningfulness [15][16][17] Question: Consideration of additional indications beyond weight loss - Management acknowledged the potential for melanocortin four receptor agonists in rare and orphan syndromic diseases, indicating a strategic focus on this area [21][22][24]