Pyc Therapeutics Limited · ASX:PYC
Pyc Therapeutics — Investor Presentation (February 2026)
65 slides from Pyc Therapeutics's investor presentation, Feb 2, 2026
Slide 1: Life-changing science: Capital raising presentation
Life-changing science Capital raising presentation February 2026 NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES
Slide 2: Important Notice and Disclaimer
Important Notice and Disclaimer This investor presentation (Presentation) is dated 2 February 2026 and has been prepared by PYC Therapeutics Limited (ACN 098 391 961) (PYC or Company). By attending an investor presentation or briefing, or accepting, accessing or reviewing this Presentation, you ackn
Slide 3: Important Notice and Disclaimer continued
Important Notice and Disclaimer continued Investment risk An investment in PYC shares is subject to known and unknown risks, some of which are beyond the control of PYC and its directors. PYC does not guarantee any particular rate of return or the performance of PYC nor does it guarantee any particu
Slide 4: Important Notice and Disclaimer continued
Important Notice and Disclaimer continued Disclaimer E&P Capital Pty Ltd and Barrenjoey Markets Pty Ltd are acting as joint lead managers (JLMs) to the Entitlement Offer. Bloom Burton Securities Inc. (Bloom Burton) is acting as the lead manager to the Placement and certain shortfall components of th
Slide 5: Executive Summary
Executive Summary • PYC Therapeutics develops precision RNA therapies for patients who have genetic diseases. The Company is progressing 4 Introduction to the drug programs towards major unmet patient needs. 3 of these drug candidates are in clinical development and all 4 have Company disease-modify
Slide 6: Successful completion of the Offer will allow PYC to deliver human data read-outs
Successful completion of the Offer will allow PYC to deliver human data read-outs across all 4 pipeline programs1 Program Upcoming human data read-out/program milestone1 Expected timing1 PYC-003 for •1 Phase 1b read-outs on Total Kidney Volume and estimated Glomerular Filtration Rate 2027/28 Polycys
Slide 7: Positive data read-outs will see the Company advance all drug candidates into registrational trials
Positive data read-outs will see the Company advance all 4 of its drug candidates into registrational trials1 Cash runway following completion of the Offer extended to CY20301 Program 2026 2027 2028 2029 2030 PYC-003 Phase 1a/1b Studies 1 2 Registrational trials Polycystic Kidney Disease (PKD) 12-mo
Slide 8: Progression into registrational trials will create commercial optionality for PYC
Progression into registrational trials will create commercial optionality for PYC (commercial launch or partnership)1 Historical progress Progress expected in 20251 Program Pre-clinical Clinical Prevalence2 Phase 1/2 Registrational PYC-003 Polycystic Kidney Disease 1 in 1,000 PYC-002 Phelan-McDermid
Slide 9: Company Highlights following successful completion of the Offer
Company Highlights following successful completion of the Offer1 Successful completion of the capital raise will leave PYC: • Well resourced: >$750m of cash on the balance sheet affording a funding runway through to CY20302; • With multiple assets: Developing a diversified portfolio of assets that a
Slide 10: PYC Overview
Life-changing science PYC Overview February 2026
Slide 11: PYC's mission is to create life-changing RNA therapies
PYC’s mission is to create life-changing RNA therapies that address the root cause of diseases resulting from insufficient gene expression The Company’s work is dedicated to patients who currently have no treatment options available Sierra – living with Phelan- McDermid Syndrome1 PYC THERAPEUTICS 11
Slide 12: An introduction to PYC Therapeutics
An introduction to PYC Therapeutics Precision medicines PYC is a drug discovery and development company focused on creating life-changing new therapies for patients who have genetic diseases and no treatment options available today Disease-modifying PYC’s strategy is to use RNA therapeutics to incre
Slide 13: PYC has created a pipeline of clinical-stage drug candidates
PYC has created a pipeline of clinical-stage drug candidates in areas of major unmet need Historical progress Progress expected in 20251 Program Pre-clinical Clinical Prevalence1 Phase 1/2 Registrational PYC-003 Polycystic Kidney Disease 1 in 1,000 PYC-002 Phelan-McDermid Syndrome 1 in 10,000 VP-001
Slide 14: Highlights of PYC's pipeline – drug candidates with best-in-indication potential
Highlights of PYC’s pipeline – 4 drug candidates with best-in- indication potential1 1 2 3 4 5 Disease-modifying In areas of major With the highest Validated in patient- Generating human drug candidates1 unmet need probability of success derived models data in 2026/2027 Up to 5x Each of PYC’s In a d
Slide 15: PYC will generate human efficacy data for all of these drug candidates over the coming 24 months
PYC will generate human efficacy data for all 4 of these drug candidates over the coming 24 months1 These data read-outs will highlight the potential of disease-modifying drug candidates in these genetically- defined diseases1 PYC-003 in ADPKD2 PYC-002 in PMS3 VP-001 in RP114 PYC-001 in ADOA5 • Mult
Slide 16: PYC's platform technologies
Life-changing science PYC’s platform technologies
Slide 17: PYC designs RNA therapies to increase gene expression in haploinsufficiency
PYC designs RNA therapies to increase gene expression in diseases caused by haploinsufficiency There are two copies of One copy of a gene is PYC’s drug candidates leverage every gene in humans non-functional in a the ‘good’ copy of the gene to haploinsufficiency restore expression1 2.0 Functional Pr
Slide 18: PYC combines precision drug design expertise with its delivery technology
PYC combines this precision drug design expertise with its delivery technology to harness a new class of RNA therapeutic1 1. Design of RNA therapies 2. Drug delivery platform Inside the cell Outside the cell1 RNA target RNA Therapeutic Binding Inside the cell Peptide RNA Therapeutic RNA therapeutic
Slide 19: PYC uses 'mini-human models' to confirm restoration of gene expression
1. PYC uses ‘mini-human models’1 to confirm restoration of gene expression in the target cell/organ before entering the clinic PYC uses patient tissue samples to create models of The ability of the drug candidate to restore gene the specific cells affected in the target indication1 expression in the
Slide 20: PYC combines control of gene expression with a proprietary drug delivery technology
2. PYC combines control of gene expression with a proprietary drug delivery technology to reach more target cells PYC validates delivery of each drug candidate in vivo1 Delivery – PYC’s drug candidates reach the target cell at safe and well-tolerated doses in vivo External view of kidney Internal vi
Slide 21: Pipeline of drug candidates with disease-modifying potential in substantial markets
The result is a pipeline of drug candidates with disease- modifying potential in substantial markets (>US$1bn p.a.)1 Historical progress Progress expected in 20251 Program Pre-clinical Clinical Market Size1 Phase 1/2 Registrational PYC-003 Polycystic Kidney Disease US$10bn p.a. PYC-002 Phelan-McDerm
Slide 22: Autosomal Dominant Polycystic Kidney Disease (PKD) Program
Life-changing science Autosomal Dominant Polycystic Kidney Disease (PKD) Program February 2026
Slide 23: Patients with PKD require renal transplantation at a median age of 55
Patients with PKD require renal transplantation at a median age of 551 PKD is characterised by progressive growth of fluid-filled cysts that impair kidney function2 Age 20 40 60 Endpoint Kidney eGFR Function Blood test Total Kidney Kidney Volume (TKV) Size MRI3 1. See: Cornec-Le Gall E, et al. Type
Slide 24: The path to market in PKD incorporates a single combined P2/3 study
The path to market in PKD incorporates a single combined P2/3 study1 Combined Phase 1a/1b Study2 Phase 2/3 Study Part A - SAD in healthy Part B – SAD in ADPKD Part C – MAD in Registrational study Confirmatory extension volunteers Patients PKD Patients Commercialisation Total Kidney Volume (TKV) 12-m
Slide 25: PYC's immediate objective in PKD is to demonstrate clinical proof of concept
PYC’s immediate objective in PKD is to demonstrate clinical proof of concept on the registrational endpoint Progress to date Combined Phase 1a/1b Study2 Phase 2/3 Study Part A - SAD in healthy Part B – SAD in ADPKD Part C – MAD in Registrational study Confirmatory extension volunteers Patients PKD P
Slide 26: Human safety and pre-clinical efficacy data illustrate the potential for impact
Human safety and pre-clinical efficacy data illustrate the potential for impact in this indication1,2 ✱✱✱✱ 2.0 ✱✱✱✱ ✱✱✱✱ Untreated Human safety: PYC-003 Healthy volunteers and patients PC1 Fold Change over Untreated ✱✱ 1.5 Normalised to Total Protein Pre-clinical efficacy: Increased target 1.0 PYC-0
Slide 27: PYC-003 is progressing towards a major unmet patient need
PYC-003 is progressing towards a major unmet patient need Standard of care (Tolvaptan) is used by <7% of the addressable patient population1 • Despite limited patient uptake, 2023 sales of Tolvaptan exceeded US$1.5bn1 Estimated number of patients with PKD due USA EUROPE Japan >100,000 >150,000 >20,0
Slide 28: Phelan-McDermid Syndrome (PMS) Program
Life-changing science Phelan-McDermid Syndrome (PMS) Program February 2026
Slide 29: Patients with Phelan-McDermid Syndrome experience life-long disability
Patients with Phelan-McDermid Syndrome (PMS) experience life-long disability PMS is characterised by severe intellectual and physical developmental delays1,2 Sierra – living with PMS3 Age 0 5 10 15+ Intellectual disability Speech and developmental delays Skills regression Symptoms Neuropsychiatric a
Slide 30: PYC-002 follows an established clinical development pathway
PYC-002 follows an established clinical development pathway1,2 Pre-clinical studies GLP. PK and Toxicology Studies Clinical Trials For this combination of: • Chemistry: 2′MOE PS3 Clinical validation of this modality via the same route of • Administration: intrathecal administration has been establis
Slide 31: PYC's immediate objective in PMS is to complete GLP toxicology studies
PYC’s immediate objective in PMS is to complete GLP toxicology studies enabling ‘first in human’ trials to commence Progress to date Pre-clinical studies GLP. PK and Toxicology Studies Clinical Trials For this combination of: • Chemistry: 2′MOE PS3 Clinical validation of this modality via the same r
Slide 32: Pre-clinical efficacy data illustrate the disease-modifying potential
Pre-clinical efficacy data illustrate the disease-modifying potential of this drug candidate1 PYC-002 quantitatively restores SHANK3 protein PYC-002 reaches the target cell and modulates gene expression in PMS patient-derived models in vitro1 expression at safe and well-tolerated doses in vivo1 2-fo
Slide 33: PYC-002 is progressing towards a major unmet patient need
PYC-002 is progressing towards a major unmet patient need Estimated USA EUROPE Japan prevalence of 20,000 20,000 5,000 PMS1 PYC THERAPEUTICS 33 1. PMS Foundation as at 29/01/2026
Slide 34: Retinitis Pigmentosa type 11 (RP11) Program
Life-changing science Retinitis Pigmentosa type 11 (RP11) Program February 2026
Slide 35: Patients with RP11 experience progressive and irreversible vision loss
Patients with RP11 experience progressive and irreversible vision loss beginning in childhood1-3 Illustration of the degeneration in sight experienced by an RP11 patient1-3 6 years old 26 years old 46 years old Patients experience night blindness followed by loss of peripheral and then central visio
Slide 36: PYC expects to initiate the first registrational study in RP11 in 2026
PYC expects to initiate the first registrational study in RP11 in 20261 VP-001 is the first clinical-stage drug candidate for RP112 FDA Type D meeting Q1 20261 Open Phase 1a SAD Label Phase 1b MAD Study Phase 2/3 Study Extension • Safety & Tolerability NDA • Safety & Tolerability • Efficacy • Effica
Slide 37: PYC's immediate objective is to align on the pathway to an NDA in RP11
PYC’s immediate objective is to align on the pathway to an NDA in RP11 PYC’s immediate objective FDA Type D meeting Q1 20261 Progress to date Open Phase 1a SAD Label Phase 1b MAD Study Phase 2/3 Study Extension • Safety & Tolerability NDA • Safety & Tolerability • Efficacy • Efficacy • Primary: • Lo
Slide 38: Human safety and efficacy data illustrate the potential in RP11
Human safety and efficacy data illustrate the potential of this drug candidate in RP111 Human safety: Human efficacy: RP11 patients Change in Low-Luminance Visual Acuity (LLVA) in RP11 patients2,3 • No Treatment Related- 20 Serious Adverse events Change from baseline in LLVA 15 observed in any subje
Slide 39: VP-001 is progressing towards a major unmet patient need
VP-001 is progressing towards a major unmet patient need Estimated USA Europe Japan prevalence of 3,000 3,000 1,200 RP111 PYC THERAPEUTICS 39 1. See: Sullivan L, et al. Genomic rearrangements of the PRPF31 gene account for 2.5% of autosomal dominant retinitis pigmentosa. Invest Ophthalmol Vis Sci. 2
Slide 40: Autosomal Dominant Optic Atrophy (ADOA) Program
Life-changing science Autosomal Dominant Optic Atrophy (ADOA) Program February 2026
Slide 41: Patients with ADOA experience progressive and irreversible vision loss
Patients with ADOA experience progressive and irreversible vision loss beginning in childhood1-3 Degenerative sight of an ADOA patient1-3 10 years old 30 years old 50 years old ADOA is the most common inherited optic neuropathy – the median age of onset at 7 years of age2 1. Lenaers G, et al. Domina
Slide 42: PYC's drug candidate has the potential to become the first approved treatment for ADOA
PYC’s drug candidate has the potential to become the first approved treatment for patients with ADOA1 Phase 1a SAD Study Phase 1b MAD Study2 Phase 2/3 Study Cohorts 60 mcg 60 mcg (Q12W) Objectives of Phase 1/2/3 trials of PYC-001 • Safety & Tolerability • Efficacy 30 mcg 30 mcg (Q8W, Q12W) • Visual
Slide 43: PYC's drug candidate has the potential to become the first approved treatment for ADOA
PYC’s drug candidate has the potential to become the first approved treatment for patients with ADOA1 Progress to date Phase 1a SAD Study Phase 1b MAD Study2 Phase 2/3 Study Cohorts 60 mcg 60 mcg (Q12W) Objectives of Phase 1/2/3 trials of PYC-001 • Safety & Tolerability • Efficacy 30 mcg 30 mcg (Q8W
Slide 44: Human safety and early efficacy data illustrate the potential in ADOA
Human safety and early efficacy data illustrate the potential of this drug candidate in ADOA1 Human safety: Human efficacy: ADOA patients2 Change in Visual Acuity (under Low and Normal Contrast) in ADOA patients3 • No Treatment Emergent- Mean improvement in visual acuity at week 42 Serious Adverse e
Slide 45: PYC-001 is progressing towards a major unmet patient need
PYC-001 is progressing towards a major unmet patient need Estimated USA Europe Japan prevalence ~6,000 patients ~6,000 patients ~2,000 patients of ADOA1,2,3 1. Yu-Wai-Man, P. et al. Ophthalmology. The prevalence and natural history of dominant optic atrophy due to OPA1 mutations. 2010;117(8):1538-46
Slide 46: PYC is in the critical human data generation window
PYC is in the critical human data generation window with a pipeline of drug candidates with disease-modifying potential 1 2 3 4 5 Disease-modifying In areas of major With the highest Validated in patient- Generating human drug candidates1 unmet need probability of success derived models data in 2026
Slide 47: Overview of the Offer
Life-changing science Overview of the Offer
Slide 48: Overview of the Offer
Overview of the Offer Offer PYC is seeking to raise up to ~A$653 million via the issue of approximately 435 million new fully paid ordinary shares (New Shares) consisting of: • An institutional placement to raise up to approximately A$128 million (Placement or Institutional Placement); • A 3 for 5 p
Slide 49: Overview of the Offer (continued)
Overview of the Offer (continued) Ranking New Shares issued under the Offer will rank equally with existing Shares from date of issue Lead Managers Bloom Burton Securities Inc. is acting as lead manager to the Placement and certain shortfall components of the Entitlement Offer in the United States a
Slide 50: Indicative timetable
Indicative timetable Event Timing (AEDT) Trading halt Monday, 2 February 2026 Announcement of Institutional Placement and Entitlement Offer Monday, 2 February 2026 Institutional Placement and Institutional Entitlement Offer opens Monday, 2 February 2026 Institutional Placement and Institutional Enti
Slide 51: Use of Proceeds and Pro Forma Capital Structure
Use of Proceeds and Pro Forma Capital Structure1 Sources of funds2 Amount Pro Forma Capital Structure Amount Cash on hand $120m Ordinary shares on issue prior to the Offer 583.3m Anticipated FY25 and FY26 R&D rebates3 $40m Undiluted market capitalisation prior to the Offer6 $933m Capital raising pro
Slide 52: Appendix A: Key Risks
Life-changing science Appendix A: Key Risks
Slide 53: Appendix A: Key Risks
Appendix A: Key Risks Introduction This section discusses some of the key risks associated with an investment in PYC, which may affect the value of PYC shares. The risks set out below are not listed in order of importance and do not constitute an exhaustive list of all risks involved with an investm
Slide 54: Appendix A: Key Risks continued
Appendix A: Key Risks continued Technology risk For PYC to be competitive in the drug discovery and development market, the Directors expect it will need to continue to develop or acquire new technologies and platforms, develop products in niche markets and to take early advantage of technological a
Slide 55: Appendix A: Key Risks continued
Appendix A: Key Risks continued Funding PYC does not generate sufficient revenue to sustain its operations, as such, it is substantially dependent on raising funds to continue to fund its operations until it is able to generate sufficient cashflows. The continuing viability of PYC is dependent on it
Slide 56: Appendix A: Key Risks continued
Appendix A: Key Risks continued Research & PYC has received R&D tax incentives on part of its expenditure in research and development. There is a risk that the Australian Government may make material changes to the Development (R&D) Tax rebate scheme, which may adversely impact the funding available
Slide 57: Appendix A: Key Risks continued
Appendix A: Key Risks continued Reliance on third parties PYC relies on third party partners, collaborators, licensees, and vendors, including suppliers and third-party service providers for product development, manufacture and commercialisation of products, and certain financial transactional proce
Slide 58: Appendix A: Key Risks continued
Appendix A: Key Risks continued Cyber security PYC relies heavily on its information technology systems including its networks, equipment, hardware, software, telecommunications and other information technology (collectively, IT Systems), and the IT Systems of third-party service providers, to opera
Slide 59: Appendix A: Key Risks continued
Appendix A: Key Risks continued Economic risk and Any deterioration in the domestic and global economy may have a material adverse effect on the performance of PYC’s business. It is possible that new risks might emerge as a market forces result of Australian or global markets experiencing extreme st
Slide 60: Appendix B: International Offer Restrictions
Life-changing science Appendix B: International Offer Restrictions
Slide 61: Appendix B: International Offer Restrictions
Appendix B: International Offer Restrictions This document does not constitute an offer of new ordinary shares (“New Shares”) of the Company in any jurisdiction in which it would be unlawful. In particular, this document may not be distributed to any person, and the New Shares may not be offered or
Slide 62: Appendix B: International Offer Restrictions (continued)
Appendix B: International Offer Restrictions (continued) New Zealand This document has not been registered, filed with or approved by any New Zealand regulatory authority under the Financial Markets Conduct Act 2013 (the “FMC Act”). The New Shares are not being offered to the public within New Zeala
Slide 63: Appendix B: International Offer Restrictions (continued)
Appendix B: International Offer Restrictions (continued) Switzerland The New Shares may not be publicly offered in Switzerland and will not be listed on the SIX Swiss Exchange or on any other stock exchange or regulated trading facility in Switzerland. Neither this document nor any other offering or
Slide 64: Appendix C: Summary of Underwriting Agreement
Life-changing science Appendix C: Summary of Underwriting Agreement
Slide 65: Appendix C: Summary of Underwriting Agreement
Appendix C: Summary of Underwriting Agreement The Company has entered into the Underwriting Agreement with 7 large existing shareholders. The Underwriters are McCusker Holdings Pty Ltd, Masali Pty Ltd, Selwood Barton Pty Ltd, Custom Binders Pty Ltd, Mr. John Baird, Argyle Ranges Trust and Mr. Toby P
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