Revenue remains highly volatile and milestone-dependent, evidenced by quarterly top-line fluctuations between $0.18M and $4.0M, which contributes to extreme margin instability including gross margins that swung from -134.2% to 41.0% in recent periods.
| Metric | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Sales/Revenue | 4.66M | 4.83M | 3.33M | 2.09M | 9.98M | 8.34M | 8.69M | 16.37M | 650K | 4.43M | 11.74M | 2.01M | 7.02M | 7.93M |
| Revenue Growth % | -3.5% | 44.98% | 59.33% | -79.06% | 19.64% | -3.99% | -46.93% | 2418.62% | -85.33% | -62.26% | 483.5% | -71.33% | -11.51% | - |
| Cost of Goods Sold | 0 | 0 | 4.93M | 152.43M | 110.47M | 0 | 85.85M | 77.4M | 71.03M | 1.57M | 740K | 0 | 0 | 0 |
| COGS % of Revenue | - | - | 148.14% | 7293.44% | 1107.03% | - | 988.12% | 472.8% | 10928.46% | 35.43% | 6.3% | - | - | - |
| Gross Profit | 4.66M | 1.26M | -1.6M | -136.81M | -100.49M | 8.34M | -77.16M | -61.03M | -70.39M | 2.86M | 11M | 2.01M | 7.02M | 7.93M |
| Gross Margin % | 100% | 26.04% | -48.14% | -6546.17% | -1007.03% | 100% | -888.12% | -372.8% | -10828.46% | 64.57% | 93.7% | 100% | 100% | 100% |
| Gross Profit Growth % | 270.64% | 178.42% | 98.83% | -36.15% | -1304.8% | 110.81% | -26.43% | 13.29% | -2560.15% | -73.99% | 446.72% | -71.33% | -11.51% | - |
| Operating Expenses | 103.18M | 140.41M | 54.55M | 60.99M | 160.26M | 127.87M | 144.09M | 120.39M | 116.07M | 78.36M | 55.38M | 19.46M | 10.1M | 13.98M |
| OpEx % of Revenue | 2214.72% | 2908.24% | 1638.26% | 2918.28% | 1605.99% | 1533.05% | 1658.46% | 735.39% | 17856.92% | 1768.45% | 471.74% | 967.05% | 143.95% | 176.2% |
| Selling, General & Admin | 20.65M | 27.49M | 48.36M | 35.67M | 30.76M | 26.5M | 34.89M | 24.43M | 46.28M | 37.16M | 18.38M | 7.17M | 3.55M | 3.77M |
| SG&A % of Revenue | 443.29% | 569.41% | 1452.31% | 1706.65% | 308.26% | 317.67% | 401.59% | 149.2% | 7120.46% | 838.52% | 156.54% | 356.21% | 50.59% | 47.53% |
| Research & Development | 45.74M | 54.28M | 96.23M | 116.11M | 81.52M | 61.19M | 65.17M | 57.29M | 71.67M | 41.2M | 13.41M | 2.84M | 2.83M | 4.23M |
| R&D % of Revenue | 981.82% | 1124.28% | 2889.94% | 5555.65% | 816.93% | 733.56% | 750.07% | 349.97% | 11026.46% | 929.93% | 114.21% | 140.95% | 40.35% | 53.3% |
| Other Operating Expenses | 36.79M | 58.64M | -90.04M | -90.79M | 47.98M | 40.19M | 44.03M | -278K | 14K | 46K | 448K | 0 | 0 | 0 |
| Operating Income | -98.53M | -136.09M | -146.2M | -197.81M | -150.28M | -119.53M | -135.4M | -104.02M | -115.42M | -73.93M | -43.64M | -17.45M | -3.73M | -9.38M |
| Operating Margin % | -2114.72% | -2818.87% | -4390.36% | -9464.45% | -1505.98% | -1433.05% | -1558.46% | -635.39% | -17756.92% | -1668.45% | -371.74% | -867.05% | -53.16% | -118.32% |
| Operating Income Growth % | 27.61% | 6.91% | 26.09% | -31.62% | -25.73% | 11.72% | -30.17% | 9.88% | -56.12% | -69.4% | -150.17% | -367.57% | 60.25% | - |
| EBITDA | -95.18M | -132.52M | -141.27M | -188.91M | -143.04M | -112.88M | -128.73M | -101.24M | -113.32M | -72.36M | -42.9M | -16.99M | -3.28M | -8.88M |
| EBITDA Margin % | -2042.84% | -2744.9% | -4242.22% | -9038.95% | -1433.45% | -1353.27% | -1481.74% | -618.42% | -17434% | -1633.02% | -365.43% | -844.43% | -46.7% | -112.01% |
| EBITDA Growth % | 28.18% | 6.19% | 25.22% | -32.07% | -26.73% | 12.32% | -27.16% | 10.66% | -56.61% | -68.66% | -152.51% | -418.3% | 63.11% | - |
| D&A (Non-Cash Add-back) | 3.35M | 3.57M | 4.93M | 8.89M | 7.24M | 6.66M | 6.67M | 2.78M | 2.1M | 1.57M | 740K | 455K | 453K | 500K |
| EBIT | -65.15M | 33.81M | -16.56M | -197.81M | 19.46M | 56.03M | 481.12M | -68.05M | -70.01M | -76.37M | -51.97M | -73.63M | -4.94M | -10.17M |
| Net Interest Income | -32.73M | 12.63M | 2.52M | 1.85M | -4.5M | -1.76M | 260K | -11.45M | -8.46M | -5.62M | -4.09M | -2.55M | -331K | -579K |
| Interest Income | 13.05M | 22.67M | 16.01M | 5.8M | 214K | 1.18M | 4.36M | 3.36M | 1.75M | 1.19M | 262K | 46K | 36K | 30K |
| Interest Expense | 45.78M | 10.04M | 13.49M | 3.95M | 4.71M | 2.95M | 4.1M | 14.81M | 10.21M | 6.81M | 4.35M | 2.59M | 367K | 609K |
| Other Income/Expense | -12.4M | 159.87M | 110.1M | 105.02M | 91.33M | 138.5M | 613.87M | 35.58M | 44.71M | -9.25M | -12.68M | -58.78M | -1.58M | -4.74M |
| Pretax Income | -110.93M | 23.77M | -36.1M | -92.78M | -58.95M | 18.97M | 478.47M | -68.44M | -70.71M | -83.18M | -56.32M | -76.22M | -5.31M | -10.78M |
| Pretax Margin % | -2380.92% | 492.42% | -1084.17% | -4439.38% | -590.77% | 227.42% | 5507.3% | -418.04% | -10878.62% | -1877.27% | -479.73% | -3788.32% | -75.65% | -135.89% |
| Income Tax | -842K | -4.01M | 30.52M | -55.72M | 3.76M | 14.4M | 112.41M | 2.22M | -14K | -1.57M | 1.92M | -278K | 274K | 535K |
| Effective Tax Rate % | 0.76% | -16.86% | -84.55% | 60.05% | -6.37% | 75.92% | 23.49% | -3.25% | 0.02% | 1.89% | -3.42% | 0.36% | -5.16% | -4.96% |
| Net Income | -109.74M | 53.51M | -65.7M | -50.35M | -60.56M | 5.99M | 421.14M | -43.65M | 30.87M | -48.79M | -39.39M | -41.64M | -4.3M | -11.05M |
| Net Margin % | -2355.42% | 1108.33% | -1972.88% | -2409.33% | -606.85% | 71.75% | 4847.42% | -266.65% | 4749.08% | -1101.15% | -335.55% | -2069.73% | -61.3% | -139.36% |
| Net Income Growth % | -305.08% | 181.45% | -30.47% | 16.85% | -1111.83% | -98.58% | 1064.73% | -241.42% | 163.27% | -23.86% | 5.4% | -867.77% | 61.07% | - |
| Net Income (Continuing) | -110.08M | 27.78M | -66.63M | -37.06M | -62.71M | 4.57M | 335.27M | -70.66M | -57.49M | -81.61M | -58.24M | -75.94M | -5.58M | -11.31M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 425K | 0 |
| Minority Interest | -6.4M | -6.77M | -5.83M | 5.37M | -9.37M | -16.21M | -17.64M | -108.53M | -150.31M | -85.25M | -62.07M | -45.32M | -7.14M | -6.45M |
| EPS (Diluted) | -46.00 | 2.00 | -2.40 | -1.80 | -2.10 | 0.20 | 14.40 | -1.60 | 1.10 | -2.10 | -2.10 | -5.10 | -0.80 | -1.60 |
| EPS Growth % | -2400% | 183.33% | -33.33% | 14.29% | -1150% | -98.61% | 1000% | -245.45% | 152.38% | 0% | 58.82% | -537.5% | 50% | - |
| EPS (Basic) | -46.00 | 2.00 | -2.40 | -1.80 | -2.10 | 0.20 | 14.90 | -1.60 | 1.10 | -2.10 | -2.10 | -5.10 | -0.74 | -1.60 |
| Diluted Shares Outstanding | 2.41M | 26.97M | 27.63M | 28.48M | 28.66M | 29.29M | 29.18M | 27.38M | 23.89M | 22.95M | 18.53M | 8.25M | 6.36M | 6.34M |
| Basic Shares Outstanding | 2.41M | 26.97M | 27.63M | 27.97M | 28.66M | 29.93M | 29.25M | 27.28M | 24.07M | 22.95M | 18.53M | 8.17M | 5.38M | 6.33M |
| Dividend Payout Ratio | - | - | - | - | - | - | 0.03% | - | 0.29% | - | - | - | - | - |
Clinical trial binary outcomes
As reported in financial statements, PureTech's top-line performance remains highly volatile, with revenue fluctuating between $0.18M and $4.0M over recent periods, underscoring a business model that relies on sporadic milestone payments and management fees rather than consistent, recurring commercial product sales or predictable service-based income streams.
The lack of a stable revenue base suggests that the company's top-line trajectory is tethered to the success of its founded entities and partnership milestones. Investors should interpret these figures as indicators of clinical progress rather than evidence of commercial scale or market penetration.
Based on reported figures, PureTech exhibits extreme margin instability, with gross margins swinging from -134.2% to 41.0% in recent quarters, a pattern that reflects the accounting treatment of collaboration revenue and the absence of a traditional, scalable cost of goods sold structure in its discovery-focused operations.
The erratic margin profile appears to be a byproduct of the company's hub-and-spoke model, where revenue recognition is tied to specific, non-recurring events. This volatility makes traditional margin analysis less meaningful, as the company is currently prioritizing the creation of intellectual property over operational efficiency.
According to recent SEC filings, PureTech's operating expenses are dominated by high R&D outlays, which reached as high as $84.6M in 2022Q2, consistently outpacing revenue and resulting in significant operating losses that highlight the company's ongoing commitment to funding its internal pipeline and clinical trial programs.
The persistent gap between R&D spending and revenue suggests that the company is in a deep-burn phase, utilizing its capital to de-risk assets. Management's expense discipline appears secondary to the necessity of advancing clinical milestones, which remains the primary driver of the company's long-term value proposition.
While the company's ability to generate liquidity through exits like Karuna is evident, the market's persistent valuation gap suggests that investors remain skeptical of the internal pipeline's ability to replicate such success, potentially viewing the current cost structure as an inefficient use of capital relative to peers.
Short-term observers may focus on the recurring operating losses and the lack of commercial revenue as evidence of a failing business model. However, this perspective may overlook the optionality inherent in the platform technology, which could provide significant upside if the internal pipeline achieves clinical validation.
Quick answers to the most common questions about buying PRTC stock.
For fiscal year 2025, PureTech Health plc (PRTC) reported total revenue of $4.7M. This represents a 41.3% decline compared to $7.9M in 2012.
PureTech Health plc (PRTC) reported a net loss of $109.7M for the fiscal year ending 2025.
PureTech Health plc (PRTC) reported an operating income of $-98.5M, resulting in an operating profit margin of -2114.7%. This margin reflects the operational efficiency of the business before interest and taxes.
PureTech Health plc (PRTC) generated $4.7M in gross profit for the year, representing a gross profit margin of 100.0%. This demonstrates the company's core pricing power and production efficiency.