PYC Therapeutics (ASX:PYC): Kidney Study Progress and Treasury Position

Aditi Sarkar

29 October 2026 05:58 PM AEDT

PYC Therapeutics (ASX:PYC): Kidney Study Progress and Treasury Position

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Highlights

The PYC-003 study reached a 2.4 mg/kg dose.
An open-label extension of up to 24 months began.
Treasury investments and cash totalled A$655m.
Appendix 4C cash alone was A$16.8m.
Further programme readouts are expected in 2027.

PYC Therapeutics Limited (ASX:PYC) develops RNA-based medicines for genetic diseases. Its September 2026 activities update reported higher-dose treatment in its polycystic kidney disease study and the opening of an extension stage. The company also detailed A$655m of cash and treasury investments, a figure substantially broader than the cash balance appearing in its quarterly cash-flow statement.

Kidney programme dosing

For ASX:PYC, the quarterly update indicates PYC-003 is being tested in a combined Phase 1a/1b study. The company has progressed to the 2.4 mg/kg dose in Part C, the multiple ascending dose study, and has started Part D, an open-label extension running for up to 24 months. Early exploratory efficacy data were presented at the American Society of Nephrology meeting in October 2026.

ASX:PYC said repeat-dose and extension data are expected in calendar 2027 and that a registrational Phase 2/3 trial is anticipated. Early exploratory data are not evidence of approval or of a proven benefit.

Other therapeutic development

For ASX:PYC, the Phelan-McDermid syndrome candidate PYC-002 is in good laboratory practice toxicology studies. The company expects to begin work enabling an investigational new drug filing and to move into clinical studies in 2027, with a submission expected in the second half of that year.

For retinitis pigmentosa type 11, the VP001 programme is in a Phase 1/2 study, and long-term data were presented at the EURETINA congress in October 2026. The company aims to use these data to inform a registrational study that it expects to start in 2027. The update describes this programme's stage inconsistently, using both "Phase 2" and "Phase 1/2", and refers to both "VP001" and "VP-001".

Cash and programme funding

At 30 September 2026 the company reported total cash and treasury investments of A$655m. This comprised A$17m of cash and cash equivalents (A$16.8m in the Appendix 4C), A$200m of term deposits and A$438m of financial assets, namely floating rate notes and US Treasury bills.

For the quarter, net operating outflow was A$14.9m, mostly research and development payments. Net investing outflow was A$21.8m and net financing inflow was A$0.07m. Based on cash alone, excluding treasury investments, the Appendix 4C implies about 1.13 quarters of funding. The company said it is funded to develop all four programmes into calendar 2030, a statement that relies on the treasury holdings being available. No new fundraising was announced, though the company said it will consider funding options from time to time. Director fees paid to related parties were A$370k.

Most milestones in the report are qualified by reference to the risks and uncertainties set out in the company's ASX disclosures of 2 February 2026. Several programmes also depend on regulatory alignment and on successful outcomes in studies that are still under way. The report does not state whether PYC's ASX-quoted securities are ordinary shares or CDIs.

Timelines for the IND submission, registrational trials and data readouts are the company's expectations rather than confirmed events. On the cash figures, the Appendix 4C balance of A$16.8m is a small fraction of the A$655m total, with the remainder held in term deposits and treasury instruments. That distinction explains why the 1.13-quarter figure sits alongside the company's statement that it is funded into calendar 2030: the two rest on different definitions of available funds, and the longer runway depends on those deposits and securities being realised as needed.

The cash-flow statement and the wider treasury position measure different pools of assets. ASX:PYC reported A$16.8m of cash in its Appendix 4C, alongside term deposits and financial investments that account for most of the A$655m total. The company’s longer funding statement depends on those treasury assets being available as needed.

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