PYC THERAPEUTICS LIMITED (PYC)
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04/09/2026

1

Buy

$4.10

111.89%

PYC Therapeutics FY26 results were better than Ord Minnett expected with the operating loss of -$83m some 20% better than the broker's forecast due to lower R&D spending of $74m.

Operating cash flows were also lower than expected, resulting in net cash of $669m at year end.

The analyst sees FY27 as an important period for de-risking the company with multiple clinical readouts expected across the RP11, ADPKD and ADOA programs.

The broker believes PYC's trial design positions it amongst the leading contenders in an increasingly competitive kidney disease therapeutics market.

EPS forecasts are lifted by 26.7% and 13.8% for FY27 and FY28, respectively, whilst lowering FY29 by -33.6%. The target price is revised to $4.10. Maintain Buy rating.

FORECAST
Ord Minnett forecasts a full year FY27 dividend of 0.00 cents and EPS of minus -9.00 cents.
Ord Minnett forecasts a full year FY28 dividend of 0.00 cents and EPS of minus -11.00 cents.

27/10/2026

1

Buy

$3.20

65.37%

Canaccord Genuity maintains a Buy rating for PYC Therapeutics with its target price increased to $3.20 from $2.84 following an early data release for the single ascending dose study of PYC-003 at the American Society of Nephrology conference.

The ADPKD trial demonstrated a 46% geometric mean increase in urinary polycystin-1 protein levels at day 14 across the 1.2mg/kg and 2.4mg/kg cohorts, providing early evidence of therapeutic activity.

Canaccord Genuity notes these efficacy signals emerged at less than half the drug exposure targeted with repeat dosing, driving expectations for a more compelling dataset from the ongoing multiple ascending dose study in 2027.

Total kidney volume trends remained directionally favourable alongside a clean safety profile, which the analyst highlights as particularly relevant to potential strategic partners given historical tolerability challenges with peptide-oligonucleotide therapies.

Canaccord's real-options valuation models peak US sales of US$3bn for PYC-003, characterising the recent share price pullback as a highly compelling buying opportunity.

FORECAST
Canaccord Genuity forecasts a full year FY27 dividend of 0.00 cents and EPS of minus -11.00 cents.
Canaccord Genuity forecasts a full year FY28 dividend of 0.00 cents and EPS of minus -18.30 cents.