Core Viewpoint - Palatin Technologies, Inc. reported its financial results for the second quarter of fiscal year 2026, highlighting advancements in its MC4R-based obesity programs and a strengthened financial position through a successful public offering [1][2]. Financial Results - For the second quarter ended December 31, 2025, Palatin recognized $116,036 in collaboration and license revenue, a significant increase from $0 in the same quarter last year, attributed to the agreement with Boehringer Ingelheim [2]. - Total operating expenses were $7.4 million, up from $2.6 million in the comparable quarter last year, primarily due to increased costs in MCR obesity development programs and higher compensation costs [2]. - The net loss for the quarter was $7.3 million, or $(2.86) per share, compared to a net loss of $2.4 million, or $(5.92) per share, in the same quarter last year [2][4]. - As of December 31, 2025, cash and cash equivalents were $14.5 million, a significant increase from $1.3 million at the end of September 2025 [2][4]. Corporate Update - The company completed an $18.2 million public offering on November 12, 2025, which included the full exercise of the over-allotment option, allowing it to regain compliance with NYSE American listing standards [2]. - Palatin's obesity program focuses on developing differentiated MC4R agonists aimed at enhancing patient tolerability and addressing significant unmet medical needs in conditions like hypothalamic obesity and Prader-Willi syndrome [1][3]. - The company has initiated IND-enabling toxicology studies for its oral small-molecule MC4R agonist PL7737, with plans for clinical trial initiation in the first half of 2026 [1][3]. Obesity Program Update - PL7737 is expected to enter clinical evaluation in the first half of 2026, demonstrating meaningful weight loss and oral bioavailability in preclinical models [1]. - Next-generation selective peptide MC4R agonists are designed for once-weekly subcutaneous dosing, with clinical trials anticipated to start in the second half of 2026 [1]. - The obesity program aims to address rare and broader obesity indications, particularly focusing on neuroendocrine disorders [1][3]. Out-Licensing Programs Update - Collaboration with Boehringer Ingelheim for retinal diseases could yield up to €12.5 million ($14.5 million) in research milestones and up to €260 million ($307 million) in development and commercial milestones [1]. - The sublicensing agreement for PL9643, an MC1R agonist for dry eye disease, provided $3.8 million in upfront consideration, enhancing the company's financial position [1][2]. - Active out-licensing discussions are ongoing for PL8177 (ulcerative colitis) and diabetic nephropathy programs, reflecting interest from potential partners [1].