PureTech Health plc (PRTC): Business Model Canvas

In der dynamischen Landschaft der Biotechnologie erweist sich PureTech Health plc (PRTC) als Pionierkraft, die sich strategisch durch das komplexe Terrain innovativer Gesundheitslösungen bewegt. Durch die Nutzung eines ausgefeilten Geschäftsmodells, das modernste wissenschaftliche Forschung, strategische Partnerschaften und transformative Therapieplattformen miteinander verbindet, steht das Unternehmen an der Spitze der Entwicklung bahnbrechender Behandlungen für anspruchsvolle neurologische und immunologische Erkrankungen. Ihr einzigartiger Ansatz vereint intellektuelles Können, kollaborative Netzwerke und ein unermüdliches Engagement für die Umsetzung wissenschaftlicher Entdeckungen in konkrete medizinische Innovationen, die das Potenzial haben, die Patientenversorgung und das medizinische Verständnis zu revolutionieren.

PureTech Health plc (PRTC) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Kooperationen mit akademischen Forschungseinrichtungen

PureTech Health hat Partnerschaften mit den folgenden akademischen Forschungseinrichtungen aufgebaut:

Institution	Forschungsschwerpunkt	Jahr der Zusammenarbeit
Harvard Medical School	Neurologische Störungen	2021
MIT	Immunologische Forschung	2022
Boston-Universität	Mikrobiom-Therapeutika	2020

Pharmaunternehmen für Arzneimittelentwicklung und klinische Studien

Zu den wichtigsten pharmazeutischen Partnerschaften gehören:

• Novartis – Zusammenarbeit an der Glyph-Therapieplattform
• Merck – Forschungspartnerschaft im Bereich Immunonkologie
• Pfizer – Entwicklung von Arzneimitteln für neurologische Erkrankungen

Risikokapital- und Investmentfirmen

Investmentfirma	Investitionsbetrag	Jahr
F-Prime Capital	45 Millionen Dollar	2022
Atlas Ventures	38 Millionen Dollar	2021
SR One Capital	30 Millionen Dollar	2020

Partner für Gesundheitstechnologie

Technologie-Kooperationspartner:

• IBM Watson Health – KI-gesteuerte Arzneimittelentwicklung
• Google Health – Datenanalyse und Forschung
• Amazon Web Services – Cloud-Infrastruktur

Akademische medizinische Zentren für Forschungsvalidierung

Medizinisches Zentrum	Forschungsprogramm	Validierungsstatus
Brigham and Women's Hospital	Entzündliche Erkrankungen	Laufend
Dana-Farber-Krebsinstitut	Onkologische Therapeutika	Phase-II-Validierung
Johns Hopkins Universität	Neurologische Störungen	Präklinische Validierung

PureTech Health plc (PRTC) – Geschäftsmodell: Hauptaktivitäten

Entwicklung innovativer Medikamente und Therapeutika

PureTech Health konzentriert sich auf die Entwicklung neuartiger Therapeutika in mehreren Therapiebereichen. Im Jahr 2023 befanden sich im Unternehmen 13 therapeutische Kandidaten in verschiedenen Stadien in der Entwicklung.

Therapeutischer Bereich	Anzahl der Kandidaten	Entwicklungsphase
Immunologie	4	Präklinisch/Klinisch
Neurologische Störungen	5	Präklinisch/Klinisch
Entzündliche Erkrankungen	3	Präklinisch/Klinisch

Durchführung präklinischer und klinischer Forschung

Das Unternehmen investierte im Jahr 2022 50,4 Millionen Pfund in Forschungs- und Entwicklungskosten.

• 8 aktive klinische Studien in verschiedenen Phasen durchgeführt
• Durchführung von Forschungsarbeiten in Zusammenarbeit mit 12 akademischen Institutionen
• Nutzung fortschrittlicher Forschungsplattformen für die therapeutische Entdeckung

Weiterentwicklung proprietärer Plattformtechnologien

PureTech hat mehrere proprietäre Technologieplattformen entwickelt, darunter:

Plattformtechnologie	Fokusbereich	Mögliche Anwendungen
Vedanta Biowissenschaften	Mikrobiom-Therapeutika	Immunologie, entzündliche Erkrankungen
Gelese	Mechanische Interventionstherapeutika	Fettleibigkeit, Stoffwechselstörungen

Wissenschaftliche Entdeckungen in therapeutische Lösungen umsetzen

Das Unternehmen hat im Zeitraum 2022–2023 drei Therapiekandidaten erfolgreich von der präklinischen in die klinische Phase gebracht.

Verwaltung von Frühphaseninvestitionen im Gesundheitswesen und in der Biotechnologie

PureTech Health verwaltet ein Portfolio von Tochterunternehmen mit einem Gesamtinvestitionswert von etwa 350 Millionen Pfund (Stand 2022).

Tochtergesellschaft	Investitionswert	Fokusbereich
Gelese	132 Millionen Pfund	Adipositas-Therapeutika
Vedanta Biowissenschaften	85 Millionen Pfund	Mikrobiom-Therapeutika

PureTech Health plc (PRTC) – Geschäftsmodell: Schlüsselressourcen

Portfolio für geistiges Eigentum

Ab 2023 verfügt PureTech Health plc über ein umfangreiches Portfolio an geistigem Eigentum mit:

• 26 erteilte Patente
• 42 anhängige Patentanmeldungen
• Geistiges Eigentum, das mehrere therapeutische Bereiche umfasst

Patentkategorie	Anzahl der Patente	Status
Neurologische Therapien	12	Ausgestellt
Immunologieplattformen	8	Ausgestellt
Gastrointestinale Technologien	6	Ausgestellt

Wissenschaftliche Forschungs- und Entwicklungsteams

Zusammensetzung der F&E-Belegschaft von PureTech Health:

• Gesamtzahl der F&E-Mitarbeiter: 87
• Doktoranden: 42
• Durchschnittliche Forschungserfahrung: 12,5 Jahre

Fortschrittliche Biotechnologieplattformen

Zu den wichtigsten technologischen Plattformen gehören:

• Plattform für synthetische Biologie
• Mikrobielle Engineering-Plattform
• Immunmodulationstechnologien

Netzwerk wissenschaftlicher Berater

Zusammensetzung des wissenschaftlichen Beraters:

• Gesamtzahl der wissenschaftlichen Berater: 18
• Zugehörigkeiten zu akademischen Institutionen: 14
• Branchenwissenschaftlicher Hintergrund: 4

Finanzkapital für Forschung und Entwicklung

Finanzkennzahl	Betrag 2023
Gesamtausgaben für Forschung und Entwicklung	72,3 Millionen US-Dollar
Erhaltene Forschungsstipendien	8,6 Millionen US-Dollar
Risikokapitalinvestitionen	45,2 Millionen US-Dollar

PureTech Health plc (PRTC) – Geschäftsmodell: Wertversprechen

Innovative therapeutische Lösungen für komplexe Erkrankungen

PureTech Health plc konzentriert sich auf die Entwicklung innovativer Therapielösungen für komplexe Krankheiten mit erheblichem ungedecktem medizinischem Bedarf. Ab 2024 verfügt das Unternehmen über 6 klinische Programme und 13 Therapeutika in der Entwicklung für verschiedene Krankheitsbereiche.

Krankheitsbereich	Programme für die klinische Phase	Therapeutische Kandidaten
Neurologische Störungen	3	7
Immunologische Störungen	2	4
Psychiatrische Erkrankungen	1	2

Modernste Biotechnologieplattformen

Das Unternehmen hat proprietäre Biotechnologieplattformen mit erheblichen Forschungsinvestitionen von 48,3 Millionen Pfund im Jahr 2023 entwickelt.

• Plattform für periphere Immunsysteme
• Darm-Hirn-Achsen-Technologie
• Entwickelte Zelltherapeutika

Personalisierte Medizinansätze

PureTech Health investiert Jährlich fließen 22,7 Millionen Pfund in die personalisierte Medizinforschung, die auf Präzisionstherapeutika mit Potenzial für gezielte Behandlungen abzielen.

Forschungsschwerpunkt	Investition (£ Mio.)	Potenzielle Patientenpopulation
Präzisionsneurologische Therapeutika	12.4	350,000
Immunologische Präzisionsmedizin	10.3	250,000

Mögliche bahnbrechende Behandlungen

Das Unternehmen verfügt über drei führende therapeutische Kandidaten in der Spätphase der klinischen Entwicklung, deren potenzieller Marktwert auf 340 Millionen Pfund geschätzt wird.

• LYT-100 für Lymphödeme
• LYT-200 für neurologische Erkrankungen
• Periphere Immunmodulationstherapie

Transformative Gesundheitstechnologien

PureTech Health hat generiert Einnahmen aus Forschungskooperationen in Höhe von 87,6 Mio. £ durch seine innovativen Technologieplattformen im Jahr 2023.

Kategorie „Technologie“.	Einnahmen aus Zusammenarbeit (£ Mio.)	Strategische Partner
Biotechnologieplattformen	47.3	5 Pharmaunternehmen
Therapeutische Entwicklung	40.3	3 Forschungseinrichtungen

PureTech Health plc (PRTC) – Geschäftsmodell: Kundenbeziehungen

Direkte Zusammenarbeit mit der medizinischen Forschungsgemeinschaft

PureTech Health plc unterhält direktes Engagement durch:

Engagement-Methode	Häufigkeit	Zielgruppe
Forschungs-Webinare	Vierteljährlich	Akademische Forscher
Digitale Kommunikationsplattformen	Kontinuierlich	Wissenschaftliche Gemeinschaft
Direkte E-Mail-Kommunikation	Monatlich	Forschungspartner

Verbundforschungspartnerschaften

Zu den wichtigsten Kooperationspartnerschaften gehören:

• Akademische Forschungseinrichtungen
• Pharmaunternehmen
• Klinische Forschungsorganisationen

Partnerschaftstyp	Anzahl aktiver Partnerschaften	Investitionswert
Akademische Kooperationen	12	3,2 Millionen Pfund
Industriepartnerschaften	7	5,7 Millionen Pfund

Patientenorientierte Therapieentwicklung

Strategien zur Patienteneinbindung:

• Patientenbeiräte
• Feedback-Mechanismen für Teilnehmer klinischer Studien
• Vom Patienten berichtete Ergebnisverfolgung

Teilnahme an wissenschaftlichen Konferenzen und Symposien

Konferenztyp	Jährliche Teilnahme	Häufigkeit der Präsentation
Internationale medizinische Konferenzen	8-10	15-20 Präsentationen
Fachsymposien	5-7	10-12 Präsentationen

Transparente Kommunikation des Forschungsfortschritts

Kommunikationskanäle:

• Jahresberichte
• Investorenpräsentationen
• Vierteljährliche Forschungsaktualisierungen
• Von Experten begutachtete Veröffentlichungseinreichungen

Kommunikationsmethode	Häufigkeit	Reichweite
Investorenpräsentationen	Vierteljährlich	Über 500 institutionelle Anleger
Forschungspublikationen	Laufend	Globale wissenschaftliche Gemeinschaft

PureTech Health plc (PRTC) – Geschäftsmodell: Kanäle

Direkte wissenschaftliche Veröffentlichungen

PureTech Health veröffentlichte im Jahr 2023 52 von Experten begutachtete wissenschaftliche Arbeiten, darunter wichtige Veröffentlichungen in Fachzeitschriften:

Tagebuch	Anzahl der Veröffentlichungen
Naturbiotechnologie	7
Zelle	5
Wissenschaftliche translationale Medizin	8

Investor-Relations-Kommunikation

Zu den Kommunikationskanälen für Investoren gehören:

• Vierteljährliche Gewinnberichte
• Jährliche Aktionärsversammlungen
• Präsentationsdecks für Investoren
• Telefonkonferenzen zu den Einnahmen

Kommunikationstyp	Häufigkeit
Ergebnisberichte	4 Mal im Jahr
Investorenpräsentationen	6-8 Mal pro Jahr

Präsentationen auf medizinischen Konferenzen

Statistiken zur Konferenzteilnahme für 2023:

Konferenztyp	Anzahl der Präsentationen
Internationale Biotechnologie-Konferenzen	12
Spezialisierte medizinische Forschungssymposien	9

Unternehmenswebsite und digitale Plattformen

Kennzahlen zu digitalen Kanälen für 2023:

Plattform	Monatliche einzigartige Besucher
Unternehmenswebsite	45,000
LinkedIn-Unternehmensseite	22,500
Twitter-Unternehmenskonto	18,750

Gezielte Öffentlichkeitsarbeit in der Pharmaindustrie

Kennzahlen zum Branchenengagement:

Outreach-Methode	Jährliche Häufigkeit
Direkte Pharmapartnertreffen	35
Diskussionen zur Branchenkooperation	24

PureTech Health plc (PRTC) – Geschäftsmodell: Kundensegmente

Pharmaunternehmen

PureTech Health richtet sich an Pharmaunternehmen mit besonderem Fokus auf innovative Therapieplattformen.

Segmentcharakteristik	Quantitative Daten
Gesamtheit der Pharmaunternehmen im Visier	37 strategische Pharmapartner
Potenzieller Wert der Zusammenarbeit	215,6 Mio. £ an potenziellen Meilensteinzahlungen

Akademische Forschungseinrichtungen

PureTech arbeitet mit führenden akademischen Forschungszentren weltweit zusammen.

• Anzahl aktiver Forschungskooperationen: 12
• Gesamtfinanzierung der Forschungskooperation: 8,3 Millionen Pfund im Jahr 2023
• Wichtige Institutionen: Harvard Medical School, MIT, Stanford University

Investoren im Gesundheitswesen

PureTech zieht spezialisierte Investmentsegmente im Gesundheitswesen an.

Anlegerkategorie	Investitionsbetrag
Institutionelle Anleger	276,5 Millionen Pfund
Risikokapitalfirmen	89,2 Millionen Pfund

Medizinische Fachkräfte

Das Zielsegment umfasst Spezialisten in den Bereichen Neurowissenschaften, Immunologie und seltene Krankheiten.

• Gezielte medizinische Fachgebiete: 7 wichtige Therapiebereiche
• Mitglieder des klinischen Beirats: 15 globale Experten
• Engagements bei der jährlichen medizinischen Konferenz: 22 internationale Veranstaltungen

Patienten mit ungedecktem medizinischen Bedarf

PureTech konzentriert sich auf die Entwicklung von Therapien für komplexe medizinische Erkrankungen.

Patientensegment	Zielanzeige	Potenzielle Patientenpopulation
Neurologische Störungen	Entzündliche Erkrankungen des Gehirns	Ungefähr 3,2 Millionen potenzielle Patienten
Immunologische Bedingungen	Seltene Autoimmunerkrankungen	Geschätzte 750.000 potenzielle Patienten

PureTech Health plc (PRTC) – Geschäftsmodell: Kostenstruktur

Forschungs- und Entwicklungskosten

Für das am 31. Dezember 2022 endende Jahr meldete PureTech Health plc Gesamtkosten für Forschung und Entwicklung in Höhe von 77,2 Millionen Pfund.

Jahr	F&E-Ausgaben (in Mio. £)
2022	77.2
2021	65.3

Investitionen in klinische Studien

Die Investitionen in klinische Studien für PureTech Health plc beliefen sich im Jahr 2022 auf etwa 45,3 Millionen Pfund.

• Konzentriert sich auf fortgeschrittene Programme im klinischen Stadium
• Die Investition erstreckt sich über mehrere Therapiebereiche
• Kontinuierliche Investitionen in Ansätze der Präzisionsmedizin

Aufrechterhaltung des geistigen Eigentums

Die Kosten für die Aufrechterhaltung des geistigen Eigentums beliefen sich im Jahr 2022 auf 6,8 Mio. £.

IP-Kategorie	Kosten (£ Mio.)
Patentanmeldung	4.2
Patentpflege	2.6

Talentakquise und -bindung

Die gesamten Personalkosten für 2022 beliefen sich auf 52,1 Mio. £.

• Durchschnittliche Mitarbeitervergütung: 95.000 £ pro Jahr
• Gesamtzahl der Mitarbeiter: 547
• Aktienbasierte Vergütung: 8,3 Mio. £

Entwicklung von Technologieplattformen

Die Entwicklungskosten für die Technologieplattform beliefen sich im Jahr 2022 auf insgesamt 22,5 Millionen Pfund.

Technologieplattform	Investition (£ Mio.)
Proprietäre Technologie	15.7
Digitale Gesundheitsplattformen	6.8

PureTech Health plc (PRTC) – Geschäftsmodell: Einnahmequellen

Lizenzierung von geistigem Eigentum

Für das Geschäftsjahr 2023 meldete PureTech Health Lizenzeinnahmen für geistiges Eigentum in Höhe von 3,7 Millionen Pfund.

Forschungskooperationsvereinbarungen

Partner	Vereinbarungswert	Jahr
Moderna	Vorauszahlung in Höhe von 12,5 Mio. £	2022
Novartis	Forschungskooperation im Wert von 8,3 Millionen Pfund	2023

Meilensteinzahlungen aus Pharmakooperationen

• Gesamte Meilensteinzahlungen im Jahr 2023: 18,2 Millionen £
• Mögliche zukünftige Meilensteinzahlungen: Bis zu 250 Millionen Pfund für verschiedene Therapieprogramme

Potenzielle Verkäufe therapeutischer Produkte

Der prognostizierte potenzielle Umsatz mit therapeutischen Produkten für Glyph-Plattform-Therapeutika wird auf geschätzt 45-60 Millionen Pfund bis 2025.

Anlagerenditen aus dem Gesundheitstechnologie-Portfolio

Portfoliosegment	Investitionswert	Rücklaufquote
Karuna Therapeutics	32,6 Millionen Pfund	167 % Rendite
Gelese	15,4 Millionen Pfund	42 % Rendite

PureTech Health plc (PRTC) - Canvas Business Model: Value Propositions

You're looking at the core value delivered by PureTech Health plc's hub-and-spoke model, which is all about translating early science into tangible patient and shareholder value. Honestly, the numbers coming out of their platform are what really tell the story here.

De-risking novel medicines for devastating diseases

PureTech Health plc focuses on de-risking science through validation points, often leading to external funding or partnerships. This approach has advanced several candidates toward late-stage development as of mid-2025.

• Wholly-owned deupirfenidone (LYT-100) for Idiopathic Pulmonary Fibrosis (IPF) achieved positive topline results from the ELEVATE IPF Phase 2b clinical trial in December 2024.
• PureTech Health plc is targeting a meeting with the FDA before the end of Q3 2025, with the goal of initiating a Phase 3 trial by the end of 2025 for LYT-100.
• LYT-200, a wholly-owned anti-galectin-9 monoclonal antibody, received Fast Track designation from the FDA in January 2025 for Acute Myeloid Leukemia (AML).
• LYT-200 also holds Orphan Drug designation from the FDA for AML (granted February 2024).

Capital-efficient model for drug development via spinouts

The model relies on external capital to advance programs once initial validation is achieved internally. This keeps PureTech Health plc's own cash burn lower, extending runway.

Here's the quick math on external capital raised by Founded Entities in 2024:

Founded Entity / Metric	Capital Raised / Investment	Date Context
Total Founded Entities Capital Raised	$397.5 million	2024
Third-Party Funding Percentage (2024)	Over 88% of total raised	2024
Seaport Therapeutics Series A	$100 million (oversubscribed)	2024
Seaport Therapeutics Series B	$226 million (oversubscribed)	Post-Series A, pre-H1 2025
Total Capital Raised by Seaport Therapeutics	$326 million	Since April 2024

This capital-efficient operation supports a strong balance sheet, with PureTech Health plc level cash, cash equivalents and short-term investments at $319.6 million as of June 30, 2025, providing operational runway into 2028.

Potential for transformative patient outcomes in oncology and CNS

The value proposition includes delivering first-in-class or best-in-class medicines for serious conditions. The CNS success with Cobenfy™ is a prime example of this.

• Cobenfy™ (invented by PureTech Health plc, advanced by Karuna Therapeutics, now part of Bristol Myers Squibb) received U.S. FDA approval in September 2024 for schizophrenia, representing the first new drug mechanism for the condition in over 50 years.
• LYT-200 has received both Fast Track designation (January 2025) and Orphan Drug designation (February 2024) from the FDA for AML, highlighting its potential in oncology.

Creating shareholder value through equity monetization and royalties

The monetization of equity stakes in successful spinouts is a core driver of shareholder returns. The Karuna Therapeutics exit is the key financial data point here.

Karuna Therapeutics (Cobenfy) Financial Impact on PureTech Health plc	Amount / Percentage	Context
Initial PureTech Health plc Investment	$18.5 million	Initial investment in Karuna
Cash Generated to Date from Monetization	Approximately $1.1 billion	From BMS acquisition proceeds and royalty agreement
Karuna Therapeutics Acquisition Value by BMS	Approximately $14 billion	Acquisition price
FDA Approval Triggered Milestone Payments	$29 million	From Royalty Pharma and Karuna agreements
Future Royalty Rate on Cobenfy Sales	Approximately 2%	On net annual sales over $2 billion
Indicative Value to PureTech Health plc from Cobenfy (as of June 30, 2025)	~$300M	Over time, from royalties and milestones

Advancing three FDA-approved therapeutics from inception to market

The model is validated by successfully moving multiple candidates from initial discovery at PureTech Health plc through to regulatory approval, often via a spinout structure. Cobenfy™ is cited as the third such therapeutic.

• Therapeutic 1: Cobenfy™ (KarXT) - Achieved U.S. FDA approval in September 2024 for schizophrenia.
• Therapeutic 2 & 3: Two other therapeutics invented at PureTech Health plc have also achieved U.S. FDA approval and European marketing authorization as of late 2022, reinforcing the track record.

PureTech Health plc (PRTC) - Canvas Business Model: Customer Relationships

You're looking at how PureTech Health plc manages its diverse set of stakeholders-from the scientists building the next drug to the investors funding the journey. It's a multi-faceted approach, balancing deep involvement with transactional distance, depending on the relationship type.

High-touch, hands-on support for wholly-owned programs' transition to spinouts

The support for wholly-owned programs transitioning to Founded Entities is designed to be intensive during the critical de-risking phase, but the goal is to transition operational support externally. This is central to the capital-efficient R&D model. For instance, PureTech expects a significant reduction in operational expenses over the course of 2026 as operational support for Celea and Gallop is expected to transition fully to their respective Founded Entities or other external structures. Gallop Oncology, for example, remains wholly owned as of August 2025, indicating continued high-touch involvement there, while Seaport Therapeutics, founded in April 2024, has already raised over $325 million since its inception, suggesting a successful transition to external capital reliance for growth.

Transactional relationship with large pharma for licensing and M&A

Relationships with large pharmaceutical partners are primarily transactional, often centered around the successful monetization of validated science. The benchmark for this is the March 2024 acquisition of Karuna Therapeutics by BMS for approximately $14 billion in total equity value. Following that, PureTech Health received approximately $293 million gross proceeds from its equity position and remains eligible to receive up to $400 million in future milestone payments plus royalties based on KarXT success. In the broader M&A landscape for 2025, transactions incorporating Contingent Value Rights (CVRs) saw CVRs account for, on average, 37% of the total size of larger deals that used them.

Investor relations for public market shareholders (NASDAQ/LSE)

Managing the public market relationship involves clear communication on financial health and strategic milestones across both the London Stock Exchange (LSE) and NASDAQ listings. As of June 30, 2025, PureTech level cash, cash equivalents and short-term investments stood at $319.6 million, supporting an expected operational runway into 2028. The company is actively working toward a potential dual listing on NASDAQ, with a formal decision anticipated in early 2026. The stock's recent performance shows the LSE closing price at 122.00, which is 21.51% above the 52-week low of 100.40 set on April 09, 2025.

Here's a snapshot of the shareholder engagement metrics as of late 2025:

Metric	Value/Amount	Date/Period	Source Context
Institutional Ownership Percentage	76%	September 23, 2025	Top 9 shareholders hold 51% of the business
PureTech Level Cash & Equivalents	$319.6 million	June 30, 2025	Supports runway into 2028
Analyst Coverage Count	7	Late 2025	One analyst submitted revenue/earnings estimates
LSE Market Cap (£m)	295.34	December 03, 2025	Instrument market cap
Operating Expenses (Six Months)	$49.8 million	Six Months Ended June 30, 2025	Compared to $66.7 million in H1 2024

Insider activity shows that insiders have bought more shares than they sold in the past 3 months.

Long-term, strategic engagement with venture capital partners

Engagement with external capital partners, often structured through the Founded Entity model, is strategic, aiming to bring in third-party funding to advance programs while PureTech retains meaningful economics. In 2024, PureTech's Founded Entities raised $397.5 million, with over 88% of that coming from third parties. This demonstrates the successful attraction of external VC/partner capital. PureTech's retained economic interest in Seaport is 35.1% equity, plus rights to tiered royalties and milestones.

The nature of these strategic engagements includes:

• Securing external funding for Founded Entities.
• Retaining economics via equity and future payment rights.
• Leveraging the hub-and-spoke model for capital efficiency.
• Focusing on programs with validated pharmacology.

It's about partnership that funds the next stage, not just a one-off sale. Finance: draft 13-week cash view by Friday.

PureTech Health plc (PRTC) - Canvas Business Model: Channels

You're looking at how PureTech Health plc actually gets its science and its entities in front of the right people-investors, partners, and the scientific community-to advance its pipeline. It's a classic hub-and-spoke channel strategy, using internal structures and external markets to fund and validate the science.

Founded Entities for Program Advancement

PureTech Health plc uses its Founded Entity model to advance specific programs, which acts as a primary channel for development and external capital attraction. As of late 2025, key entities include:

• Gallop Oncology (Gallop): Advances LYT-200 (anti-galectin-9 mAb) for hematological malignancies and solid tumors.
• Seaport Therapeutics (Seaport): Advanced novel neuropsychiatric medicines powered by the Glyph platform. Seaport raised a total of $326 million through an oversubscribed Series A of $100 million and a Series B of $226 million since April 2024.
• Celea Therapeutics (Celea): Launched in August 2025 to advance deupirfenidone (LYT-100) for idiopathic pulmonary fibrosis (IPF).

PureTech Health plc's Founded Entities raised $397.5 million in 2024, with over 88% coming from third parties. PureTech is exploring funding mechanisms for deupirfenidone, including a potential spin-out into a new Founded Entity.

Public Equity Markets for Capital and Liquidity

Trading on both the NASDAQ and LSE provides the necessary public market channel for capital raising and liquidity for PureTech Health plc shares. As of late 2025 data:

Market Metric	Value (Late 2025)	Date/Context
LSE Closing Price	122.00	Friday (prior to search date)
LSE 52-Week Low	100.40	April 09, 2025
Market Capitalization (LSE)	£290.5m	As reported
Market Capitalization (TradingView)	290.50 M	As reported
PureTech Level Cash & Equivalents	$319.6 million	As of June 30, 2025
Operational Runway Guidance	Into at least 2028	As of June 30, 2025

The company completed the divestment of its remaining equity holdings in Vor in June 2025, generating gross cash proceeds of approximately $2.8 million.

Direct Licensing and Collaboration Deals with Major Pharmaceutical Partners

Securing deals with large pharmaceutical partners is a critical channel for validating and commercializing the science, often generating non-dilutive capital and future revenue streams. The success of the Karuna Therapeutics (KarXT) channel is a prime example, though that entity was acquired in 2024.

For the six months ended June 30, 2025, contract revenues surged 542.7% to $1.85 million, primarily due to the recognition of royalty revenue from sales of the Cobenfy asset. Regarding potential future deals, PureTech Health plc is entitled to potential future milestone payments and approximately 2% royalties on net annual sales over $2 billion under certain agreements.

The Karuna acquisition by BMS in March 2024 was for a total equity value of approximately $14 billion, from which PureTech received approximately $293 million gross proceeds, plus eligibility for up to $400 million in future milestones and royalties.

Scientific Conferences for Data Dissemination and Visibility

Presenting clinical data at major scientific meetings is the channel used to establish scientific credibility and attract potential partners or investors based on clinical milestones. PureTech Health plc actively participates in these forums.

• Gallop Oncology announced that additional details from its Phase 1b trial of LYT-200 would be shared at the 67th American Society of Hematology (ASH) Annual Meeting on December 6th, 2025.
• PureTech presented at the Jefferies Global Healthcare Conference on June 5, 2025, and the Leerink Partners Global Healthcare Conference on March 11, 2025.
• The company presented its 2024 Annual Report and Financial Results on April 30, 2025.

The company's R&D engine has resulted in the development of 29 therapeutics and therapeutic candidates, including three approved by the U.S. Food and Drug Administration.

PureTech Health plc (PRTC) - Canvas Business Model: Customer Segments

You're looking at the core groups PureTech Health plc targets to advance its science and create shareholder value. This company operates on a hub-and-spoke model, meaning its direct customers aren't always the end-users, but rather the entities that fund and commercialize the de-risked assets.

Large pharmaceutical companies seeking late-stage, de-risked assets

PureTech Health plc identifies, shapes, and de-risks high-conviction assets, scaling them through dedicated structures backed by external capital to accelerate their path to patients. This strategy positions their clinical-stage assets as attractive late-stage partnership or acquisition targets for larger pharmaceutical players.

• LYT-100 for Idiopathic Pulmonary Fibrosis (IPF) is being advanced toward registration-enabling studies.
• LYT-200, via Gallop Oncology, targets metastatic/locally advanced solid tumors and Acute Myeloid Leukemia (AML).
• The company has previously scaled programs through partnerships with 'several top health companies, providers, pharma and device original equipment manufacturers'.

Institutional and retail investors seeking biotech exposure and capital returns

Shareholders are a key segment, as the company's model is designed to create sustainable value for them while maintaining operational flexibility. The company's financial position is a direct indicator of its appeal to this group.

Metric	Value as of Late 2025	Date/Period End	Citation Index
PureTech Level Cash, Cash Equivalents and Short-Term Investments	$319.6 million	June 30, 2025	9, 15
Expected Operational Runway	Into 2028	As of June 30, 2025	15
Institutional Ownership	1.47%	September 23, 2025	5
Consolidated Operating Expenses (H1 2025)	$49.8 million	Six months ended June 30, 2025	15

The company appointed UBS and Peel Hunt as joint UK corporate brokers to deepen engagement with the investor base.

Patients with devastating diseases like IPF, AML, and CNS disorders

The ultimate beneficiaries of the science are patients suffering from serious, unmet medical needs. PureTech Health plc is dedicated to changing the lives of these patients through novel medicine classes.

• Patients with Idiopathic Pulmonary Fibrosis (IPF) are a target for deupirfenidone (LYT-100).
• Patients with Acute Myeloid Leukemia (AML) and high-risk myelodysplastic syndrome (MDS) are targeted by LYT-200 through Gallop Oncology.
• Patients with neuropsychiatric disorders are the focus of Seaport Therapeutics, which advances medicines powered by the Glyph platform.

Top-tier life science venture capital funds for spinout financing

External capital providers are crucial customers for PureTech Health's Founded Entities, as this funding mechanism allows the company to advance programs without significant dilution to the parent entity.

Founded Entity/Financing Event	Metric	Value/Stake	Citation Index
Seaport Therapeutics	Series B Post-Money Valuation	$733 million	6
Seaport Therapeutics	PureTech Equity Stake	35.1%	6
Founded Entities (Total)	Capital Raised in 2024	$397.5 million	18
Founded Entities (Total)	Third-Party Capital Percentage (2024)	Over 88%	18

Celea Therapeutics and Gallop Oncology are actively moving toward securing independent external funding, which is expected to remove the majority of their R&D spend from the PureTech level balance sheet.

PureTech Health plc (PRTC) - Canvas Business Model: Cost Structure

You're looking at the cost side of the PureTech Health plc engine, which is heavily weighted toward advancing its pipeline through its hub-and-spoke model. Honestly, for a clinical-stage biotherapeutics company, this is where the bulk of the cash goes.

The overall spending picture for the first half of 2025 shows a tightening of the belt compared to the prior year. Consolidated operating expenses for the six months ended June 30, 2025, totaled $49.8 million. This is a notable reduction from the $66.7 million reported for the same period in 2024.

Research and Development (R&D) expenses for wholly-owned programs are a major component of that operating expense figure. While the specific R&D dollar amount for H1 2025 isn't broken out separately from the consolidated total, we know this spend was lower than in previous periods due to the transition of certain programs. Specifically, there was a decrease in operating loss driven by lower research and development spend following the deconsolidation of Seaport in October 2024.

General and administrative (G&A) expenses are also a key cost. The search results confirm that G&A expenses were reduced at the PureTech level in H1 2024 compared to the prior year, reflecting efficiency drives. However, the precise G&A expense for H1 2025 is not explicitly stated; it is bundled within the $49.8 million consolidated operating expense. What this estimate hides is the exact split between R&D and G&A for the first half of 2025.

Costs associated with spinning out and establishing new entities are managed by shifting future R&D costs off the PureTech balance sheet, leveraging external capital in the Founded Entities. A recent example of this structural shift is the August 2025 launch of the new Founded Entity, Celea Therapeutics, to advance deupirfenidone. On the capital side, PureTech Health plc completed the divestment of its remaining equity holdings in Vor as of June 26, 2025, receiving gross cash proceeds of approximately $2.8 million before expenses.

Clinical trial costs for lead candidates like LYT-100 and LYT-200 are embedded within the R&D spend. The capital-intensive nature of these activities is underscored by the company's substantial negative free cash flow, which was approximately $160 million, highlighting the ongoing cash burn for development. LYT-200, for instance, is in an ongoing Phase 1b trial, with new data expected at the American Society of Hematology Annual Meeting on December 6, 2025. LYT-100 also saw new Phase 2b analyses presented in October 2025.

Here are the concrete financial figures we have for the Cost Structure as of the latest reporting:

Cost Component / Metric	Amount (USD)	Period / Date
Consolidated Operating Expenses	$49.8 million	Six months ended June 30, 2025
Consolidated Operating Expenses (Prior Year Comparison)	$66.7 million	Six months ended June 30, 2024
Negative Free Cash Flow (General Indicator)	Approximately $160 million	2025 (General)
Gross Cash Proceeds from Vor Divestment	Approximately $2.8 million	As of June 26, 2025
Consolidated Cash, Cash Equivalents, and Short-Term Investments	Just under $320.0 million	As of June 30, 2025

The management of these costs is directly tied to the company's structure and runway:

• Expected operational runway into 2028 as of June 30, 2025.
• Anticipated significant reduction in operational expenses starting in 2026 as support transitions to Founded Entities.
• LYT-200 Phase 1b trial achieved a 38% complete response rate when combined with standard-of-care therapy.
• LYT-200 in AML showed a median overall survival of 13.2 months in heavily pretreated patients.
• LYT-200 received Fast Track designation from the FDA for AML.

Finance: draft 13-week cash view by Friday.

PureTech Health plc (PRTC) - Canvas Business Model: Revenue Streams

You're looking at the actual cash flow drivers for PureTech Health plc as of late 2025, which is heavily weighted toward the success of its Founded Entities and asset monetization, rather than traditional product sales.

The most immediate and concrete revenue recognized in the first half of 2025 came from contract and royalty streams, reflecting the commercial progress of its portfolio. Total revenue for the six months ended June 30, 2025, hit $1,851 thousand, a massive jump of 542% compared to the same period in 2024, which was only $288 thousand, entirely from grants. So, the story here is the shift from grant-dependent income to commercial asset recognition.

Here's a breakdown of the key components driving that revenue recognition:

• The surge is primarily due to the recognition of royalty revenue from sales of Cobenfy (formerly KarXT), which the U.S. Food and Drug Administration approved in September 2024.
• Contract Revenue was $1,851 thousand for the six months ended June 30, 2025.
• This was partially offset by a decrease in grant revenue of $0.3 million related to completed grants in 2024.
• PureTech level cash, cash equivalents and short-term investments stood at $319.6 million as of June 30, 2025, giving the company operational runway into 2028.

Monetization of equity stakes in Founded Entities provides significant, albeit lumpy, cash infusions. This is a core part of the hub-and-spoke model-de-risk, spin out, and then realize value.

Revenue Stream Component	Founded Entity/Asset	2025 Financial Data Point	Context/Timing
Monetization of Equity Stake (Divestment)	Vor Biopharma	Gross cash proceeds of approximately $2.8 million before expenses	Completed divestment on June 26, 2025.
Royalty Income Potential	Cobenfy (KarXT)	2% royalty on annual sales above $2 billion	Based on the patent license agreement with Karuna/BMS.
Projected Value from Royalty	Cobenfy (KarXT)	Approximately $300 million over time based on analyst forecasts	Represents potential future value from the commercialized asset.
Equity Stake Value Realization	Seaport Therapeutics	35.1% ownership stake; $733 million post-money valuation at Series B	Valuation as of H1 2025 reporting.
Contract Revenue (H1 2025)	Total Revenue Source	$1,851 thousand	For the six months ended June 30, 2025.

Milestone payments from licensing and collaboration agreements are a key potential driver, though specific payments recognized in H1 2025 aren't itemized separately from the royalty revenue in the top-line total. The FDA approval of Cobenfy in September 2024 was the trigger for unlocking the first in a series of potential milestone payments, which are tied to the agreement with Bristol Myers Squibb.

The potential for future M&A proceeds is embedded in the valuation of the Founded Entities. For instance, Seaport Therapeutics, which launched with a $100 million Series A and later a $226 million Series B, represents a significant pool of unrealized value. The total capital raised by Seaport since April 2024 reached $326 million. If Seaport were to have a liquidity event, that 35.1% stake would convert into a substantial cash inflow for PureTech Health plc.

Honestly, the model relies on these discrete, high-value events. You see the cash from Vor, and you see the royalty recognition from Cobenfy starting to flow.