Palatin Technologies Inc.

Palatin Technologies, Inc. (PTNT) has taken decisive actions to address its NYSE American listing compliance issues and bolster its financial position, as detailed in its November 5, 2025, Form 8-K filing. The company announced a public offering of 2,430,769 shares of common stock (or pre-funded warrants) along with Series J and Series K warrants, priced at $6.50 per unit, expected to yield approximately $15.8 million in gross proceeds ($14.7 million net). This offering is slated to close around November 12, 2025, contingent on customary conditions, including the resumption of NYSE American trading.

**Financial Performance & Strategic Initiatives:** While a full Q4 2025 earnings report is not provided in this 8-K, the company highlighted a significant financial event: the closing of a business development collaboration with Boehringer Ingelheim in August 2025, which generated $8.8 million in revenue for the quarter ended September 30, 2025. This revenue, combined with the anticipated net proceeds from the public offering, was critical in demonstrating pro-forma compliance with NYSE American's Section 1003(a)(iii) stockholders' equity rule, requiring greater than $6.0 million in equity. The Series J warrants included in the offering have an exercise period tied to FDA acceptance of an Investigational New Drug (IND) for an in-house obesity treatment compound, signaling ongoing pipeline development.

**Management Commentary & Forward Guidance:** Management's actions reflect a strong commitment to regaining market confidence and stability. The one-for-fifty reverse stock split, effective August 11, 2025, successfully addressed the low selling price criterion (Section 1003(f)(v)) for NYSE American listing. The subsequent capital raise and the Boehringer Ingelheim collaboration were instrumental in meeting the stockholders' equity requirement. The company expects its common stock to resume trading on the NYSE American under 'PTN' on November 12, 2025. The forward guidance is implicitly positive, focusing on the successful execution of the offering and relisting, which provides a more stable platform for future operations and drug development.

**Competitive Positioning & Market Trends:** The focus on an in-house obesity treatment compound, as indicated by the Series J warrant terms, positions Palatin in a high-growth therapeutic area. Successful development in this space could significantly enhance its competitive standing. The ability to secure a collaboration with a major pharmaceutical company like Boehringer Ingelheim also speaks to the potential value of Palatin's assets.

**Risk Factors & Concerns:** Key risks include the reliance on the successful closing of the public offering, potential dilution from the offering and future warrant exercises, and the inherent regulatory risks associated with drug development, particularly the FDA acceptance of an IND for their obesity compound. The company's prior delisting due to low stock price underscores ongoing market perception challenges.

**Analyst Q&A Highlights:** This being an 8-K filing, no analyst Q&A was provided.