Member Info for JSB1989

One has to hope that something will change for the positive. 138p is just ridiculous. We are all banging the same drum about a bargain but no positions yet by the big boys. I'm fearing a low ball takeover of low 200s which would screw us small PI's.

You can’t look at Puretech from a P&L perspective as opposed to companies in other sectors.

Puretech last raised money via a placing nearly ten years ago. It has self funded since that time mostly from the success of Karuna in the last five years when it IPO’ed. Puretech diluted their stake and also farmed out the royalties to fund R&D and support the balance sheet. The same model can be expected with Seaport in the coming years. For example if Seaport IPOs at $1 billion, without a further raise, Puretech would have a $370 million stake in the business and would be able to sell some stock to continue to fund the other areas of business.

As Gallop and LYT-100 are wholly owned, they will require a higher capital allocation compared to when Puretech have spun out a founded entity. This potentially offers a much higher ceiling and is possibly the new strategy to take one or two assets all the way.

$25 million more than guidance for YE24. That’s £299 million cash compared to £349 million MC.

What makes you think BMS? Cheaper in the long run as royalties stack up?

Very interesting find on the Entrega website. That is new. I’ve not really factored in Entrega, Vor or Sonde to my own valuation either due to the early stage of development or low % holding.

Maybe the update will take place after or inline with the conference this week in the States.

Great value at 1.40p dallo. I hope this addition pays off for in the near term!

I share this frustration. Any progress in the SP is wiped out by the algos. The exchange rate closing on 1.20 which makes the company even more of a bargain. I think an offer will come in soon at this rate. I would expect 220p which would a 50% premium for starters. Could be sold at 250-280p which would be a steal.

Absolutely Rockefellow. Add in 1/3rd of Vedanta, P3 ready LYT-100 and Gallop which would be valued more than Puretech alone if the Phase 2 trials are successful.

Thanks Furry. Very good news here. FDA fast track designation on the AML trial. Gallop could follow Seaport and spin out fully and raising money separately or go down the same road as LYT-100 and continue in house through to the end of P2.

Puretech cash in the bank is in $ so with the recent weakness in the £, $330 million = £270 million. That’s £1.12 of cash in the bank.

Seaport are also presenting on the 13th January.

Back to test the historic support level of 139-140p hit back in spring 2022, December 2023 and October 2024. Here’s hoping there is a bounce from here.

It’s pretty evident that the markets aren’t a fan of hub and spoke models for some reason.

I’m assuming the company will begin talks with the FDA and then potential partners on how to proceed with LYT-100 first before any further buyback schemes or other capital distribution are announced. If they decide to go alone into P3, that will be a significant capital investment but should be without the need to raise any equity. Alternatively they could spin out and dilute Puretech’s holding of LYT-100 without risking anywhere near as much capital.

Seaport will be key in 2025. I’m really hoping they IPO as there is significant love for them by biotech investors and I wouldn’t be surprised to see that float around $1 billion and hopefully Puretech would be left with a 25% holding. The dream scenario for Seaport would be for an offer to come in now when the company is able private, which would need to be significant for the board to accept with Puretech holding 36% and the proceeds of that would top our entire market cap. As I said, that’s dream scenario stuff!

The other scenario is that BMS either put in an offer for Puretech or try to buy the royalties in a one off payment. This may be further down the line though once they have established a more accurate projection of the Cobenfy revenues.

Hopefully the new broker can drum up support somewhere. I’ve put my Puretech holding on a six month timer now. Nearly three years of holding at some level and feeling like the breakout is just around the corner. Hopefully by the summer we are back towards £3.

Usually they release a year end update just prior to Christmas. I’m guessing that given the LYT-100 update, there will be one after the new year now.

Unfortunately given that Puretech is stuck at 150p, a bid at 260-300p would probably be good enough to convince enough shareholders. I wouldn’t be happy with that. Remember that 63% of the shares were put up for tender by shareholders in May and only 13% were bought. I believe the shares are worth at the very minimum 400p.

Vor Biosciences which Puretech hold 3.9% in have just announced a $55 million private placing. The stock is up 45% on the day. I wonder if Puretech were involved in this to maintain their equity at 3.9%.

Excellent news. Another £12-13 million in revenues from the Neptune V. Keep the order RNS coming and the sentiment will change very quickly!

The 7m UT trade was part of the quadruple witching. The other large trade at 1m after hours was different.

Puretech now out of the FTSE 250 so trackers will have been dumping some stock in the last two or three days ahead of exiting on Monday.

Apologies typo, delist from London.

For starters, they should delist from AIM and float in the US. Ten years in London has done nothing on a corporate level. Whilst my shares are in the ISA, they haven’t appreciated one bit and a listing with liquidity stateside would really help.