Prescient Therapeutics (ASX:PTX) has reported a 32.3% reduction in net loss for the half-year ended 31 December 2024, with losses narrowing to $2.45 million, compared to $3.62 million in the prior corresponding period. The improvement was driven by lower research and development (R&D) expenses and reduced corporate and administrative costs.
Revenue from ordinary activities fell 48.3% to $194,454, primarily due to lower income from interest and grants. The company received a $1.25 million R&D tax incentive rebate, down from $1.94 million a year earlier.
PTX-100 advances to Phase 2 trials
Prescient secured a key regulatory milestone during the period, with the US Food and Drug Administration (FDA) approving the Investigational New Drug (IND) application for PTX-100. The Phase 2 trial will target relapsed and refractory cutaneous T-cell lymphomas (r/r CTCL), an aggressive and treatment-resistant cancer. Trial sites are being evaluated in Australia, the US, and Europe, with up to 15 locations expected to participate.
The company is also exploring additional clinical applications for PTX-100, particularly in Peripheral T-cell Lymphoma (PTCL).
Progress in cell therapy and OmniCAR platform
Prescient’s CellPryme platform continued to attract interest, with new collaborations initiated for CellPryme-M, aimed at enhancing partner cell therapy programs. Discussions are also underway for first-in-human trials for CellPryme-A, potentially in combination with CAR-T therapies.
Meanwhile, the company resolved technical issues in its OmniCAR platform, developing new molecular variants and advancing validation work.
Financial position and outlook
Prescient ended the half-year with $6.39 million in cash, down from $10.49 million at 30 June 2024, reflecting R&D expenditure and operational costs. A $3.71 million R&D tax refund was received in January 2025, strengthening its balance sheet.
Following the resignation of CEO Steven Yatomi-Clarke in January 2025, James McDonnell has taken over as the new Chief Executive Officer. The company anticipates further board restructuring in the coming months.
