28th Aug 2025 09:56
(Alliance News) - PureTech Health PLC on Thursday pledged to return to its "core strengths" as it looks to advance its current portfolio efficiently while maintaining a strong balance sheet.
The Boston, Massachusetts-based biotech and pharmaceutical firm said its net loss narrowed to USD43.9 million in the six months to June 30 from USD55.0 million a year prior.
Revenue multipled to USD1.9 million from USD288,000 while the bottom line also benefited from reduced expenses.
General and administrative expenses dropped 10% to USD24.9 million from USD27.8 million, and research and development expenses were reduced 36% to USD24.9 million from USD38.9 million a year ago. Lower costs were primarily driven by workforce reductions, PureTech explained.
Countering this, the firm reported a loss on investments in notes from associates of USD3.7 million compared to a gain of USD11.6 million a year prior.
The increase in revenue is primarily due the recognition of royalty revenue from sales of Cobenfy, approved by the US Food & Drug Administration in September 2024, the company noted.
"Our progress in the first half of the year further underscores the strength and breadth of our portfolio and model," said Interim Chief Executive Robert Lyne.
The CEO said PureTech's approach to capital allocation will be guided by an "efficient use of cash and prioritising spend that is truly value accretive to shareholders".
At June 30, PureTech had cash of USD319.6 million, compared to USD366.8 million at the end of 2024.
The company said it was committed to "advancing our current portfolio efficiently, maintaining a strong balance sheet, and taking a disciplined approach to new innovation".
It expects "operational support" for Celea and Gallop, which is intended to significantly reduce PureTech's cash burn over the course of 2026, while preserving potential upside in both programs.
Lyne said the programs can be advanced through founded entities or other structures with dedicated operational capacity and external financing.
"In many ways, this represents a return to the core strengths," he added.
Earlier this month, PureTech launched Celea Therapeutics to advance deupirfenidone, a phase 3-ready therapeutic candidate with the potential to serve as a new standard of care for idiopathic pulmonary fibrosis.
Gallop Oncology Inc is pioneering therapies for the treatment of hematological malignancies and solid tumours. Its lead candidate, LYT-200, is a fully human monoclonal antibody targeting galectin-9, an oncogenic driver and potent immunosuppressor in cancer.
PureTech shares were down 3.5% to 129.30 pence each in London on Thursday morning.
By Jeremy Cutler, Alliance News reporter
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