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On Cobenfy, lets be honest, its not looking great. We need to see sales ramping up pretty fast now as its starting to look like Cobenfy is going to seriously dissapoint.

Dallo, waiting for the market to wake up to PureTech's potential is like waiting for Godot , I get it. But this Seaport IPO is going to put a lot of eyes on PRTC that weren't there before. The quasi-cash position will be right there in plain sight for everyone to see, a publicly traded Seaport stake plus the cash on the balance sheet. Then watch their eyes pop out of their heads when they find out that PRTC own a substantial portion of all of Seaports sales revenues. If there's a real buzz around Seaport and the share price runs post-listing, that arbitrage only gets wider and more absurd by the day.

Don't get me wrong, I still think PRTC will trade at a bigger discount than it should , that's the curse of this stock and probably always will be to some degree. But this IPO is going to make the current discount look so completely absurd it has force at least some repricing. Once the arbitrage becomes obvious, people will notice, they just will. This IPO is a godsend for us.

Can't wait for the market to wake up to what PureTech actually owns here. Everyone will see the equity stake once Seaport lists, that's the easy bit. But what hardly anyone will have clocked is the royalty agreement sitting underneath.

We know that, PureTech owns 3-5% tiered royalties on net sales of every Glyph product Seaport commercialises. Net sales, not net profit. That means PureTech gets paid off the top line before Seaport pays for manufacturing, sales force, R&D, G&A, any of it. Seaport could be running at breakeven and PureTech still collects.

When you do the maths on what that actually means, it's significant. A mature biotech might run at 20-30% net margins. So if SPT-300 hits $2bn in annual net sales with a 25% margin, that's $500m of profit. PureTech's 4% royalty on that $2bn = $80m per year. That's equivalent to 16% of Seaport's entire net income flowing to PureTech, on top of whatever the equity stake is worth. So arguably, using that logic, PRTCs royalty and milestone interest alone should be valued at somewhere around 15-20% of Seaport's market cap. That's a substantial hidden asset that sits completely outside the equity ownership numbers.

And it scales. SPT-320 adds $1bn in GAD sales, that's another $35m. SPT-348 contributes down the line, more again. Every new Glyph product adds another royalty stream. Unlike equity, these royalties can't be diluted by future fundraising, IPOs, or secondary offerings. They're contractual and run until patent expiry or ten years from first commercial sale, whichever is later.

When people work this out it's going to be quite something to watch. The equity stake is the headline number but the royalties could end up being worth more over the long run.

JSB the 42% is calculated only on shares outstanding right now. The figure PRTC quote (35.1%) is the fully diluted number including the outstanding options.

According to Bloomberg and the IPOX IPO Calender, the IPO date is this Thursday 30th April

https://www.ipox.com/ipo-calendar/seaport-therapeutics

https://news.bloomberglaw.com/capital-markets/antidepressant-drugmaker-seaport-seeks-212-4-million-in-us-ipo

The S-1/A i shared shows PRTC owning 16.685 million shares (see page 214)

Below is an AI-generated summary of the key royalties and milestone payments as outlined in Seaport Therapeutics’ IPO prospectus.

Milestone payments to PureTech:

For the first Glyph product (which would be SPT-300 if it gets there first):

$4m for first patient dosed in first Phase 3

$2m for first commercial sale in the US

$2m for first commercial sale in a major European market

$2m for first commercial sale in Japan

Total: up to $10m

For each subsequent Glyph product (SPT-320, SPT-348, etc.):

$1m for first patient dosed in Phase 3

$2m for first commercial sale in the US

$1m for first commercial sale in a major European market

$1m for first commercial sale in Japan

Total: up to $5m per product

So the milestones are actually quite modest — $10m for the first product, $5m each after that. Not needle-moving on their own.

The royalties are where the real value sits:

Under $500m net sales: 3%

$500m to $1bn: 3.5%

$1bn to $2.5bn: 4%

$2.5bn to $3.5bn: 4.5%

Over $3.5bn: 5%

And critically, the royalty term runs on a country-by-country basis until the later of ten years from first commercial sale or expiry of the last valid patent claim. So these are long-duration, protected cash flows.

Plus a percentage of net income from any sublicensing of Glyph IP to third parties.

Let's put some numbers on this. If SPT-300 hits peak sales of $2bn annually (reasonable for a differentiated oral antidepressant in MDD), PureTech would receive roughly $70-80m per year in royalties at the 4% tier. If SPT-320 adds another $1bn in GAD, that's another $35m. You're looking at potentially $100m+ in annual royalty income across the portfolio at maturity — and that's pure profit flowing straight to PureTech with zero development cost from that point forward. These royalties can't be diluted by future fundraising. They're contractual. They survive an IPO, they survive further dilution of PureTech's equity stake, and they'd survive an acquisition of Seaport.

Https://www.sec.gov/Archives/edgar/data/2042347/000119312526178716/d73463ds1a.htm

Yes Trawl, the 11.8 million shares in Seaport IPO are newly issued shares being sold by the company itself

$912m market cap for Seaport would equate to an enterprise value of only around $460m which looks pretty cheap to me. Seaport entered 2026 with $234m in cash and if you add the $212m from the offering that gives them a war chest of $440-450m. They shouldn't need to come back to the market for a while which limits further dilution. Worth noting they didn't need this money urgently, they're raising from a position of strength with positive data in hand and a lead potentially registrational programme reading out early next year. That's a great setup for incoming IPO investors and for PureTech as an existing holder.

Forget all the other assets for a minute. Once Seaport lists, PureTech's stake becomes a liquid, publicly valued holding , essentially quasi-cash. Combine that with the roughly $250m of cash already on PureTech's balance sheet and as both JSB and Dallo have pointed out, that takes PureTech's quasi-cash position alone to north of $500m. At the current market cap we're trading at roughly 20% below cash. That's before you assign any value whatsoever to, Seaport royalities, Gallop, Cobenfy royalties, Celea, or anything else in the pipeline. Something has to give.

I’d love for PureTech to take a full 35% of the raise to completely avoid dilution, but there’s realistically no way the underwriters would allow that. I suspect the maximum they’ll be permitted to contribute is in the 5–10% range of the offering.

At the $912 million target post-IPO valuation while raising $212.4 m, PureTech’s ownership would dilute from 35.1% to approximately 27.9% if they participate with 5% of the raise ($10.62 m). This would value their equity stake at roughly $254 million post-IPO. To be honest, I was hoping for a bit less dilution than that. That said, this figure reflects equity value only and does not include the substantial additional upside PureTech stands to receive through their tiered royalties and development milestones on the Glyph platform assets.

Good to see Tang has upped his stake from 4 to 5%

Well spotted Dallo. Why is Luba Greenwood no longer CEO of Gallop? That's a question that needs answering, no explanation has been given and shareholders deserve transparency on leadership changes at this stage of development.

Full dataset is now out and the safety profile remains spotless across 101 patients which is genuinely impressive. Unfortunately the AML numbers have come in softer than the December 5th update which is a bit disappointing. Back in December the entire framing was AML-first. Luba Greenwood was talking about a registrational Phase 2 in AML, the headline was all about that 13.2 month median OS in the combo patients, and MDS was barely a footnote. Today that story has completely flipped. MDS is now the lead indication for registration while AML, with less punchy optics than we were led to expect, has taken a back seat.

@HideInPlainSight It's definitely starting to feel exciting again with so many near-term catalysts lined up for PureTech this quarter.

We can expect (in no particular order):

1. Final mature Phase 1b data for LYT-200 (via Gallop Oncology) in relapsed/refractory AML. Assuming the mature data holds up, we should get the green light to advance into a potentially registrational Phase 2 trial in H2 2026.

2. News on the financing deal for Celea Therapeutics to fund LYT-100 in IPF. It's been frustrating how long this has taken, but the compelling Phase 2b data and the favourable Phase 3 design give us strong conviction that a deal will land imminently. The key will be securing terms that deliver fair value for shareholders.

3. The Seaport IPO, which just filed. This represents a major value unlock for PureTech. We'll all be watching out for the valuation and hoping for a successful IPO.

It's crazy to think that by the end of 2026 we could have four drugs in registrational or potentially registrational/pivotal trials: SPT-300, LYT-100, LYT-200 and potentially even SPT-320 as Seaport's suggested that the planned Phase 2 could potentially be registration-enabling. Chuck in a couple $hundred million cash and a meanigful stake in Cobenfy. All yours for just over $400m........

It’s going to be fascinating to see how the Seaport IPO plays out. I’m hoping for a valuation well in excess of $1 billion pre-money. Not only will the market finally be able to put a precise price on PureTech’s equity stake in Seaport, but it will also highlight the significant 3–5% tiered sales royalties and milestones that PureTech owns. These royalty and milestone streams will obviously fluctuate in value depending on clinical and commercial success, but even under the most conservative assumptions, their net present value today is easily $150–200 million. At a current market cap of around $400 million, PureTech's valuation is comical. But those of us who’ve taken the time to dig into the details have always known this. Thanks to this IPO, the market is about to find out what we all know. The reward for patience is coming. It was always just a matter of time. Tick tock.

Its’s all about the valuation. PureTech will likely get diluted because they probably won’t be allowed to put in 35% of the new capital to fully protect their stake.

You may well be right @Rockefellow and the raise is upsized. The real key is the pre-money valuation. I don't mind if Seaport raises more money, as long as the valuation is strong. If they want to take $175m, I’m thinking well in excess of $1.5 billion pre-money.

For example (assuming PureTech does not participate in the raise):

At a $1 billion pre-money valuation, a $100m raise would dilute PureTech to ~31.9%.

At the same $1 billion pre-money, a $175m raise would dilute them to ~29.9%.

At $1.5 billion pre-money, a $175m raise dilutes them to ~ 31.4%

Let’s assume Seaport prices its IPO at a $1 billion pre-money valuation. This seems very resonable to me considering the Series B in October 2024 valued Seaport in excess of $700m. PRTC currently owns 35.1% of Seaport. In this scenario, Seaport raises $100 million in the IPO, resulting in a $1.1 billion post-money valuation. PRTC participates with $10 million of the raise. Under these assumptions, PRTCs ownership after the IPO would be approximately 32.82%. At a $1.1 billion post-IPO market cap, PRTCs equity stake in Seaport would be worth roughly $361 million.

On top of this equity value, we then layer in PureTech’s 3–5% tiered royalties plus regulatory and commercial milestones on Seaport’s future products. These non-dilutable rights are likely worth hundreds of millions of dollars.

Even in this relatively conservative $1 billion pre-money IPO scenario, the total value of PRTCs position in Seaport (equity + royalties + milestones) would already exceed the current market cap of approximately $400 million. Once listed on Nasdaq, investors will be able to track the value of PRTCs stake in Seaport on a daily basis. As a result, the market will find it extremely difficult not to at least assign PRTC the value of its equity stake in Seaport. So it looks like this IPO could finally trigger the significant rerating in Puretech that we have all been waiting so long for. Those shorts will be very brave not to close after hearing of this news.

Seaport Therapeutics, a Phase 2 biotech developing therapies for neuropsychiatric indications, filed on Friday with the SEC to raise up to $100 million in an initial public offering.

Seaport Therapeutics is a clinical-stage biotechnology company developing oral therapies for neuropsychiatric disorders, including depression, anxiety, and other central nervous system conditions. The company uses its proprietary Glyph platform, a lymphatic-targeting prodrug technology designed to improve oral bioavailability and reduce first-pass metabolism, to reformulate clinically validated mechanisms into differentiated product candidates. Its lead programs include GlyphAllo in Phase 2b for major depressive disorder and GlyphAgo in Phase 1 for generalized anxiety disorder, with additional preclinical candidates targeting depressive and related CNS disorders.

The Boston, MA-based company was founded in 2024 and plans to list on the Nasdaq under the symbol SPTX. Seaport Therapeutics filed confidentially on November 21, 2025. Goldman Sachs, J.P. Morgan, Leerink Partners, Citi, and Stifel are the joint bookrunners on the deal.

https://www.renaissancecapital.com/IPO-Center/News/118223/Neuropsychiatric-therapeutics-biotech-Seaport-Therapeutics-files-for-a-$100

After yesterdays excellent news out of Seaport,I believe the next financing round will value Seaport well in excess of $1 billion pre-money, which would place PureTech's 36.7% stake at a value exceeding PRTC's entire current market capitalisation. With the Phase 2b readout for SPT-300 in major depressive disorder (a trial designed to be potentially registrational) now less than twelve months away, the catalyst path to a multi-billion-dollar valuation is becoming increasingly visible. Not long to wait now. Tick tock