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Business Summary: PYC Therapeutics Limited is an Australia-based clinical-stage biotechnology company creating a new generation of ribonucleic acid (RNA) therapies to change the lives of patients with genetic diseases. The Company utilizes its proprietary drug delivery platform to enhance the potency of precision medicines within the rapidly growing and commercially proven RNA therapeutic class. Its drug development programs target monogenic diseases - the indications with the highest likelihood of success in clinical development. Its first-in-class drug programs include Retinitis Pigmentosa type 11, (VP-001), Polycystic Kidney Disease, (PYC-003), Autosomal Dominant Optic Atrophy (ADOA) (PYC-001) and Phelan-McDermid Syndrome (PMS) (PYC-002). The Company's VP-001 program is a lead asset for a blinding eye disease of childhood progressed through multiple patient cohorts in the ongoing single ascending dose clinical trial. ADOA is a progressive and blinding eye disease.
Financial Summary: BRIEF: For the six months ended 31 December 2023, PYC Therapeutics Ltd revenues increased from A$3.5M to A$9.1M. Net loss decreased 7% to A$15.1M. Revenues reflect an increase in demand for the Company's products and services due to favorable market conditions. Lower net loss reflects Personnel expenses decrease of 24% to A$1M (expense), Other administrative expenses decrease of 40% to A$370K (expense), Depreciation in SGA decrease of 26% to A$336K (expense).