Final Results

Summary by AI ^BETAClose X

PureTech Health plc announced its annual results for the year ended December 31, 2025, reporting PureTech level cash, cash equivalents, and short-term investments of $277.1 million as of year-end, with a consolidated balance of $277.3 million. As of March 31, 2026, the company's cash and cash equivalents stood at $248.1 million. The company anticipates an operational runway extending at least through the end of 2028, including expected participation in founded entity fundraisings. The company also announced its intention to voluntarily delist its American Depositary Shares from Nasdaq to concentrate its listing on the London Stock Exchange.

Disclaimer*

(in thousands)	December 31, 2025	December 31, 2024
Cash and cash equivalents	$252,470	$280,641
Short-term investments	24,829	86,666
Consolidated cash, cash equivalents and short-term investments	277,299	367,307
Less: cash and cash equivalents held at non-wholly owned subsidiaries	(237)	(493)
PureTech Level cash, cash equivalents and short-term investments	$277,062	$366,813

	Note	2025 $000s	2024 $000s
Assets
Non-current assets
Property and equipment, net	13	5,202	7,069
Right of use asset, net	23	6,297	8,061
Intangible assets, net	14	601	601
Investments held at fair value	5	217,426	191,426
Investment in associates - equity method	6	-	2,397
Investment in notes from associates, non-current	7	-	6,350
Other non-current assets		165	475
Total non-current assets		229,692	216,379
Current assets
Trade and other receivables	24	1,758	1,522
Income tax receivable		6,372	-
Prepaid expenses		6,576	4,404
Other financial assets	15	1,596	1,642
Investment in notes from associates, current	7	11,417	11,381
Short-term investments	24	24,829	86,666
Cash and cash equivalents	24	252,470	280,641
Total current assets		305,018	386,256
Total assets		534,710	602,635
Equity and liabilities
Equity
Share capital		4,860	4,860
Share premium		290,262	290,262
Treasury stock		(41,154)	(46,864)
Merger reserve		138,506	138,506
Translation reserve		182	182
Other reserve	16	(3,352)	(4,726)
Retained earnings/(Accumulated deficit)		(77,231)	32,486
Equity attributable to the owners of the Group		312,073	414,707
Non-controlling interests	21	(6,397)	(6,774)
Total equity		305,676	407,933
Non-current liabilities
Sale of future royalties liability, non-current	18	170,422	136,782
Lease liability, non-current	23	11,087	14,671
Liability for share-based awards	10	1,217	1,861
Total non-current liabilities		182,726	153,314
Current liabilities
Lease liability, current	23	3,584	3,579
Trade and other payables	22	23,185	27,020
Sale of future royalties liability, current	18	13,247	6,435
Tax liability, current	27	1,208	75
Notes payable	20	4,916	4,111
Preferred share liability	17, 19	169	169
Total current liabilities		46,309	41,388
Total liabilities		229,034	194,702
Total equity and liabilities		534,710	602,635

Companies

PureTech Health (PRTC)

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Celea Therapeutics (Celea) Delivering transformative treatments for people with serious respiratory diseases Economic interest:³ 100%
KEY HIGHLIGHTS	- April 2026 post-period: Publication of results from the Phase 2b ELEVATE IPF trial of deupirfenidone (LYT-100) in people with idiopathic pulmonary fibrosis (IPF) in The American Journal of Respiratory and Critical Care Medicine. - February 2026 post-period: Announced the U.S. Food and Drug Administration (FDA) and European Commission had granted Orphan Drug Designation to deupirfenidone for the treatment of IPF, providing financial and commercial advantages for the development of deupirfenidone. - December 2025: Announced successful completion of the End-of-Phase 2 meeting with the FDA regarding development of deupirfenidone for the treatment of IPF and shared plans for pivotal, Phase 3 head-to-head SURPASS-IPF trial evaluating superiority of deupirfenidone compared with pirfenidone. - Through 2025: Presented data from the Phase 2b ELEVATE IPF trial at various medical meetings, including the American Thoracic Society (ATS) and European Respiratory Society (ERS) annual meetings.
UPCOMING MILESTONES	- Celea has secured sufficient non-binding commitments from external investors, in addition to participation from PureTech, such that the fundraising is substantially complete, subject to continued negotiations. Whilst mindful of macro factors, Celea is targeting to close the financing by early in the third quarter of 2026. The financing is intended to support the Phase 3 SURPASS-IPF trial, which Celea expects to commence in close proximity to closing the financing.
Gallop Oncology (Gallop) Targeting galectin-9 to transform treatment paradigm for people with myeloid malignancies Economic interest:³ 100%
KEY HIGHLIGHTS	- April 2026 post-period: Announced positive topline data from the completed Phase 1b clinical trial of LYT-200 (anti-galectin-9 monoclonal antibody), which evaluated LYT-200 both as a monotherapy and in combination regimens in heavily pretreated patients with relapsed/refractory (R/R) high-risk (HR) myelodysplastic syndrome (MDS) and R/R acute myeloid leukemia (AML). - December 2025: Presented initial topline results from the Phase 1b clinical trial of LYT-200 in patients with R/R HR-MDS and R/R AML at the American Society of Hematology Annual Meeting. - January 2025: FDA granted Fast Track Designation to LYT-200 for the treatment of AML, which is intended to streamline the development and accelerate the assessment of drugs that target serious conditions with unmet medical need. LYT-200 was also granted Orphan Drug Designation in 2024, providing financial and commercial advantages for the development of LYT-200 in AML.
UPCOMING MILESTONES	- Gallop has selected a recommended Phase 2 dose and intends to engage with the FDA to discuss the design of a subsequent trial that could potentially support registration of LYT-200 in R/R HR-MDS. - Gallop intends to pursue third-party capital to support a potentially registration-enabling trial in R/R HR-MDS, with the round targeted to close in the first quarter of 2027.
Seaport Therapeutics (Seaport) Inventing and developing new medicines for patients with neuropsychiatric disorders Economic interest:³ 35.0% equity; 3-5% tiered royalties on Glyph product net sales; modest regulatory and commercial milestone payments
KEY HIGHLIGHTS	- April 2026 post-period: Publicly filed a Registration Statement on Form S-1 with the U.S. Securities and Exchange Commission relating to a proposed initial public offering of shares of its common stock. The timing, number of shares to be offered, and the price range for the offering has yet been determined as of the date of this release. The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering. - April 2026 post-period: Announced positive topline data from the single-ascending dose and crossover portions of the ongoing Phase 1 proof-of-concept clinical trial of GlyphAgo™ (SPT-320 or Glyph Agomelatine) in healthy adults for the potential treatment of generalized anxiety disorder (GAD), having announced first patient dosed in September 2025. - March 2026 post-period: Published first-in-human clinical and preclinical data for GlyphAllo™ (SPT-300 or Glyph Allopregnanolone) in Science Translational Medicine. - July 2025: Announced first patient dosed in the Phase 2b BUOY-1 trial of GlyphAllo in patients with major depressive disorder (MDD) with or without anxious distress. - February 2025: Published new data in Molecular Pharmaceutics showcasing the Glyph platform's unique ability to enhance drug transport through the lymphatic system for increased therapeutic exposure.
UPCOMING MILESTONES	- Seaport anticipates topline data from the Phase 2b BUOY-1 trial of GlyphAllo in patients with MDD with or without anxious distress in the first half of 2027. - Seaport plans to initiate a Phase 2a proof-of-pharmacology trial designed to evaluate the potential sleep benefit of GlyphAgo in patients with GAD and sleep disturbance, with topline data expected in early 2028. - Seaport also plans to initiate, in parallel, a Phase 2b trial evaluating the efficacy and safety of GlyphAgo in patients with GAD, with topline data expected by the end of 2028.
Karuna Therapeutics (Karuna) (Acquired by Bristol Myers Squibb as of March 18, 2024) Economic interest: 2% royalty on annual Cobenfy^™4 sales above $2 billion in addition to milestone payments under its agreements with Royalty Pharma and Bristol Myers Squibb upon the achievements of certain regulatory approvals and Cobenfy sales milestones
KEY HIGHLIGHTS	Karuna was a PureTech Founded Entity through which Cobenfy™ (xanomeline and trospium chloride; formerly known as KarXT) was invented and advanced. Cobenfy was approved by the U.S. Food and Drug Administration on September 26, 2024, for the treatment of schizophrenia in adults. It is the first new mechanism approved to treat schizophrenia in decades.
UPCOMING MILESTONES	Under Bristol Myers Squibb, Cobenfy continues to be evaluated across additional indications, including in the Phase 3 ADEPT program for the treatment of psychosis associated with Alzheimer's disease. For additional details and updates, please refer to Bristol Myers Squibb's disclosures.

Risk	Impact*	Management Plans/Actions
1 Risks related to science and technology failure
The science and technology being developed or commercialized by some of our businesses may fail and/or our businesses may not be able to develop their intellectual property into commercially viable therapeutics or technologies. There is also a risk that certain of the businesses may fail or not succeed as anticipated, resulting in significant decline of our value.	The failure of any of our businesses could decrease our value. A failure of one of the major businesses could also impact the reputation of PureTech as a developer of high value technologies and possibly make additional fundraising by PureTech or any Founded Entity more difficult or unavailable on acceptable terms at all.	Prior to additional steps in the development of any technology, extensive due diligence is carried out that covers all the major business risks, including technological feasibility, competition and technology advances, market size, strategy, adoption and intellectual property protection. A capital efficient approach is employed, which requires the achievement of a level of proof of concept prior to the commitment of substantial capital is committed. Capital deployment is generally tranched to ensure the funding of programs only to their next value milestone. Members of our Board or our management team serve on the board of directors of several of the businesses so as to continue to guide each business's strategy and to oversee proper execution thereof. We use our extensive network of advisors to ensure that each business has appropriate domain expertise as it develops and executes on its strategy and the R&D Committee of our Board reviews each program at each stage of development and advises our Board on further actions. Additionally, we have a diversified model with numerous assets such that the failure of any one of our businesses or therapeutic candidates would not result in a failure of all of our businesses.
2 Risks related to clinical trial failure
Clinical trials and other tests to assess the commercial viability of a therapeutic candidate are typically expensive, complex and time-consuming, and have uncertain outcomes. Conditions in which clinical trials are conducted differ, and results achieved in one set of conditions could be different from the results achieved in different conditions or with different subject populations. If our therapeutic candidates fail to achieve successful outcomes in their respective clinical trials, the therapeutics will not receive regulatory approval and in such event cannot be commercialized. In addition, if we fail to complete or experience delays in completing clinical tests for any of our therapeutic candidates, we may not be able to obtain regulatory approval or commercialize our therapeutic candidates on a timely basis, or at all.	A critical failure of a clinical trial may result in termination of the program and a significant decrease in our value. Significant delays in a clinical trial to support the appropriate regulatory approvals could impact the amount of capital required for the business to become fully sustainable on a cash flow basis.	We have a diversified model to limit the impact of clinical trial outcomes on our ability to operate as a going concern. We have dedicated internal resources to establish and monitor each of the clinical programs for the purpose of maximising successful outcomes. We also engage outside experts to help create well-designed clinical programs that provide valuable information and mitigate the risk of failure. Significant scientific due diligence and preclinical experiments are conducted prior to a clinical trial to evaluate the odds of the success of the trial. In the event of the outsourcing of these trials, care and attention are given to assure the quality of the vendors used to perform the work.
3 Risks related to regulatory approval
The pharmaceutical industry is highly regulated. Regulatory authorities across the world enforce a range of laws and regulations governing the testing, approval, manufacturing, labelling and marketing of pharmaceutical therapeutics. Stringent standards are imposed which relate to the quality, safety and efficacy of these therapeutics. These requirements are a major determinant of the commercial viability of developing a drug substance or medical device given the time, expertise and expense which must be invested. We may not obtain regulatory approval for our therapeutic candidates. Moreover, approval in one territory offers no guarantee that regulatory approval will be obtained in any other territory. Even if therapeutics are approved, subsequent regulatory difficulties may arise, or the conditions relating to the approval may be more onerous or restrictive than we anticipate.	The failure of one of our therapeutics to obtain any required regulatory approval, or conditions imposed in connection with any such approval, may result in a significant decrease in our value.	We manage our regulatory risk by employing highly experienced clinical managers and regulatory affairs professionals who, where appropriate, will commission advice from external advisors and consult with the regulatory authorities on the design of our preclinical and clinical programs. These experts ensure that high-quality protocols and other documentation are submitted during the regulatory process, and that well-reputed contract research organizations with global capabilities are retained to manage the trials. We also engage with experts, including on our R&D Committee, to help design clinical trials to help provide valuable information and maximize the likelihood of regulatory approval. Additionally, we have a diversified model with numerous assets such that the failure to receive regulatory approval or subsequent regulatory difficulties with respect to any one therapeutic would not adversely impact all of our therapeutics and businesses.
4 Risks related to therapeutic safety
There is a risk of adverse reactions with all drugs and medical devices. If any of our therapeutics are found to cause adverse reactions or unacceptable side effects, then therapeutic development may be delayed, additional expenses may be incurred if further studies are required, and, in extreme circumstances, it may prove necessary to suspend or terminate development. This may occur even after regulatory approval has been obtained, in which case additional trials may be required, the approval may be suspended or withdrawn or require product labels to include additional safety warnings. Adverse events or unforeseen side effects may also potentially lead to product liability claims against us as the developer of the therapeutics and sponsor of the relevant clinical trials. These risks are also applicable to our Founded Entities and any trials they conduct or therapeutic candidates they develop.	Adverse reactions or unacceptable side effects may result in a smaller market for our therapeutics, or even cause the therapeutics to fail to meet regulatory requirements necessary for sale of the therapeutic. This, as well as any claims for injury or harm resulting from our therapeutics, may result in a significant decrease in our value.	Safety is our top priority in the design of our therapeutics. We conduct extensive preclinical and clinical trials which test for and identify any adverse side effects. Despite these steps and precautions, we cannot fully avoid the possibility of unforeseen side effects. To mitigate the risk further we have insurance in place to cover product liability claims which may arise during the conduct of clinical trials.
5 Risks related to Programs or Founded Entities
We may be unable to achieving funding for our Founded Entities or our various therapeutic Programs if potential sources of financing, including venture capital groups, industry partners, and others, do not believe such entities or programs can become profitable or otherwise form the basis for investment or if broader market conditions are unfavourable for raising capital at the point in time at which such capital is needed. Conditions for raising capital differ materially on a case-by-case basis and there is no guarantee that our ability to raise capital in one circumstance or from one partner will translate to other circumstances or partners. Raising capital at appropriate times in the development cycle of therapeutic candidates is crucial to their clinical progression, and a failure to raise capital at the necessary time could impair our ability to progress such candidates.	The failure to obtain funding for any of our Founded Entities or therapeutic candidates could result in the need to spend additional resources to progress these assets internally or could otherwise require us to delay or cease development activities with respect to specific therapeutic candidates or Founded Entities.	We maintain relationships with key potential funding partners for our various Programs and Founded Entities and dedicate significant resources and time to such relationships. We seek to employ repeatable approaches that allow for pattern recognition and streamlined investment decisions for third parties. We also perform key experiments and other work early in the development process for any therapeutic candidate to de-risk development activities and promote third party investment.
6 Risks related to therapeutic profitability and competition
We may be unable to sell our therapeutics profitably if reimbursement from third-party payers - such as private health insurers and government health authorities - is restricted or not available. If, for example, it proves difficult to build a sufficiently strong economic case based on the burden of illness and population impact. Third-party payers are increasingly attempting to curtail healthcare costs by challenging the prices that are charged for pharmaceutical therapeutics and denying or limiting coverage and the level of reimbursement. Moreover, even if the therapeutics can be sold profitably, they may not be adopted by patients and the medical community. Alternatively, our competitors - many of whom have considerably greater financial and human resources - may develop safer or more effective therapeutics or be able to compete more effectively in the markets targeted by us. New companies may enter these markets and novel therapeutics and technologies may become available which are more commercially successful than those being developed by us. These risks are also applicable to our Founded Entities and could result in a decrease in their value.	The failure to obtain reimbursement from third party payers, and competition from other therapeutics, could significantly decrease the amount of revenue we may receive from therapeutic sales for certain therapeutics. This may result in a significant decrease in our value.	We engage reimbursement experts to conduct pricing and reimbursement studies for our therapeutics to ensure that a viable path to reimbursement, or direct user payment, is available. We also closely monitor the competitive landscape for our therapeutics and therapeutic candidates and adapt our business plans accordingly. Not all therapeutics that we are developing will rely on reimbursement. Also, while we cannot control outcomes, we seek to design studies to generate data that will help support potential reimbursement.
7 Risks related to intellectual property protection
We may not be able to obtain patent protection for some of our therapeutics or maintain the secrecy of their trade secrets and know-how. If we are unsuccessful in doing so, others may market competitive therapeutics at significantly lower prices. Alternatively, we may be sued for infringement of third-party patent rights. If these actions are successful, then we would have to pay substantial damages and potentially remove our therapeutics from the market. We license certain intellectual property rights from third parties. If we fail to comply with our obligations under these agreements, it may enable the other party to terminate the agreement. This could impair our freedom to operate and potentially lead to third parties preventing us from selling certain of our therapeutics.	The failure to obtain patent protection and maintain the secrecy of key information may significantly decrease the amount of revenue we may receive from therapeutic sales. Any infringement litigation against us may result in the payment of substantial damages by us and result in a significant decrease in our value.	We spend significant resources in the prosecution of our patent applications and maintenance of our patents, and we have in-house patent counsel and patent group to help with these activities. We also work with experienced external attorneys and law firms to help with the protection, maintenance and enforcement of our patents. Third party patent filings are monitored to ensure the Group continues to have freedom to operate. Confidential information (both our own and information belonging to third parties) is protected through use of confidential disclosure agreements with third parties, and suitable provisions relating to confidentiality and intellectual property exist in our employment and advisory contracts. Licenses are monitored for compliance with their terms.
8 Risks related to enterprise profitability
We expect to continue to incur substantial expenditure in further research and development activities. There is no guarantee that we will become operationally profitable, and, even if we do so, we may be unable to sustain operational profitability.	The strategic aim of the business is to generate profits for our shareholders through the commercialization of technologies through therapeutic sales, strategic partnerships and sales of businesses or parts thereof. The timing and size of these potential inflows are uncertain. Should revenues from our activities not be achieved, or in the event that they are achieved but at values significantly less than the amount of capital invested, then it would be difficult to sustain our business.	We retain significant cash in order to support funding of our Founded Entities and our Wholly-Owned Programs. We have close relationships with a wide group of investors and strategic partners to ensure we can continue to access the capital markets and additional monetization and funding for our businesses. Additionally, our Founded Entities are able to raise money directly from third party investors and strategic partners.
9 Risks related to hiring and retaining qualified employees and key personnel
We operate in complex and specialized business domains and require highly qualified and experienced management to implement our strategy successfully. We and many of our businesses are located in the United States which is a very competitive employment market. Moreover, the rapid development which is envisaged by us may place unsupportable demands on our current managers and employees, particularly if we cannot attract sufficient new employees. There is also the risk that we may lose key personnel.	The failure to attract highly effective personnel or the loss of key personnel would have an adverse impact on our ability to continue to grow and may negatively affect our competitive advantage.	The Board regularly seeks external expertise to assess the competitiveness of the compensation packages of its senior management. Senior management continually monitors and assesses compensation levels to ensure we remain competitive in the employment market. We maintain an extensive recruiting network through our Board members, advisors and scientific community involvement. We also employ an executive as a full-time in-house recruiter and retain outside recruiters when necessary or advisable. Additionally, we are proactive in our retention efforts and include incentive-based compensation in the form of equity awards and annual bonuses, as well as a competitive benefits package. We have a number of employee engagement efforts to strengthen our PureTech community.

Cash flow and liquidity
PureTech Level cash, cash equivalents and short-term investments	Measure type: Core performance
	Definition: Cash and cash equivalents and short-term investments held at PureTech Health plc and our wholly-owned subsidiaries.
	Why we use it: PureTech Level cash, cash equivalents and short-term investments is a measure that provides valuable additional information with respect to cash, cash equivalents and short-term investments available to fund the Wholly-Owned programs and make certain investments in Founded Entities.

Wholly-Owned Segment	Ownership Percentage
PureTech LYT, Inc.	100.0%
PureTech LYT 100, Inc.	100.0%
Gallop Oncology, Inc. (Indirectly Held through PureTech LYT, Inc.)	100.0%
Controlled Founded Entities Segment
Entrega, Inc.	77.3%
Parent Company and Other¹
Alivio Therapeutics, Inc.²	100.0%
Follica, LLC²	85.4%
Gelesis, Inc.³	-%
Seaport Therapeutics, Inc.⁴	42.9%
Sonde Health, Inc.⁵	40.2%
Vedanta Biosciences, Inc.⁶	5.1%
PureTech Health plc	100.0%
PureTech Health LLC	100.0%
PureTech Securities Corporation	100.0%
PureTech Securities II Corporation	100.0%
PureTech Management, Inc.	100.0%

	Year ended December 31,
(in thousands)	2025	2024	2023	Change (2024 to 2025)	Change (2023 to 2024)
Contract revenue	$4,659	$4,315	$750	$344	$3,565
Grant revenue	-	513	2,580	(513)	(2,067)
Total revenue	4,659	4,828	3,330	(169)	1,498
Operating expenses:
General and administrative expenses	(46,618)	(71,469)	(53,295)	24,852	(18,175)
Research and development expenses	(56,567)	(69,454)	(96,235)	12,887	26,781
Operating income/(loss)	(98,527)	(136,095)	(146,199)	37,569	10,104
Other income/(expense):
Gain/(loss) on deconsolidation of subsidiary	-	151,808	61,787	(151,808)	90,021
Gain/(loss) on investments held at fair value	38,485	(2,398)	77,945	40,883	(80,344)
Realized gain/(loss) on sale of investments	375	151	(122)	225	273
Gain/(loss) on investments in notes from associates	(3,628)	13,131	(27,630)	(16,759)	40,761
Other income/(expense)	1,331	961	(908)	370	1,869
Other income/(expense)	36,564	163,652	111,072	(127,089)	52,580
Net finance income/(costs)	(32,735)	4,773	5,078	(37,508)	(306)
Share of net income/(loss) of associates accounted for using the equity method	(17,928)	(8,754)	(6,055)	(9,174)	(2,699)
Gain/(loss) on dilution of ownership interest in associates	1,699	199	-	1,500	199
Income/(loss) before income taxes	(110,927)	23,774	(36,103)	(134,701)	59,878
Taxation	842	4,008	(30,525)	(3,166)	34,532
Net income/(loss) including non-controlling interest	(110,084)	27,782	(66,628)	(137,867)	94,410
Less income/(loss) attributable to non-controlling interests	(345)	(25,728)	(931)	25,383	(24,797)
Net income/(loss) attributable to the Owners of the Group	$(109,739)	$53,510	$(65,697)	$(163,249)	$119,207

	As of December 31,
(in thousands)	2025	2024	Change
Investments held at fair value	$217,426	$191,426	$26,000
Other non-current assets	12,266	24,953	(12,687)
Non-current assets	229,692	216,379	13,312
Cash and cash equivalents, and short-term investments	277,299	367,307	(90,008)
Other current assets	27,720	18,949	8,771
Current assets	305,018	386,256	(81,237)
Total assets	534,710	602,635	(67,925)
Lease liability	11,087	14,671	(3,584)
Sale of future royalties liability, non-current	170,422	136,782	33,640
Other non-current liabilities	1,217	1,861	(643)
Non-current liabilities	182,726	153,314	29,412
Trade and other payables	23,185	27,020	(3,835)
Notes payable	4,916	4,111	804
Preferred share liability	169	169	-
Sale of future royalties liability, current	13,247	6,435	6,813
Other current liabilities	4,792	3,654	1,138
Current liabilities	46,309	41,388	4,921
Total liabilities	229,034	194,702	34,333
Net assets	305,676	407,933	(102,257)
Total equity	$305,676	$407,933	$(102,257)

		Share Capital			Treasury Shares
	Note	Shares	Amount $000s	Share premium $000s	Shares	Amount $000s	Merger reserve $000s	Translation reserve $000s	Other reserve $000s	Retained earnings/ (accumulated deficit) $000s	Total Parent equity $000s	Non-controlling interests $000s	Total Equity $000s
Balance January 1, 2023		289,161,653	5,455	289,624	(10,595,347)	(26,492)	138,506	89	(14,478)	149,516	542,220	5,369	547,589
Net income/(loss)		-	-	-	-	-	-	-	-	(65,697)	(65,697)	(931)	(66,628)
Other comprehensive income/(loss), net		-	-	-	-	-	-	92	-	-	92	-	92
Total comprehensive income/(loss)		-	-	-	-	-	-	92	-	(65,697)	(65,604)	(931)	(66,535)
Deconsolidation of Subsidiary	8	-	-	-	-	-	-	-	-	-	-	(9,085)	(9,085)
Exercise of stock options	10	306,506	6	638	239,226	530	-	-	(22)	-	1,153	-	1,153
Purchase of Treasury stock	16	-	-	-	(7,683,526)	(19,650)	-	-	-	-	(19,650)	-	(19,650)
Equity-settled share-based awards	10	-	-	-	-	-	-	-	3,348	-	3,348	277	3,625
Expiration of share options in subsidiary	10	-	-	-	-	-	-	-	1,458	-	1,458	(1,458)	-
Settlement of restricted stock units		-	-	-	425,219	986	-	-	156	-	1,142	-	1,142
Other		-	-	-	-	-	-	-	-	-	-	(6)	(6)
Balance December 31, 2023		289,468,159	5,461	290,262	(17,614,428)	(44,626)	138,506	182	(9,538)	83,820	464,066	(5,835)	458,232
Net income/(loss)		-	-	-	-	-	-	-	-	53,510	53,510	(25,728)	27,782
Total comprehensive income/(loss)		-	-	-	-	-	-	-	-	53,510	53,510	(25,728)	27,782
Deconsolidation of Subsidiary	8	-	-	-	-	-	-	-	-	-	-	7,430	7,430
Exercise of stock options	10	-	-	-	412,729	1,041	-	-	(146)	-	895	-	895
Repurchase and cancellation of ordinary shares from Tender Offer	16	(31,540,670)	(600)	-	-	-	-	-	600	(104,844)	(104,844)	-	(104,844)
Purchase of Treasury stock	16	-	-	-	(1,903,990)	(4,791)	-	-	-	-	(4,791)	-	(4,791)
Equity-settled share-based awards expense	10	-	-	-	-	-	-	-	4,569	-	4,569	17,372	21,941
Settlement of restricted stock units	10	-	-	-	599,512	1,512	-	-	(211)	-	1,301	-	1,301
Expiration of share options in subsidiary		-	-	-	-	-	-	-	1	-	1	(1)	-
Other		-	-	-	-	-	-	-	-	-	-	(12)	(12)
Balance December 31, 2024		257,927,489	4,860	290,262	(18,506,177)	(46,864)	138,506	182	(4,726)	32,486	414,707	(6,774)	407,933
Net income/(loss)		-	-	-	-	-	-	-	-	(109,739)	(109,739)	(345)	(110,084)
Total comprehensive income/(loss)		-	-	-	-	-	-	-	-	(109,739)	(109,739)	(345)	(110,084)
Exercise of stock options	10	-	-	-	65,000	164	-	-	(58)	-	106	-	106
Equity-settled share-based awards expense	10	-	-	-	-	-	-	-	6,338	-	6,338	758	7,095
Settlement of restricted stock units	10	-	-	-	2,197,726	5,544	-	-	(4,942)	-	603	-	603
Expiration of share options in subsidiary		-	-	-	-	-	-	-	36	-	36	(36)	-
Other		-	-	-	-	1	-	-	-	22	23	-	23
Balance December 31, 2025		257,927,489	4,860	290,262	(16,243,451)	(41,154)	138,506	182	(3,352)	(77,231)	312,073	(6,397)	305,676

	Voting percentage at December 31, through the holdings in
	2025		2024		2023
Subsidiary	Common	Preferred	Common	Preferred	Common	Preferred
Subsidiary operating companies
Gallop Oncology, Inc. (Indirectly Held through PureTech LYT)^{1, 2}	100.0	-	100.0	-	N/A	N/A
Entrega, Inc. (indirectly held through Enlight)²	-	77.3	-	77.3	-	77.3
PureTech LYT, Inc. (formerly Ariya Therapeutics, Inc.)²	-	100.0	-	100.0	-	100.0
PureTech LYT 100, Inc.²	-	100.0	-	100.0	-	100.0
PureTech Management, Inc.³	100.0	-	100.0	-	100.0	-
PureTech Health LLC³	100.0	-	100.0	-	100.0	-
Deconsolidated former subsidiary operating companies
Sonde Health, Inc.^{2, 4, 6}	-	40.2	-	40.2	-	40.2
Akili Interactive Labs, Inc.^{2, 5, 6}	-	-	-	-	14.6	-
Gelesis, Inc. ^{2, 8}	-	-	-	-	-	-
Seaport Therapeutics, Inc. ^1, ^2, ^{4, 6}	0.8	42.1	0.8	42.1	N/A	N/A
SPTX, Inc. (held Indirectly through Seaport) ^1, ^2, ^{4, 6}	0.8	42.1	0.8	42.1	N/A	N/A
Karuna Therapeutics, Inc.^{2, 5 , 6}	-	-	-	-	2.3	-
Vedanta Biosciences, Inc.^{2, 4, 6}	0.2	4.8	-	46.9	-	47.0
Vedanta Biosciences Securities Corp. (indirectly held through Vedanta)^{2, 4, 6}	0.2	4.8	-	46.9	-	47.0
Vor Biopharma Inc.^{2, 5, 6}	-	-	2.1	-	3.9	-
Non-trading holding companies
Endra Holdings, LLC (held indirectly through Enlight)²	86.0	-	86.0	-	86.0	-
Ensof Holdings, LLC (held indirectly through Enlight)^{2, 7}	-	-	-	-	86.0	-
PureTech Securities Corp.²	100.0	-	100.0	-	100.0	-
PureTech Securities II Corp.²	100.0	-	100.0	-	100.0	-
Inactive subsidiaries
Alivio Therapeutics, Inc.²	-	100.0	-	100.0	-	100.0
Appeering, Inc.^{2, 7}	-	-	-	-	-	100.0
Commense Inc.^{2, 7}	-	-	-	-	-	99.1
Enlight Biosciences, LLC²	86.0	-	86.0	-	86.0	-
Ensof Biosystems, Inc. (held indirectly through Enlight)^{2, 7}	-	-	-	-	57.7	28.3
Follica, LLC ²	28.7	56.7	28.7	56.7	28.7	56.7
Knode Inc. (indirectly held through Enlight)^{2, 7}	-	-	-	-	-	86.0
Libra Biosciences, Inc.^{2, 7}	-	-	-	-	-	100.0
Mandara Sciences, LLC^{2, 7}	-	-	-	-	98.3	-
Tal Medical, LLC.^{2, 7}	-	-	-	-	-	100.0

Laboratory and manufacturing equipment	2-8 years
Furniture and fixtures	7 years
Computer equipment and software	1-5 years
Leasehold improvements	5-10 years, or the remaining term of the lease, if shorter

For the years ended December 31,	2025 $	2024 $	2023 $
Contract revenue	4,659	4,315	750
Grant revenue	-	513	2,580
Total revenue	4,659	4,828	3,330

Timing of contract revenue recognition for the years ended December 31,	2025 $	2024 $	2023 $
Transferred at a point in time	4,659	4,315	-
Transferred over time	-	-	750
	4,659	4,315	750

Customers over 10% of revenue	2025 $	2024 $	2023 $
Customer A	-	-	750
Customer B	4,659	4,315	-
	4,659	4,315	750

	For the year ended December 31, 2025
	Wholly-Owned Segment $	Controlled Founded Entities Segment $	Parent Company and Other $	Consolidated $
Contract revenue	-	-	4,659	4,659
Total revenue	-	-	4,659	4,659
General and administrative expenses	(11,401)	(120)	(35,097)	(46,618)
Research and development expenses	(55,900)	(701)	34	(56,567)
Total operating expenses	(67,301)	(821)	(35,063)	(103,185)
Operating income/(loss)	(67,301)	(821)	(30,405)	(98,527)
Income/(expenses) not allocated to segments
Other income/(expense):
Gain/(loss) on investment held at fair value				38,485
Realized gain/(loss) on sale of investments				375
Gain/(loss) on investment in notes from associates				(3,628)
Other income/(expense)				1,331
Total other income/(expense)				36,564
Net finance income/(costs)				(32,735)
Share of net income/(loss) of associates accounted for using the equity method				(17,928)
Gain on dilution of ownership interest in associate				1,699
Income/(loss) before taxes				(110,927)
	As of December 31, 2025
Available Funds
Cash and cash equivalents	6,361	116	245,993	252,470
Short-term Investments	-	-	24,829	24,829
Consolidated cash, cash equivalents and short-term investments	6,361	116	270,822	277,299

	For the year ended December 31, 2024
	Wholly-Owned Segment $	Controlled Founded Entities Segment $	Parent Company and Other $	Consolidated $
Contract revenue	-	-	4,315	4,315
Grant revenue	513	-	-	513
Total revenue	513	-	4,315	4,828
General and administrative expenses	(8,888)	(173)	(62,408)	(71,469)
Research and development expenses	(56,849)	(672)	(11,933)	(69,454)
Total operating expenses	(65,737)	(845)	(74,341)	(140,923)
Operating income/(loss)	(65,224)	(845)	(70,026)	(136,095)
Income/(expenses) not allocated to segments
Other income/(expense):
Gain on deconsolidation				151,808
Gain/(loss) on investment held at fair value				(2,398)
Realized gain/(loss) on sale of investments				151
Gain/(loss) on investment in notes from associates				13,131
Other income/(expense)				961
Total other income/(expense)				163,652
Net finance income/(costs)				4,773
Share of net income/(loss) of associates accounted for using the equity method				(8,754)
Gain on dilution of ownership interest in associate				199
Income/(loss) before taxes				23,774
	As of December 31, 2024
Available Funds
Cash and cash equivalents	9,062	432	271,148	280,641
Short-term Investments	-	-	86,666	86,666
Consolidated cash, cash equivalents and short-term investments	9,062	432	357,814	367,307

	For the year ended December 31, 2023
	Wholly-Owned Segment $	Controlled Founded Entities Segment $	Parent Company and Other $	Consolidated $
Contract revenue	-	750	-	750
Grant revenue	270	-	2,310	2,580
Total revenue	270	750	2,310	3,330
General and administrative expenses	(13,203)	(562)	(39,530)	(53,295)
Research and development expenses	(87,069)	(672)	(8,494)	(96,235)
Total operating expenses	(100,272)	(1,233)	(48,024)	(149,530)
Operating income/(loss)	(100,002)	(483)	(45,714)	(146,199)
Income/(expenses) not allocated to segments
Other income/(expense):
Gain on deconsolidation				61,787
Gain/(loss) on investment held at fair value				77,945
Realized gain/(loss) on sale of investments				(122)
Gain/(loss) on investment in notes from associates				(27,630)
Other income/(expense)				(908)
Total other income/(expense)				111,072
Net finance income/(costs)				5,078
Share of net income/(loss) of associates accounted for using the equity method				(6,055)
Income/(loss) before taxes				(36,103)

	As of December 31, 2025	As of December 31, 2024
Summarized statement of financial position	$	$
Current assets	222,944	310,151
Non-current assets	25,688	5,632
Current liabilities	(12,633)	(11,149)
Non-current liabilities	(564,576)	(460,996)
Equity awards issued to third parties	(12,425)	(2,042)
Other	(301)	-
Net assets/(liabilities)	(341,302)	(158,405)

Reconciliation to carrying amounts:
Opening net assets/(liabilities)	(158,405)	(156,414)
Profit/(loss) for the period	(182,897)	(1,991)
Closing net assets/(liabilities)	(341,302)	(158,405)

Group's share in %	12.4%	13.1%
Group's share of net assets (net deficit)	(42,300)	(20,764)
Unrecognized goodwill and intangibles	23,162	23,162
Equity method losses recorded against long-term interests	(19,138)	-
Carrying amount of Investment in associates	-	2,397
	For the year ended December 31,
Statement of comprehensive income/(loss)	2025	2024
Profit/(loss) from continuing operations (100%)	(182,897)	(1,991)
Profit/(loss) for the year	(182,897)	(1,991)
Other comprehensive income/(loss)	-	-
Total comprehensive income/(loss)	(182,897)	(1,991)
Dividends received from associates	-	-
Group's share in gain (net losses)	(23,234)	(262)

	2025 $	2024 $	2023 $
For the years ended December 31,	2025 $	2024 $	2023 $
Salaries and wages	22,475	29,032	37,084
Healthcare and other benefits	1,707	2,203	2,599
Payroll taxes	1,035	1,496	1,590
Share-based payments	8,222	22,850	4,415
Total payroll costs	33,440	55,581	45,688
Amortization	1,764	1,764	1,979
Depreciation	1,585	1,807	2,955
Total amortization and depreciation expenses	3,348	3,571	4,933
Other general and administrative expenses	20,653	27,491	25,180
Other research and development expenses	45,743	54,280	73,729
Total other operating expenses	66,397	81,771	98,909
Total operating expenses	103,185	140,923	149,530

For the years ended December 31,	2025 $	2024 $	2023 $
Audit of these financial statements	2,272	2,377	2,241
Audit of the financial statements of associate**	-	150	-
Audit-related assurance services*	300	316	445
Non-audit related services	6	6	9
Total	2,578	2,848	2,695

Year ended December 31,	2025	2024
Time-based RSUs	4,855,916	4,388,116
Performance-based RSUs	1,494,919	1,822,151
Total RSUs	6,350,835	6,210,267

	Balance under IFRS 9	Equity method loss recorded against LTI	Carrying Amount
Investments held at fair value	$	$	$
Balance as of January 1, 2024	317,841		317,841
Sale of Karuna shares	(292,672)		(292,672)
Investment in Seaport preferred shares - Seaport deconsolidation	179,248		179,248
Sale of Akili shares	(5,437)		(5,437)
Gain realized on sale of Karuna shares	151		151
Gain/(loss) - changes in fair value through profit and loss	(2,398)		(2,398)
Equity method losses recorded against LTI, net		(5,307)	(5,307)
Balance as of December 31, 2024	196,733	(5,307)	191,426
Sale of Vor Shares	(2,753)		(2,753)
Gain realized on sale of Vor shares	375		375
Investment in Vedanta preferred shares	888		888
Conversion of Vedanta note to preferred shares	2,836		2,836
Gain/(loss) - changes in fair value through profit and loss	38,485		38,485
Equity method losses recorded against LTI, net		(13,831)	(13,831)
Balance as of December 31, 2025	236,564	(19,138)	217,426

Investment in Associates	$
Balance as of January 1, 2024	3,185
Investment in Seaport - deconsolidation	2,461
Gain on dilution of interest in associates	199
Share in gain/(loss) of associates	(8,754)
Share of losses recorded against long-term Interests (LTIs)	5,307
Balance as of December 31, 2024	2,397
Gain on dilution of interest in associates	1,699
Share in net gain/(loss) of associates - limited to net investment amount	(17,928)
Share of losses recorded against long-term Interests (LTIs)	13,831
Balance as of December 31, 2025	-

Investment in notes from associates	$
Balance as of January 1, 2024	4,600
Changes in the fair value of the notes	13,131
Balance as of December 31, 2024	17,731
Investment in Sonde convertible note	150
Conversion of Vedanta note to preferred shares	(2,836)
Changes in the fair value of the notes	(3,628)
Balance as of December 31, 2025	11,417
Investment in notes from associates, current	11,417
Investment in notes from associates, non-current	-

	2024 $	2023 $
Assets, Liabilities and non-controlling interests in deconsolidated subsidiary	Seaport	Vedanta
Cash and cash equivalents	(91,570)	(13,784)
Trade and other receivables	(220)	(702)
Prepaid assets	(1,309)	(3,516)
Property and equipment, net	(175)	(8,092)
Right of use asset, net	-	(2,477)
Trade and other payables	6,102	15,078
Trade and other payables due to PureTech	3,370	139
Deferred revenue	-	1,902
Lease liabilities (including current portion)	-	4,146
Long-term loan (including current portion)	-	15,446
Subsidiary preferred shares and warrants	76,208	24,568
Other assets and liabilities, net	(475)	(462)
Sub-total (net assets)/liabilities	(8,070)	32,246
Derecognize carrying value of non-controlling interest	(7,430)	9,085
Recognize investment retained in deconsolidated subsidiary at fair value*	167,308	20,456
Calculated gain on deconsolidation	151,808	61,787

	Number of Shares/Units	Weighted Average Grant Date Fair Value (GBP) (*)
Outstanding (Non-vested) at January 1, 2023	6,090,780	1.74
RSUs Granted in Period	3,679,669	1.28
Vested	(716,029)	2.00
Forfeited	(1,880,274)	1.94
Outstanding (Non-vested) at December 31, 2023	7,174,146	1.10
RSUs Granted in Period	6,210,267	1.63
Vested	(1,347,729)	1.71
Forfeited	(3,057,962)	1.75
Outstanding (Non-vested) at December 31, 2024	8,978,722	1.29
RSUs Granted in Period	6,350,835	1.14
Vested	(3,184,023)	1.62
Forfeited	(2,757,344)	1.39
Outstanding (Non-vested) at December 31, 2025	9,388,190	1.20

	Number of Options	Wtd Average Exercise Price (GBP)	Wtd Average of remaining contractual term (in years)	Wtd Average Stock Price at Exercise (GBP)
Outstanding at January 1, 2023	17,793,881	2.31	8.03
Granted	3,120,975	2.22
Exercised	(534,034)	1.71		2.46
Forfeited and expired	(3,424,232)	2.40
Options Exercisable at December 31, 2023	9,065,830	2.19	6.01
Outstanding at December 31, 2023	16,956,590	2.29	7.20
Granted	2,665,875	1.87
Exercised	(412,729)	1.73		2.20
Forfeited and expired	(4,725,746)	2.24
Options Exercisable at December 31, 2024	9,534,400	2.33	4.45
Outstanding at December 31, 2024	14,483,990	2.25	5.87
Granted	381,000	1.24
Exercised	(65,000)	1.20		1.39
Forfeited and expired	(2,388,931)	2.41
Options Exercisable at December 31, 2025	9,690,271	2.28	4.87
Outstanding at December 31, 2025	12,411,059	2.19	5.62

At December 31,	2025	2024	2023
Expected volatility	45.18%	44.76%	43.69%
Expected term (in years)	6.16	6.16	6.16
Risk-free interest rate	3.81%	4.31%	4.04%
Expected dividend yield	-	-	-
Exercise price (GBP)	1.24	1.87	2.22
Underlying stock price (GBP)	1.24	1.87	2.22

Range of Exercise Prices (GBP)	Options Outstanding	Wtd Average Exercise Price (GBP)	Wtd Average of remaining contractual term (in years)
0.01	89,845	-	3.75
1.00 to 2.00	5,627,230	1.62	5.73
2.00 to 3.00	4,100,484	2.25	6.49
3.00 to 4.00	2,593,500	3.40	4.07
Total	12,411,059	2.19	5.62

	Outstanding as of January 1, 2025	Granted During the Year	Exercised During the Year	Expired During the Year	Forfeited During the Year	Deconsolidation During the Year	Outstanding as of December 31, 2025
Entrega	334,500	-	-	(87,500)	-	-	247,000

	Outstanding as of January 1, 2024	Granted During the Year	Exercised During the Year	Expired During the Year	Forfeited During the Year	Deconsolidation During the Year	Outstanding as of December 31, 2024
Entrega	344,500	-	-	(5,000)	(5,000)	-	334,500
Seaport	-	22,429,780	-	-	(29,018)	(22,400,762)	-

Final Results

Summary by AI BETAClose X

Companies

UK 100

Latest directors dealings

Summary by AI ^BETAClose X

	Outstanding as of January 1, 2023	Granted During the Year	Exercised During the Year	Expired During the Year	Forfeited During the Year	Deconsolidation During the Year	Outstanding as of December 31, 2023
Entrega	344,500	-	-	-	-	-	344,500
Follica	2,776,120	-	-	(2,170,547)	(605,573)	-	-
Vedanta	1,824,576	-	-	(1,313)	(29,607)	(1,793,656)	-

Cost	Laboratory and Manufacturing Equipment $	Furniture and Fixtures $	Computer Equipment and Software $	Leasehold Improvements $	Construction in process $	Total $
Balance as of January 1, 2024	5,363	1,072	917	15,165	1	22,518
Additions, net of transfers	246	-	11	-	-	256
Disposals	(2,215)	-	(387)	-	(1)	(2,602)
Deconsolidation of subsidiaries	(246)	-	(11)	-	-	(256)
Balance as of December 31, 2024	3,148	1,072	530	15,165	-	19,916
Additions, net of transfers	-	6	-	-	-	6
Disposals	(1,313)	-	(266)	-	-	(1,578)
Balance as of December 31, 2025	1,836	1,078	264	15,165	-	18,343

Accumulated depreciation and impairment loss	Laboratory and Manufacturing Equipment $	Furniture and Fixtures $	Computer Equipment and Software $	Leasehold Improvements $	Construction in process $	Total $
Balance as of January 1, 2024	(4,142)	(698)	(894)	(7,248)	-	(12,982)
Depreciation	(139)	(153)	(13)	(1,503)	-	(1,807)
Disposals/Impairment	1,485	-	376	-	-	1,861
Deconsolidation of subsidiaries	81	-	-	-	-	81
Balance as of December 31, 2024	(2,715)	(851)	(530)	(8,751)	-	(12,847)
Depreciation	-	(154)	-	(1,431)	-	(1,585)
Disposals/Impairment	1,025	-	266	-	-	1,291
Balance as of December 31, 2025	(1,691)	(1,005)	(264)	(10,181)	-	(13,141)

Cost	Licenses $
Balance as of January 1, 2024	906
Write-off	(80)
Deconsolidation of subsidiary	(225)
Balance as of December 31, 2024	601
Balance as of December 31, 2025	601

	December 31, 2025 $	December 31, 2024 $
Equity	December 31, 2025 $	December 31, 2024 $
Share capital, £0.01 par value, issued and paid 257,927,489, as of December 31, 2025 and 2024	4,860	4,860
Share premium	290,262	290,262
Treasury shares, 16,243,451 and 18,506,177 as of December 31, 2025 and 2024, respectively	(41,154)	(46,864)
Merger reserve	138,506	138,506
Translation reserve	182	182
Other reserves	(3,352)	(4,726)
Retained earnings/(accumulated deficit)	(77,231)	32,486
Equity attributable to owners of the Group	312,073	414,707
Non-controlling interests	(6,397)	(6,774)
Total equity	305,676	407,933

	2025 $	2024 $
Balance as of December 31,	2025 $	2024 $
Entrega	2,216	2,216
Follica	6,405	6,405
Total minimum liquidation preference	8,621	8,621

	Sale of future royalties liability $
Balance as of January 1, 2024	110,159
Payment from Royalty Pharma - regulatory milestone	25,000
Non-cash interest expense recognized	8,058
Balance as of December 31, 2024	143,217
Payments to Royalty Pharma	(3,456)
Non-cash interest expense recognized	43,908
Balance as of December 31, 2025	183,669
Sale of future royalties liability, current	13,247
Sale of future royalties liability, non-current	170,422

Valuation Method	Description
Market - Backsolve	The market backsolve approach benchmarks the original issue price (OIP) of the company's latest funding transaction as current value.
Market/Asset - PWERM	Under a PWERM, the company value is based upon the probability-weighted present value of expected future investment returns, considering each of the possible future outcomes available to the enterprise. Possible future outcomes can include IPO scenarios, potential SPAC transactions, merger and acquisition transactions as well as other similar exit transactions of the investee.
Income Based - DCF	The income approach is used to estimate fair value based on the income streams, such as cash flows or earnings, that an asset or business can be expected to generate.

Allocation Method	Description
OPM	The OPM model treats preferred stock as call options on the enterprise's equity value, with exercise prices based on the liquidation preferences of the preferred stock.
PWERM	Under a PWERM, share value is based upon the probability-weighted present value of expected future investment returns, considering each of the possible future outcomes available to the enterprise, as well as the rights of each share class.
Hybrid	The hybrid method is a combination of the PWERM and OPM. Under the hybrid method, multiple liquidity scenarios are weighted based on the probability of the scenario's occurrence, similar to the PWERM, while also utilizing the OPM to estimate the allocation of value in one or more of the scenarios.

Fair Value Hierarchy Level	Description
Level 1	Inputs that are quoted market prices (unadjusted) in active markets for identical instruments.
Level 2	Inputs other than quoted prices included within Level 1 that are observable either directly (i.e. as prices) or indirectly (i.e. derived from prices).
Level 3	Inputs that are unobservable. This category includes all instruments for which the valuation technique includes inputs not based on observable data and the unobservable inputs have a significant effect on the instruments' valuation.