PureTech Health first-half loss narrows as costs fall

The FTSE 250 company's operating loss for the six months to the end of June was $52.8m (£40m) compared with $70.3m a year earlier. Revenue increased by $2.5m to $6.8m boosted by agreements with Roche and Boehringer Ingelheim.

Operating costs fell to $59.6m from $74.7m after the company shed $26m of expenses through the deconsolidation of Karuna, Gelesis and Vor in 2019.

The company generated more than $245m of cash in the first half and $101m in August from sales of equity in founded entity businesses. PureTech had $310.5m of cash at the end of the first half.

Chief Executive Daphne Zohar said: "During this period, we have demonstrated a strong commitment to value realisation through the monetisation of founded entity equity. In the first half of 2020 we generated over $245m from the sales of minority shares in certain founded entities to help fuel the future growth of the company, and we are well-capitalised."

PureTech shares fell 1.7% to 268.5p at 09:21 BST.