Palatin Technologies is a clinical-stage biopharmaceutical company that develops therapies targeting the melanocortin receptor system. Palatin focuses on developing selective MC4R agonists to treat rare, genetic forms of obesity, including hypothalamic obesity, Prader-Willi syndrome, and Bardet-Biedl syndrome. The company's internal pipeline consists of a once-weekly injectable peptide agonist and an oral small molecule candidate, both designed to selectively activate MC4R while minimizing off-target side effects. Palatin has no commercial products, internal manufacturing, or sales infrastructure, relying instead on contract research organizations and third-party manufacturers for development. Palatin's business model centers on advancing drug candidates through clinical proof-of-concept and subsequently partnering or out-licensing them to larger pharmaceutical companies for late-stage development and commercialization. Outside of its core obesity programs, Palatin out-licenses non-core programs for other indications, including retinal and eye diseases, in exchange for upfront fees, milestone payments, and royalties.