PYC Raises $537M at $1.50 Per Share, Extends Cash Runway Through 2030

Capital Raise Success

PYC Therapeutics, a clinical-stage biotechnology company focused on RNA therapies for genetic diseases, has announced the successful completion of its institutional placement and entitlement offer, raising commitments totalling $537 million. This milestone follows the company’s announcement on 2 February 2026 of a planned capital raise of up to approximately $653 million.

The placement involved issuing around 85.5 million new shares to leading US specialist life sciences investors at an offer price of $1.50 per share, raising approximately $128 million. The institutional entitlement offer added roughly 273 million new shares, generating about $409 million. Together, these components have satisfied the conditions of the underwriting agreement, ensuring a minimum total raise of $600 million once the retail entitlement offer concludes.

Extending the Runway

This substantial capital injection extends PYC’s cash runway through to calendar year 2030, providing the company with the financial flexibility to advance its four drug development programs. These programs leverage PYC’s proprietary drug delivery platform to enhance RNA therapeutic potency, targeting monogenic diseases, genetic disorders caused by mutations in a single gene, which represent some of the most promising areas for clinical success.

With this funding, PYC aims to deliver critical human safety and efficacy data, a key step in progressing these therapies toward potential regulatory approval and commercialisation. The company’s focus on precision medicine and RNA technology places it at the forefront of a rapidly expanding and commercially validated therapeutic class.

Retail Entitlement Offer and Next Steps

The retail entitlement offer, open to eligible shareholders in Australia and New Zealand, is expected to close on 27 February 2026. Eligible retail investors will have the opportunity to subscribe to new shares at the same price and ratio as the institutional offer, with the option to apply for additional shares through a top-up facility. New shares from the retail offer are anticipated to be issued on 6 March 2026.

PYC’s shares are set to resume trading on the ASX on an ex-entitlement basis, with settlement of the placement and institutional entitlement offer expected on 11 February 2026. The company retains the discretion to place any shares not taken up during the retail offer within three months following its close, ensuring flexibility in finalising the capital raise.

Strategic Implications

This capital raise not only strengthens PYC’s balance sheet but also signals strong investor confidence, particularly from US specialist life sciences investors and Australian institutional shareholders. The successful underwriting arrangement with existing large shareholders further underscores this support. As PYC progresses its RNA therapeutic programs, the extended funding horizon reduces near-term financial uncertainty, allowing management to focus on delivering clinical milestones.