Fund Manager Summary
The fund managers believe that the outlook for PYC Therapeutics Ltd is promising, particularly following the recent clinical data from their phase I/II trial for the VP-001 drug asset. In their opinion, the trial's results, which demonstrated clear meaningful efficacy, represent a significant de-risking point for the asset. Patient testimonials further bolster this perspective; one patient noted, "I could actually see the white lid of the [coffee] cup," while another expressed newfound ability to see airplanes in the sky. Such feedback underscores the potential impact of the treatment, suggesting that ongoing progress will continue to enhance investor confidence in PYC's future prospects.
Source: Trading View
Commentary From The Managers
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Salter Brothers
23 Oct 2025
$1.22
Summary
- PYC Therapeutics Ltd faced leadership instability in September with the CEO's resignation and quick reappointment.
- Salter Brothers views Dr Hockings’ return and the board refresh as a net positive.
- Alan Tribe, Chair and major investor, is leading the board refresh.
- Professor Ian Constable has joined as a non-executive director, enhancing board expertise.
- Dr Rosenblatt and Mr Haddock have stepped down, streamlining the board and clarifying strategic priorities.
- The renewed board is focused on accelerating value realization through partnering and licensing opportunities.
- Salter Brothers notes that the share price has recovered significantly from the initial sell-off.
- The manager has taken advantage of the market dislocation to increase their position at favorable risk vs reward levels.
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Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
Commentary From The Managers
Salter Brothers
23 Oct 2025
$1.22
- PYC Therapeutics Ltd faced leadership instability in September with the CEO's resignation and quick reappointment.
- Salter Brothers views Dr Hockings’ return and the board refresh as a net positive.
- Alan Tribe, Chair and major investor, is leading the board refresh.
- Professor Ian Constable has joined as a non-executive director, enhancing board expertise.
- Dr Rosenblatt and Mr Haddock have stepped down, streamlining the board and clarifying strategic priorities.
- The renewed board is focused on accelerating value realization through partnering and licensing opportunities.
- Salter Brothers notes that the share price has recovered significantly from the initial sell-off.
- The manager has taken advantage of the market dislocation to increase their position at favorable risk vs reward levels.
Summary
Firetrail Investments
30 Sept 2025
$1.02
- Firetrail Investments notes a turbulent month for PYC Therapeutics, marked by the CEO's resignation on September 17th and reinstatement on September 22nd.
- PYC is currently undergoing a Board refresh, which is expected to enhance its ability to navigate commercial pathways.
- The focus remains on the development of key RNA-based therapies, crucial for PYC's future prospects.
- Firetrail Investments continues to hold because of the potential improvements from the Board changes and the ongoing commitment to therapeutic advancements.
Summary
Salter Brothers
30 Apr 2025
$1.18
- PYC Therapeutics Ltd (ASX:PYC) provided clinical data from their phase I/II trial on the VP-001 drug asset.
- The data demonstrated clear meaningful efficacy, marking a significant de-risking point for the asset.
- Patient feedback highlighted the impact, with one stating they could see the white lid of a coffee cup with the treated eye.
- Another patient noted they now see airplanes, which they never did before.
- A third patient reported needing to reduce their eyeglass prescription.
- Salter Brothers is encouraged with the data and recognizes the ongoing progress in de-risking the asset.
Summary
Firetrail Investments
31 Dec 2024
$1.31
- PYC Therapeutics underperformed during the month despite positive clinical trial data for PYC003 in Polycystic Kidney Disease (PKD) and VP-001 in Retinitis Pigmentosa type 11 (RP11).
- 2025 is anticipated to be a significant year for the company.
- PYC aims to move VP-001 into a registrational trial.
- Plans to enhance safety and efficacy data for PYC-001 in Autosomal Dominant Optic Atrophy (ADOA).
- PYC-003 is set to progress into human trials.
- With the FDA and big pharma focusing on disease-modifying gene therapies, PYC is expected to attract strong support from both domestic and offshore investors.
Summary
Salter Brothers
31 Dec 2024
$1.31
- PYC Therapeutics Ltd (PYC) is a clinical-stage biotechnology company.
- They are advancing a pipeline of first-in-class drug candidates targeting significant unmet medical needs.
- In December, PYC announced the nomination of its fourth clinical drug candidate for Phelan-McDermid Syndrome, backed by encouraging preclinical data.
- Management has shown strong execution against established timelines, despite the share price not correlating with progress.
- Factors affecting the share price include the new Trump administration and RFK Junior's emergence, leading to increased uncertainty.
- Management is systematically de-risking the business through ongoing data generation.
- Salter Brothers is particularly focused on the upcoming RP11 MAD study readout, which could validate the halting of disease progression and damage reversal.
Summary
Salter Brothers
30 Sept 2024
$1.69
- Salter Brothers recognizes that PYC Therapeutics Ltd (PYC) experienced a strong month with significant developments.
- The FDA granted Rare Pediatric Disease designation to PYC's PYC-001 drug program, a key milestone for the company.
- This designation could enable PYC to receive a Priority Review Voucher upon approval, increasing the value of its drug development pipeline.
- PYC is preparing to commence human trials for PYC-001, aimed at treating Autosomal Dominant Optic Atrophy (ADOA), an eye disease lacking current treatment options.
- Salter Brothers believes PYC’s innovative approach to addressing rare genetic diseases positions it favorably for future growth.
- The Manager remains bullish on the potential for further positive announcements from PYC in the near term.
Summary
Salter Brothers
31 Aug 2024
$1.29
- PYC Therapeutics Ltd (PYC) operates in the rare disease sector with a strong management team.
- PYC announced in August that its PYC-001 drug program received Rare Pediatric Disease designation from the FDA.
- This designation makes PYC eligible for a Priority Review Voucher upon approval, enhancing the value of its drug development pipeline.
- The company is preparing to commence human trials for PYC-001, reinforcing its position in precision therapies for genetic diseases.
- Salter Brothers continues to hold because of PYC's promising progress and significant potential in the industry.
Summary
Salter Brothers
31 July 2024
$0.93
- PYC Therapeutics (PYC) recently completed the first dose in its Multiple Ascending Dose study for Retinitis Pigmentosa type 11 (RP11).
- Safety and efficacy data are expected by year-end, which could further inform PYC’s potential.
- Progress is being made in other drug programs, with aims to advance three candidates into human trials by the end of 2024.
- Despite the subdued market response, Salter Brothers remains optimistic about PYC’s long-term potential.
- The Manager believes that PYC’s pipeline progress is a significant milestone for the company.
- Salter Brothers views the current market undervaluation as a compelling opportunity for investors.
Summary
Salter Brothers
30 June 2024
$1.19
- PYC Therapeutics Ltd (PYC) is a recent addition to the portfolio.
- PYC is an RNA therapeutics drug development company.
- In June, PYC announced significant progress in its drug development pipeline.
- Positive results were reported for its fourth drug candidate targeting Phelan McDermid Syndrome.
- Promising outcomes were noted in clinical trials for Retinitis Pigmentosa type 11 (RP11).
- These developments highlight PYC’s potential to deliver substantial value.
- Salter Brothers believes PYC is a valuable addition to the portfolio.
Summary
Salter Brothers
30 Apr 2024
$0.96
- PYC Therapeutics Ltd (PYC) is a newly added position in the Salter Brothers portfolio following an in-depth analysis of the biotech sector.
- The fund manager initiated a position due to PYC's focus on developing precision medicines for severe diseases with limited treatment options.
- PYC has three drug candidates that are expected to achieve human safety and efficacy read-outs within the next 18 months.
- These candidates specifically target critical conditions such as Retinitis Pigmentosa, Polycystic Kidney Disease, and Autosomal Dominant Optic Atrophy.
- Recently, PYC successfully raised A$74.6 million through an entitlement issue, in which the portfolio participated.
- With over A$100 million in cash reserves, PYC is positioned for financial stability and is well-equipped to support ongoing and future projects.
Summary
Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
ANALYST INSIGHT
Equity Research Analyst
"Investors might want to keep a close eye on PYC Therapeutics; early clinical data suggests a significant breakthrough in vision restoration. The patient testimonies hint at a potential game-changer in the biotech landscape, making PYC a compelling prospect to watch closely."
Last Updated: 23 Oct 2025
Query The Data
Frequently Asked Questions
Who is investing in PYC Therapeutics Ltd (ASX:PYC)?
Fund managers including Salter Brothers and Firetrail Investments have invested in PYC Therapeutics Ltd (ASX:PYC).
Why do fund managers invest in PYC Therapeutics Ltd?
Fund managers are investing in PYC Therapeutics Ltd due to promising clinical data from their phase I/II trial of the VP-001 drug asset, which demonstrated significant efficacy. Positive patient testimonials highlight improved vision, indicating the potential impact of the treatment. This data serves as a critical de-risking factor, enhancing the company's investment appeal.
What happened to PYC Therapeutics Ltd (ASX:PYC)?
Fund managers have invested in PYC Therapeutics Ltd due to a recent board refresh and the reinstatement of CEO Dr. Hockings, which they see as a positive development. This restructuring aims to enhance strategic clarity and accelerate value realization through potential partnerships and licensing opportunities. Despite recent turbulence, the share price recovery has presented an attractive risk-reward scenario for investment.