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Clinical stage biotechnology company PureTech Health booked a first-half loss after a gain in the value of its investments was offset by a higher tax charge and steeper R&D spending.
Net losses for the six months through June amounted to $14.0m, compared to losses of $15.3m on-year.
Operating losses were $70.3m, compared to $52.3m on-year, and included R&D spending of $45.5m, up from $33.3m on-year.
'This has been a transformational period for PureTech,' chief executive Daphne Zohar said.
Developments across the company had included FDA clearance of Gelesis' Plenity, Karuna's Nasdaq IPO, two new collaborations with major pharmaceutical companies and the acquisition of a wholly-owned, clinical-stage product candidate for lymphedema.
'This continued momentum across PureTech's internal and affiliate programmes underscores PureTech's focus on delivering highly differentiated medicines for devastating diseases and driving value for our shareholders through growth and potential monetization events,' Zohar said.