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Highlights

  • PureTech Health's revenue dropped 90.9% YoY in H1FY24, primarily due to deconsolidation of Vedanta
  • Cash and cash equivalents increased by 61.4% YoY, reaching USD 308.48 million in H1FY24
  • FDA Fast Track designation granted for LYT-200 in AML and head and neck cancers
  • The company expects to reach USD 330 million in cash and investments by year-end.

PureTech Health PLC (LSE:PRTC), an FTSE 250 listed company, develops innovative biotherapeutics to improve lives of patients with severe diseases.

In the first half of the financial year 2024 (H1FY24), the company experienced a notable decline in revenue, dropping 90.9% YoY from USD 3.15 million to USD 0.29 million. This decrease was primarily driven by a USD 2.3 million reduction in Parent Company and other revenue following the deconsolidation of Vedanta in March 2023, as well as a USD 0.7 million decline due to the completion of a revenue agreement for Entrega.

On a more positive note, cash and cash equivalents saw a substantial increase of 61.4% YoY, reaching USD 191.08 million in 1HFY23 compared to USD 308.48 million in 1HFY24. This boost was attributed to higher cash balances and the favorable impact of elevated interest rates during the period.

Recent Business Update

PureTech Health has been granted FDA Fast Track designation for LYT-200, in the treatment of acute myeloid leukemia (AML). At ASH 2024, the company showcased promising Phase 1b results, highlighting LYT-200’s potential in both AML and myelodysplastic syndromes (MDS). Additionally, LYT-200 is being investigated in head and neck cancers, where it has shown encouraging safety profiles and early signs of clinical activity. The FDA has awarded both Fast Track and orphan drug designations for LYT-200 in the treatment of AML and head and neck cancers, further underscoring the drug's promise.

Company Outlook

PureTech’s healthy financial position, with an expected USD 330 million in short-term investment, cash and cash equivalents by December 31, 2024, ensures continued progress. This includes strategic management of tax obligations, with USD 40 million allocated for payments.

Top 10 Shareholders

PureTech’s top 10 shareholders collectively hold around 65.49% of the total shareholdings in the company. INVESCO Asset Management Limited holds the highest stake with around 17.13% shareholding, followed by Lansdowne Partners (UK) LLP with around 9.13% shareholding.

Stock Performance

The stock has dropped by approximately 11.88% over the past three months and a 19.30% drop in the last six months. With a 52-week low of GBX 136.00 and a high of GBX 238.00, it is currently trading below the average of its 52-week range. As of 22 January 2025, the stock closed at GBX 138.00.

Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference data for all price data, currency, technical indicators, support, and resistance levels is 22 January 2025. The reference data in this report has been partly sourced from EODHD/Others.