Key Highlights

  • PYC Therapeutics (ASX:PYC) reported statistically significant urinary PC1 protein rise of 1.46-fold in seven patients with polycystic kidney disease in the lead PYC-003 programme.
  • The retinitis pigmentosa type 11 extension study has dosed 17 patients with no treatment-related serious adverse events; a Phase 3 registrational trial of about 90 patients is planned for 2027.
  • Cash and treasury investments of A$655 million at 30 September 2026 fund all four clinical programmes into calendar 2030, according to the company.
  • Revenue from ordinary activities rose 51.6% to $39.7 million in FY26, though the company still posted a $43.3 million loss after tax.

PYC Therapeutics stands out among Australian biotechnology companies because its peptide-drug platform is producing early human data in several rare diseases at once, backed by a treasury it says funds all four programmes into calendar 2030. The evidence so far is early and exploratory.

What PYC does

PYC Therapeutics Limited is a Perth-based biotechnology company, listed on the ASX since 30 March 2005 and classified by the ASX in Health Care. Its shares are ordinary shares, and the ASX lists it in the S&P/ASX 300, All Ordinaries and Small Ordinaries indices.

The company develops peptide-conjugated oligonucleotide drugs that aim to restore the production of a protein the body makes too little of. It has four clinical or near-clinical programmes: polycystic kidney disease, autosomal dominant optic atrophy, retinitis pigmentosa type 11 and Phelan-McDermid syndrome.

Kidney disease data

The lead programme is PYC-003 for polycystic kidney disease in patients with a PKD1 mutation. On 7 October 2026 PYC released single-dose data, presented at the American Society of Nephrology meeting on 22 October 2026.

In seven patients, urinary PC1 protein, a marker that the drug is reaching the kidney, rose by a geometric mean fold-change of 1.46 at Day 14, a statistically significant result. A further 18 patients had three-month kidney Volume follow-up. The study, registered as NCT06714006, enrols only patients carrying a PKD1 gene mutation.

PYC itself calls the data exploratory, from few patients over a short period. A first patient entered the open-label extension on 11 September 2026, and data from the multiple-dose study and extension are expected in calendar 2027.

The eye programmes

For retinitis pigmentosa type 11, a 2 October 2026 presentation reported 17 patients dosed in the extension study and no treatment-related serious adverse events. Three of 16 treated eyes gained more than ten letters on low-luminance visual acuity at multiple timepoints, against one of 16 untreated fellow eyes.

PYC says these open-label results can be affected by bias. It is planning a registrational trial of about 90 patients, with a Phase 3 start expected in 2027, subject to regulators.

In optic atrophy, 23 patients had received PYC-001 by 1 September 2026, again with no treatment-related adverse events reported. Efficacy outcomes from repeat-dose studies are expected in calendar 2027.

Financial position

For the year to 30 June 2026 PYC reported income from ordinary activities of $39.7 million, up 51.6 per cent, and a loss after tax of $43.3 million, down 13.8 per cent. The Appendix 4E does not name the currency, although the company reports in Australian dollars.

At 30 September 2026 the company reported cash and treasury investments of $655 million, including $200 million of term deposits and $438 million of floating rate notes and US Treasury bills.

Operating cash outflow for the September quarter was A$14.86 million, with Research and Development payments of A$21.37 million. No Dividend was paid or declared for the year.

Risks and what to watch

Early-stage biotechnology outcomes are binary by nature, and the cash position does not remove clinical risk. Small, uncontrolled studies may not be reproduced in larger trials, regulators may Demand different designs, and delays are common. The company's own releases refer readers to its risk disclosures of 2 February 2026.

No PYC medicine is approved, so the reported income is not product sales. The Appendix 4E extract did not break it down, and the Annual Report holds the detail, so the figure says little about commercial progress.

The Annual General Meeting is on 12 November 2026 in Nedlands, including a vote on ratifying the 85,489,067 shares issued at $1.50 in February 2026. After that, the clinical readouts the company has flagged for 2027 are the next real tests.