olivLaw · European equity research
PureTech Health plc PRTC.L
United Kingdom · London Stock Exchange · ISIN GB00BY2Z0H74 · Vertical: Listed companies from United Kingdom
PureTech Health plc is a biotherapeutics company that builds its portfolio through a hub-and-spoke model, inventing and developing therapies for diseases with unmet medical need. The profile matters now because Cobenfy, invented at PureTech, has received FDA approval, and the company reports a history of 80% of clinical trials succeeding.
At the close of 05 Nov 2026, PureTech Health plc (PRTC.L) stock was 1.22 GBP (−1.93% on the day), with beta 0.47, 52-week range 1.08–1.40 GBP.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 59.9
- strong (55–70)
- Bollinger (20, 2)
- 1.08 – 1.24
- in the upper half of the band · %B 0.87 · band width 13.4%
- SMA 50 / 200
- 1.17 / 1.23
- mixed trend
- MACD (12, 26, 9)
- 0.02 / 0.01
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +11.7% | −0.6% | +12.4 pp | — |
| 3 months | +4.5% | −4.2% | +8.6 pp | — |
| 6 months | −4.8% | +4.3% | −9.2 pp | — |
| Year to date | −2.6% | +7.5% | −10.1 pp | — |
| 1 year | −4.1% | +9.9% | −14.0 pp | +5.8% |
| 3 years | −24.6% | +49.8% | −74.5 pp | +26.3% |
| 5 years | −65.7% | +42.8% | −108.6 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | 15.6 m | 3.3 m | 4.8 m | 4.7 m |
| Revenue YoY | unavailable | −78.7% | +45.0% | −3.5% |
| Net income | -50.4 m | -65.7 m | 53.5 m | -109.7 m |
| Net income YoY | unavailable | unavailable | unavailable | −305.1% |
| Diluted EPS | -0.18 | -0.24 | 0.21 | -0.46 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | −319.0% |
| net % | -322.4% | -1,972.9% | 1,108.3% | -2,355.4% |
| Free cash flow | -181.0 m | -106.0 m | -134.4 m | -85.1 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 252.5 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 305.7 m USD
- Total assets
- 534.7 m USD
- Debt / equity
- unavailable
- Current ratio
- 6.59x
- ROE
- -30.8%
- ROA
- -19.3%
- FCF margin
- -1,827.4%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Revenue | 15.6 m | 3.3 m | 4.8 m | 4.7 m | esef· 12 May 2026verified |
| Research & development | 152.4 m | 96.2 m | 69.5 m | 56.6 m | esef· 12 May 2026verified |
| Operating income | -197.8 m | -146.2 m | -136.1 m | -98.5 m | esef· 12 May 2026verified |
| Interest expense | 3.9 m | 3.4 m | 1.7 m | 1.9 m | esef· 12 May 2026verified |
| Pre-tax income | -92.8 m | -36.1 m | 23.8 m | -110.9 m | esef· 12 May 2026verified |
| Income tax | -55.7 m | 30.5 m | -4.0 m | -842.0 k | esef· 12 May 2026verified |
| Net income | -50.4 m | -65.7 m | 53.5 m | -109.7 m | esef· 12 May 2026verified |
| Diluted EPS | -0.18 | -0.24 | 0.21 | -0.46 | esef· 12 May 2026verified |
Balance sheet · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 149.9 m | 191.1 m | 280.6 m | 252.5 m | esef· 12 May 2026verified |
| Receivables | — | 2.4 m | 1.5 m | 1.8 m | esef· 12 May 2026verified |
| Current assets | — | 347.2 m | 386.3 m | 305.0 m | esef· 12 May 2026verified |
| Property, plant & equipment, net | — | 9.5 m | 7.1 m | 5.2 m | esef· 12 May 2026verified |
| Intangibles (excl. goodwill) | — | 906.0 k | 601.0 k | 601.0 k | esef· 12 May 2026verified |
| Total assets | — | 694.0 m | 602.6 m | 534.7 m | esef· 12 May 2026verified |
| Accounts payable | — | 44.1 m | 27.0 m | 23.2 m | esef· 12 May 2026verified |
| Current liabilities | — | 51.4 m | 41.4 m | 46.3 m | esef· 12 May 2026verified |
| Total liabilities | — | 235.7 m | 194.7 m | 229.0 m | esef· 12 May 2026verified |
| Equity | 547.6 m | 458.2 m | 407.9 m | 305.7 m | esef· 12 May 2026verified |
| Shares outstanding at year end | 279.7 m | 273.7 m | 254.8 m | 238.6 m | esef· 12 May 2026derived |
Cash flow · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Operating cash flow | -178.8 m | -105.9 m | -134.4 m | -85.1 m | esef· 12 May 2026verified |
| Capex | 2.2 m | 70.0 k | 11.0 k | 6.0 k | esef· 12 May 2026verified |
| Free cash flow | -181.0 m ≈ | -106.0 m ≈ | -134.4 m ≈ | -85.1 m ≈ | esef· 12 May 2026derived |
| Investing cash flow | -107.2 m | 69.0 m | 240.9 m | 63.3 m | esef· 12 May 2026verified |
| Financing cash flow | -29.8 m | 78.1 m | -17.0 m | -6.3 m | esef· 12 May 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 25.0% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
Score by group
25% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 25.0% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -2,355.4% | 3 (vs peers) | 25% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -33.2% | 0 (on a fixed band) | 33% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -52.5x | 0 (on a fixed band) | 25% |
| Current ratio · Balance sheet | 6.6x | 100 (on a fixed band) | 17% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality· partial3/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
PURETECH HEALTH PLC (PRTC.L). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 4.7 m USD in 2025; YoY growth -3.5%; net margin -2,355.4%; ROE -30.2%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 25.0% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 6.6x
What contradicts it
- Net margin: -2,355.4%
- Revenue CAGR 3Y: -33.2%
- Interest coverage: -52.5x
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 104.3 bn | 13.5 | 16.5% | 30.3% | −1.0% | +7% / +88% |
| ABF.LAssociated British Foods PLC | 14.7 bn | 14.3 | 9.2% | 5.3% | −3.1% | −5% / −15% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.1 bn | 24.7 | 34.7% | 4.1% | +7.2% | −10% / +158% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.4 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.2 bn | 16.3 | 23.2% | 2.8% | +15.2% | +20% / +160% |
| ABDN.LAberdeen Group PLC | 4.1 bn | 10.8 | 8.0% | 28.9% | −2.1% | +11% / +41% |
| BKG.LThe Berkeley Group Holdings PLC | 3.6 bn | 11.3 | 8.8% | 13.4% | −4.2% | −0% / −22% |
| BME.LB&M European Value Retail PLC | 2.9 bn | 17.4 | 21.2% | 2.8% | +3.7% | +68% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.8 | 49.9% | 33.1% | +18.0% | +8% / +128% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.9 | 13.1% | 71.6% | −0.1% | +28% / +18% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 763.6 m | 36.2 | 41.2% | 19.7% | +24.2% | +71% / unavailable |
| BAG.LA.G. Barr P.L.C. | 671.9 m | 14.4 | 14.4% | 10.8% | +4.0% | −7% / +26% |
| ASC.LAsos PLC | 494.5 m | — | -81.3% | -12.0% | −14.7% | +71% / +8% |
| ALFA.LAlfa Financial Software Holdings PLC | 486.8 m | 16.3 | 61.5% | 23.8% | +15.3% | −28% / +10% |
| AML.LAston Martin Lagonda Global Holdings PLC | 344.3 m | — | -93.4% | -39.2% | −20.6% | −45% / −85% |
| APTD.LAptitude Software Group PLC | 111.3 m | 28.5 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| AMGO.LAmigo Holdings PLC | 9.9 m | — | — | — | −81.9% | +325% / +844% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 221.6 k | 0.1 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −7% / +164% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +60% / +63% |
| AEP.LAnglo-Eastern Plantations PLC | — | — | 16.1% | 19.5% | +25.0% | +5% / +113% |
1- and 3-year price returns: for PRTC.L from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
PureTech Health plc is a biotherapeutics company that builds its portfolio through a hub-and-spoke model, inventing and developing therapies for diseases with unmet medical need. The profile matters now because Cobenfy, invented at PureTech, has received FDA approval, and the company reports a history of 80% of clinical trials succeeding 1.
SWOT
Strengths
- The company cites a high clinical trial success rate and a track record of approved therapies, supporting the credibility of its innovation model 1.
- The hub-and-spoke model spreads risk across several Founded Entities, so the failure of one program should not affect the entire portfolio 1.
- Board and management members with domain expertise guide Founded Entities, providing solid governance for program development 1.
Weaknesses
- The company currently has no approved therapeutics of its own and depends on clinical trial success to generate value 1.
- Reliance on Founded Entities and partners such as Bristol Myers Squibb for Cobenfy limits direct control over commercialization 1.
- The company has not yet set emissions reduction targets, which could matter in future ESG assessments 1.
Opportunities
- Programs such as deupirfenidone for IPF could become a new standard of treatment if data from ongoing studies are confirmed 1.
- Growing interest in rare diseases and in therapies with better tolerability could open new therapeutic areas for the portfolio 1.
- Partnerships with patient organizations and scientific institutions may accelerate research and funding for new programs 1.
Threats
- The failure of a major program could reduce the company's value and make additional fundraising more difficult 1.
- Climate and ESG reporting requirements could become mandatory and raise compliance costs 1.
- If the tolerability or efficacy of competing therapies improves, the competitive advantage of PureTech programs could diminish 1.
Risks
- Scientific and technological failurehigh
Science or technology developed by some businesses could fail, and the failure of a major program could reduce the company's value and its reputation as a developer of high-value technologies 1.
- Clinical trial failurehigh
Clinical trials are expensive, complex and have uncertain outcomes, and a critical failure could lead to program termination and a significant decrease in value 1.
- Delays in obtaining approvalsmedium
If clinical trials are delayed, obtaining regulatory approvals could also be postponed, and the capital needed to become sustainable on a cash flow basis could increase 1.
- Climate and ESG compliance riskslow
The company considers that it has no material climate risks at present, but it could be affected by new reporting regulations and compliance costs 1.
- Dependence on partners for commercializationmedium
The commercial success of some products depends on external partners, and their decisions on commercialization could influence the company's results 1.
Investment thesis
What would need to be true (bull case)
- The favourable case rests on several therapies invented at PureTech having reached FDA approval, which could demonstrate the quality of its innovation model 1.
- If deupirfenidone confirms the data from ongoing studies, the IPF program could become an important option for patients with few well-tolerated alternatives 1.
- The hub-and-spoke model could limit the impact of one program's failure on the whole company, which could support long-term stability 1.
What would break the thesis
- The unfavourable case starts from the fact that there are as yet no approved therapeutics of its own, so value depends on uncertain future clinical trial results 1.
- If several programs fail or are delayed, the capital required could increase, and financing could become more expensive or harder to obtain 1.
- Dependence on partners such as Bristol Myers Squibb for Cobenfy could limit the direct financial benefits the company receives from commercial success 1.
What to watch
- Final results from the ELEVATE extension study for deupirfenidone2027
- Energy and emissions data for the Boston headquarters, December 2025May 2026
- Announcements of new GHG emissions reduction targetsnext 10-K
- Cobenfy progress under Bristol Myers Squibb and its impact on the partner2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
According to the annual report for the year ended December 31, 2025, PureTech presents itself as a clinical-stage biotherapeutics company with no approved therapeutics of its own, which discovers and develops medicines through a hub-and-spoke model 1. The company says it has taken three therapeutics from inception to FDA approval, including Cobenfy™, and its portfolio targets patients with rare diseases or unmet needs 1. Activity depends heavily on clinical trial success and on the ability of Founded Entities to turn technology into commercially viable therapies 1.
Segments
Wholly owned therapeutic portfolio
Programs owned 100% by PureTech include deupirfenidone (LYT-100), developed by Founded Entity Celea Therapeutics for idiopathic pulmonary fibrosis, where the company reported data from the open-label extension of the Phase 2b ELEVATE trial 1.
Founded Entities and partnerships
The model relies on Founded Entities in which PureTech supports strategy through board and management members, and Cobenfy now sits under Bristol Myers Squibb following its acquisition of Karuna Therapeutics 1.
Market context
The report describes a market shaped by unmet medical needs in neuropsychiatry, pulmonary fibrosis and other rare conditions, where poor tolerability of current treatments has limited adoption 1. The source notes that three FDA-approved agents exist for IPF, but that tolerability challenges have often outweighed suboptimal efficacy 1.
Trends
- Development of therapies for rare diseasestailwind
The report points to growing awareness of the more than 6,000 rare diseases affecting over 300 million people globally, which could support interest in programs such as those in IPF 1.
- Climate and ESG reporting requirementsheadwind
The company shows partial alignment with TCFD recommendations and monitors frameworks such as CSRD and ISSB, without yet facing direct compliance obligations 1. Compliance costs could rise if these requirements become mandatory.
- Energy efficiency of headquarterstailwind
Reported data for the Boston headquarters show reductions in energy use and emissions against the 2030 Challenge baseline, suggesting operational progress, although December 2025 data has been delayed 1.
- Scientific failure remains a structural riskmixed
The biotechnology sector depends on clinical trial results, and if several programs fail at once, the company's value and its ability to attract capital could be affected 1.
Competitive position
The analysed sources do not explicitly name competitors. The report does, however, imply a comparison with other biotechnology companies developing treatments for the same conditions, such as IPF or schizophrenia, where approved therapies already exist 1.
- Bristol Myers SquibbBMY
The company that commercializes Cobenfy after acquiring Karuna Therapeutics, and therefore also a strategic partner for PureTech.
- Producers of approved IPF therapies
The report mentions three FDA-approved agents for IPF, so the firms developing them are direct competition for deupirfenidone.
- Neuropsychiatry biotechnology companies
The sources refer to treatments for schizophrenia, where Cobenfy competes with other medicines or candidates in development.
- Clinical-stage biotechnology peers
The source does not name competitors but suggests that firms developing therapies for unmet needs compete for funding and talent.
News & filings
In the press
- PureTech Health plc : PureTech Announces Presentation of Phase 1b Results for LYT - 200 in Relapsed / Refractory ( R / R ) High - Risk Myelodysplastic Syndromes ( HR - MDS ) and Acute Myeloid Leukemia ( AML ) at ESMO 2026Surge — GDELT DOC · 19 Oct 2026 · RO
- PureTech Health H1 Earnings Call HighlightsYahoo Finance — News · 22 Sept 2026 · EN
Annual reports (ESEF)
- Annual report 202512 May 2026
- Annual report 202407 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / PureTech Health plc · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.