PYC Therapeutics (PYC) Investor Update summary

Board and management changes

• Recent board and management changes were driven by differences over commercialization strategy and capital allocation, not technical program issues.

• The board renewal process is ongoing, aiming for more depth, breadth, and independence to support late-stage development.

• Additional management changes have been made to strengthen commercial and clinical expertise, especially for key programs.

• The board is now aligned on the strategic pathway, with a focus on developing all four pipeline assets.

• Recent changes to the board and management were addressed during the investor webinar.

Commercialization and capital allocation strategy

• The company is committed to advancing all four clinical programs, with flexibility for licensing, especially in ophthalmology.

• Capital allocation decisions are continuously assessed, balancing equity markets and asset-level business development.

• Cash runway has been extended into FY2028, supporting development across all four programs.

• There is ongoing dialogue with large pharma for potential licensing, particularly for polycystic kidney disease and ophthalmology assets.

• An overview of commercialisation and capital management plans was provided during the webinar.

Pipeline progress and milestones

• Pipeline includes assets targeting Phelan McDermid Syndrome, Polycystic Kidney Disease, Retinitis Pigmentosa type 11, and Autosomal Dominant Optic Atrophy.

• Polycystic kidney disease program is in a combined phase I-A/II-B study, with key 12-month data expected to drive commercial interest.

• Phelan-McDermid syndrome program has shown strong preclinical results and is moving toward clinical development next year.

• RP11 (retinitis pigmentosa) is preparing for a registrational trial, with upcoming FDA engagement to define approval pathway.

• ADOA program has completed single-dose escalation and is entering a global multiple-dose study, with efficacy data expected next year.