PureTech Health plc

greetings and welcome to the pure tech health 2026 half year results conference call at this time all participants are in a listen-only mode after the speaker's prepared remarks there will be a question and answer session and instructions will follow at that time as a reminder this conference is being recorded it is now my pleasure to introduce your host Allison Mead Talbot senior vice president of communications thank you Allison you may begin

Thank you and thank you everyone for joining us for PeerTech 2026 half-year results webcast. Our half-year report is available on the investors page of our website at peertechhealth.com. I would like to remind you that during today's call we will be making certain forward-looking statements. These statements are subject to various risks, uncertainties, and assumptions that could cause our actual results to differ materially and we ask that you refer to our half-year report for a complete discussion of these items. We undertake no obligation to revise or update any forward-looking statements or information except as required by law. I also want to remind you that we will be referring to certain non-IFRS measures in this presentation. The presentation of this non-IFRS financial information is not intended to be considered in isolation or as a substitute for financial information presented in accordance with IFRS. A reconciliation of the IFRS to non-IFRS measures that we will be referring to today can be found in this presentation and is also available on our investor relations website at investors.puretechhealth.com. I'm joined today by members of our management team, Robert Lyne, Chief Executive Officer, Eric Elenko, Co-Founder of PureTech and Acting Chief Executive Officer of GALA, and Greg Zugate, Vice President of Research and Innovation. With that, I'll turn the call over to Rob.

Thank you Allison. Welcome everyone and thank you for joining us today. We have made significant progress in 2026 and meaningfully executed against the refined strategy that we outlined last year. Today, I'll discuss that progress and how we are evolving the PureTech model to create value with greater capital efficiency and translate that value more directly to shareholders. Across the portfolio, Seaport completed a successful IPO on NASDAQ, raising $260 million. Thalia secured $180 million in external financing and initiated its phase three and Gallup received fast track designation validating the exciting potential of its treatment for rare blood cancer. We also continue to retain potential future economics from Coventry as part of our model and are advancing our innovation engine. We entered the first half of 2026 with pure tech level cash, cash equivalents and short-term investments of 220 million dollars and we continue to expect our operational runway to extend at least through the end of 2028. Together this progress demonstrates the significant values embedded across our portfolio and the strength of our oven spoke model. For those newer to our story, PureTech is a Boston-based, LSE-listed biotherapeutics company operating a hub-and-spoke model with a proven clinical and financial track record. At the center of our model is an innovation engine focused on areas where PureTech has a proven ability to create value, those opportunities grounded in validated pharmacology. We generate and de-risk these programs internally and then seek to scale them through founded entities or our spoke companies, backed by external capital. This approach also improves how we allocate capital. By bringing in external capital at the founded entity level, we can preserve our PureTech balance sheet while retaining long-term upside through equity, milestones and royalties. Historically, the timing of external financing has varied. Going forward, we intend to seek external capital earlier in the development stage than we have done with our most recent founded entity, Thalia Therapy Importantly, because we develop programs internally, we typically begin with full ownership of the assets and proprietary intellectual property, which allows us to retain meaningful equity even after dilution, as well as the potential for non-dilutive economics in the form of royalties and milestones, reflecting our role in creating these programs. The result is a model designed to generate attractive overall returns while limiting risk concentrations. This model has produced three FDA-approved therapeutics, including Coventry, and has generated sufficient evergreen capital through opportunistic monetization of founded entities to advance our portfolio without the need for dilutive raises at the pure tech level. Slide 7 provides a snapshot of our portfolio and the distinct components of value it contains. Equity interest in our founded entities, royalty and milestone payments, and our innovation engine, which is designed to generate future opportunities. CELIA is our most recent spin-out. It is a phase 3 pulmonary company of dantam-2-prothenadone, which follows our model of validated pharmacology, aiming to transform the treatment paradigm for iPS patients by taking FDA-approved prothenadone and dramatically improving its efficacy through deuteration. Following the significant clinical and regulatory work from CTF PureTech, Thalia secured $180 million from leading healthcare investors and immediately initiated the global phase 3 surpassed OPS trial. The financing provided external validation of the program and delivered on our commitment to establish an independently financed path for its continued development. Today Fiotech holds a 35.4% equity interest and retains meaningful long-term economics through royalties, milestones and sub-licensed income rights. Gallup Oncology is a phase two ready oncology company that is well positioned to attract external capital. We have successfully shepherded the company through the completion of its end of phase one meeting with the FDA and secured fast-track designation in relapsed refractory high-risk MDS. We currently own 100% of Gallup and intend to leverage external capital before initiating the Phase 2 Stride MDS trial. Seaport Therapeutics is a Phase 2 CNS company that we launched in 2024, having developed its platform at PureTech. Following its oversubscribed private raises in 2024, Seaport Therapeutics, led by PureTech founder Daphne Zohar, successfully IPO'd on NASDAQ in May, raising $260 million in gross proceeds. His proprietary GIF platform is designed to unlock the therapeutic potential of clinically validated mechanisms by addressing limitations that have historically constrained them. We hold a 31.2% equity stake in Seaport, valued at approximately $360 million as of September 18, 2026, and also retain royalty and milestones in this company. The fourth component is our remaining economic interest in Kazemsi. and SDA Improved Treatment for Schizophrenia marketed by Bristol-Myers Squibb. CureTech invented Cabempi using our approach of building on clinically validated pharmacology and housed the program in our founded entity, Caruna Therapeutics. Through Caruna's development and subsequent acquisition by Bristol-Myers Squibb, we have generated more than $1 billion from our collective Caruna and Cabempi economics and we retain potential Cabempi-related royalty and milestone payments which is a fundamental and differentiating element of the pure tech model. Based on analyst consensus as of mid-August, we estimate approximately $50 million in potential future proceeds to pure tech from our remaining competitive economic rights. Because this estimate is based on analyst consensus rather than our own forecast, it may change as consensus evolves. While the current estimates represent a material downgrade in potential economics from our last update at the full year, they also reinforce the value of our de-risking transaction with Royalty Pharma in 2023, which has delivered upfront cash of $100 million into PureTech and allowed us to realize significant value before Perventi reached commercial maturity, while still retaining participation in future upside. We will continue to provide updates on our full and half-year results on PureTech's economic outlook in safety sales based on evolving market consensus. Turning to cash flows, we do not factor any potential inflows from founded entities into our runway assumptions, such that any monetization events represent pure upside. In line with our refined strategy, we are increasingly committed to ensuring that shareholders participate more directly as the value across our portfolio is realized. In practice, this means that we will prioritize maintaining an appropriate operational runway, selectively deploying capital where we see compelling risk-adjusted opportunities across the portfolio and returning capital to shareholders. As of June 30th, PureTech level cash, cash equivalents and short-term investments worth $220 million, which continues to provide operational runway at least through the end of 2028. I will discuss financial updates in more detail later on. I would now like to welcome Eric Elenko, Puretex co-founder and Gallup's acting CEO to discuss the latest developments of our wholly-owned founded entity, Gallup Oncology.