PureTech Health (PRTC): Deupirfenidone IPF Phase 3

This situation live

PRTC PureTech Health

£279m · 110.0p · −10% since the first step

8 Dec 2025 · EOP2 meeting complete; Phase 3 design agreed · +0% until the next step Phase 3 SURPASS-IPF trial remains on track to be initiated by PureTech's Founded Entity, Celea Therapeutics, in the first half of 2026

19 Feb 2026 · Orphan designations granted; Phase 3 pending financing · −9% until the next step SURPASS-IPF will compare deupirfenidone 825 mg TID to pirfenidone 801 mg TID in a head-to-head study powered to test for superiority.

2 Apr 2026 · Phase 2b published; Phase 3 awaiting financing · +10% until the next step PureTech's Founded Entity, Celea Therapeutics, is working to complete a financing to enable the initiation of the Phase 3 SURPASS-IPF trial in the first half of 2026.

29 Apr 2026 · Financing substantially complete, non-binding; close early Q3 2026 · +0% until the next step Celea has secured sufficient non-binding commitments from external investors, in addition to participation from PureTech, such that the fundraising is substantially complete, subject to continued nego

2 Jul 2026 · Financing completed; Phase 3 start planned early Q3 2026 · −1% until the next step with proceeds supporting the planned early Q3 2026 initiation of the Phase 3 SURPASS-IPF trial of deupirfenidone (LYT-100).

2 Jul 2026 · Financing completed; Phase 3 start early Q3 2026 · −1% until the next step Celea expects to initiate the Phase 3 SURPASS-IPF trial in early Q3 2026.

13 Jul 2026 · Phase 3 under way; first patient dosed · −9% until the next step Topline results from the Phase 3 SURPASS-IPF trial are expected in the second half of 2029.

22 Sep 2026 · Phase 3 dosing; Celea financed · −2% since Celea expects topline results from the Phase 3 SURPASS-IPF trial in the second half of 2029

Disposal of a part (break-up)

Deupirfenidone IPF Phase 3

Phase 3 dosing; Celea financed

Next: Celea topline data from Phase 3 SURPASS-IPF

Every step · 8

8 Dec 2025 EOP2 meeting complete; Phase 3 design agreed – Phase 3 SURPASS-IPF trial remains on track to be initiated by PureTech's Founded Entity, Celea Therapeutics, in the first half of 2026 ↗
19 Feb 2026 Orphan designations granted; Phase 3 pending financing – SURPASS-IPF will compare deupirfenidone 825 mg TID to pirfenidone 801 mg TID in a head-to-head study powered to test for superiority. ↗
2 Apr 2026 Phase 2b published; Phase 3 awaiting financing – PureTech's Founded Entity, Celea Therapeutics, is working to complete a financing to enable the initiation of the Phase 3 SURPASS-IPF trial in the first... ↗
29 Apr 2026 Financing substantially complete, non-binding; close early Q3 2026 – Celea has secured sufficient non-binding commitments from external investors, in addition to participation from PureTech, such that the fundraising is... ↗
2 Jul 2026 Financing completed; Phase 3 start planned early Q3 2026 – with proceeds supporting the planned early Q3 2026 initiation of the Phase 3 SURPASS-IPF trial of deupirfenidone (LYT-100). ↗
2 Jul 2026 Financing completed; Phase 3 start early Q3 2026 – Celea expects to initiate the Phase 3 SURPASS-IPF trial in early Q3 2026. ↗
13 Jul 2026 Phase 3 under way; first patient dosed – Topline results from the Phase 3 SURPASS-IPF trial are expected in the second half of 2029. ↗
22 Sep 2026 Phase 3 dosing; Celea financed – Celea expects topline results from the Phase 3 SURPASS-IPF trial in the second half of 2029 ↗

What is happening

PureTech Health: Deupirfenidone IPF Phase 3 – Phase 3 dosing; Celea financed. ['Phase 3 dosing; Celea financed']

In short: 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.
Announced: 8 Dec 2025 · EOP2 meeting complete; Phase 3 design agreed
Latest: 22 Sep 2026 · Phase 3 dosing; Celea financed
Investors: RA Capital Management, Leaps by Bayer, PureTech, a US healthcare fund and a sovereign wealth fund
Next milestone: Phase 3 SURPASS-IPF topline results in the second half of 2029
Trial design: Global, randomized, double-blind head-to-head: deupirfenidone 825 mg TID vs pirfenidone 801 mg TID; no placebo arm
Primary endpoint: Change from baseline in absolute FVC at Week 52
Regulatory path: Per FDA feedback, this single Phase 3 could complete the data package for potential US registration
Funding: Celea raised $180m; PureTech committed $30m, of which $17.5m was outstanding at 30 June 2026
Economics: 35.4% equity, 1-3% tiered royalties, up to $190m milestones, 20% sublicense income
Reserve: $70 million reserved to potentially support Celea in future, included in the runway assumption

What comes next

Celea topline data from Phase 3 SURPASS-IPF.

Briefing

PureTech Health in 4 minutes

PureTech Health is a London-listed biotech that invents drugs, then moves them into separately financed companies. Its model produced Cobenfy, a schizophrenia drug whose early backing of $18.5m returned about $1.1bn...

Act 1Karuna's $14bn sale and cash for shareholders
Act 2A good drug and a funding gap
Act 32026: outside money arrives

Read the briefing →

From the company's own announcements. Not investment advice.

Also at PureTech Health 3 open

Project milestonesLYT-200 AML development – Fast Track and Phase 2 design set; funding sought Capital returnCapital returns to shareholders – Intent stated; no amount or timing Delisting / take-privateNasdaq ADS delisting – Intention to delist announced Insider conviction1 director buying – £176k in 1 buy · closed Insider conviction1 director buying – £289k in 1 buy · closed PureTech Health – company page →