PureTech Health
PRTC · Main Market · Health Care · mcap £268m · 114.0p 4 open situations →
- EV
- £187m
- EV / EBIT
- –
- Net cash
- £87.4m
- FCF yield
- -23.2%
- Revenue
- £4.8m
- Cash returned
- 0.6%
- Share price 1y
- −15%
- Insiders 12m
- bought £176k
- Next report
- around 28 Apr
PureTech founds and part-owns biotech companies, developing some programmes itself before spinning them into separate 'Founded Entities' funded by outside investors. It earns returns through equity stakes, milestones and royalties.
Open · 4
LYT-200 AML development
LYT-200 Phase 1b is complete, with MDS prioritised over AML. On 21 Sep 2026 PureTech announced a successful FDA End-of-Phase 1 meeting and Fast Track in R/R HR-MDS, with the Phase 2 STRIDE-MDS design set. On 26 Oct 2026 Phase 1b detail was presented at ESMO. The Phase 2 trial still waits on external capital.
- Financing
- External capital expected in the first half of 2027, to fund through Phase 2 completion 21 Sep 2026 ↗
- Phase 2 design
- STRIDE-MDS: about 125 patients, randomised 2:2:1 to 12 mg/kg, 7.5 mg/kg or placebo, each plus HMA 26 Oct 2026 ↗
- Funding
- Gallop plans to initiate the trial after securing external capital; earlier guidance was H1 2027 26 Oct 2026 ↗
- Ownership
- Gallop Oncology is wholly owned by PureTech 26 Oct 2026 ↗
- Regulatory
- Successful End-of-Phase 1 meeting and Fast Track designation, announced September 2026 22 Sep 2026 ↗
- ESMO data
- Oral presentation 26 Oct 2026: 36.4% CR+PR and 45.5% ORR in 11 evaluable R/R HR-MDS patients 26 Oct 2026 ↗
Next: Secure external capital, then start STRIDE-MDS
- 26 Oct 2026 Phase 1b detail presented; Phase 2 awaits funding
- 22 Sep 2026 Fast Track and Phase 2 design set; funding sought
- 21 Sep 2026 EOP1 done; Fast Track; Phase 2 design set
- 29 Apr 2026 Phase 2 dose chosen; seeking external capital
Deupirfenidone IPF Phase 3
Led to Capital returns to shareholders – Intent stated; no amount or timing
Celea's $180m financing completed in July 2026 and the first patient was dosed in the Phase 3 SURPASS-IPF head-to-head trial on 13 Jul 2026. The 22 Sep 2026 half-year report confirms topline data in H2 2029. PureTech keeps 35.4% plus royalties and milestones; $17.5m of its $30m Celea commitment is not yet in the June cash figure.
- Investors
- RA Capital Management, Leaps by Bayer, PureTech, a US healthcare fund and a sovereign wealth fund 2 Jul 2026 ↗
- Next milestone
- Phase 3 SURPASS-IPF topline results in the second half of 2029 22 Sep 2026 ↗
- Trial design
- Global, randomized, double-blind head-to-head: deupirfenidone 825 mg TID vs pirfenidone 801 mg TID; no placebo arm 13 Jul 2026 ↗
- Primary endpoint
- Change from baseline in absolute FVC at Week 52 13 Jul 2026 ↗
- Regulatory path
- Per FDA feedback, this single Phase 3 could complete the data package for potential US registration 13 Jul 2026 ↗
- Funding
- Celea raised $180m; PureTech committed $30m, of which $17.5m was outstanding at 30 June 2026 22 Sep 2026 ↗
Next: Celea topline data from Phase 3 SURPASS-IPF
- 22 Sep 2026 Phase 3 dosing; Celea financed
- 13 Jul 2026 Phase 3 under way; first patient dosed
- 2 Jul 2026 Financing completed; Phase 3 start early Q3 2026
- 2 Jul 2026 Financing completed; Phase 3 start planned early Q3 2026
Capital returns to shareholders
Follows from Deupirfenidone IPF Phase 3 – Phase 3 dosing; Celea financed
With Celea financed and Gallop seeking outside capital, PureTech says on 22 Sep 2026 that future monetisation proceeds will go more to shareholder returns. It will also keep an adequate runway and deploy capital selectively. No amount, form or timing is given.
- Priorities
- Maintain operating runway, deploy capital selectively, return capital to shareholders 22 Sep 2026 ↗
- Amount
- Not stated 22 Sep 2026 ↗
- Timing
- Not stated 22 Sep 2026 ↗
Next: Details of any capital return
- 22 Sep 2026 Intent stated; no amount or timing
Nasdaq ADS delisting
PureTech has announced its intention to voluntarily delist its ADSs from Nasdaq and concentrate its listing on the LSE. This was restated in the 29 Apr 2026 results. The company says it simplifies the structure and reduces cost and administrative burden.
- Action
- Voluntary delisting of ADSs from Nasdaq; LSE listing retained 29 Apr 2026 ↗
- Rationale
- Most trading volume and liquidity is in London; lower cost and administrative burden 29 Apr 2026 ↗
- Timetable
- Not stated 29 Apr 2026 ↗
- 29 Apr 2026 Intention to delist announced
Closed · 5
Company filings. Not investment advice.