PYC Therapeutics (PYC) investor relations material

Board and management changes

• Recent underperformance led to significant board and management changes, with ongoing board renewal planned to ensure depth, breadth, and independence for late-stage development across multiple assets.

• Divergence in views centered on commercialization strategy and capital allocation, not technical progress.

• Board now aligned on forward strategy, with management committed to seeing through the next critical 24 months.

• Additional management expertise added, especially in clinical and commercial areas, to support complex growth and decision-making.

• Recent changes to the board and management were addressed during the investor webinar.

Commercialization and capital allocation strategy

• All four drug development programs will continue, with a preference for out-licensing ophthalmology assets but not dependent on it.

• Multiple options for funding, balancing equity markets and asset-level business development, with a cash runway extended into FY28.

• Ongoing discussions with large pharmaceutical partners for licensing and co-development, especially for retinitis pigmentosa type 11 and polycystic kidney disease.

• No immediate plans for a US listing, but optionality is maintained if value recognition does not improve.

• Commercialization of large indications like polycystic kidney disease likely to require a major partner.

Pipeline progress and milestones

• Pipeline includes assets targeting Phelan McDermid Syndrome, Polycystic Kidney Disease, Retinitis Pigmentosa type 11, and Autosomal Dominant Optic Atrophy.

• Each program is progressing through pre-clinical or early clinical stages, with significant milestones expected in 2025.

• Polycystic kidney disease program in Phase Ia/Ib, with healthy volunteer and patient dosing ongoing; key data expected over the next 12 months.

• RP type 11 asset nearing a pivotal regulatory meeting, with open-label extension studies ongoing and further data updates expected before year-end.

• Multiple human efficacy readouts across the pipeline are anticipated within 24 months, expected to drive valuation uplift.