Full Press Release Details
PureTech Year End Update and Outlook for 2024
Strong strategic and clinical progress in 2023, with multiple catalysts expected in 2024
Launching of two new Founded Entities to advance certain programs from the Wholly Owned Pipeline
Robust balance sheet position with estimated Consolidated Cash, Cash Equivalents and Short-Term Investments at year end of approximately
$320 million1, extends operational runway guidance into 2027
PureTech Health plc (Nasdaq:
PRTC, LSE: PRTC) ( PureTech or the Company ), a clinical-stage biotherapeutics company dedicated to changing the lives of patients with devastating diseases, today reports on the key progress made across its Wholly Owned
Programs2 and Founded Entities3 in 2023, announces two new Founded Entities and provides an update on cash and operational runway guidance.
Daphne Zohar, Founder and Chief Executive Officer of PureTech, commented: PureTech has had a
particularly productive year. One of the advantages of the hub-and-spoke model we pioneered is that it has enabled us to build an exciting pipeline of new medicines
poised for tremendous growth, without diluting our shareholders in almost seven years. Our Founded Entities are a significant source of value to us, and we have generated over $800 million in non-dilutive
proceeds to advance our pipeline and growth since 2020.
A good example of how our successful model has funded our pipeline and operations is our
strategic deal with Royalty Pharma acquiring an interest in our royalty in KarXT for up to $500 million, which provided us with upfront non-dilutive capital and significant upside based on Karuna s
future regulatory and commercial successes.
I m also proud of our track record which includes 80 percent4 success across clinical trials, with a probability of clinical success that is six times better than the industry average5.
Advancing programs to a key value inflection point before determining the most expedient and cost-effective path forward is a hallmark of our hub-and-spoke business model, and we ve seen the success of it realized in the U.S. FDA clearance of two medicines, a third that has recently filed for approval, and
several additional therapeutic candidates being advanced through late-stage clinical trials. This model allows us to create and advance new medicines in a capital efficient manner. Importantly, the strategic decision announced today to advance
certain programs through two new Founded Entities will make it easier for the true value of these programs to be recognized and, as they continue to advance, deliver the greatest value back to our shareholders.
We are extremely proud of the numerous accomplishments made by our team in 2023 and look forward to a productive and exciting 2024, where we expect to
deliver multiple milestones to improve the lives of patients and drive benefit to our shareholders.
Additional highlights and progress include the
Outlook for 2024, new Founded Entities and execution of corporate strategy
Wholly Owned Programs
Newly Announced Founded Entities:
As part of PureTech s distinctive approach to drug development, which includes efficient
de-risking and deprioritizing of programs that don t reach pre-specific thresholds for advancement, the Company is no longer advancing its Alivio platform, including therapeutic candidates LYT-500 and LYT-510, to pivot resources towards the programs with the
highest probability of success. Additionally, PureTech announced in October that it would not be moving forward with the previously contemplated plan of merger with Gelesis.
About PureTech Health
PureTech is a clinical-stage
biotherapeutics company dedicated to giving life to new classes of medicine to change the lives of patients with devastating diseases. The Company has created a broad and deep pipeline through its experienced research and development team and its
extensive network of scientists, clinicians and industry leaders that is being advanced both internally and through its Founded Entities. PureTech s R&D engine has resulted in the development of 28 therapeutics and therapeutic candidates,
including two (Plenity and EndeavorRx ) that have received both US FDA clearance and European marketing
authorization and a third (KarXT) that has been filed for FDA approval. A number of these programs are being advanced by PureTech or its Founded Entities in various indications and stages of
clinical development, including registration enabling studies. All of the underlying programs and platforms that resulted in this pipeline of therapeutic candidates were initially identified or discovered and then advanced by the PureTech team
through key validation points.
For more information, visit www.puretechhealth.com or connect with us on X (formerly Twitter) @puretechh.
Cautionary Note Regarding Forward-Looking Statements
This press release contains statements that are or may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of
1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation those related to the Company s
LYT-100 development program and the timing for results from ongoing clinical trials of LYT-100, the LYT-200 development program
and the timing for results from ongoing clinical trials of LYT-200, the planned initiation of clinical trials for LYT-300,
LYT-310 and LYT-320, the potential therapeutic benefits of the therapeutic candidates within Company s Wholly Owned Programs, the Company s plan related to the
prioritization of programs and activities associated with its pipeline, the Company s approach to potential partnerships or spinouts of its platforms or candidates, the Company s plans to maintain a minimum of three years of cash on hand,
the Company s plans to return capital to shareholders and its future prospects, developments and strategies. The forward-looking statements are based on current expectations and are subject to known and unknown risks, uncertainties and other
important factors that could cause actual results, performance and achievements to differ materially from current expectations, including, but not limited to the following: our history of incurring significant operating losses since our inception;
our need for additional funding to achieve our business goals, which may not be available and which may force us to delay, limit or terminate certain of our therapeutic development efforts; our limited information about and limited control or
influence over our Founded Entities; the generally lengthy and expensive process of preclinical and clinical drug development, which has an uncertain outcome and potential for substantial delays; potential difficulties with enrolling patients in
clinical trials, which could delay our clinical development activities; side effects, adverse events or other safety risks which could be associated with our therapeutic candidates and delay or halt their clinical development; our ability to obtain
regulatory approval for and commercialize our therapeutic candidates; our ability to realize the benefits of our collaborations, licenses and other arrangements; our ability to maintain and protect our intellectual property rights; our reliance on
third parties, including clinical research organizations, clinical investigators and manufacturers; our vulnerability to natural disasters, global economic factors, geo-political actions and unexpected events;
our ability to achieve future monetization events; limitations on our ability to pay cash to shareholders; those risks, uncertainties and other important factors described under the caption Risk Factors in our Annual Report on Form 20-F for the year ended December 31, 2022 filed with the SEC and in our other regulatory filings. These forward-looking statements are based on assumptions regarding the present and future business strategies
of the Company and the environment in which it will operate in the future. Each forward-looking statement speaks only as at the date of this press release. Except as required by law and regulatory requirements, we disclaim any obligation to update
or revise these forward-looking statements, whether as a result of new information, future events or otherwise.
Ben Atwell, Rob Winder
+44 (0) 20 3727 1000