PureTech Health plc Q4 FY2024 earnings call

• PureTech's 2024 was a defining year with progress across portfolio and value-driving milestones. The R&D engine translates scientific innovation to patient impact. - Core mission is to bring new classes of medicine. Hub-and-spoke R&D model with 3 core principles: validated efficacy, clear patient benefit, efficient derisked clinical development. - Wholly-owned programs like deupirfenidone (IPF) and LYT-200 (oncology) have significant progress. COBENFY approved for schizophrenia. - Founded entities provide non-dilutive capital via retained equity, milestones, royalties. Balance sheet protected, avoiding public market capital raises for over 7 years.

At the PureTech level, as of December 31, 2024, cash, cash equivalents and short-term investments were $366.8 million, compared to $326 million at the end of 2023. Consolidated cash, cash equivalents and short-term investments were $367.3 million at the end of 2024 compared to $327.1 million at the end of 2023. On a consolidated basis, revenue in 2024 was $4.8 million compared to $3.3 million in 2023. Operating loss in 2024 was $136.1 million compared to $146.2 million in 2023. Net income for 2024 was $27.8 million compared to a net loss of $66.6 million in 2023. Revenues are mostly from milestone-based payments, royalties, grants, and fluctuate year-to-year.

• Advance deupirfenidone: Intend to discuss Phase 2b results with FDA by end of Q3 2025, aim to initiate Phase 3 by end of 2025, explore funding mechanisms like spinout, equity financing. - Support LYT-200: Top line results from Phase 1b trial in AML/MDS expected in Q3 2025, pursue third-party financing for Gallop Oncology. - Evaluate additional capital return opportunities to address value disconnect.

No specific risks discussed in detail in the provided transcript

Q: Miles Dixon asked about sales start of COBENFY with BMS and details of economics with BMS and Royalty Pharma.

A: COBENFY launched by BMS in late 2024, first quarter sales were good. Regarding economics, PureTech has 3% royalty on product sales, eligible for up to $400 million in milestones from Royalty Pharma, and 2% royalty above $2 billion in sales. Specific milestone tiers are confidential.

Q: Faisal Khurshid asked about path forward for LYT-100 and retaining upside.

A: LYT-100 (deupirfenidone) will advance with potential paths including housing in new founded entity for equity financing, project financing, or strategic pharma partnerships for regional rights. Upside maintained via equity ownership, milestones, and royalties similar to Karuna and Seaport.