(Alliance News) - PureTech Health PLC on Thursday maintained an optimistic outlook for the year ahead, despite seeing annual revenue fall.
The Boston, Massachusetts-based biotherapeutics company posted total revenue of USD3.3 million for 2023, down from USD15.6 million in 2022.
The big drop was predominantly due to a USD10.9 million decline in grant revenue, PureTech said. It also noted the impact of fewer grant-related activities and a decline in contract revenue.
Even so, pretax loss narrowed to USD36.1 million from USD92.8 million.
General and administrative expenses were reduced to USD53.3 million from USD70.0 million, while research and development expenses fell to USD96.2 million from USD152.4 million the previous year.
"2023 was a landmark year for PureTech, in which we made strong strategic and clinical progress. We've carried this momentum into 2024, with our hub-and-spoke R&D model continuing to deliver value for both patients and shareholders," said Chief Executive Officer Bharatt Chowrira.
"The capital markets have been challenging, yet PureTech has not needed to raise money from them in over six years, while still identifying and developing cutting-edge technologies at pace."
Looking ahead, PureTech said that its existing financial assets "will be sufficient" to fund its operations and capital expenditure requirements into at least 2027. The group expects to incur "substantial additional expenditures in the near term" to support ongoing and future activities.
PureTech Health shares were trading 4.7% higher at 222.50 pence each in London on Thursday morning.
By Holly Beveridge, Alliance News reporter
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