PureTech Health (LSE:PRTC) reported half-year results showing $220 million in cash, cash equivalents and short-term investments as of 30 June, down from $277 million at the end of 2025.
The London-listed biotherapeutics company said its operational runway extends at least through the end of 2028.
PureTech operates a hub-and-spoke model, developing therapeutic candidates internally before scaling them through externally financed "Founded Entities" in which it retains equity, royalties and milestone payments.
Celea Therapeutics, in which PureTech holds a 35.4% equity stake plus tiered royalties, completed a $180 million financing in July and dosed its first patient in the Phase 3 SURPASS-IPF trial of deupirfenidone for idiopathic pulmonary fibrosis, with topline results expected in the second half of 2029.
Gallop Oncology reported positive Phase 1b data for LYT-200 in relapsed/refractory high-risk myelodysplastic syndrome, completed an End-of-Phase 1 meeting with the FDA, and received Fast Track designation; PureTech, which holds 100% of Gallop, expects to secure external capital for the next development phase in the first half of 2027.
Seaport Therapeutics listed on Nasdaq in May, raising approximately $260 million, with PureTech's remaining 31.2% stake valued at around $360 million as of 18 September.
"We are increasingly committed to ensuring that shareholders participate more directly as that value is realized," said chief executive Robert Lyne.
Operating expenses rose to $55.9 million from $49.8 million a year earlier, though PureTech said the shift of deupirfenidone spending to Celea should reduce costs going forward.
The company plans to prioritise operating runway, selective capital deployment and shareholder returns from future proceeds.