PYC Therapeutics (PYC) Q4 2025 earnings summary

Executive summary

• Advanced four drug development programs targeting genetic diseases with high unmet need, including three in clinical trials and one nearing IND submission.

• Achieved key clinical milestones in PKD, ADOA, and RP11 programs, and presented preclinical data for PMS.

• Maintained a strong cash position to support ongoing R&D and clinical activities.

Financial highlights

• Ended Q4 2025 with $120.7 million in cash and cash equivalents.

• Net cash used in operating activities was $13.8 million for the quarter, primarily for R&D and staff costs.

• Additional $20 million R&D rebate expected in Q1 2026.

• Payments to related parties totaled $128k, reflecting director remuneration.

Outlook and guidance

• Anticipates key human safety and efficacy data readouts across all four programs within 24 months.

• Plans to submit IND for PMS program in 1H 2027, enabling first-in-human trials.

• Preparing for registrational trials in RP11 and PKD, pending regulatory alignment and successful ongoing studies.