Q1 2026 Palatin Technologies Inc Earnings Call

A question and answer session will follow the formal presentation.

If anyone should require operator assistance during the conference. Please press star zero on your telephone keypad.

Speaker #2: These statements are based on assumptions that not prove may or may accurate , and that the actual results may differ materially from those anticipated due to the variety of risks and uncertainties discussed in the company's most recent filings with the Securities and Exchange Commission .

As a reminder, this conference call is being recorded.

Before we begin our remarks I'd like to remind you that statements made by Palatin are not historical facts and maybe forward looking statements.

Speaker #2: Please consider such risks and uncertainties carefully in evaluating these forward looking statements by Palatine's prospects . Now , I'd like to turn the call over to your host .

These statements are based on assumptions that may or may not prove accurate at the actual results may differ materially from those anticipated due to the variety of risks and uncertainties discussed in the company's most recent filings with the Securities and Exchange Commission.

Speaker #2: Doctor Carl Spana President and Chief Executive Officer of Palatine . Please go ahead .

Speaker #3: you . Good Thank morning and welcome to the Palatine first Quarter fiscal year 2026 call . I'm Doctor Carl Spana , CEO and president of Palatine .

Please consider such risks and uncertainties carefully in evaluating these forward looking statements by peloton prospects now.

Speaker #3: With me on the call today is Stephen Wills chief financial officer and chief operating officer . I'll now call over to turn the Steve , and he'll give the update and financial also include several corporate items as well .

Now I'd like to turn the call over to your host Dr. Carl <unk>, President and Chief Executive Officer of Palatin. Please go ahead.

Thank you good morning, and welcome to the Palatin first quarter fiscal year, 2026th call on Dr. Carl Spanish CEO and President of Palatin with me on the call today, If you will as Chief Financial Officer, and Chief Operating Officer, I will now turn the call over to Steve and he will give the financial update also includes several corporate items as well Steve.

Speaker #3: Steve . Thank you . Carl . morning . Good Good afternoon and good evening , everyone . Regarding our licensing programs , update in August 2025 , we executed a research collaboration license and patent assignment agreement with Boehringer Ingelheim for the treatment of retinal diseases , wherein we received an upfront payment of €2 million , or approximately $2.3 million , in August of 2025 .

Thank you Carl good morning, good afternoon, and good evening everyone.

Regarding our licensing programs update in August 2025, we executed a research collaboration license and patent assignment agreement with Banco Ingelheim for the treatment of retinal diseases, wherein we received an upfront payment of 2 million euro or approximately $2 $3 million in August of 2012.

Speaker #3: And we achieved a €5.5 million , approximately $6.5 million research milestone in September 2025 . In addition , we are eligible to receive up to €12.5 million , or approximately $14.5 million in additional near-term research milestones and up to €260 million , or approximately 307 million , in development , regulatory and commercial milestones , plus tiered royalties on future net sales .

Five and we achieved a.

$5 5 million Euro approximately $6 5 million dollar research milestone in September 2025, and.

In addition, we are eligible to receive up to.

$12 5 million euro or approximately $14 5 million in additional near term research milestones and up to 260 million euro or approximately $307 million in development regulatory and commercial milestones plus tiered royalties on future net sales.

Speaker #3: public offering and NYSE Regarding American on November 12th , 2025 , Palatine announced the closing of its 18.2 million upsized underwritten public offering full , including the exercise of the Overallotment option , consisting of approximately 2.8 million shares of common stock or Pre-funded warrants .

Regarding corporate update public offering and NYSE American on November 12, 2025, Palatin announced the closing of its Upsized $18 2 million underwritten public offering, including the full exercise of the over allotment option consisting of approximately $2 8 million shares of common stock or pre funded warrants.

Speaker #3: with series warrants purchase up J to approximately 2.8 million shares of common stock or Pre-funded warrants and series K warrants to purchase up to approximately 2.8 million shares of common stock or pre-funded warrants at a combined public offering of price of $6.50 per share common stock and accompanying series J and warrants K series .

Together with series J warrants to purchase up to approximately $2 8 million shares of common stock or pre funded warrants and series K warrants to purchase up to approximately $2 8 million shares of common stock or pre funded warrants at a combined public offering price of $6 50 per share of common stock.

Speaker #3: Each . Each series J have an warrant will exercise price of share 6.50 per and will be immediately exercisable . The series J warrants will expire on the earlier of the 18 month the anniversary of original issuance date , or the 31st calendar day following the date that Palatine receives FDA acceptance of an Investigational new drug for an in-house obesity compound , treatment albeit a long acting peptide or oral small molecule series .

And accompanying series J and series K warrants.

Each each series J warrant will have an exercise price of $6 50 per share and will be immediately exercisable. The series J warrants will expire on the earlier of the 18 month anniversary of the original issuance date or the 31 calendar day. Following the date that palatin receives ft.

Speaker #3: warrant K Each will have an exercise price of $8 and 12.5 cents per share , be and immediately exercisable . series K warrants The will expire on the five year anniversary of the original date issuance and importantly , if a , however , holder Series J warrants have not been terminated in their accordance with terms prior to the expiration of the FDA exercise period , such holders series K warrants will terminate automatically upon the earlier of the 18 month anniversary of the original issuance date of the series .

Acceptance.

Of an investigational new drug for an in house obesity treatment compounds, albeit a long acting peptide or oral small molecule.

Each series K warrant will have an exercise price of $8.

And $12.05 per share and be immediately exercisable. The series K warrants will expire on the five year anniversary of the original issuance date, However, and importantly, if a holder of series J warrants have not been terminated in accordance with their terms prior to the expiration of the FDA exercise period.

Speaker #3: expiration of J the FDA exercise period and prior to the five year anniversary of the issuance of the series K warrant in non-legal speak , that means if Palatine hits the acceptance in , say , the first half of 2026 , which is what we're anticipating if the warrants are not exercised by the holder , the series J warrant expires and the series K warrant expires .

Such holders series K warrants will terminate automatically upon the earlier of the 18 month anniversary of the original issuance date of the series J warrant or the exploration of the FDA exercise period and prior to the five year anniversary of the issuance of the series K warrant.

And nonlegal speak that means if palatin hits the IND.

Speaker #3: Our expectation is that we would receive full , full exercise of the series J at that warrants performance criteria . The moving over to the the actual offering , the the gross proceeds from the offering before deducting the underwriting discounts , commissions and offering expenses are expected to be approximately 16.9 million .

IND acceptance.

Yeah.

Say the first half of 2000, Twenty's, Texas, which is what we're anticipating.

The warrants are not exercised.

By the holder the series J warrant expires and a series K warrant expires.

Our expectation is that we would receive full full exercise of the series J warrants.

At that performance criteria.

Yeah.

Speaker #3: Plus Palatin may receive additional proceeds of up 18.2 million cash to exercise of upon the the milestone . Related series J warrants that I just referenced .

Moving over to the.

The actual offering.

The gross proceeds from the offering before deducting the underwriting discounts commissions and offering expenses are expected to be approximately $16 9 million.

Speaker #3: is no guarantee However , there that such warrants exercised will be and accordingly , Palatine will receive any proceeds from such exercise . Palatine intends to use the net proceeds from the support the offering to development of its obesity program , and working capital for and general corporate purposes .

Plus pallets and may receive additional proceeds of up to $18 2 million upon the cash exercise of the milestone related series J warrants that I just referenced however, there is no guarantee that such warrants will be exercised and accordingly, palatin will receive any proceeds from such exercise.

Speaker #3: Regarding NYSE American, we are pleased with the results of the offering and some of the other operating activities, but specifically as a result of the closing here, we are compliant with NYSE American listing standards.

Allison intends to use the net proceeds from the offering to support the development of its obesity program and for working capital and general corporate purposes.

Speaker #3: So effective November 12th , yesterday , 2025 common stock resumed trading on the American under NYSE the symbol PTEN , which was our old symbol when we were on the NYSE .

Regarding NYSE American.

We are very pleased.

With the result here of the offering and some of the other operating activities, but specifically as a result of the closing of the offering pallets and regained compliance with NYSE American continued listing standards. So.

Speaker #3: American Exchange moving over to the financial results for the September 30th , quarter ended 2025 . Regarding for the ended September 30th , revenue 2025 , quarter recognized approximately $8.8 million in collaboration license revenue , compared to zero for the comparable quarter last year .

So effective November 12th yesterday, 2025, Pelicans common stock resumed trading on the NYSE American under the symbol <unk>, which was our old symbol when we were on the NYSE.

American exchange.

Moving over to the financial results for the quarter ended September 32025 regarding revenue for the quarter ended September 32025, Pelican recognize approximately $8 8 million in collaboration license revenue.

Speaker #3: The increase in collaboration license all related to Boehringer the revenue is Ingelheim , the by agreement , which consisted of the upfront payment and the achievement of a research milestone and certain related reimbursements regarding operating expenses , total operating expenses were 4.2 million for the first quarter ended September 30th , 2025 , compared to 7.8 million for the comparable quarter last year .

Compared to zero for the comparable quarter last year.

The increase in collaboration license revenue is all related to the Barnwell and behind the <unk> agreement with consistent up the upfront payment and the achievement of our research milestone.

Speaker #3: The decrease was mainly related to a decrease in spending on our MCR development programs , Melanocortin receptor system related development programs , cash flows , Palatine's net cash used in operations for the quarter ended September 30th , 2025 was net 1.6 million compared to cash used in operations of 7 million for the comparable quarter last year .

And certain costs related reimbursements.

Regarding operating expenses total operating expenses were $4 2 million for the first quarter ended September 32025, compared to $7 8 million for the comparable quarter last year. The decrease was mainly related to a decrease in spending on our MCR development programs noncredit receptor system related development programs.

Speaker #3: The decrease in net in cash used was mainly due to the recognition of license and contract revenue related to our by agreement recognized during the quarter .

Cash flows <unk> net cash used in operations for the quarter ended September 30 of 2025 was $1 6 million compared to net cash used in operations of $7 million for the comparable quarter last year. The decrease in net cash used in operations was mainly due to the recognition of licensing.

Speaker #3: Now moving over to net income and loss . Palestine reported net income for the quarter ended September 30th , 2025 , a $4.7 million , compared to a net loss of $7.8 million .

Contract revenue related to our <unk> agreement recognized during the quarter.

Speaker #3: For the comparable quarter year . The increase in last income for the net quarter ended September 30th , 2025 , was again mainly due to the revenue recognized pursuant to the by agreement and partially for the decrease in operating expenses regarding cash position .

<unk>.

Now moving over to net income and loss Palatin reported net income for the quarter ended September 32025, or $4 $7 million compared to a net loss of $7 $8 million.

For the comparable quarter last year the increase in net income for the quarter ended September 32025 was again, mainly due to the revenue recognized pursuant to the <unk> agreement and partially for the decrease in operating expenses.

Speaker #3: As of September 30th , Palatine's cash and cash equivalents 2025 , were 1.3 million . Yep , a bit low compared to cash and cash equivalents of 2.6 million as of June 30th , 2025 .

Speaker #3: The 1.3 million of cash and cash equivalents as of September 30th , 2025 does not include approximately 6.5 million milestone payment pursuant to our BI agreement for retinal diseases , which was received in October of 2025 .

Regarding cash position.

As of September 32025, <unk> cash and cash equivalents were $1 3 million a bit low compared to cash and cash equivalents of $2 6 million as of June 32025.

Speaker #3: And importantly , the net proceeds from our underwritten public offering . Again , the net proceeds of 16.9 million , which closed on November 12th , 2025 .

The $1 $3 million of cash and cash equivalents as of September 30 of 2025 does not include approximately $6 5 million milestone payment.

Pursuant to our <unk> agreement for retinal diseases.

Speaker #3: As a result of the offering , net proceeds of 16.9 million and projected operating expenses , the going concern provision has been removed .

Which was received in October 2025, and importantly, the net proceeds from our underwritten public offering.

Speaker #3: Palatine currently expects a cash runway beyond the quarter ending December 31st , 2026 . Now I'll turn it back over to Doctor Spana Karl , thank you Steve , as we move forward into 2026 , our .

Again, the net proceeds of $16 9 million, which closed on November 12 2025.

As a result of the offering net proceeds of $16 9 million and projected operating expenses the going concern provision has been removed.

Speaker #4: Research and development efforts will focus on the treatment of various forms of syndromic and genetic obesity, such as hypothalamic obesity and receptor systems, especially the melanocortin-4 receptor, which is essential in regulating balance and food energy intake, and is a well-validated target for obesity treatment.

<unk> currently expects a cash runway beyond the quarter ending December 31 2026.

Now I'll turn it back over to Dr. Spanner Carl.

Thank you Steve.

As we move forward into 2026, our research and development efforts will be focused on the development of highly selective <unk> receptor agents for the treatment of various forms of syndromic and genetic obesity, such as hypothalamic obesity.

Speaker #4: Using our technology and extensive experience in the design and development of Melanocortin agonists , developed a we have proprietary portfolio of highly selective Melanocortin four receptor agonists that includes both orally active small molecules and long acting peptides .

<unk> receptor system, especially the <unk> four receptor is essential in regulating energy balance included take because it will validated target for obesity treatment using.

Speaker #4: Our novel selective Melanocortin four receptor compounds have reduced activity at the Melanocortin one receptor and reduced therefore potential to cause skin darkening . Lack of activity at the Melanocortin one receptor and the once weekly or dosing are significant improvements over current FDA approved melanocortin for treatments obesity .

Using our technology and extensive experience in the design and development of Linerboard Magnus we have developed a proprietary portfolio of highly selective atlantica.

<unk> agonists that includes both orally active small molecules long acting peptides.

Our novel selective <unk> four receptor compounds have reduced activity at the <unk> one receptor.

Speaker #4: PL 70 737 is our melanocortin four receptor-selective, orally active small molecule in multiple preclinical obesity models. PL 70 737 has demonstrated significant reductions in food intake and weight loss.

Therefore reduce potential to cause skin darkening.

Lack of.

Activity at the medical and one receptor.

And once weekly oral dosing are significant improvements over current FDA approved <unk> treatment for obesity.

Speaker #4: 70 737 is currently undergoing the various activities required to open up an Investigational New Drug application , with the FDA , such as animal toxicity testing and cGMP manufacturing .

<unk> 737 is our <unk> four receptor selective orally active small molecule multiple preclinical LPC models. PL 700, 737 has demonstrated significant reductions we can take and weight loss.

Speaker #4: PL 70 737 is on track for an IND filing in the first half of calendar 2026 , and the initial PL 7737 clinical studies include will single ascending and multiple ascending studies in healthy , obese and hypothalamic patients .

7737 is currently undergoing the various activities required to open up an investigational new drug application with the FDA, such as animal toxicity testing and cgmp manufacturing.

Speaker #4: Data is expected in the second half of 2026 . Melanocortin four receptor extended duration peptides are highly selective for the Melanocortin four receptor and have demonstrated pharmacokinetic properties consistent with either once a week or once every two week .

$773 seven is on track for an <unk>.

E filing in the first half of calendar 2026.

And the initial deal 777 clinical studies will include single ascending and multiple ascending studies in healthy obese and hypothalamic patients.

Data is expected in the second half of 2026.

<unk> four receptor extended duration of peptides are highly selective with atlantica won four receptor has demonstrated pharmacokinetic properties consistent with either once a week or once every two week dosing.

We expect to initiate IND, enabling studies in the first half of calendar 'twenty six and.

And first in human studies are anticipated in the second half of calendar 2026 as well.

In addition to Atlantic <unk> four receptor obesity programs, we have multiple programs designed to take advantage of the world.

Around a court system plays in regulated stress responses and resolution of inflammation.

Based on this approach we have development candidates for multiple ocular indications inflammatory bowel diseases and kidney diseases that we are expecting to out license.

We recently entered into a collaboration agreement with Boehringer Ingelheim.

<unk> candidates for the treatment of various types of retinal diseases, such as diabetic retinopathy.

<unk> macular edema.

As part of the collaboration agreement, we received an upfront payment and are entitled to receive additional development clinical and regulatory milestones as well as royalties on net sales.

Arguments, you hi, validate the potential of targeting <unk> system, and we believe we.

We will be focusing our business development efforts on licensing or other minor chord receptor system programs. These include Pn 943 phase II development candidate for dry eye disease, <unk> hundred 77 clinical stage candidate for ulcerative colitis, and our preclinical candidates for kidney disease.

Additional highlights for the quarter include the execution of an $18 $2 million equity offering, which Steve talked about and the resumption of our stock trading on the NYSE.

American under the <unk> ticker symbol.

Thank you for participating in <unk> first quarter fiscal year 2026 conference call. As a reminder, you can find additional information on our programs on our website, we will now open the call to questions.

Certainly.

Everyone. At this time, we'll be conducting a question and answer session. If you have any questions or comments. Please press star one on your phone at this time.

We do ask that while posing a question. Please pickup your handset if you're listening on speaker phone to provide optimum sound quality.

Once again, if you have any questions or comments. Please press star one on your phone.

Our first question is coming from Scott Henry from AGP. Your line is live.

Thank you good morning, and congratulations on the considerable progress.

Could just talk a little bit about the pipeline could you highlight the ideal target profile.

For used to treat HL patients for PL 70 737.

As well as the long acting peptides.

Sure Scott Thanks for the question.

So we'll focus versus 70, 787, which is an oral compound.

We'd like to see that kind of is one we really wanted to have a significant diminishment of activity at the <unk>, one receptor, which we actually we know we have accomplished that.

In addition to online 4 receptor, VC programs. We have multiple programs designed to take advantage of the role that the Moana Cordon system plays in regulating stress responses and resolution of inflammation.

And.

We also would like to see.

With obesity.

Boyd or.

Based on this approach, we have development candidates for multiple ocular indications, inflammatory bowel diseases and kidney diseases, that we are expecting to out license.

Youll spikes in exposure and rapid drops in exposure. So we won't compounds that have essentially very slow absorption and a very flat pharmacokinetic curves.

There will be an indicative of.

We recently entered into a collaboration agreement, with both Ohio, for the development of candidates for the treatment of various types, of retinal diseases, such as diabetic, retinopathy or diabetic, and macular edema.

Once a day dosing and one that would allow us to essentially keep the patients were prolonged period of time.

It was a therapeutic window.

As part of the collaboration agreement, we received an upfront payment and are entitled to receive additional development, clinical, and regulatory milestones, as well as these on net sales.

Where the drug is active so we don't see dips, we want that joined the state.

So as long as possible, where it's active because we know that once we pull out of that range that we see whether BC treatments patients start to eat again, so you really want to keep them up there and that's really what we've accomplished with 70 787 has a very long half life.

Argument with global income, High validates, the potential of targeting a manic court and system. And we believe

And both rat mouse a dog, we anticipate that will be the same in humans as well.

We will be focusing our our business development efforts on licensing. Our other Minor Court in receptor system programs. These include PL 9643 and phase 3 development Canada for dry eye disease, PL 8177 a clinical studies development candidate for also with colitis and our preclinical candidates for kidney disease.

Therefore, you youll keep it dosing to a steady state and allow these patients.

Long period of time to stay.

In that therapeutic window and really maximize efficacy.

Additional highlights with a quarter include the execution of an 18.2 million Equity offering, which Steve talked about, and the resumption of our stock trading on the NYSC.

And that's very similar to what we're trying to accomplish with long acting peptides as well again. These are absorbed very quickly find plasma proteins and they have a very flat long extended pharmacokinetic profile and these are the profile the right deal for for treating obesity patients. We avoid spikes, we don't want a rapid spike.

American under the ptn ticker symbol.

Thank you for participating in the Paladin first quarter fiscal year 2026 conference call as a reminder, you can find additional information on our programs on our website, we will now open the call to questions.

Hi C. Max for example, because that can lead to side effects, such as Gi side effects and allow avoid those you want to keep it.

Certainly everyone at this time will be conducting a question and answer session. If you have any questions or comments, please press star 1 on your phone at this time.

Essentially steady absorption.

Slow steady and flat.

Really I think are the ideal parameter and we see that for both our peptide and we see that for the oral active small molecule. So we think we're going to have a very nice profile.

We do ask that while posing your question. Please, pick up your handset if you're listening on speakerphone to provide Optimum sound quality

Once again, if you have any questions or comments, please press star 1 on your phone.

Going to be played very well both from a reduction of side effects and increased efficacy.

Your first question is coming from Scott, Henry from AGP, your line is live.

Okay. Thank you Karl and indeed, our next generation compounds.

I know you don't one of the issues was.

Hyper pigmentation can.

Can you talk about how these next generation compounds address some of those side effects in that adverse profile.

Sure so the.

<unk> hydrogel mutation is driven through actively activity.

Thank you. Good morning, and congratulations on the considerable progress. Uh, if I could just talk a little bit about the pipeline, uh, could you highlight the ideal Target profile? Uh, for used to treat ho patients for pl7 37, uh, as well as the long-acting peptides.

Adequate one receptor. So we spent a lot of time.

We've been in this field for a long time, and we've been able to develop selective agonist with the various receptors and we really understand the structure function relationships that have allowed us to really dropped down that MCR one receptor activity.

Sure, Scott. Thanks for the question. Uh, so we we'll focus first on 7737, which is in your oil compound.

What we'd like to see in that company is 1. We really want to see a significant diminishment of the of activity at the Minor Court and 1 receptor, which we actually we know we have accomplished that

We're talking about hundreds of thousand fold selectivity for <unk> over one.

That will really allow us to either dramatically reduce or eliminate.

Pension for skin darkening.

So that's how we accomplish it.

Okay, great. Thank you for that color a final question on the ACO programs.

It's a big player out there that you will be competing with.

How do you see yourself positioned in that landscape.

And any drug market.

We believe there is going to be a multibillion dollar market and there is going to be room for multiple players I think as long as it comes down to the quality of the compounds that you bring forward at.

Not going to comment on.

The conference that they have in context clearly their first compound that should be approved will be a first generation and we know that it has the MCR one activity in it once a day dosing.

Some other compounds that are further back in development.

Not a lot of innovation on those I won't comment of them, what I will say is the way to two.

Be a player in that marketplace to have the type of compounds that we have in both our long acting peptide orally active small molecule, which are reduction of MCR. One so the elimination of potential hyperpigmentation and really an efficacy profile that.

Exposure profile that limits the potential for Gi side effects and maximize substantial correct productivity. So speaking, where we are we're very confident and very comfortable with our compounds. We think they have it really be.

Similar to what we're trying to accomplish with the long acne peptides as well. Again, you know, these are absorbed. They very quickly bind to plasma proteins and they have a very flat long extended form of the kinetic. Um profile. And these are the profiles that are ideal for for treating a BC patients. You know, we avoid spikes, you know, you don't want to Rapid Spike, you know, you know, very high seamax for example because that can lead to side effects such as GI side effects that we want to avoid those. You know you want to keep it you know, essentially steady absorption slow steady and flat.

Excellent properties to be successful and as.

As we get into the clinic, we're going to prove that.

Okay, Great final question.

Those really I think are the ideal parameters and we see that for both our peptides. And we see that for the oral Act of small molecules. So we think we really have a very nice profile. That's, uh, going to be played very well of both from a reduction of side effects. And, uh, and and increased epoche

The bi collaboration brought in a considerable considerable amount of non dilutive capital do you have any guidance when we may see the next collaboration from.

Some of the other pipeline compounds. Thank you.

Hey, Scott This is Steve yes.

We were extremely pleased with it.

Okay, thank you. Carl. And, and these are Next Generation compounds. So I, I know uh, you know, 1 of the issues was was hyperpigmentation. Uh, can you talk about how these next Generation compounds address some of those uh, side effects in in that adverse profile?

Not just the execution of the pie growing behind collaboration but the actual partnership we the dating was was quite significant.

Before we executed with the eye and since we've executed its Ben.

Really great Great group to work with.

So notwithstanding the initial upfront payment of $2 3 million and $6 5 million for the milestone achievement. We have stated that we anticipate near term.

Sure. So the um, pigmentation or hyper pigmentation is driven through activ activity, uh, at the moment, what 1 receptor. So, you know, we spent a lot of time. You know, we we we we've been in this field for a long time and we've been able to develop selective Agonist for the various receptors and we really understand the structure function relationships that have allowed us to really drop down that m01 receptor activity. Uh, so you know, we're talking about, you know, hundreds of thousand volts selectivity for 4 over 1 uh, that that will really allow us to either.

Research development milestones.

Dramatically reduce or potentially eliminate uh you know, the potential for skin darkening.

Of approximately $15 million and the guidance I can give you that my definition of near term is within the next 12 months.

So that so that's how we accomplish it.

So hopefully that's helpful.

Okay, great. Thank you for taking the questions.

Thank you Scott.

Thank you that concludes our Q&A session I will now hand, the conference back to Dr. Steiner for closing remarks. Please go ahead.

Okay, great. Thank you for that color. Uh, final question on the ho programs. Uh, there's a big player out there that you will be competing with uh you know, how how do you see yourself positioned in that landscape?

Thank you.

It's been a really tremendous quarter for us with the.

Collaboration which has quite an excess period of time to accomplish but we're very proud of that and very happy to be working with them when you're still going to be a phenomenal partner.

And for our rental program.

Execution of our financing.

Excellent investors and really the hard work that was done by Steve and others to really get US re listed on the NYSE Amex and get off the Pinksheets was another great accomplishment. So really very pleased with where we are and the opportunity in front of us and have the capital to really execute so we really look forward to keep you guys informed.

On our progress and getting out there and meeting with various investors.

Quarter period, so with that being said.

Really the rest of 2020 or as we look at 2006 from a calendar perspective, we expect a lot of great things going on the pallets in and really excited here and working hard.

Well like in any drug Market, you know, if we believe this is going to be, you know, a multi-billion dollar market and there's going to be room for multiple players. I think it's it's all going to come down to the quality of the compounds that you bring forward. And, you know, I'm not, you know, I'm not going to comment on on there, you know, conference that they have and content that, you know, clearly their first compound that should be approved, will be your first generation and we know that it has mcr1 activity and it has, you know, once a day dosing they have some other compounds that are further back in development. You know. I don't there's not a lot of information on those so I won't comment on them. What I will say is, you know, the way to to uh be a player in that Marketplace is to have the type of compounds that we have in both our long-acting peptide and Early Access, where molecule which are reduction of m01. So the elimination of potential the hyperpigmentation and really a a you know, an efficacy profile that and and an exposure profile that limits the potential for GI side effects and maximizes the potential for for activity. So speaking of where we are, we're very confident and very comfortable with our compounds, we think they have you know, really excellent.

Look forward to keep you updated so have a great day and be safe.

Properties to be successful. And um, you know, as we get into the clinic, we're going to prove that.

Joe the holidays. Thanks.

Thank you everyone. This concludes today's event you may disconnect at this time and have a wonderful day. Thank you for your participation.

Okay, great. Uh, final question. Uh, the bi collaboration brought in a considerable, considerable amount of non-diluted capital. Uh, do you have any guidance when we may see the next collaboration from, uh, some of the other pipeline compounds, thank you. Hey, hey Scott, this is, uh, this is Steve. Yeah, the, um, you know, we were extremely pleased with the with not just the execution of the bi, you know, the wrong behind collaboration but the the actual partnership we we the dating was, was quite significant. Um, you know before we executed it with bi and and since we've executed it's it's been uh fabulous you know, really, you know, great great group to work with. Um, so notwithstanding the initial upfront payment of 2.3 million and the 6.5 million for the Milestone achievement. We have stated that we anticipate uh near-term uh resource development, milestones uh of approximately 15 million and the guidance I can give you that.

My definition of near-term is within the next 12 months.

So hopefully that's helpful.

Okay, great. Thank you for taking the questions.

Thank you, that concludes our Q&A session. I'll now hand the conference back to Dr. Spana for closing remarks. Please go ahead.

Really, uh, you know, very pleased with where we are and uh, you know, the opportunity in front of us and have the capital to really execute. So we really look forward to keeping you guys informed on our progress. Uh, and getting out there and meeting with various investors. You know, at the end of the quarter period. So with that being said, um, you know, really 20 the rest of 2020, or as we look at 2026 from a calendar perspective, we expect a lot of great things to be going on in the palatinate.

Look forward to keeping you updated. So have a great day. Be safe. Enjoy the holidays. Thanks.

Thank you, everyone, this concludes today's event. You may disconnect at this time and have a wonderful day. Thank you for your participation.