Member Info for JSB1989

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 wonder if they are awaiting Celea and then looking at announcing a buyback programme.

$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.

The disconnect is wild. Seaport stake is worth £220 million of the £300 million market cap.

One day it has to make sense…doesn’t it?

I’m very shocked after what looked like a promising move in the SP. 1 step forward, 1 step back and that ultimately is what the market performance has been like for the last four years.

I’ve added again today at 124p and 126p but that will be it now for any top ups. Wait for early July, see what Celea brings and the potential of a bid to spark some action.

Added more today at 132-129p.

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

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

Great to see the additional broker targets for Seaport and both at multiples of the current SP.

Our SP is tinkering on a breakout here. Added a further trading pot to my core holding.

Start your engines. Big buys through and the second broker coverage. 145 area has been strong resistance on the charts for over 12 months. If that breaks it is clear sailing.

Great spot on the Seaport movement Dallo. Getting back to $20 would be great and put our stake at $330 million!

5 or 6 weeks left for the next major catalyst. Plenty of questions regarding the deal such as financing, royalties, partnerships, potential listing.

Let’s hope that Puretech retain a meaningful stake and royalties, possibly with the opportunity to receive some payment to extend the cash runway. Our like for like competitor Avalyn Pharma worth $1.2 billion.

I’m not a shareholder in Trainline at this time, however, I work in the rail industry. My experience is that customers love to purchase tickets on Trainline. It’s far more popular than the TOCs own websites despite the drive by them to try switch customers over to their own apps. The demographic is weighted heavier to the younger generation 15-49 but I’m noticed more 50-65 year old switching from paper tickets to Trainline tickets.

I hope this helps.

25,000 and 50,000 going in. Certainly given the price a budge up this afternoon.

Lesley - wait until early July. Celea financing and partnering will be massive for the company. Let’s get to £2 first before looking too far ahead but so much to look forward to. Quality US investors are jumping on board which is a clear buy signal.

Lesley - Daphne has taken Seaport from the spin out and raised nearly $500 million in only two years.

Whilst the SP reaction hasn’t been great since IPO, I’m not sure what more you would expect from her? They have a ton of money, raised at a very good price and those funds will take the company through two major readouts.

Seaport needs some patience now. It may be quiet for the remainder of 2026. H1 2027 is the phase 2b readout on SPT-300.

No need to apologise dallo. We are all on the same team, hoping for the same outcome and fingers crossed Tang and Briarwood continue to add to their positions.

Agreed dallo. At some point, there has to be a serious bid put on the table. A strong register of US based investors will only help to realise a ‘fairer’ value in those circumstances.

Dallo - There is a figure of a prior 2.8% holding on the major shareholder section on some platforms such as Investing.com. I assume this information is taken from a Briarwood Chase holdings breakdown.

They could’ve had a prior investment under 5% without a need to fill out a TR-1 as they are a ‘Non UK Issuer’. Now they have breached 5%, they have to declare this.

I wonder if it’s Baille Gifford are supplying these shares. They dropped under 5% in December.

I’ve added more this morning. I can’t see Tang and Briarwood staying at 5%. At the 120-130p range, they are buying the cash on the balance sheet and most of the Seaport stake. The royalty payments , Celea and Gallop are thrown in for free.