External broker reports(aggregated public sources), Canaccord Genuity

Canaccord Genuity

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External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>PYC hosted a 1Q25 progress update call. Management provided clarity on the timelines across its clinical programs, with upcoming updates on VP-001 in RP11 (Retinitis Pigmentosa 11) being the most imminent (May for the ARVO conference and June for the FDA meeting).</li><li>Following the $146m capital raise in February, we believe the company is now well funded for all four pipeline programs through FY27.</li><li>We continue to like the risk/reward asymmetry associated with the stock, now without a funding overhang.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

PYC hosted a 1Q25 progress update call. Management provided clarity on the timelines across its clinical programs, with upcoming updates on VP-001 in RP11 (Retinitis Pigmentosa 11) being the most imminent (May for the ARVO conference and June for the FDA meeting).Following the $146m capital raise in February, we believe the company is now well funded for all four pipeline programs through FY27.We continue to like the risk/reward asymmetry associated with the stock, now without a funding overhang.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

PYC Therapeutics Limited - Splice, Splice Baby: Potential Catalysts Ahead for PYC