PYC Therapeutics (PYC) H2 2025 earnings summary

Executive summary

• Advanced four clinical and preclinical drug programs targeting rare genetic diseases, including Retinitis Pigmentosa type 11 (RP11), Autosomal Dominant Optic Atrophy (ADOA), Polycystic Kidney Disease (PKD), and Phelan McDermid Syndrome (PMS).

• Achieved key clinical milestones: human trials initiated for PKD, efficacy data for RP11, and clinical study commencement for ADOA.

• Raised $146 million in capital, strengthening the balance sheet and funding operations into 2027.

• Increased industry engagement and inbound interest in pipeline assets.

Financial highlights

• Total loss for the year ended 30 June 2025 was $51.0 million, up from $38.1 million in the prior year.

• Total income rose to $26.2 million, driven by a $5.9 million increase in R&D tax incentive income and higher interest income.

• R&D expenditure increased by $13.7 million to $70.1 million, reflecting clinical program progression.

• Cash and cash equivalents at 30 June 2025 were $153.1 million (2024: $66.9 million).

• Net current assets of $165.2 million and total equity of $170.0 million at year-end.

Outlook and guidance

• Expecting key human safety and efficacy data readouts across all four programs in 2026.

• Anticipates over $190 million in available funding, including expected R&D tax rebates.

• Plans to progress PMS program into human trials in 2026 and initiate registrational trials for RP11.