PYC Therapeutics (PYC) AGM 2024 summary

Opening remarks and agenda

• Meeting opened with a quorum, introductions of key executives, and apologies from U.S.-based directors.

• Notice of meeting and agenda items, including resolutions, were taken as read.

• Provided an update on business progress and outlined the meeting's focus on clinical, financial, and regulatory milestones.

• Voting on all business items conducted by poll, with results to be announced to the ASX.

Financial performance review

• Total expenditure after grants was AUD 43 million (~$28 million) in the last fiscal year, adding significant value to programs.

• Raised $75 million through a fully subscribed pro rata rights issue to fund drug candidate pipeline through key human efficacy milestones.

• Share price increased from AUD 0.07 to AUD 0.20 over the past year, improving future capital raising terms.

• Market capitalization remains low compared to U.S. peers, making equity capital relatively expensive.

Strategic initiatives and plans

• Four first-in-class drug candidates in development for genetic diseases of the eye, kidney, and CNS.

• Advanced multiple drug candidates for rare genetic diseases into human trials, including first-in-class therapies for blinding eye diseases and polycystic kidney disease.

• Outlined a four-year operational roadmap with key clinical and regulatory milestones for RP11, ADOA, ADPKD, and PMS programs through 2028.

• Two drugs in clinical trials (RP11 and ADOA); third (ADPKD) to enter trials next year; fourth (Phelan-McDermid syndrome) advancing.

• Collaboration with Google on AI-driven delivery technology extended for further discovery.