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I have found Rob to be highly impressive on the presentation. The breakdown of royalties and bringing in the spoke company leaders was very useful.

I’ve read the report and will await the presentation this afternoon.

It’s clear that Rob has inherited a company that has lacked strategy and direction. BC has done very little on 16 months and rested on stacks of cash in the bank.

The positives are that the company has plenty of cash and the runway will likely extend further given that expenditure will decrease once all the companies are spun out.

The frustrations are that Celea’s trial start has been pushed back by 6-9 months which sits on BC’s shoulders. That’s the near term catalyst gone for a number of months. I also can’t understand the persistence in the London listing. Ten years has shown that mid tier biotech (by London standards) hasn’t grown in value. Most of the companies left here in 2020 and some have done very well. London presents little interest and volume and most of our institutional holders were in here on the IPO and are essentially stuck.

I will wait to listen to Rob on the presentation before deciding whether to hold or move on. It’s constantly kicking the can here and I’m over three years on from my purchase.

It will be great to hear from Rob Lyne about strategy moving forwards.

LYT-100 funding will be the near term catalyst for Puretech.

Convertible loan notes for biotechs is a total death spiral and I would hope that Daphne is more savvy to only involve herself in equity fundraises for Seaport. Vedanta is a write off now. It’s worth virtually nothing. I’m also assuming the Vor % will be well under 1% after their last round of fundraising.

Seaport, Celea, Cobenfy Royalties and cash are what’s remaining for Puretech. There is still value but it’s taken a hit.

Very poor comms from Puretech. I looked two weeks ago at the updated July presentation following Lyne’s appointment and Vedanta showed as 35% still. If Vedanta raised in April, this should have been flagged at the results or in subsequent presentations.

4% is pittance now. Even if Vedanta were to go for $1 billion, $40 million or £30 million would be PureTech’s slice provided no further dilution.

BC clearly wasn’t on the ball and hopefully Lyne can steer the ship back in the right direction.

They are yet to finalise the finances. On the initial $100 million Seaport financing, Puretech kept 61.5%.

I would expect Celea to raise $200 million+ and it would depend on how much capital Puretech provide to determine the dilution.

You get the feeling that Rob has been made CEO to wrap things up given his experience with Arix. Once everything is spun out, Puretech will have no R&D costs and will become a biotech venture capital firm. You are essentially cutting down the business to a boardroom and some scientists to consult on technical support.

It’s still a buy and hold for me but I get the feeling that PE will take this for much lower than expected 12-18 months where 400p felt realistic. 200p could be the ceiling.

The finances and details involved will be the catalyst for the spin off. Will Celea IPO? How much will Puretech own of the company once financed?

It will be far less capital intensive this way so it makes you wonder what they will do with the remaining money. Once Gallop and LYT-100 are spun out, there won’t be any founded entities to fund, leaving a massive cash pile.

The broker coverage has been abysmal. We will hear from the new CEO in the next couple of weeks. I look forward to hearing about the new strategy.

Away on holiday so switched off for a while. I’ve just seen the Invesco reduction. That surprised me given the bargain price already but slightly worrying that they are still holding 16%. Any thoughts?

Puretech is always volatile given the low free float. The bots can move it 4 or 5 % in a heartbeat. Needs a break of 150 soon.

+10% since the CEO change. Nearly mid way through Q3 and numerous catalysts draw closer.

We should hear from our new CEO in August on the half year report.

BMS also report their quarterly on Thursday.

Hi dallo,

The link I’ve posted takes me to the updated presentation. It may be stored in your browser with the old one.

Dallo - not on the new version of the presentation. Robert Lyne firmly in charge. BC’s gone.

Https://puretechhealth.com/images/PRTCCorpPresentation.pdf

Some additions and improvements following BC’s exit.

From a corporate point of view, the last 18 months has been stagnant and feels wasted. Lyne has been installed to realise some shareholder value and that can’t be too hard to do given the assets and cash available.

Completely agree Dallo. Big statement from the company. Q3 and Q4 are very important with the trial design, FDA meeting and potential partners jumping on board for LYT-100. Real leadership is needed.

The market has reacted well to the change.

This is a change most welcome. BC has been poor since he took over Daphne in April 2024. Valuation has dwindled. That’s two changes in the board of directors so I can imagine that something or someone is stirring in the background.

Thanks for the TA. We need something positive whilst we wait.