Member Info for dallo

Multibag not multiway!

Frank

I know how you feel

It is unique insofar as most shares have a run now and again but Puretech really hasn't budged in 5 years .

No broker analysis or investment news or indeed anything whatsoever for months.

Some other AIM listed pharmas can multiway overnight on vague management statements.

Last year one of my AIM Pharma investments jumped in weeks from 1.5p to 18.5p on management hype with its lead drug for Lupus yet to reach Phase 3 trials and with only £1million in cash left and reached a market cap of £80m .

The key difference between Puretech amd the likes of Immupharma is the arrival of the TikTok herd who descend on a share like vultures and drive the share crazy.

Puretech has had no such luck and has been totally moribund for years .

Down again today.

What's new!

Frank

I am aware of Puretech's strategy and its reasons for establishing Celea to drive LYT-100 to commercialisation.

However the issue for me is why Puretech did not go it alone on LYT-100 particularly given the huge cash levels and Lyne's hint at more buybacks this year once Celea and Gallop funding is sorted.

Celea will have no issues with funding but I hope Puretech retain a majority share in the company unlike Seaport.

Frank

What is the issue with financing Celea ?

Puretech with $300 m in cash has the resources to fund the LYT-100 Phase 3 trial without recourse to outside funding.

The estimated costs of a Phase 3 trial range from $40m to $100m and given the excellent results of the Phase 2B trials should reduce the costs significantly.

Why are Puretech management so conservative on this issue with it's lead drug particularly as it left c$13 billion on the table with the sale of KartX now Cobenfy through its founded entity Karuna sold to BMS for $14 billion.

It seems like Puretech through its hub and spoke model is keeping it's cash to pay big salaries without taking any risks for major rewards.

Just a thought as the share price stagnates for months on end

Frank

Fully agree

No serious trading volumes and miniscule trade sizes

sum up this share trundling along for years at lows with even tiny spikes immediately sold into ad demonstrated again today.

Lyne is showing no positive improvement in the management of the company after 8 months .

No broker notes or analysis or corporate activity to drive investor interest .

Even the ridiculous suggestion of appointing 2 UK based Non Executives to get the City excited is seemingly forgotten.

No permanent Chairman appointed still is another market negative.

We need some action soon before we all die of boredom

Lesley

I am an investor here for over 8 years or so and still I cannot figure out what is going on in Puretech and the continuing market dislike for the share.

Close to bailing out but will await news on Celea funding before pressing the button.

The question I keep asking myself is why would an investor (s) pay say $500 m for a 60% stake in Celea when they could buy all of Puretech for close to this amount.

I also await any further action ( if any) from Tang Capital who have gone totally quiet.

Saba still holding its short position for what it is worth.

ATB

Bristol Myers Squibb results out yesterday showing a continuing sluggish performance from Cobenfy with Quarter to end December 2025 revenues of $51m , a 3% miss on markey concensus .

However Cobenfy has reached 100% traction on Medicare and Mediaid programmes and a Phase 4 trial result to encourage the acceptance by GPs and consultants of Cobenfy and to drive prescription rates , is due by the end of March 2026.

Other trials on alternative uses of Cobenfy in Alzheimers etc continue and are on track.

Sadly the Puretech share remains near all time lows

and Lynn has yet to deliver any improvement in 8 months.

Frank

Thanks for this .

Very much in line with my post of a few days ago.

It is now imperative that Puretech extract maximum value for its shareholders in the vital financing discussions in relation to Celea and Gallop.

Puretech is still vulnerable to an approach and management need to be fully focused on supporting the share price .

Interesting few weeks ahead

ATB

Also Oxford Biomedica is today trying to fight off a takeover bid from a private equity fund.

The shares are up 18% today and 160% over past 6 months.

Snowking

I am not too enthusiastic about attending conferences to secure important business contracts particularly in the Pharma sector where a massive M&A boom is currently underway partially as a result of the enormous c $200 billion patent cliff facing the big boys this year.

Revolution Medicine with its late stage cancer drugs being stalked by MCD and others in a muted c30billion takeover is a current example.

Wall Street expecting major deals this year following a weak Biotechnology sector performance over the past 5 years or so.

Hopefully Puretech get full value in any deals with Celea and Gallop as the sector is red hot at the moment.

Somewhat disappointing marjet reaction to Lyne's presentation so far today but this could change quickly imho.

ATB

Snowking

Creeping up every day on miniscule volumes..only 87 trades today which is ridiculous for a stock like Puretech.

We need a catalyst to get volumes moving and news on the Celea funding could be pivotal.

Also Tang Capital has gone quiet and maybe some left field news on stake building by potential predators will light the fuse.

I feel some interesting developments are about to take place very soon.

We need to watch for volumes moving higher in the coming weeks to really get excited.

ATB

Golfnut

Great find and superb analysis in line with the consistent views of the faithful on this board.

Puretech is very vulnerable at the moment to a bid and needs to bolster the share price quickly.

Hopefully the Puretech Board recognise the dangers and act accordingly.

Thanks again

Share price crawling upwards on meagre volumes.

Any positive newsflow could drive the SP much higher and get us close to a realistic level.

Definitely appears primed for a long awaited breakout imho .

I see nearly 700k in sales gone through in 3 deals in past hour.

Strange

Theta

Good spot.

So Cobenfy royalties should start to accelerate over the next year or so.

Also given the high valuations being placed on even early stage drug therapies it is possible that Celea's LYT-100 IPF could be worth c$1billion and any investor(s) may have to pay say c$500m for a 50% stake in the upcoming financing.

This obviously poses the question as to why a large pharma or PE investor doesn't bid say $800m for all of Puretech which when you net off Puretech's cash of $300 m , is a net cash outlay of $500m for Celea, Gallop, Seaport stake plus Cobenfy royalties.

Surely Tang or BMS and others see this opportunity.

Am I missing something ?

Hopefully we will see some action very soon as I am convinced that Lyne was appointed to extract shareholder value and pretty pronto.

ATB for 2026.

Golfnut

Excellent analysis of the Gallop LYT-200 cancer drug trial results and commercial potential.

The fact that Puretech is trimming its operations quite dramatically is significant and it will now be a quoted Holdings Company with cash , Cobenfy royalties, shareholdings in Seaport, Celea and Gallop.

Accordingly Puretech should have minimal staff, Directors and overheads going forward.

This begs the question for investors as to what is the point of a listing when the company is effectively moribund and awaiting results from its founded entities and why do we need the expensive Board and even Robert Lyne.

Puretech would be better off as part of a larger Pharma like Bristol Myers than in its current state imho.

Snowking

The problem is that the Stock Market hates medium/ longterm catalysts in small developmental Biotech companies that will not come to fruition for 2 to 3 years particularly where drug trials can fail and destroy value and absorb cash resources.

Puretech can cut Head Office overheads but in reality

where outcomes are so far in the future the best place for these promising drug portfolios is with a larger Pharma or Private Equity/ Venture Capital operations.

The market will always discount the chances of successful drug trials by a large factor and Puretech will continue to be priced accordingly.

So Puretech will continue to stagnate while cash is spent albeit at a lower level than in the past.

No catalysts for 2/3 years is a disaster for a publicly listed company but maybe a big buyback of say $150m

will help next year but the last $150M buybacks and tender were catastrophic for the share price.

Lyne knows the best option is to sell at a price of c£2.50 plus and the Institutional investors will be happy to exit.

Baillie Gifford sold recently and they were one of the original investors in the IPO.

Lyne will do as the Institutional investors tell him to do.

Also Saba must be getting very nervous with its short position particularly with the possibility of Tang Capital , Nordic Capital and others ready to make a move.

I see Peel Hunt, Puretech's House Broker, has reiterated its buy recommendation and price target of 508p on the 8th December 2025 and published on the 14th 2025.

I wonder have they issued a research note with this updated recommendation.

I feel the Market is beginning to wake up to Puretech today as it realises Lyne is probably tasked to sell the business to the highest bidder inho.

That is his forte and he has a track record in successful mergers and acquisitions / disposals of Pharma companies.

The fact that no permanent Chair has been appointed is possibly another sign of this disposal strategy imho.

ATB to longterm holders.

803

The problem with a full wind down is the Cobenfy royalties in the future which could be of the order of $500 m or more .

Also Seaport could be listed in a year or two .

However I fully agree with your assessment on the validity of Puretech acting as a Publicly listed Holding company with 3 investments and Cobenfy royalties.

These assets would be much better placed in an existing large Pharma or a Pharma Venture / Equity Capital company without unnecessary Holding Company overheads.

Time for Lyne to sell to the highest bidder early in the new year with Cash levels still at c$300m.