PYC Therapeutics (PYC) Q4 2025 earnings summary

Executive summary

• Advanced all four drug development programs, with three in human trials and one pre-clinical candidate progressing toward human studies in 2026.

• Achieved key clinical milestones in PKD, RP11, and ADOA programs, including dosing and proof-of-concept data.

• Raised $146 million in Q1 2025, extending cash runway to over $200 million into CY27.

Financial highlights

• Cash on hand at 30 June 2025 was $153 million, with an additional $20 million R&D rebate expected in H2 2025.

• Net cash used in operating activities for the quarter was $17.7 million; year-to-date operating cash outflow was $51.6 million.

• Net cash from financing activities in the quarter was $32.9 million, primarily from equity issuance.

• Estimated 8.66 quarters of funding available at current burn rate.

Outlook and guidance

• All four programs expected to reach significant milestones in H2 2025, including clinical data releases and trial initiations.

• Human safety and efficacy data for PKD and ADOA anticipated in 2025; first-in-human trials for PMS planned for 2026.