PureTech Health H1 Net Loss Widens, Operating Loss Narrows

(RTTNews) - Clinical-stage biotherapeutics company PureTech Health plc (PRTC, PRTC.L) reported Wednesday that its first-half loss before tax widened to $55.03 million from last year's loss of $13.74 million.

Net loss attributable to the owners of the group was $41.77 million, compared to loss of $25.00 million a year ago. Loss per share was $0.15, wider than loss of $0.09 a year ago.

Operating loss, however, narrowed to $66.40 million from prior year's loss of $76.16 million.

Operating expenses for the six months were $66.7 million, down from $79.3 million last year.

Total revenue was $288 thousand completely from grant revenue, down from last year's $3.15 million that included contract revenue and grant revenues.

The company noted that consolidated Cash, cash equivalents and short-term investments as of June 30 were $500.4 million, compared to $327.1 million as of December 31, 2023.

PureTech Level Cash, cash equivalents and short-term investments as of June 30 were $400.6 million, compared to $326.0 million at fiscal 2023 end.

PureTech expects to have PureTech Level Cash, cash equivalents and short-term investments of approximately $330 million at December 31, 2024. As of June 30, 2024, the company maintains an expected operational runway of at least three years.

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