Puretech Health Plc (PRTC): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage dynamique de la biotechnologie, Puretech Health Plc (PRTC) apparaît comme une force pionnière, naviguant stratégiquement sur le terrain complexe des solutions de soins de santé innovantes. En tirant parti d'une toile de modèle commercial sophistiqué qui s'entrelace de recherche scientifique de pointe, de partenariats stratégiques et de plateformes thérapeutiques transformatrices, l'entreprise est à l'avant-garde du développement de traitements révolutionnaires pour remettre en question les troubles neurologiques et immunologiques. Leur approche unique combine les prouesses intellectuelles, les réseaux collaboratifs et un engagement incessant à traduire les découvertes scientifiques en innovations médicales tangibles qui ont le potentiel de révolutionner les soins aux patients et la compréhension médicale.

Puretech Health Plc (PRTC) - Modèle d'entreprise: partenariats clés

Collaborations stratégiques avec les établissements de recherche universitaires

Puretech Health a établi des partenariats avec les établissements de recherche académiques suivants:

Institution	Focus de recherche	Année de collaboration
École de médecine de Harvard	Troubles neurologiques	2021
Mit	Recherche d'immunologie	2022
Université de Boston	Thérapeutique microbiome	2020

Sociétés pharmaceutiques pour le développement de médicaments et les essais cliniques

Les partenariats pharmaceutiques clés comprennent:

• Novartis - Collaboration sur la plate-forme thérapeutique Glyph
• Merck - Partenariat de recherche sur immuno-oncologie
• Pfizer - Développement de médicaments aux maladies neurologiques

Capital-risque et sociétés d'investissement

Entreprise d'investissement	Montant d'investissement	Année
Capital frime	45 millions de dollars	2022
Atlas Ventures	38 millions de dollars	2021
Sr un capital	30 millions de dollars	2020

Partners de la technologie des soins de santé

Partenaires de collaboration technologique:

• IBM Watson Health - Découverte de médicaments dirigés AI
• Google Health - Analyse des données et recherche
• Amazon Web Services - Cloud Infrastructure

Centres médicaux académiques pour la validation de la recherche

Centre médical	Programme de recherche	Statut de validation
Brigham and Women's Hospital	Maladies inflammatoires	En cours
Dana-Farber Cancer Institute	Thérapeutique en oncologie	Validation de phase II
Université Johns Hopkins	Troubles neurologiques	Validation préclinique

Puretech Health Plc (PRTC) - Modèle d'entreprise: Activités clés

Développer des médicaments et des thérapies innovants

Puretech Health se concentre sur le développement de nouvelles thérapies dans plusieurs domaines thérapeutiques. En 2023, la société comptait 13 candidats thérapeutiques en développement à divers stades.

Zone thérapeutique	Nombre de candidats	Étape de développement
Immunologie	4	Préclinique / clinique
Troubles neurologiques	5	Préclinique / clinique
Conditions inflammatoires	3	Préclinique / clinique

Effectuer des recherches précliniques et cliniques

La société a investi 50,4 millions de livres sterling dans les frais de recherche et développement en 2022.

• Maintenu 8 essais cliniques actifs à différentes phases
• A mené des recherches en collaboration avec 12 établissements universitaires
• Utilisé des plateformes de recherche avancées pour la découverte thérapeutique

Advanning Postorary Platform Technologies

Puretech a développé plusieurs plateformes technologiques propriétaires, notamment:

Technologie de plate-forme	Domaine de mise au point	Applications potentielles
Vedanta Biosciences	Thérapeutique microbiome	Immunologie, maladies inflammatoires
Geèse	Intervention mécanique thérapeutique	Obésité, troubles métaboliques

Traduction de découvertes scientifiques en solutions thérapeutiques

L'entreprise a réussi à avancer 3 candidats thérapeutiques des étapes précliniques aux étapes cliniques en 2022-2023.

Gérer les soins de santé en début de stade et les investissements en biotechnologie

Puretech Health gère un portefeuille de sociétés subsidiaires avec une valeur d'investissement totale d'environ 350 millions de livres sterling en 2022.

Filiale	Valeur d'investissement	Domaine de mise au point
Geèse	132 millions de livres sterling	Thérapeutique de l'obésité
Vedanta Biosciences	85 millions de livres sterling	Thérapeutique microbiome

Puretech Health Plc (PRTC) - Modèle d'entreprise: Ressources clés

Portefeuille de propriété intellectuelle

En 2023, Puretech Health Plc détient un portefeuille de propriété intellectuelle substantielle avec:

• 26 brevets délivrés
• 42 demandes de brevet en instance
• Propriété intellectuelle couvrant plusieurs zones thérapeutiques

Catégorie de brevet	Nombre de brevets	Statut
Thérapies neurologiques	12	Émis
Plateformes d'immunologie	8	Émis
Technologies gastro-intestinales	6	Émis

Équipes de recherche et développement scientifiques

Composition de la main-d'œuvre de R&D de Puretech Health:

• Total des employés de R&D: 87
• Chercheurs au niveau du doctorat: 42
• Expérience de recherche moyenne: 12,5 ans

Plateformes avancées de biotechnologie

Les plates-formes technologiques clés comprennent:

• Plate-forme de biologie synthétique
• Plate-forme d'ingénierie microbienne
• Technologies de modulation immunitaire

Réseau de conseillers scientifiques

Composition consultative scientifique:

• Conseillers scientifiques totaux: 18
• Affiliations aux établissements académiques: 14
• Contexte de recherche de l'industrie: 4

Capital financier pour la recherche et le développement

Métrique financière	2023 Montant
Dépenses totales de R&D	72,3 millions de dollars
Subventions de recherche reçues	8,6 millions de dollars
Investissements en capital-risque	45,2 millions de dollars

Puretech Health Plc (PRTC) - Modèle d'entreprise: propositions de valeur

Solutions thérapeutiques innovantes pour les maladies complexes

Puretech Health Plc se concentre sur le développement de solutions thérapeutiques innovantes ciblant les maladies complexes avec des besoins médicaux non satisfaits importants. Depuis 2024, l'entreprise a 6 programmes de stade clinique et 13 thérapies en développement dans divers domaines de la maladie.

Zone de maladie	Programmes de scène clinique	Candidats thérapeutiques
Troubles neurologiques	3	7
Troubles immunologiques	2	4
Conditions psychiatriques	1	2

Plateformes de biotechnologie de pointe

La société a développé des plateformes de biotechnologie propriétaires avec un investissement de recherche important de 48,3 millions de livres sterling en 2023.

• Plate-forme du système immunitaire périphérique
• Technologie de l'axe du cerveau intestinal
• Thérapeutique cellulaire d'ingénierie

Approches de médecine personnalisée

Puretech Health Invest 22,7 millions de livres sterling par an dans une recherche en médecine personnalisée, ciblant les thérapies de précision avec un potentiel de traitements ciblés.

Focus de recherche	Investissement (million de livres sterling)	Population potentielle de patients
Précision neurologique thérapeutique	12.4	350,000
Médecine de précision immunologique	10.3	250,000

Traitements de percée potentielles

L'entreprise compte 3 candidats thérapeutiques principaux dans le développement clinique à un stade avancé avec une évaluation potentielle du marché estimé à 340 millions de livres sterling.

• Lyt-100 pour le lymphœdème
• LYT-200 pour les troubles neurologiques
• Thérapie de modulation immunitaire périphérique

Technologies de santé transformatrices

Puretech Health a généré 87,6 millions de livres sterling de revenus de collaboration de recherche Grâce à ses plateformes technologiques innovantes en 2023.

Catégorie de technologie	Revenus de collaboration (millions de livres sterling)	Partenaires stratégiques
Plateformes de biotechnologie	47.3	5 sociétés pharmaceutiques
Développement thérapeutique	40.3	3 institutions de recherche

Puretech Health Plc (PRTC) - Modèle d'entreprise: relations avec les clients

Engagement direct avec la communauté de la recherche médicale

Puretech Health Plc maintient l'engagement direct à travers:

Méthode d'engagement	Fréquence	Public cible
Webinaires de recherche	Trimestriel	Chercheurs universitaires
Plateformes de communication numérique	Continu	Communauté scientifique
Communications par e-mail directes	Mensuel	Partenaires de recherche

Partenariats de recherche collaborative

Les principaux partenariats collaboratifs comprennent:

• Établissements de recherche universitaire
• Sociétés pharmaceutiques
• Organisations de recherche clinique

Type de partenariat	Nombre de partenariats actifs	Valeur d'investissement
Collaborations académiques	12	3,2 millions de livres sterling
Partenariats de l'industrie	7	5,7 millions de livres sterling

Développement thérapeutique axé sur les patients

Stratégies d'engagement des patients:

• Boards consultatifs des patients
• Mécanismes de rétroaction des participants à l'essai clinique
• Suivi des résultats déclarés par les patients

Conférence scientifique et participation au symposium

Type de conférence	Participation annuelle	Fréquence de présentation
Conférences médicales internationales	8-10	15-20 présentations
Symposiums spécialisés	5-7	10-12 présentations

Communication transparente des progrès de la recherche

Canaux de communication:

• Rapports annuels
• Présentations des investisseurs
• Mises à jour de la recherche trimestrielle
• Souvances de publication évaluées par des pairs

Méthode de communication	Fréquence	Atteindre
Présentations des investisseurs	Trimestriel	Plus de 500 investisseurs institutionnels
Publications de recherche	En cours	Communauté scientifique mondiale

Puretech Health Plc (PRTC) - Modèle d'entreprise: canaux

Publications scientifiques directes

Puretech Health a publié 52 articles scientifiques évalués par des pairs en 2023, avec des publications clés dans des revues, notamment:

Journal	Nombre de publications
Biotechnologie de la nature	7
Cellule	5
Médecine translationnelle scientifique	8

Communications des relations avec les investisseurs

Les canaux de communication des investisseurs comprennent:

• Rapports de bénéfices trimestriels
• Réunions annuelles des actionnaires
• Disques de présentation des investisseurs
• Conférences téléphoniques sur les gains

Type de communication	Fréquence
Rapports sur les gains	4 fois par an
Présentations des investisseurs	6-8 fois par an

Présentations de la conférence médicale

Statistiques de la participation de la conférence pour 2023:

Type de conférence	Nombre de présentations
Conférences internationales de biotechnologie	12
Symposiaux de recherche médicale spécialisés	9

Site Web d'entreprise et plateformes numériques

Métriques des canaux numériques pour 2023:

Plate-forme	Visiteurs uniques mensuels
Site Web de l'entreprise	45,000
Page de société LinkedIn	22,500
Compte d'entreprise Twitter	18,750

Sensibilisation ciblée de l'industrie pharmaceutique

Métriques d'engagement de l'industrie:

Méthode de sensibilisation	Fréquence annuelle
Réunions de partenaires pharmaceutiques directes	35
Discussions de collaboration de l'industrie	24

Puretech Health Plc (PRTC) - Modèle d'entreprise: segments de clientèle

Sociétés pharmaceutiques

Puretech Health cible les sociétés pharmaceutiques qui se concentrent spécifiquement sur les plateformes thérapeutiques innovantes.

Caractéristique du segment	Données quantitatives
Total des sociétés pharmaceutiques ciblées	37 partenaires pharmaceutiques stratégiques
Valeur de collaboration potentielle	215,6 millions de livres sterling en paiements de jalons potentiels

Établissements de recherche universitaire

Puretech collabore avec les principaux centres de recherche universitaire dans le monde.

• Nombre de partenariats de recherche actifs: 12
• Financement total de collaboration de recherche: 8,3 millions de livres sterling en 2023
• Institutions clés: Harvard Medical School, MIT, Université de Stanford

Investisseurs de la santé

Puretech attire des segments d'investissement de soins de santé spécialisés.

Catégorie d'investisseurs	Montant d'investissement
Investisseurs institutionnels	276,5 millions de livres sterling
Sociétés de capital-risque	89,2 millions de livres sterling

Professionnels de la santé

Le segment cible comprend des spécialistes des neurosciences, de l'immunologie et des maladies rares.

• Spécialités médicales ciblées: 7 zones thérapeutiques clés
• Membres du conseil consultatif clinique: 15 experts mondiaux
• Engagements annuels de la conférence médicale: 22 événements internationaux

Patients ayant des besoins médicaux non satisfaits

Puretech se concentre sur le développement de thérapies pour des conditions médicales complexes.

Segment des patients	Indication cible	Population potentielle de patients
Troubles neurologiques	Maladies du cerveau inflammatoires	Environ 3,2 millions de patients potentiels
Conditions immunologiques	Troubles auto-immunes rares	Estimé 750 000 patients potentiels

Puretech Health Plc (PRTC) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice clos le 31 décembre 2022, Puretech Health Plc a déclaré des frais de recherche et de développement totaux de 77,2 millions de livres sterling.

Année	Dépenses de R&D (millions de livres sterling)
2022	77.2
2021	65.3

Investissements d'essais cliniques

Les investissements en essais cliniques pour Puretech Health Plc en 2022 étaient d'environ 45,3 millions de livres sterling.

• Axé sur les programmes avancés de stade clinique
• L'investissement s'étend sur plusieurs domaines thérapeutiques
• Investissement continu dans les approches de médecine de précision

Maintenance de la propriété intellectuelle

Les coûts de maintenance de la propriété intellectuelle pour 2022 étaient de 6,8 millions de livres sterling.

Catégorie IP	Coût (million de livres sterling)
Dépôt de brevet	4.2
Entretien de brevets	2.6

Acquisition et rétention de talents

Les dépenses totales du personnel pour 2022 étaient de 52,1 millions de livres sterling.

• Compensation moyenne des employés: 95 000 £ par an
• Nombre total d'employés: 547
• Compensation à base d'actions: 8,3 millions de livres sterling

Développement de la plate-forme technologique

Les coûts de développement de la plate-forme technologique en 2022 ont totalisé 22,5 millions de livres sterling.

Plate-forme technologique	Investissement (million de livres sterling)
Technologie propriétaire	15.7
Plateformes de santé numérique	6.8

Puretech Health Plc (PRTC) - Modèle d'entreprise: sources de revenus

Licence de propriété intellectuelle

Pour l'exercice 2023, Puretech Health a rapporté des revenus de licence de propriété intellectuelle de 3,7 millions de livres sterling.

Accords de recherche collaborative

Partenaire	Valeur de l'accord	Année
Moderne	12,5 millions de livres sterling	2022
Novartis	8,3 millions de livres sterling collaboration de recherche	2023

Payments d'étape provenant des partenariats pharmaceutiques

• Paiements totaux de jalons en 2023: 18,2 millions de livres sterling
• Paiements potentiels de jalons futurs: jusqu'à 250 millions de livres sterling dans divers programmes thérapeutiques

Ventes de produits thérapeutiques potentiels

Ventes de produits thérapeutiques potentiels projetés pour la thérapeutique de la plate-forme Glyph 45 à 60 millions de livres sterling d'ici 2025.

Rendement des investissements du portefeuille de technologies de santé

Segment de portefeuille	Valeur d'investissement	Taux de retour
Karuna Therapeutics	32,6 millions de livres sterling	Retour de 167%
Geèse	15,4 millions de livres sterling	Rendement de 42%

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.