PureTech Health PLC on Wednesday reported a widened loss and lower revenue, as it attempted to address shareholder concerns voiced at its June annual general meeting.
PureTech Health is a London-listed Biotech company headquartered in Boston.
Revenue in the first half of the year revenue fell to $288 million from $3.15 billion a year earlier.
Grant revenue fell to $288 million from $2.40 billion, meanwhile it posted no contract revenue after securing $750 million a year earlier.
Its pretax loss widened to $55.03 billion from $13.74 billion.
Chief Executive Bharatt Chowrira said: ‘PureTech made significant progress in the first half of 2024, advancing our mission to develop innovative therapies for the patients most in need. We have also implemented strategies to drive efficient operations and capital allocation. This has resulted in a decrease in both our R&D and G&A expenses at the PureTech level.’
Looking ahead, Chowrira added: ‘With our robust hub-and-spoke drug discovery and development model and strong financial foundation, we believe PureTech is well-positioned to rapidly advance innovative therapeutic candidates to patients, and we remain committed to unlocking and realizing value for our shareholders.’
In a separate statement, PureTech updated shareholders on its annual general meeting, which was held on June 13.
While all resolutions were approved by shareholders, more than 20% of votes were cast against resolutions two, three, four and eight, relating to the directors’ remuneration report, the revised remuneration policy, related changes to the performance share plan, and the re-election of John LaMattina as a director, respectively.
Since then, it said it has ‘taken further steps to understand the views of shareholders.’
It added: ‘The board would like to thank the shareholders who have engaged with the company during this process. The board will continue to engage openly and constructively with shareholders as it continues to develop the company’s approach to governance, remuneration and reporting in the periods ahead.’
Shares in PureTech were up 1.3% to 167.20 pence each in London on Wednesday morning.
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