Member Info for dallo

JSB

Many thanks..you are quick off the mark.

Cobenfy 1st Quarter revenues virtually unchanged from 4rd Quarter 2025.

Let's see what BMS says on the call but figure looks disappointing.

JSB

BMS earnings call is live just now.

Where they you pick up the Cobenfy 1st Quarter revenues figure from?

Cheers

In a long and carefully thought out email to Puretech last week, I set out the thoughts and concerns of long term shareholders particularly with the dreadful share price and the failure of successive management to generate shareholder value with no improvement in the share price after 10 years .

Ten years ago the share price was c140p and the market capitalisation was roughly the same as now.

I will not elaborate on the rest of the email but stressed that if management cannot increase shareholder value quickly then it should be left to some other Pharma or more likely Private Equity to extract value.

I have had no reply as yet .

The market response to Seaport's upcoming IPO is a further illustration of the apathy among investors concerning Puretech.

Puretech is contributing cash to the Celea financing as well as reducing part of its current 100% stake in Celea.

There is a view that the slight delay in completing the Celea financing was due to the unexpected news of Seaport's IPO which was not expected until later in the year or even 2027.

This has greatly improved Puretech's bargaining position in the Celea financing and hopefully will result in an excellent result for Puretech shareholders imho.

Cheers

The big technological innovation at the moment for the Pharmaceutical Industry is the use of AI in the research and development of new drugs and enhancing older therapies.

Accordingly it is great news that Puretech intends to be at the forefront of this revolution according to Eric Elenko in interrogating and researching decades of data which previously required numerous researchers at significant cost and over many years.

Also Puretech will aim to examine at least 3 new drugs /therapies each year and hopes to create 3 or more new Founded entities within the next 3 years.

The AI revolution is here and will dramatically enhance and speed up Puretech's research engines.

The appointment of 2 new Independent Non Executive Directors from the UK to join the Board is expected to be announced shortly.

All excellent news buried in the Annual Report.

ARB

Golfnut

I bought a few more as well.

An interesting revelation on the Celea financing is that Puretech is participating in the financing which in itself is not unusual but may suggest Puretech is not going to sell the farm for a bag of beans.

What a ridiculous reaction by the market to the Annual Results which thankfully it has now revisited in the light of closer reflection and analysis.

Firstly the Annual Results confirmed everything that we already knew with the exception of the Nasdaq delisting which is a positive as hardly any trading took place and all trading will be done in London which is great for us particularly if the imminent events lead to increased trading volumes.

Secondly the confirmation that the Celea financing is agreed in principle and includes Puretech and will be finalised early in the 3rd Quarter is very reassuring particularly in one of the worst economic and geopolitical scenarios we have seen for years which has caused delays and cancellations to a large number of corporate transactions in the past 2 months.

Thirdly the Annual Results were prepared before news of the Seaport imminent Nasdaq listing and contained an extremely cautious outlook on when Seaport would list and on what terms etc which has been totally superceded by events but would have worried some investors who were not as up to date as ourselves!

Fourthly the statements make reference to returning capital to shareholders and the dramatic reduction in the cost base once the Celea personnel and resources move following the financing.

Finally cash levels as at 31March confirmed at c$250m

and positive noises on Gallop and Cobenfy.

All in all nothing to worry about and plenty to be excited about.

Sadly a few shareholders were mugged early on who perhaps saw some negative comments on Seaport and Celea which happily were no such thing.

ATB

If demand for Puretech shares accelerates we could see big jumps in the SP with a very small free float ( Institutional investors with c70% and management/ insiders with c10%).

The one positive aspect of the buybacks was to reduce the issued share capital to c245 million shares.

So supply could be very tight indeed if positive newsflow spurs demand this week.

Dr Frankenstein ...the corpse is twitching !

Increase the voltage NOW !!

Finally the market is waking up.

Let's keep going with very exciting days ahead this week.

When I said existing shareholders in Seaport can sell once trading commences on Nasdaq, I should clarify that they can only do so after the standard 180 days lock up period .

This is the normal clause in new issues on Wall Street to ensure an orderly market in the shares and to obviously assure new investors that there is a sufficient timescale to allow the shares to trade normally without large share disposals by existing pre IPO shareholders causing an artificial market to develop.

It looks like Thursday is the date for the Seaport listing which is very exciting indeed.

Golfnut

Waiting for the market to wake up to Puretech's potential is like waiting for Godot.

No movement whatsoever in the SP today.

Golfnut

Speaking of royalties we have a major day this Friday when BMS reports 1st Quarter results and 1st Quarter Cobenfy revenues.

Cobenfy revenues must rapidly accelerate this year to justify BMS paying $14 billion for Karuna.

Market looking for $100m Cobenfy revenues milestone in first Quarter 2026 accelerating to much higher revenues by year end .

Cobenfy must reach annual revenues of $2b plus before we get excited.

JSB

The Seaport shares will be listed within 1 to 2 weeks from the date of the issue of the IPO Prospectus.

This is the standard Wall Street listing time scale.

They don't mess around in the USA when it comes to money.

The Wall Street Banks have been book building for the past number of weeks and obviously demand is high particularly after Karuna was sold for $14billion with the old Karuna crew and Dyphne Zohar are now running Seaport.

Zohar left Puretech knowing the potential of Seaport and is now beefing up the Board to emulate Karuna.

Smart girl and still holds a large shareholding in Puretech.

I expect large share options were granted to management and Directors in advance of the Seaport IPO.

It should be disclosed in the Prospectus but I haven't researched the documents.

Nice work if you can get.

Trawl

New shares to raise over$200m.

Obviously existing shareholders can sell once trading commences.

This is an IPO not a placing of existing shareholders shares which would be pointless.

Paradoxically Seaport will have a market cap of over twice that of Puretech and c$450m in cash.

Another example of the disastrous Hub and Spoke strategy.

Puretech could have kept Karuna, Seaport and Celea and financed their development via Puretech share issues which is the whole purpose of being a Public Company.

Puretech would now be worth c$15billion or more.

A conservative management strategy has utterly failed investors imo

Golfnut

So my prediction of an imminent Seaport IP0 seems to be accurate.

The pricing suggests a valuation of over $900m but as Trawl noted, there will likely be a premium on the 1st days of trading if the Wall Street banks sponsoring the issue are doing their job.

Accordingly we will have Puretech with cash of c$270m plus liquid investment in Seaport of c $300m, plus 100% of Celea pending financing , Gallop and royalties from Cobenfy of perhaps another c$300 m( BMS results out on Friday which will update Cobenfy revenues for further guidance) and still the Puretech market cap is c£300M.

No wonder Tang is buying.

Results on Wednesday will be insightful I hope.

Atb

Tang Capital nibbling again.

Keep going......!!!

Frank

I have been invested here for over 8 years and nothing ever changes with good news ( Seaport IPO) ignored by the market and Gallop trial results another excuse to sell.

It is indeed dispiriting for longterm holders and not good for one's confidence.

By the way Luba Greenwood has more positions than are in the Kama Sutra with her roles as Head of Binney Street Capital, Lecturer at Harvard plus multiple Directorships.

Still lists herself as CEO of Gallop Oncology on a current Bio.

ATB

Theta

The company is pleased with the Gallop results according to Investor Relations response to me today but reading between the lines Puretech has decided to

trim Gallop management costs by appointing Elenko as Acting CEO in place of Greenwood recognising that more internal work in Puretech is needed on LYT 200 before creating a Founded Entity with financing secured.

So from an investor perspective Gallop has moved to a longer time frame than previously thought but still has potential.

I suspect Puretech is now primarily focusing on Celea and news on its financing is now pivotal..

Also Seaport's IPO could generate significant value if it goes ahead and provide reassurance to the market.

Time for management to perform or else break up the company and return the funds to shareholders.

Puretech share price on Nasdaq is down over 5%.

Lovely!