Palatin Technologies Inc (PTN) 2026 Q1 法說會逐字稿

Greetings. Welcome to Palatin's first quarter fiscal year 2026 operating results conference call.

問候。歡迎參加 Palatin 2026 財年第一季經營業績電話會議。

(Operator Instructions)

（操作說明）

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

在我們開始發言之前，我想提醒各位，帕拉丁所作的陳述並非歷史事實，而可能是前瞻性陳述。

These statements are based on assumptions that may or may not prove 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.

這些聲明是基於一些假設，這些假設可能準確，也可能不準確，並且由於公司最近向美國證券交易委員會提交的文件中討論的各種風險和不確定性，實際結果可能與預期結果有重大差異。

Please consider such risks and uncertainties carefully in evaluating these forward-looking statements by Palatin's prospects.

請您在評估 Palatin 前景的這些前瞻性聲明時，仔細考慮這些風險和不確定性。

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

現在，我想把電話交給主持人，帕拉丁公司總裁兼執行長卡爾·斯帕納博士。請繼續。

Thank you. Good morning and welcome to the Palatin's first quarter fiscal year 2026 call. I'm Doctor Carl Spana, CEO and President of Palatin. With me on the call today is Steve Wills, Palatin's Chief Financial Officer and Chief Operating Officer. I'll now turn the call over to Steve, and he'll give the financial update and also include several corporate items as well.

謝謝。早安，歡迎參加帕拉丁2026財年第一季電話會議。我是卡爾‧斯帕納博士，帕拉丁公司的執行長兼總裁。今天和我一起參加電話會議的是 Palatin 的財務長兼營運長 Steve Wills。現在我將把電話交給史蒂夫，他將報告財務最新情況，並介紹一些公司相關事宜。

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

謝謝你，卡爾。各位早安、下午好、晚上好。

Regarding out licensing programs update, in August 2025, we executed a research collaboration, license and patent assignment agreement with Brangel Engelheim for the treatment of retinal diseases, wherein we received an upfront payment of EUR2 million or approximately $2.3 million in August of 2025 and we achieved a EUR5.5 million, approximately $6.5 million research milestone in September 2025.

關於我們的授權計畫更新，2025 年 8 月，我們與 Brangel Engelheim 簽署了一項關於治療視網膜疾病的研究合作、授權和專利轉讓協議，其中我們在 2025 年 8 月收到了 200 萬歐元（約 230 萬美元）的預付款，並在 2025 年 9 月實現了 550 萬美元的里程碑約 550 萬美元的研究。

In addition, we are eligible to receive up to EUR12.5 million or approximately $14.5 million in additional near term research milestones and up to EUR260 million or approximately $307 million in development, regulatory, and commercial milestones plus tiered royalties on future net sales.

此外，我們還有資格獲得高達 1,250 萬歐元（約 1,450 萬美元）的近期研究里程碑付款，以及高達 2.6 億歐元（約 3.07 億美元）的開發、監管和商業里程碑付款，以及未來淨銷售額的分級特許權使用費。

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 overallotment option consisting of approximately $2.8 million shares of common stock or pre-funded warrants, together with Series J warrants to purchase up to approximately $2.8 million shares of common stock or pre-funded warrants.

關於公司最新動態、公開發行和紐約證券交易所美國板，2025 年 11 月 12 日，Palatin 宣布完成其規模擴大的 1820 萬美元承銷公開發行，其中包括完全行使超額認股權，該選擇權包括約 280 萬美元的普通股或預付股權，以及可購買認股權證，以及配售選擇權，該選擇權包括約 280 萬美元的普通股或預付或認股權，以及可購買認股權證，以及可認股權或認股權。

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 and accompanying Series J and Series K warrants.

K 系列認股權證可以以每股普通股 6.50 美元的公開發行價格購買至多約 280 萬美元的普通股或預付認股權證，並附帶 J 系列和 K 系列認股權證。

Each Series J warrant will have an exercise price of $650 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 31st calendar day following the date that Palatin receives FDA acceptance of an investigational new drug for an in-house obesity treatment compound, albeit a long-acting peptide or oral small molecule.

每份 J 系列認股權證的行使價格為每股 650 美元，可立即行使。J 系列認股權證將於以下兩者中較早者到期：原始發行日期的 18 個月週年日，或 Palatin 獲得 FDA 對其內部研發的肥胖症治療化合物（儘管是長效肽或口服小分子）的試驗性新藥接受之日起的第 31 個日曆日。

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

每張 K 系列認股權證的行使價格為 8 美元。

And $12.5 per share and be immediately exercisable. The Series K warrants will expire on the five-year anniversary of the original issue in state. 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 FDX exercise period.

每股12.5美元，可立即行使。K 系列認股權證將於該州首次發行五年後到期。但是，更重要的是，如果 J 系列認股權證的持有人在 FDX 行使期屆滿之前沒有按照其條款終止。

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 expiration of the FDA exercise period and prior to the 5-year anniversary of the issuance of the Series K warrant.

此類持有人的 K 系列認股權證將在以下兩者中較早的時候自動終止：J 系列認股權證原始發行日期的 18 個月週年日，或 FDA 行權期屆滿日，且在 K 系列認股權證發行 5 週年日之前。

In non-legal speak, that means if Palatin hits the I&D 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. Our expectation is that we would receive full exercise of the Series J warrants at that performance criteria.

通俗地說，這意味著如果 Palatin 獲得 I&D 認可。假設在 2026 年上半年（我們預期如此），如果認股權證持有人沒有行使認股權證，則 J 系列認股權證到期，K 系列認股權證到期。我們預期，依照此業績標準，我們將獲得 J 系列認股權證的全部行使。

The moving over to 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 plus, Palatin 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.

進入實際發行階段，在扣除承銷折扣、佣金和發行費用之前，發行所得總收益預計約為 1,690 萬美元。此外，Palatin 還可能在行使我剛才提到的與里程碑相關的 J 系列認股權證時獲得高達 1,820 萬美元的額外收益。

However, there is no guarantee that such warrants will be exercised, and accordingly, Palatin will receive any proceeds from such exercise. Palatin 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.

然而，不能保證這些認股權證會被行使，因此，Palatin 將不會收到行使這些認股權證所獲得的任何收益。Palatin 計劃將此次發行所得淨收益用於支持其肥胖症治療項目的開發，以及用於營運資金和一般公司用途。

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, Palatin regained compliance with NYSE American continued listing standards.

關於紐約證券交易所美國分公司，我們對此次發行以及其他一些營運活動的結果非常滿意，但尤其值得一提的是，由於此次發行的完成，Palatin 重新獲得了紐約證券交易所美國分公司持續上市標準的資格。

So effective November 12th, yesterday, 2025, Palatin's common stock resumed trading on the NYSE American under the symbol PTN, which was our old symbol when we were on the NYSE American exchange.

因此，自 2025 年 11 月 12 日（即昨天）起，Palatin 的普通股在紐約證券交易所美國板恢復交易，股票代碼為 PTN，這是我們之前在紐約證券交易所美國板交易時的舊股票代碼。

Moving over to the financial results for the quarter ended September 30th, 2025 regarding revenue for the quarter ended September 30th, 2025, Palatin recognized approximately $8.8 million in collaboration license revenue compared to zero for the comparable quarter last year.

接下來來看截至 2025 年 9 月 30 日的季度財務業績，關於收入，Palatin 確認了約 880 萬美元的合作許可收入，而去年同期為零。

The increase in collaboration license revenue is all related to the Brengel-Engelheim, the BI agreement, which consisted of the upfront payment and the achievement of a research milestone and certain cost-related reimbursements.

合作授權收入的成長完全與 Brengel-Engelheim 協議（即 BI 協議）有關，該協議包括預付款、研究里程碑的完成以及某些與成本相關的補償。

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. The decrease was mainly related to a decrease in spending on our MCR development programs, monocotin receptor system related development programs.

關於營運費用，截至 2025 年 9 月 30 日的第一季總營運費用為 420 萬美元，而去年同期為 780 萬美元。此下降主要與我們在 MCR 開發項目（單核細胞增多症受體系統相關開發項目）上的支出減少有關。

Cash flows, Palatin's net cash used in operations for the quarter ended September 30th, 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 license and contract revenue related to our BI agreement recognized during the quarter. .

現金流量方面，Palatin 截至 2025 年 9 月 30 日的季度經營活動所用現金淨額為 160 萬美元，而去年同期經營活動所用現金淨額為 700 萬美元。經營活動所用現金淨額減少主要是由於本季度確認了與 BI 協議相關的許可和合約收入。。

Now moving over to net income and loss. Palatin reported net income for the quarter ended September 30th, 2025 of $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 30th, 2025 was again mainly due to the revenue recognized pursuant to the BI agreement and partially for the decrease in operating expenses.

現在來看淨收入和虧損。Palatin公佈截至2025年9月30日的季度淨利為470萬美元，而去年同期淨虧損為780萬美元。截至 2025 年 9 月 30 日的季度淨收入增加，主要原因是根據 BI 協議確認的收入，部分原因是營運費用的減少。

Regarding cash position as of September 30th, 2025, Palatin's cash and cash equivalents were $1.3 million. Yes, a bit low, compared to cash and cash equivalents of $2.6 million as of June 30th, 2025.

截至 2025 年 9 月 30 日，Palatin 的現金及現金等價物為 130 萬美元。是的，略低，截至 2025 年 6 月 30 日，現金及現金等價物為 260 萬美元。

The $1.3 million of cash and cash equivalent 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 2025, and importantly, the net proceeds from our underwritten public offering again the net proceeds of $16.9 million, which closed on November 12, 2025.

截至 2025 年 9 月 30 日，公司擁有的 130 萬美元現金及現金等價物不包括根據我們針對視網膜疾病的商業智慧協議於 2025 年 10 月收到的約 650 萬美元里程碑付款，以及更重要的是，公司承銷的公開發行所得淨收益 1690 萬美元，該公司已完成 112012 年 1,690 萬美元，該發行已完成 1125 月 1120 萬美元。

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

由於此次發行淨收益為 1,690 萬美元，加上預計的營運費用，持續營運準備金已被取消。

Palatin currently expects a cash runway beyond the quarter ending December 30th, 2026.

Palatin目前預計現金流能夠維持到2026年12月30日季末之後。

Now, I'll turn it back over to Doctor Spanna, Carl.

現在，我把麥克風交還給斯潘納醫生，卡爾。

Thank you, Steve.

謝謝你，史蒂夫。

As we move forward into 2026, our research and development efforts will be focused on the development of highly selective minocortin 4 receptor agents for the treatment of various forms of syndromic and genetic obesity, such as hypothalamic obesity. Monocortin receptor system, especially the monocortin 4 receptor, is essential in regulating energy balance and food intake and is a well validated target for obesity treatments.

展望 2026 年，我們的研發工作將集中在開發高選擇性的米諾皮質素 4 受體藥物，用於治療各種形式的綜合徵性和遺傳性肥胖症，例如下丘腦性肥胖症。單皮質素受體系統，特別是單皮質素 4 受體，在調節能量平衡和食物攝取方面至關重要，是治療肥胖症的有效標靶。

Using our technology and extensive experience in the design and development of Melanocort and Agnes, we have developed a proprietary portfolio of highly selective melanocort and 4 receptor agonists that includes both orally active small molecules and long-acting peptides. Our novel selective lanocort and 4 receptor compounds have reduced activity at the melanocortin 1 receptor and therefore a reduced potential to cause skin darkening.

利用我們在 Melanocort 和 Agnes 的設計和開發方面的技術和豐富經驗，我們開發了一系列具有高度選擇性的 Melanocort 和 4 受體激動劑的專有產品組合，其中包括口服活性小分子和長效勝肽。我們新型的選擇性 lanocort 和 4 受體化合物對黑皮質素 1 受體的活性降低，因此導致皮膚變黑的可能性降低。

Lack of activity at the minocortin 1 receptor and the once weekly or oral dosing are significant improvements over current FDA approved Linocortin treatments for obesity.

與目前FDA批准的用於治療肥胖症的Linocortin療法相比，該藥物在minocortin 1受體上缺乏活性，並且每週只需口服一次，這都是顯著的改進。

PL 7,737 is our meno corn 4 receptor selective orally active small molecule. In multiple preclinical obesity models, PL 7,737 has demonstrated significant reductions in food intake and weight loss. PL 7,737 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.

PL 7,737 是我們的 meno corn 4 受體選擇性口服活性小分子。在多個臨床前肥胖模型中，PL 7,737 已證明能顯著減少食物攝取量和減輕體重。PL 7,737 目前正在進行向 FDA 提交研究性新藥申請所需的各項活動，例如動物毒性試驗和 CGMP 生產。

PL 7,737 is on track for an ID filing in the first half of calendar 2026. And the initial PL 7,737 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.

PL 7,737 預計將於 2026 年上半年提交身分證明文件。PL 7,737 的初步臨床研究將包括對健康患者、肥胖患者和下丘腦患者進行單次上行和多次上行研究。預計數據將於2026年下半年公佈。

Melanorotein 4 receptor extended duration peptides are highly selective for the melanorotein 4 receptor and has demonstrated pharmokinetic properties consistent with either once a week or once every 2-week dosing. We expect to initiate ID enabling studies in the first half of calendar 26.

黑素 4 受體延長作用勝肽對黑素 4 受體具有高度選擇性，並已證明其藥物動力學特性與每週一次或每 2 週一次的給藥方案一致。我們預計 2026 年上半年啟動 ID 賦能研究。

And first in human studies are anticipated in the second half of calendar 2026 as well. In addition to our melanocortin 4 receptor obesity programs, we have multiple programs designed to take advantage of the role that the melanocortin system plays in regulating stress responses and resolution of inflammation.

預計在 2026 年下半年也將進行首次人體研究。除了我們的黑皮質素 4 受體肥胖症治療方案外，我們還有多個方案旨在利用黑皮質素系統在調節壓力反應和發炎消退中所起的作用。

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

基於這種方法，我們已經開發出針對多種眼科疾病、發炎性腸道疾病和腎臟疾病的候選藥物，我們期待將這些藥物授權給其他國家使用。

We recently entered into a collaboration agreement with Bel Ingelheim for the development of candidates for the treatment of various types of retinal diseases such as diabetic retinopathy or diabetic 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.

我們最近與貝爾英格爾海姆公司達成合作協議，共同開發用於治療各種視網膜疾病（如糖尿病視網膜病變或糖尿病黃斑水腫）的候選藥物。作為合作協議的一部分，我們收到了一筆預付款，並有權獲得額外的開發、臨床和監管里程碑付款，以及淨銷售額的特許權使用費。

Argument with validates the potential of targeting melanocortin system, and we believe we'll be focusing our physical development efforts on licensing our other melanocortin receptor system programs. These include PL 9,643, a phase 3 development candidate for dry eye disease, PL 8,177, a clinical stage development candidate for ulcerative colitis, and our preclinical candidates for kidney disease.

這個論證證實了靶向黑皮質素系統的潛力，我們相信我們將把物理開發工作集中在授權我們其他的黑皮質素受體系統項目上。其中包括 PL 9,643（一種用於治療乾眼症的 3 期開發候選藥物）、PL 8,177（一種用於治療潰瘍性結腸炎的臨床階段開發候選藥物）以及我們用於治療腎臟疾病的臨床前候選藥物。

Additional highlights for the quarter include the execution of an $18.2 million dollar equity offering which Steve talked about and the resumption of our stock trading on the NYSE American under the PTN ticker symbol.

本季其他亮點包括史蒂夫提到的 1820 萬美元股權發行，以及我們的股票在紐約證券交易所美國板恢復交易，股票代號為 PTN。

Thank you for participating in the Palatin 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.

感謝您參加 Palatin 2026 財年第一季電話會議。再次提醒，您可以在我們的網站上找到有關我們專案的更多資訊。現在開始接受提問。

Certainly, everyone at this time will be conducting a question-and-answer session. (Operator Instructions)

當然，屆時所有人都會進行問答環節。（操作說明）

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

你的第一個問題來自AGP的Scott Henry。您的線路已開通。

Thank you. Good morning and congratulations on the considerable progress. If I could just talk a little bit about the pipeline, could you highlight the ideal target profile, for used to treat HO patients for PL 7,737, as well as the long-acting peptides?

謝謝。早安，祝賀你們的巨大進步。如果我可以稍微談談產品線，您能否重點介紹一下用於治療HO患者的PL 7,737以及長效肽的理想標靶特徵？

Sure, Scott, thanks for the question. So we'll focus first on 7,737, which is an oral compound.

當然，斯科特，謝謝你的提問。所以我們先關注化合物 7,737，它是一種口服化合物。

What we'd like to see in that compound is one, we really want to see a significant diminishment of the of activity at the monocho and one receptor which we actually, we know we have accomplished that.

我們希望在該化合物中看到的是，我們真的希望看到單核細胞受體和單核細胞受體的活性顯著降低，而我們實際上知道我們已經實現了這一點。

And, we also like to see in dealing with obesity, we want to avoid our, spikes in exposure and rapid drops in exposure. So we want compounds that have essentially a very slow absorption and a very flat pharmacokinetic curve. So one that would be indicative of once-a-day dosing.

而且，在應對肥胖問題時，我們也希望避免接觸量的激增和快速下降。因此，我們想要的是吸收速度非常慢、藥物動力學曲線非常平坦的化合物。因此，這表明每日一次給藥即可。

And one that would allow us to essentially keep the patients for a prolonged period of time in the therapeutic window of where the drug is active. So we don't see dips we want that drug to stay, for as long as possible where it's active because we know that once we fall out of that range, we see that with obesity treatments, patients start to eat again. So you really want to keep them up there.

而且，這種方法可以讓患者在藥物有效的治療窗口期內，持續較長時間。所以，我們不希望看到藥物濃度下降，我們希望藥物盡可能長時間地保持有效，因為我們知道，一旦藥物濃度超出有效範圍，肥胖症患者就會開始再次進食。所以你真的很想把它們留在那裡。

And that's really what we've accomplished with 7,737. It has a very, long half-life. And both rat, mouse, and dogs, we anticipate that will be the same in humans as well. And we can, therefore, you'll keep the dosing to a steady state and allow these patients for a prolonged period of time to stay in that therapeutic window and really maximize efficacy.

這就是我們用 7,737 所取得的成就。它的半衰期非常長。我們預計，無論是老鼠、老鼠或狗，這種情況在人類身上也會發生。因此，我們可以將劑量維持在穩定狀態，讓這些患者在較長時間內保持在治療窗口內，從而真正最大限度地提高療效。

That's very similar to what we're trying to accomplish with the long acting peptides as well. Again, these are absorbed. They very quickly bind to plasoproteins and they have a very flat, long, extended pharma kinetic, profile. And these are the profiles that are ideal for treating obesity patients. We avoid spikes. You don't want a rapid spike, a very high CAX, for example, because that can lead to side effects, such as GI side effects, and we want to avoid those, you want to keep it, essentially steady absorption, slow, steady and flat.

這和我們嘗試用長效勝肽達到的目標非常相似。這些物質都會被吸收。它們能非常迅速地與質粒蛋白結合，並且具有非常平坦、長、延伸的藥物動力學特徵。這些都是治療肥胖症患者的理想方案。我們避免出現峰值。你不希望出現快速的峰值，例如非常高的 CAX，因為這可能會導致副作用，例如胃腸道副作用，而我們想要避免這些副作用，你想要保持吸收基本上穩定，緩慢、穩定且平穩。

Those really are the ideal parameters, and we see that for both our peptides and we see that for the oral active small molecules, so we think we really have a very nice profile that's going to be played very well both from a reduction of side effects and increased efficacy.

這些確實是理想的參數，我們看到我們的勝肽類藥物和口服活性小分子藥物都符合這些參數，因此我們認為我們確實擁有非常好的特性，無論從減少副作用還是提高療效方面，都將發揮非常好的作用。

Okay, thank you, Carl, and these are next generation compounds, so I know, one of the issues was hyperpigmentation. Can you talk about how these next generation compounds address some of those, side effects in that adverse profile?

好的，謝謝你，卡爾。這些都是新一代化合物，所以我知道，其中一個問題是色素沉著過度。您能否談談這些新一代化合物是如何解決這些不良反應中的一些副作用的？

Sure, so the pigmentation or hyperpigmentation is driven through activity at the monocort and 1 receptor. So you know we spent a lot of time we've been in this field for a long time and we've been able to develop selective agonists for the various receptors and we really understand the structure function relationships that have allowed us to really drop down that MCR-1 receptor activity.

當然，色素沉著或色素沉著過度是由單皮質激素受體 1 的活性所驅動的。你知道，我們投入了大量時間，我們在這個領域已經很久了，我們已經能夠開發出各種受體的選擇性激動劑，並且我們真正了解了結構功能關係，這使我們能夠真正降低 MCR-1 受體的活性。

So you know we're talking about, hundreds of thousandfold selectivity for 4/1. That will really allow us to either dramatically reduce or potentially eliminate, the potential for skin darkening. So that, so that's how we accomplished it.

所以你知道，我們說的是 4/1 的數十萬倍選擇性。這將真正使我們能夠大幅減少甚至消除皮膚變黑的可能性。就這樣，我們就是這樣完成的。

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

好的，太好了，謝謝你提供的顏色。關於HO專案的最後一個問題，您知道市場上有一個實力雄厚的競爭對手，您如何看待自己在這種競爭格局中的定位？

Well, but in any drug market, we believe this is going to be, a multi-billion dollar market, and there's going to be room for multiple players it's all going to come down to the quality of the compounds that you bring forward, and, I'm not going to comment on their, compounds that they have and contents that, clearly their first compound that should be approved will be a first generation.

嗯，但我們相信，在任何藥物市場，這都將是一個數十億美元的市場，而且會有多個參與者，最終一切都將取決於你推出的化合物的質量，我不會評論他們擁有的化合物及其成分，顯然，他們第一個應該獲得批准的化合物將是第一代化合物。

We know that it has MCR1 activity and it has, once a day dosing. They have some other compounds that are further back in development, I don't, there's not a lot of information on those, so I won't comment on them.

我們知道它具有 MCR1 活性，每天只需給藥一次。他們還有一些其他化合物的研發進度較慢，我不太了解這些化合物，所以不予置評。

What I will say is the way to be a player in that marketplace is to have the type of compounds that we have in both our long acting peptide and earlyactis 1 molecule which are reduction of MCR1, so the elimination of potential hyperpigmentation and really an efficacy profile that and an exposure profile that limits the potential for GI side effects and maximizes the potential for activity.

我想說的是，要想在這個市場中立足，就必須擁有我們長效肽和 Earlyactis 1 分子中所含有的化合物，這些化合物可以減少 MCR1，從而消除潛在的色素沉著過度，並真正具有能夠限制胃腸道副作用並最大限度發揮活性的功效和暴露特性。

So speaking of where we are very confident and very comfortable with our compounds. We think they have really excellent properties to be successful and as we get to the clinic we're going to prove that.

所以，說到我們對自己化合物非常有信心、非常滿意的地方。我們認為它們具有非常優秀的特性，能夠取得成功，等我們進入臨床試驗階段，我們將證明這一點。

Okay, great. Final question, the BI collaboration brought in a considerable amount of non-diluted capital. Do you have any guidance when we may see the next collaboration from, some of the other pipeline compounds?

好的，太好了。最後一個問題，BI 的合作帶來了相當數量的非稀釋性資本。您能否提供一些信息，告訴我們何時能看到其他在研化合物的下一次合作？

Thank you.

謝謝。

Hey Scott, this is Steve, we were extremely pleased with the not just the execution of the BI, bringing Rhind collaboration, but the actual partnership. We, the dating was quite significant, before we executed with BI, and since we've executed it's been fabulous great group to work with.

嘿，斯科特，我是史蒂夫，我們不僅對 BI 的執行、與 Rhind 的合作以及實際的合作關係感到非常滿意。我們之間的約會非常有意義，在我們與 BI 合作之前，自從我們合作以來，與 BI 合作一直是一個非常棒的團隊。

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 near term resource development milestones 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.

因此，儘管有 230 萬美元的預付款和 650 萬美元的里程碑付款，但我們已表示，我們預計近期資源開發里程碑金額約為 1500 萬美元，我可以向您提供的指導是，我所說的「近期」是指未來 12 個月內，希望這對您有所幫助。

Okay, great.

好的，太好了。

Thank you for taking the questions.

感謝您回答這些問題。

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

謝謝。我們的問答環節到此結束。現在我將把會議交還給斯帕納博士，請她作閉幕致詞。請繼續。

Thank you. It's been a really tremendous quarter for us, with the, Berglingheim, collaboration, which, took quite an extensive period of time to accomplish, but we're very proud of that and very happy to be working with them. I think they're going to be a phenomenal partner, for our retinal program.

謝謝。對我們來說，這是一個非常棒的季度，我們與 Berglingheim 的合作雖然耗時較長，但我們為此感到非常自豪，也很高興能與他們合作。我認為他們將成為我們視網膜計畫的絕佳合作夥伴。

The execution of a financing with, some very excellent investors and really the hard work that was done by Steve and others to really get us relisted on the NYSE Amex and get off the pink sheets was really another great accomplishment.

這次融資的成功，吸引了一些非常優秀的投資者，也離不開史蒂夫和其他人付出的辛勤努力，才使我們得以在紐約證券交易所美國板重新上市，並脫離粉紅單市場，這的確是又一項偉大的成就。

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 keeping you guys informed on our progress, and getting out there and meeting with various investors, at the at the quarter period.

所以，我們對目前的狀況和擺在我們面前的機會感到非常滿意，而且我們有足夠的資金來真正把握機會。因此，我們非常期待在季度末向大家報告我們的進展，並與各投資者會面。

So with that being said, 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 at the Palatin and, really excited here, working hard and look forward to keeping you updated. So have a great day, be safe, enjoy the holidays. Thanks.

綜上所述，從日曆的角度來看，2020 年的剩餘時間，或展望 2026 年，我們期待 Palatin 發生許多美好的事情，我們對此感到非常興奮，正在努力工作，並期待隨時向您匯報最新進展。祝您今天過得愉快，注意安全，享受假期。謝謝。

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

謝謝大家。今天的活動到此結束。您可以暫時斷開連接，祝您有美好的一天。

Thank you for your participation.

感謝您的參與。