Palatin is a clinical-stage biopharmaceutical company developing drugs that work through the melanocortin receptor (MCR) system, which regulates inflammation, immune response, metabolism, and sexual function. Palatin's core strategy is to advance drug candidates through early-to-mid clinical development, demonstrate proof-of-concept, and then out-license or partner programs to larger pharmaceutical companies for late-stage trials and commercialization. Palatin's only previously commercialized product, Vyleesi (bremelanotide), was an FDA-approved treatment for hypoactive sexual desire disorder in premenopausal women; Palatin sold Vyleesi's worldwide rights to Cosette Pharmaceuticals in December 2023 for up to $171M, and no longer has a revenue-generating product. Today, Palatin's primary focus is developing MC4R (melanocortin-4 receptor) agonists for obesity and weight loss, including a completed Phase 2 trial of bremelanotide co-administered with tirzepatide, a pre-IND oral once-daily MC4R agonist (PL7737), and a pre-IND once-weekly injectable MC4R peptide. Palatin is also advancing MC1R agonist programs in dry eye disease (PL9643, one Phase 3 trial completed, two more required before an NDA can be filed) and ulcerative colitis (PL8177, Phase 2 completed), and is actively seeking partners to fund both. Palatin funds operations through licensing deal proceeds and equity issuances, operates with just 29 employees, and relies heavily on contract research organizations. The company has flagged going-concern pressures and was delisted from NYSE American in May 2025.