PureTech Share Chat (PRTC)

Just noticed that the investors presention slides are now updated for July, showing puretechs reduced holding after funding in celea, 31.2%, this follows Seaport ownership 35.4%, looks like Gallop will follow suit expecting the similar 30% range after funding.

Including Karuna royalites, there will be plenty of income to come in with reduced overheads

It would be nice to know what is next in the pipeline

I would love a sale to be sooner rather than later but I suspect that wont happen until they've sorted the funding for Gallop ..which takes us into next year of course .

Agree JSB

PureTech released news that its stategy going forward will be to reshape its operations to become leaner and more capital-efficient. This mens operational streamlining with a strategic externalization model ie off load companies to reduce internal spending while still advancing its pipeline.

Spin-Out Model – Instead of developing every therapeutic program entirely in-house, PureTech forms independent companies around promising assets. These spin-outs take on their own funding, management teams, and operational costs.

Capital Efficiency – By shifting the financial burden to these new entities (often backed by external investors), PureTech limits its own cash burn while still retaining equity stakes and potential milestone/royalty rights.

Risk Diversification – Creating multiple companies spreads scientific and financial risk across a portfolio, reducing reliance on any single program’s success.

The rationale for a sale that you have outlined makes sense to me. Everything has been streamlined over the last 9 months to cut costs and making a sale easier from a regulatory perspective.

JSB

Also Puretech , a 100% US centric $ denominated company delisted from Nasdaq thereby making it difficult for US investors to invest in the company.

Why do something so silly if you wished to grow the company and attract funds from the biggest investment market in the world.

It can only mean imo that Puretech is ready to sell up and the Institutional investors with over 70% and even insiders with c10% of the shares want to realise their investment via a sale .

I hope I am right as we are all totally fed up with this stupid Hub and Spoke ( Spook !!) Model and clapped out share price.

ATB

JSB

I am certain Puretech is for sale with only 5 executives now working in HQ including Lyne and Elenko.

One Lawyer, One Accountant and Allison the IR contact.

Puretech decided not to appoint a full-time Chairperson as the sale strategy was the only option being considered imho.

Elenko is now on the Board of Seaport and his job is done in Puretech imho.

I will stay for another few months to see if Puretech is sold probably for c£2 , which was the Nordic Capital reputed offer of 2 years ago.

Most investors would cheer Lyne if he got us £2 or so.

Fingers crossed

ATB

I hope we can retain our stake for many years to come. It represents our best opportunity of ever returning to 200p. I only hope we are not forced to sell it to finance other projects.

At least our £250 million asset is run by Daphne. She is very competent and well connected amongst the biotech community.

Daphne Zohar, who followed me yesterday just gave my PRTC sum of the parts tweet a like https://x.com/golfnut48846224/status/2072268829829321028?s=46

Could be something of nothing but Daphne Zohar followed me after I responded with the following after her tweet congratulating PRTC on the celea deal :

“Looks like a really poor deal when you compare to Avalyn Pharma $AVLN

Rob Lyne needs to step his game up. Kevin Tang > 5% now (eyes emoji)”

Thought for the day:- Puretech MCap is approx. £310mill today versus Sum Of The Parts approx. £565mill +. (Pipeline plus entity stakes.)

Seaport stake ~£270m plus Celea stake ~£155m plus Gallop Oncology ~£80m plus Wholly‑owned pipeline ~£60m = Total ~£565m or more...

Has PureTech given away too much with Celea? Initial market reaction was "yes". But it also retained royalties, milestones, economic rights on multiple programmes, which could be worth millions "if" Celea’s programmes succeed ?!? Fingers crossed.

JSB1989 - Totally agree... "115p is £280 million MC. Seaport shares are worth over £250 million to Puretech and another £160 million in the bank."

I've been topping up too. The sum of the parts completely outweighs the current share price.

There may also be a relatively small, but not insignificant amount due to PRTC from its minority stake in Caraway which was sold to Merck some years back. Not sure there is really much detail on Caraway's milestone progress but there should be low 10s of million potentially if it progresses through the original deal milestones.

Madness. The price action in the last two sessions are the result of investors finally throwing in the towel on both the model of the business and the management. I don’t blame anyone for thinking this. I had hoped after 18 months of BC as CEO, we’d see an improvement. Rob hasn’t moved the dial.

I am however using this as a time to keep adding and crucially bring the average down. 115p is £280 million MC. Seaport shares are worth over £250 million to Puretech and another £160 million in the bank (£50 million ringfenced for LYT-100).

I have revised my ‘upside’ downward, but I think theres an even clearer case (now Celea is finalised) for Puretech to be snapped up. This could be done for 180p-200p which would leave much upside for the acquirer.

Good luck all. We need it.

Shorters only people winning here.

Frank

Well said.

As a elderly 73 year old , I cannot hang about for jam tomorrow from Puretech after 9 years invested.

The relative good news is that I sold a lot of shares when the SP zoomed to c£4 a number of years ago and bought back in later and now have a breakeven of around 150p.

I began to question the management after the Vedanta debacle when Puretech included its shareholding of c35% in Vedanta in its Corporate Presentations despite the fact it knew that there was a huge overhanging Convertible Preferred shareholding ranking ahead of Puretech's holding which it never disclosed.

Chowrira the CEO was subsequently fired and Lyne was appointed acting CEO.

Investor Relations said that Puretech never internally accounted for its shareholding in Vedanta and valued it at a minimal valuation.

I was furious and I let them know it

Lyne immediately changed Puretech Presentations and trotted out all the executives at the AGM to reassure investors that Puretech's shareholdings in its other Founded Entities were not junior shareholdings.

He wanted to chat to me but I refused.

He is useless.

ATB

I read posts on this thread with interest. But have to express that I imagine a number of holders will now feel utterly trapped, facing a choice to exit or hold on for an extended period, in the likely face of some short selling pressure, until some form of "value crstallising" event /hopefully/ occurs. The market only reacts if paper or theory is converted into a greater PRTC bank balance.

Given all of the news and events over the past 9 months or so, the tragic stock performance regardless, and now what is, frankly, a cold slap in the face, I can only empathise with those wondering where to go with this one now..

Nice one thanks for sharing JSB. 1100 patients is larger than i estimated which likely pushes the all in cost closer to $200-300m in which case the $70m PRTC has reserved may be needed. I still don't see how you get to $500m for an oral drug trial with spirometry endpoints, but fair to say the $180m alone may not cover the full trail.

Https://clinicaltrials.gov/study/NCT07284602

All of the trial details in the link above. 1100 patients in the study.

Smallcap70, I'm not sure where your $500m figure comes from, I'd be very surprised if this trial costs even half that. For context, I'm a shareholder in Abivax, its my biggest position so I know their numbers well. Their Phase 3 trial in ulcerative colitis enrolled 1,275 patients, required repeated endoscopic assessments which are expensive and logistically complex, ran across multiple geographies, and still only cost approximately $350m. Endoscopy alone adds enormous cost per patient as each procedure requires a specialist, sedation, facility time, and central reading.

The SURPASS-IPF trial will likely enroll 400-600 patients, which is less than half the Abivax numbers. The primary endpoint is a simple spirometry test where a patient blows into a tube. No endoscopy, no imaging, no biopsies, no invasive procedures. It's two oral pills being compared head-to-head the pirfenidone and a 505(b)(2) pathway reducing costs further. This is about as straightforward and cost-efficient as a Phase 3 design gets.

The $180m raised today could well be enough to fund the entire trial through to completion. Practically speaking, $180m for a 400-600 patient two-arm oral drug trial with spirometry endpoints is a generous budget. The $70m PureTech has reserved is described in the RNS as being "to potentially support Celea in the future", not to fund the Phase 3. That's more likely for Celea's post-trial operational runway or a potential future financing round rather than plugging a trial funding gap.

I'd also push back on your claim that the RNS describes this as "the first tranche." I've read both RNS documents and there is no such language anywhere. The financing is described as "completed". The proceeds are described as supporting "initiation" of the Phase 3, not "partial funding." Could you point me to where it says this is just the first tranche? Because I can't find it.

I’ve used the drop to buy some more. Regardless of the poor deal today, the sum and parts are more than double the current price. I’m hoping we see more buying from Briarwood and Tang.

Target you haven't missed anything. PRTC is still grossly undervalued and your sum-of-parts maths is right, the upside is obvious. But based on the direct IPF comparables, United Therapeutics and Avalyn, we've been shafted on the Celea deal and it's hard not to be furious about it.

A relatively small raise of around $50-80m would likely have been enough for PureTech to retain 100% of deupirfenidone rather than give away 65% at a fraction of what it's worth. Look at the milestone payment schedule in the RNS - $100m triggered at $3bn annual net sales. That tells you management themselves believe $3bn peak sales is a realistic scenario. Apply a conservative 2.5x sales multiple and you have an asset worth $7.5bn. PureTech's 35.4% of that is $2.65bn. But 100% of that would have been $7.5bn. The difference, roughly $5bn of value, was given away to satisfy the hub and spoke model & avoid raising $50-80m in the market. Let that sink in.

In two to three years when SURPASS-IPF reads out positively and big pharma swoops in to buy deupirfenidone for $7.5bn. This decision to sell out on the cheap when we could have gone it alone for relatively mild dilution is going to look catastrophically stupid. We funded the R&D, we generated the Phase 2b data, we got the FDA alignment, we secured Orphan Drug status, and then we handed 65% of it to RA Capital and Bayer at a valuation four times cheaper than the Avalyn comparable.

Your analysis is correct, there's significant upside from here. But the upside would have been multiples higher if management had backed themselves and retained the asset. I and many others feel rightfully sick about that.

I agree the Celea deal was underwhelming vs expectations. But think some are missing the bigger picture here.

Net cash after the celea 100m financing taken off is 150m+.

Celea stake 33% stake at 85m based on the deal. Will increase a lot if phase 3 is positive.

Seaport 16.5m shares currently at $21 is $350m.

The three of these alone is $585m or £430m. Vs current mcap of £300m. Seems 50% upside at least to me.

I've not included any of the other pipeline assets, or the celea royalties / milestones, or the karuna royalties / milestones which are all jam on top.

To my mind this is still monstrously undervalued.

Happy to be corrected if I've missed something to the downside?

I have sent a detailed email to Puretech Investor Relations which sets out the feelings of investors on this crazy Celea deal and how it has further undermined what little confidence remained in the Board and management of the company.

I don't expect a reply but it needed to said in the most forceful manner.

Celea post deal valuation of $302m not $310m as I incorrectly said which is even worse!

JSB/Golfnut

Thanks for your comments.

Obviously I am not offloading my 200k shares today as the market is smashing the SP following the dreadful Celea "deal".

The company says the value of the assets transferred by Puretech to Celea was $100m before the financing.

So following the financing Puretech now has an investment in Celea of c35% of a post deal total valuation of Celea of $310m equal to c$110m or so.

Reduce the $110m by cash invested of $30m you get a net $80m value for Puretech's shareholding.

So Puretech had 100% of the assets of Celea prior to the financing valued at $100m ( disputed figure imho)

and now has a net shareholding ex cash invested of $80m.

No wonder the market is shocked by this transaction as Puretech could have sold the LYT-100 programme for c$100m plus to a big Pharma and kept the Royalties et al and bypassed this outrageous deal .

At least Puretech's investment in Seaport is valued at c$300m and Seaport's drug programmes are still in Phase 2 trials not advanced like LYT-100.

A sorry mess and Lyne has proven to be another useless CEO.

ATB

I’m all for Kevin Tang to take a board seat now. Too many directors earning $250,000+ per year for no returns.

After the $100 million for Celea, the company probably has around $125 million remaining. Most of the overheads will be on staffing. They need to initiate a buyback to take out 10% of the company. Less than $40 million to do this. Sell 1% of Seaport to fund this following the lock up period. Management has to try something!!

Kevin Tang, we need you now more than ever. If there was ever a time to make your move, this is it.

And Dallo, I want to send you my best wishes. You've been the most dedicated voice on this board for years and I completely understand if today has pushed you to breaking point. Watching management give away our most prized asset for a fraction of what it's worth after a year of negotiations, while openly acknowledging the comparables support a far higher number, isn't just disappointing. It's a betrayal of the shareholders who funded the R&D that created this asset in the first place.

We created deupirfenidone. We funded it through Phase 2b. Our reward is 35.4% of a $302.5m valuation when the public market is paying $1.36bn for Avalyn's inferior programme. The value creation is world class. The value capture is abysmal.

Tang didn't cross 5% to watch this happen. I have to believe he's seeing exactly what we're seeing and drawing the same conclusions. The board needs fresh eyes, fresh leadership, and someone who will fight for shareholder value rather than give it away. The sooner the better.

Https://investors.puretechhealth.com/events-presentations

So puretech retain 35.4% and raise $180 m . I think this makes sense to get going with trial and then complete any remaining finance by listing on Nasdaq you can see avalyn at phase two for IPF worth $1.3 billion and it’s at a stage before puretech

I agree with your approach, Golfnut. We need to be careful not to give away—or sell cheaply—the family silver. I fully expect to retain a meaningful stake in Celea and maintain our current position in Seaport. With around $250 million in the bank, selling assets to fund other investments makes little sense at this stage. I only hope that after a year of negotiations, the Celea deal proves significantly more attractive than what could have been achieved twelve months ago.

Cash runway extends well into 2028 and could stretch further if Cobenfy royalties start flowing. So we have time on our side. Let's look at where we could realistically be by mid-2028.

Seaport: SPT-300 could be approved in MDD, potentially with a confirmatory trial underway. SPT-320, which is also designed to be registration-enabling, could be reading out in GAD. Seaport will likely have two or three additional Glyph candidates progressing through trials. With two potentially approved or near-approved drugs and a validated platform, Seaport's market cap could comfortably exceed $10bn. PureTech's 16.685m shares would be worth $2bn+ and the 3-5% net sales royalties, which start flowing as soon as the first drug is sold, could be worth another $1bn+ in NPV. That's $3bn from Seaport alone.

Celea: The Phase 3 IPF trial should be drawing to a close. If deupirfenidone replicates its Phase 2b data (80.9% treatment effect, near-stabilisation of lung function) we have a new standard of care in IPF. A drug with that profile could be worth upwards of $5bn. Even if PureTech retains 50% equity post-financing, that's $2.5bn plus royalties.

Gallop: The potentially registrational MDS trial should also be approaching completion. A first-in-class, mutation-agnostic drug with Orphan Drug and Fast Track designations in an indication with virtually no treatment alternatives. If that trial is positive, blockbuster pricing is almost guaranteed. A successful LYT-200 could be worth upwards of $3bn. PureTech's 50% retained stake would be $1.5bn plus royalties.

Add it all together. Even applying a massive holding company discount, PureTech's portfolio could be worth in excess of $5bn within two to three years. At 243 million shares outstanding that's north of £16 per share.

Obviously this requires several things to go right. The trials need to deliver with well-designed and well-run studies that replicate or improve on the preceding data. Management need to handle the Celea and Gallop financings sensibly, retaining meaningful equity and strong royalty terms rather than giving away the family silver on the cheap. Also, the Founded Entities need to be run competently through their pivotal trials.

But the critical point is this: we are not waiting for early-stage proof-of-concept data years from now. We are waiting for major registrational readouts across multiple programmes starting next year and continuing every year for the next three years. Each one is a potential re-rating event. The value creation will be enormous on any successful trial.

That's what I'm waiting for and that's why I'm invested. At today's price, assuming some of these trials deliver, this is the opportunity of a lifetime for those with the patience to see it through.

Like everyone else, I am also awaiting news on the Celea financing. after more than a year spent negotiating a deal and burning approximately $40 million in the process—without even starting Phase III— I would be extremely disappointed if the outcome involves selling a substantial stake in the company while PureTech is still required to contribute an additional $100 million.

Daz , where else can pure get the necessary money to part fund trial if they want to retain a good holding in celea . Celea not coming to Nasdaq this year

PRTC will fund Celea through to approval (or not) with this upcoming financing. I agree that it will take $50-100m from us now to do that

It def does not need to sell any Seaport next year. Any Gallop funding will be sub $50m.

Rob Lyne is committed to reduce ongoing background spend materially and once Gallop and Celea fully spun out, there isn't much going on in the 'hub'

Snowking, news to me, were does it state in previous RNS’s that Seaport income is required to fund Celea ?

Jsb, that’s why seaport is really important because we need to sell some of it next year to fund celea , so all good and crazy underpriced . Also look at value of avalyn , if I was puretech and I am not I would look to get celea on Nasdaq soon whilist the market loves biotech . But why go for massive fund raise at this stage , why not go for only $200 m then get the rest on listing on Nasdaq , just my thoughts

Is sell pressure a mystery? Invesco have been the marginal seller for years. It ended up in several portfolios after Woodford was an early backer. They’ve been trying to dig their way out of the hole ever since 2021. They used to be 20%+ so still a long way to go. It’s chicken and egg. It’s too big a stake for someone to easily clear out without v obvious catalysts, yet Puretech is tricky to value cleanly (or was). We’ve also been thru a biotech bear market for four years, where every VC / fund has had their own children's mouths to feed. Biotech seems to be back. If the wider Nasdaq / risk on tape can hold up, i suspect we’ll get a good result before year end. Whether the result justifies the opportunity cost of capital many of us have had to tolerate remains to be seen. GLA.

It certainly is bizarre to watch this range in share price unfold for a couple of months between 125-140p all while Seaport in this time has moved between $15-23.

All eyes on Celea funding to break the resistance and leave these prices behind.

Puretech is so consistent in its ability to continually disappoint even in the light of an increasing NAV far exceeding its market cap.

The mystery of constant selling pressure as the SP reaches c140p or so is baffling despite Seaport's market cap nearing $1.2billion .

Two years ago the SP was 230p and since then Puretech has seen Seaport listed, Celea move closer to launching its Phase 3 trial for LYT-100 and Gallop progressing .

Cash is still an impressive c$260m and head office / R&D costs set to tumble to minimal levels compared to previous years.

The market reaction as always is total apathy .

All eyes now on the Celea financing and Cobenfy 2nd Quarter revenues from BMS as important near term catalysts .

Hopefully as Golfnut says this will spark a rerating of the moribund share price.

We live in hope.

ATB

Rock

Lift off ???

Share price tanking again

Now 131p

So sad

Agreed Rockefellow. Celea financing should land any day now which will trigger the start of the Phase 3 SURPASS-IPF trial. On top of that, continued momentum in the Seaport share price, should help us break through the £1.50 resistance zone that's held since February 2025. Once that level goes I see us re-rating hard and fast.

Then the big one. If SPT-300 delivers strong data when it reads out H1 next year, that's the catalyst that propels us to all-time highs and comfortably through £4.50. A positive readout wouldn't just validate the drug, it validates the entire Glyph platform and re-rates PureTech's Seaport stake and royalties overnight.

Twelve months from now this board will be buzzing. We're here nice and early so count yourselves lucky. Not long to wait now. Happy days

They need to start a buyback with stock so far below NAV it would be highly value add

Dead Meat !

Until a low ball takeover received. Management handsomely rewarded.

Never in human history has there been a management who failed to realise that the share price level is very important.

Trawl , that makes no sense , to keep a substantial stake PureTech will have to put in some large amount of money , which I think they will have to do

I assume a large sum is already invested to be stage 3 ready so until we see the news it's guesswork they make keep a substantial stake and not put more money in

Perhaps Celea is the subject of a more complex transaction, one that will eventually lead it it's own listing. Financing commitments, which are conditional on a listing shortly thereafter, a prospectus being worked on etc. I speculate of course, but it's fairly reasonable to conclude we are not looking at a vanilla financing round given the length of time being taken to put this in place. And yes, the Seaport lockups will expire in 4 and a bit months so PRTC will have the opportunity to crystallise some of its holding.

Perhaps Celea is the subject of a more complex transaction, one that will eventually lead it it's own listing. Financing commitments, which are conditional on a listing shortly thereafter, a prospectus being worked on etc. I speculate of course, but it's fairly reasonable to conclude we are not looking at a vanilla financing round given the length of time being taken to put this in place. And yes, the Seaport lockups will expire in 4 and a bit months so PRTC will have the opportunity to crystallise some of its holding.

Seaport through $20 now stateside and Puretech languishing as always.

Not a chance that Seaport invest in Celea. The funds raised are directly for their own trials which are very expensive and they have outlined in the IPO prospectus exactly where that will be spent.

Seaport knocking on the door of $19 a share again, worth £240 million to Puretech.

I think it would detract from their own trials , people might say they they are losing focus.

Given that Seaport Therapeutics exceeded its fundraising targets in a successful IPO, could they realistically participate in Celea financing? While it may seem unlikely, taking a stake in a high-potential Phase 3 candidate would resonate strongly with US investors and act as a meaningful catalyst for Seaport’s stock price.

Hopefully the US-Iran deal leads to an improvement the macro factors that Robert Lyne mentioned at the final results in late April when discussing the Celea financing and they should be close to finalising and commencing the trial.

I’ve added more ahead of this catalyst.

I am ignoring the current share price, we know things are moving in the right direction and when companies reach phase 3 stage usually a big pharma purchasing it.

The thing most pleasing is that Celea Therapeutics has reached phase 2, its next milestone is phase 3, it has already informed us that it has secured substantial non-binding commitments from external investors to fund its upcoming Phase 3 SURPASS-IPF trial.

The fundraising is considered substantially complete, with Celea targeting to formally close the financing in early Q3 2026

The Phase 3 trial is expected to commence in close proximity to the official closing of the financing round.

Key Trial Details

*Trial Name: SURPASS-IPFTrial Design: Global, randomized, double-blind, head-to-head trial

*Intervention: Deupirfenidone (825 mg dosed three times daily) versus pirfenidone (801 mg dosed three times daily)

*Timeline: Initiated to begin in the first half of 2026

*Pathway: The trial is designed to act as the basis for potential registration via a streamlined FDA 505(b)(2) pathway.

However good or bad it is, it deserves to be gobbled up at a super low price. Share price matters. Fix it.

Fair points. I would counter with the fact that yes LYT-200 is the most advanced candidate targeting galectin-9 but from the AML trials, the G9 targeting hasn't got a better ORR than other new AML drugs in other pipelines, LYT-200 got Fast Track/Orphan designation for the treatment of AML and its not confirmed yet whether they will get it for MDS (I'm assuming they will though), and fast track is not as rare as you suggest for oncology and new targeting, although I might have been a bit harsh in saying there is no special MO but I wouldn't call it standout. The reason they pivoted from AML to MDS is because AML is crowded with other drugs receiving similar and higher ORR and survival stats. R/R high-risk MDS switch is a good move because its a lot less crowded but a lot of adjacent drugs could always be applied in this area in the future with trials, first mover advantage is a thing though so I'm not entirely bearish. I'm not saying LYT-200 is worthless, its stil worth quite a bit and MDS will hopefully just be the start but it's not something I would want to hold on its own personally, Oncology in general is an extremely crowded space right now in terms of drugs coming through biotech pipelines.

ThetaDecay,

I respectfully disagree with almost every point you made on Gallop.

To start, the claim that “Gallop is in a crowded space” is the opposite of reality and that is precisely why PRTC chose MDS over AML. As far as I am aware, there is only one approved therapy for relapsed refractory MDS, and it only benefits patients with a specific mutation. The vast majority of patients do not have that mutation and therefore have no options at all.

This is exactly why LYT 200’s mechanism of action is so compelling: it has the potential to treat all patients in this population, regardless of mutation status. Galectin 9 is a genuinely novel target in oncology, which makes your “no special MO” comment inaccurate. The FDA clearly agrees as it has granted both Orphan Drug and Fast Track designations. These are not awarded to me too drugs in crowded markets.

A first in class drug with Orphan Drug and Fast Track designations, a pristine safety profile and meaningful response rates in a patient population with almost no alternatives is not a throwaway asset.

Also, do not forget there is a strong likelihood that the next trial, set to begin in early 2027, will be registrational. This would significantly cut both the cost and the time to market by a number of years. Management has already indicated that, if approved, this could easily become a blockbuster drug.

I agree, if it went that way the possible course of action would be to convert into a closed-ended investment fund like RTW and then use the cash to invest in other biotech stakes and get royalty deals on the side, like a mixture between RTW trust and Royalty Pharma.

$248 million in cash

$300 million in Seaport TX (16.7 million @ $18)

Celea

Gallop

Cobenfy Royalties - $156 million projected between 2026-2033. Conservative estimate without any further approvals such as the Alzheimer’s P3 trials.

I think Puretech should now wind down the R&D side of the business as all meaningful projects are at a stage for external funding. They could use the cash balance to invest into biotech opportunities. This would become a similar model to RTW. This streamlining would make it more appealing to private equity for a buyout.

Remember RTW bought out Arix, Rob’s previous venture. It wouldn’t surprise me to see this happen.

PureTech Health plc (LSE: PRTC) ("PureTech" or the "Company"), a hub-and-spoke biotherapeutics company dedicated to giving life to science and transforming innovation into value, notes that its Founded Entity, Seaport Therapeutics, announced positive data from the multiple-ascending dose (MAD) portion of its Phase 1 proof-of-concept clinical trial evaluating repeat dosing of GlyphAgo™ (SPT-320), a novel, Glyphed oral prodrug of agomelatine, in healthy volunteers. Repeat dosing of GlyphAgo demonstrated a safety, tolerability, and pharmacokinetic (PK) profile consistent with previously reported single-ascending dose (SAD) and crossover data, supporting its planned advancement of GlyphAgo into two parallel Phase 2 trials in patients with generalized anxiety disorder (GAD).

Seaport expects to initiate a Phase 2a proof-of pharmacology trial in the second half of 2026. This randomized, double-blind trial of two dose levels of GlyphAgo is designed to demonstrate proof-of-pharmacology by characterizing the potential benefits of GlyphAgo on sleep, including objective measures of sleep architecture, in patients with GAD and sleep disturbance. Topline data from this trial are expected in early 2028.

Seaport also expects to initiate a Phase 2b trial of GlyphAgo in the first half of 2027. This randomized, double-blind, placebo-controlled, potentially registration-enabling trial is designed to evaluate the efficacy and safety of GlyphAgo in patients with GAD. Topline data from this trial are expected by the end of 2028.

The GlyphAgo program and the underlying Glyph platform were initially advanced at PureTech, applying the Company's strategy of identifying clinically validated pharmacology and overcoming key limitations through targeted innovation. The Glyph platform and related programs are now being advanced by PureTech's Founded Entity, Seaport Therapeutics.

Https://www.pharmexec.com/view/roundup-incyte-acquire-vega-therapeutics-galmed-colospan-johnson

Another large deal

https://www.ft.com/content/a438f9c6-22bd-4dd3-967e-007c95d64d37?syn-25a6b1a6=1

God willing! Anything that can actually be sustained would be welcomed!

Thanks Frank, looks very promising, things are getting ramped up, seaport, celea and Gallop are on track to give puretech a well deserved Booom in the share price over the next 6 - 9 months

Seaport reporting updates-

https://www.businesswire.com/news/home/20260608629588/en/Seaport-Therapeutics-Reports-First-Quarter-2026-Financial-Results-and-Highlights-Recent-Corporate-and-Clinical-Progress

Trawl

Remember the US Depository Bank acts like a UK Market Maker insofar as when a US investor buys an ADS , the bank will buy 10 Puretech Ordinary shares in London and vice versa on a sale.

So no new shares issued by Puretech and US Bank makes a margin on the ADS/ UK share trade transactions.

The key over the last 10 days is how many ADSs were being held by US Investors prior to the delisting which led to corresponding sales of Puretech's Ordinary shares.

I wonder if tang or briarswood may have picked some more if the sale of the adr shares made more available

The value in Seaport cannot be realised until 28th October, when the lockup agreement is finished. Patience is key, until then. Once 16million shares can be unlocked, the realised value will move Puretech share price... Options:- Puretech can keep their shareholding and price should rise 10%+, sell some and price will rise 20%+, or they could sell the lot and we should see a minimum 40% rise to 260p+. Take Puretech MCap of £323million today and add another £173million post 28th October and theoretically you have a business worth 50% more than current ! IMO

The Puretech share is now fully delisted from Nasdaq

and trades on the OTC market which is a graveyard.

The delisting necessitated selling by certain US investors who cannot hold shares on an OTC market

and it appears there was a sizeable amount of Puretech shares offloaded by US investors as a result.

This appears to have effected trading in the shares in London .

Hopefully this explains the fall in the SP over the past week or so despite positive Broker upgrades.

Seaport going well in the US today with SP moving back over $18.

You should check out Cineworld, Powerhouse, Eqtec, Boohoo, Novacyst; then one might compare and see how bad the sp of the above mentioned has been disastrous thus far..

One of the most disappointing shares in human history.

Turd springs to mind.

Best forget and wait to see if $ come in through the door as that seems to be the only currency this stock is valued in.

History leans to the cash in hand valuation for PRTC. Pre Karuna deal announcement spiking the stock it was trading 140-170p on cash over 300m.

Reality is we are trending similar lines.

Cash in leads to the value spike. I am not sure it has ever traded at anything like the sum of its parts ex cash in.

More than happy to be corrected as it is an utter ball ache.

I’m genuinely surprised by this valuation. The company holds $248.7 million in cash and an additional $295 million stake in Seaport (based on today’s price of $17.67), yet its current market capitalisation stands at just $407 million. This suggests the market is pricing in a failure of both Celea and Gallop, effectively discounting more than $130 million along with the royalty streams from Karuna and potentially from Seaport.

Admit it we're gubbed.Last weeks nonsense about Shire was ridiculous

Like London buses these broker notes

Investec initiate today with 240p price target

Conservative assumptions throughout. Bearside target is 165p with Seaport halving and complete Gallop failure

capital-efficient model. PureTech employs a hub-and-spoke structure, in

which the core development team (in Boston) represents the "hub" and

corporate Founded Entities the “spokes”. The model allows for focused yet

diversified drug development, with the option to attract third-party funding for

specific programmes at the appropriate time. The model is indication and

modality agnostic, with programme selection and investment instead based

on the principles of validated efficacy, clear patient benefit and a de-risked

path to regulatory approval and commercialisation. Meanwhile, Group

shareholders benefit from diversified exposure to multiple pharmaceutical

technologies, thereby reducing risk. Since 2018, PureTech’s Founded

Entities have attracted >$4bn of external capital.

 A late-stage portfolio with near-term inflection points. The ‘core’ portfolio

comprises 3 Founded Entities (Seaport Therapeutics, Celea Therapeutics

and Gallop Oncology) and the royalty-bearing schizophrenia drug Cobenfy®

(by Karuna, a ‘Founded Entity’ acquired by BMS for $14bn). Backed by

strong clinical data, Seaport completed a NASDAQ IPO in May 2026 (raising

>$255m); the up to $500m capital raise for Celea (for a Phase 3 programme

in lung fibrosis) is expected to close in Q3’26; and Gallop is preparing for

Phase 2 entry in high-risk MDS (a blood malignancy) during 2027.

 Increasing visibility. In our view, PureTech’s ability to generate substantial

value is becoming increasingly apparent, supported by management

change, the successful NASDAQ IPO of Seaport and upcoming third-party

funding events for Celea and Gallop. Our SOTP valuation, comprising only

core assets and net cash, implies a target price of 240p, with blue-sky

potential for portfolio transactions and consequent capital returns

Puretech is the epitome of a frustrating hold. It’s been getting so close to a technical breakout and drops back to support again.

A continually worrying stock. Only the cash balance appears worth following for valuation purposes.

Taking the salary , not producing the value though in the long term.

Take em out at any price, but not before they award themselves further options. Snouts in the trough.

Never ever fails to disappoint

Great to see some strength in Seaport stateside. Back over the IPO price again. $25-30 short term would really move our SP.

Escape yestypical puretech

But overall an exceptionally disappointing puretech sp performance.

Good rise today seaport and that is pulling up puretech