PureTech Health FY22 Revenue Declines 10.2% YoY, Here Are The Details

PureTech Health plc PRTC PRTC released its results for the year ended December 31, 2022, revealing revenue of $15.6 million, a decrease of 10.2% compared to $17.4 million in 2021.

Financial Highlights

• Net loss for the year attributable to the owners of the company was $50.4 million compared to a loss of $60.6 million in 2021.

• In 2022, PureTech disposed of 602,100 shares of Karuna KRTX common stock for cash consideration of approximately $115.4 million.

• PureTech level cash, cash equivalents and short-term investments were $339.5 million as of December 31, 2022.

• Consolidated cash, cash equivalents and short-term investments, which includes cash held at the PureTech level and at Controlled Founded Entities, were $350.1 million as of December 31, 2022.

• PureTech’s Founded Entities raised $1.28 billion in 2022, almost entirely from third parties.

• PureTech level cash, cash equivalents and short-term investments were $389.4 million, based on consolidated cash, cash equivalents and short-term investments of $391.5 million, as of March 31, 2023

• PureTech’s operational runway extends into the first quarter of 2026.

Continued advancement and growth of PureTech’s Wholly Owned Programs
PureTech’s Wholly Owned Programs advanced rapidly in 2022. Its pipeline includes five therapeutic candidates, four of which are currently clinical stage, including one partnered program. Several upcoming milestones are anticipated for these candidates, including the following:

• LYT-100 (deupirfenidone) is in development for the potential treatment of conditions involving inflammation and fibrosis, including idiopathic fibrosis. PureTech is currently evaluating two doses of LYT-100, one with comparable exposure to the approved dose of pirfenidone and one with a higher level of exposure, in a global, randomized double blind, placebo-controlled trial in patients with IPF, which is expected to serve as the first of two registration enabling trials. Topline results are expected in 2024.

• LYT-300 (oral allopregnanolone) is in development for the potential treatment of anxiety disorders and postpartum depression. A placebo-controlled, Phase 2a, proof-of-concept trial using a validated clinical model of anxiety in healthy volunteers is expected to begin in the first half of 2023, with topline results anticipated by the end of 2023. An open-label, Phase 2a, proof-of-concept clinical trial in women with PPD is expected to begin in the second half of 2023.

• LYT-200 (anti-galectin-9 mAb) is in development for the potential treatment of metastatic solid tumors as well as hematological malignancies, such as acute myeloid leukemia (AML). In 2022, PureTech initiated a Phase 1b trial in AML, and initial results from a subset of patients are expected by the end of 2023. In the 2023 post-period, PureTech also initiated a Phase 1b trial of LYT-200 in combination with an anti PD-1 antibody, tislelizumab, in patients with urothelial or head and neck cancer. Topline results are expected in 2024.

• LYT-310 (oral cannabidiol [CBD]) is in development to expand the therapeutic application of CBD across a range of epilepsies and neurological disorders. LYT-310 is designed to enable oral administration of CBD in a capsule or other patient-friendly metho of administration; expand the use of CBD into a broad range of therapeutic areas and patient populations where higher doses are required to achieve a therapeutic effect; potentially improve safety and reduce gastrointestinal tract side effects that are associated with the currently approved CBD-based treatment by reducing GI and liver exposure; and allow for a readily scalable, consistent product in a cost-effective manner. LYT-310 is expected to enter the clinic in the fourth quarter of 2023.

• Photo by Giorgio Trovato on Unsplash

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