Puretech Health operating losses narrow in 'landmark year'

25th Apr 2024 10:07

(Sharecast News) - Biotechnology company Puretech Health said on Thursday that 2023 had been "a landmark year" for the group, making "strong strategic and clinical progress".

Puretech Health said total revenues had fallen from $15.61m in FY22 to $3.33m in FY23 but also noted that operating losses had narrowed to $146.99m from $197.8m, general and administrative expenses had dropped from $60.99m to $53.29m, and research and development expenses fell from $152.44m to $96.23m.

Pre-tax losses also narrowed, improving from a loss of $92.78m in FY22 to $36.1m in FY23. On a per share basis, however, Puretech reported a loss per share of 0.24p, widening from FY22's 0.18p loss.

The FTSE 250-listed firm added that its level cash, cash equivalents and short-term investments were $326.0m at he end of the year, while its consolidated cash, cash equivalents and short-term investments were $327.1m and said it has operational runway into "at least 2027".

Chief executive Bharatt Chowrira said: "2023 was a landmark year for PureTech, in which we made strong strategic and clinical progress. We've carried this momentum into 2024, with our hub-and-spoke R&D model continuing to deliver value for both patients and shareholders. Through this model we are able to ambitiously pursue our mission of giving life to science by developing therapies that make a meaningful difference to patients with devastating diseases."

As of 1005 BST, Puretech shares were up 5.18% at 223.50p.

Reporting by Iain Gilbert at Sharecast.com