PYC Therapeutics (PYC) AGM 2024 summary

Opening remarks and agenda

• Meeting opened with a quorum, introductions of key executives, and apologies from U.S.-based directors.

• Notice of meeting and agenda, including resolutions, were circulated and taken as read.

• Provided an update on business progress and outlined the meeting's focus on clinical, financial, and regulatory milestones.

• Voting on all items conducted by poll, with results to be announced to the ASX.

Financial performance review

• Raised $75 million through a fully subscribed pro rata rights issue to fund drug candidate pipeline through key human efficacy milestones.

• Total expenditure after government grants was AUD 43 million (~$28 million) in the last fiscal year, adding significant value to programs.

• Share price increased from AUD 0.07 to AUD 0.20 over the past year, improving future capital raising terms.

• Market capitalization remains low compared to U.S. peers, making equity capital relatively expensive.

Board and executive committee updates

• Board composition discussed, including re-election of U.S.-based director Jason Haddock, with strong proxy support.

• Board continues to strengthen internal resources and recruit new skill sets to support growth.

• Management forecasts and risk disclosures referenced, with leadership emphasizing transition to a commercial-stage company by 2028.