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(Sharecast News) - PureTech Health impressed the market with its annual results for 2024, as the company maintained a strong cash position while hitting a number of key clinical and regulatory milestones during the year.
"2024 was a defining year for PureTech-one in which the programs we cultivated through our R&D engine came to fruition in ways that delivered meaningful impact for patients and showcased the strength of our innovation engine," said Bharatt Chowrira, chief executive of the clinical stage biotherapeutics company.
The financial year was characterised by a number of key events, including positive Phase 2b results for PureTech's deupirfenidone (LYT-100) for idiopathic pulmonary fibrosis treatment, Phase 1b data for LYT-200 in the treatments of acute myeloid leukemia and solid tumours, and FDA approval of PureTech-invented Cobenfy for schizophrenia.
The company said it also saw "rapid growth" of its latest founded entity, Seaport Therapeutics, which raised over $325m across two oversubscribed Series A and Series B financings.
Cash, cash equivalents and short-term investments totalled $366.8m in 2024, up from $326.0m the year before.
Total revenues rose to $4.8m from $3.3m the year before, while the operating loss was reduced to $136.1m from $146.2m previously.
Shares were up 1% at 127p by 1150 GMT.
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