0001782999-25-000005 | 20-F | XBRL Viewer

Capital and Financial Risk Management - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Mar. 31, 2024	Dec. 31, 2023
Capital And Financial Risk Management [Line Items]
Short-term investments	$ 86,666		$ 136,062
Karuna
Capital And Financial Risk Management [Line Items]
Number of associate's common stock held at fair value		886,885,000	886,885
Vor
Capital And Financial Risk Management [Line Items]
Number of associate's common stock held at fair value	2,671,800

Taxation (Tables)

12 Months Ended

Dec. 31, 2024

Taxation [Abstract]

Schedule of Income Taxes Recognized in Comprehensive Income

Amounts recognized in Consolidated Statement of Comprehensive Income/(Loss):


	2024 $	2023 $	2022 $
For the year ended December 31
Income/(loss) for the year	27,782	(66,628)	(37,065)
Income tax expense/(benefit)	(4,008)	30,525	(55,719)
Income/(loss) before taxes	23,774	(36,103)	(92,783)

Schedule of Recognized Income Tax Expense

Recognized Income Tax Expense/(Benefit):


	2024 $	2023 $	2022 $
For the year ended December 31
Federal - current	35,310	(2,246)	13,065

State - current	13,144	(46)	1,336
Total current income tax expense/(benefit)	48,454	(2,292)	14,401
Federal - deferred	(46,442)	29,294	(48,240)

State - deferred	(6,020)	3,523	(21,880)
Total deferred income tax expense/(benefit)	(52,462)	32,817	(70,120)
Total income tax expense/(benefit), recognized	(4,008)	30,525	(55,719)

Schedule of Reconciliation of Effective Tax Rate

The Group is primarily subject to taxation in the U.S. A reconciliation of the U.S. federal statutory tax rate to the effective tax rate is as follows:


	2024		2023		2022
For the year ended December 31	$	%	$	%	$	%
US federal statutory rate	4,994	21.00	(7,573)	21.00	(19,486)	21.00
State taxes, net of federal effect	1,026	4.32	(3,974)	11.01	(8,043)	8.67
Tax credits	(2,517)	(10.59)	(9,167)	25.39	(6,876)	7.41
Stock-based compensation	2,123	8.93	589	(1.63)	788	(0.85)
Finance income/(costs) – fair value accounting	1,640	6.90	(556)	1.54	(28,783)	31.02
Loss with respect to associate for which no deferred tax asset is recognized	210	0.88	249	(0.69)	1,413	(1.52)
Revaluation of deferred due to rate change	(3,419)	(14.38)	—	—	(8,856)	9.54


Nondeductible compensation	1,534	6.45	872	(2.42)	300	(0.32)






Recognition of deferred tax assets and tax benefits not previously recognized	(12,396)	(52.14)	(433)	1.20	(184)	0.20
Unrecognized deferred tax asset	—	—	83,984	(232.63)	17,287	(18.63)
Deconsolidation of subsidiary	3,863	16.25	(17,506)	48.49	(3,572)	3.85
Cancellation of Debt Income	(987)	(4.15)	—	—	—	—
Other	755	3.16	1,321	(3.65)	293	(0.32)
Worthless stock deduction	(833)	(3.50)	(17,281)	47.87	—	—

	(4,008)	(16.86)	30,525	(84.52)	(55,719)	60.05

Schedule of Unrecognized Tax Losses and Tax Credits Carryforwards

Tax losses and tax credits for which no deferred tax asset was recognized are presented below:


Balance as of December 31	2024 $		2023 $

	Gross Amount	Tax Effected	Gross Amount	Tax Effected
Tax losses expiring:
Within 10 years	1,537	416	4,741	1,284
More than 10 years	3,285	729	6,635	1,455
Available Indefinitely	2,993	1,476	2,305	1,110
Total	7,815	2,621	13,681	3,849
Tax credits expiring:
Within 10 years	44	44	43	43
More than 10 years	194	194	425	425
Available indefinitely	—	—	—	—
Total	238	238	468	468

Schedule of Tax Balances as Presented in Statement of Financial Position

Tax Balances

The tax related balances presented in the Statement of Financial Position are as follows:


For the year ended December 31	2024 $	2023 $

Income tax receivable – current	—	11,746
Income tax payable – current	(75)	—

Share-based Payments (Tables)

12 Months Ended

Dec. 31, 2024

Share-based Payments [Abstract]

Schedule of Share-Based Payment Expense as Reflected in the Consolidated Statement of Income/(Loss)

The following table provides the classification of the Group’s consolidated share-based payment expense as reflected in the Consolidated Statement of Income/(Loss):


Year ended December 31,	2024 $	2023 $	2022 $
General and administrative	21,993	3,185	8,862
Research and development	857	1,230	5,837
Total	22,850	4,415	14,699

Schedule of Subsidiary Share-Based Payments

A summary of stock option activity by number of shares in these subsidiaries is presented in the following table:


	Outstanding as of January 1, 2024	Granted During the Year	Exercised During the Year	Expired During the Year	Forfeited During the Year	Deconsolidation During the Year	Outstanding as of December 31, 2024




Entrega	344,500	—	—	(5,000)	(5,000)	—	334,500
Seaport	—	22,429,780	—	—	(29,018)	(22,400,762)	—


	Outstanding as of January 1, 2023	Granted During the Year	Exercised During the Year	Expired During the Year	Forfeited During the Year	Deconsolidation During the Year	Outstanding as of December 31, 2023





Entrega	344,500	—	—	—	—	—	344,500
Follica	2,776,120	—	—	(2,170,547)	(605,573)	—	—




Vedanta	1,824,576	—	—	(1,313)	(29,607)	(1,793,656)	—


	Outstanding as of January 1, 2022	Granted During the Year	Exercised During the Year	Expired During the Year	Forfeited During the Year	Deconsolidation During the Year	Outstanding as of December 31, 2022




Entrega	349,500	45,000	—	(50,000)	—	—	344,500
Follica	2,686,120	90,000	—	—	—	—	2,776,120


Sonde	2,049,004	—	—	—	—	(2,049,004)	—
Vedanta	1,991,637	490,506	(400,000)	(65,235)	(192,332)	—	1,824,576

Schedule of Weighted Average Exercise Prices for Options Outstanding

The weighted-average exercise prices and remaining contractual life for the options outstanding as of December 31, 2024, were as follows:

Outstanding at December 31, 2024

Number of options

Weighted-average exercise price

Weighted-average contractual life outstanding

Entrega

334,500

1.96

2.78

Schedule of Weighted Average Exercise Prices for Options Granted

The weighted average exercise prices for the options granted for the years ended December 31, 2024 and 2022, were as follows:


For the years ended December 31,	2024 $	2023 $	2022 $
Seaport	1.28	—	—
Entrega	—	—	0.02
Follica	—	—	1.86
Vedanta	—	—	14.94

Schedule of Weighted Average Exercise Prices for Options Forfeited

The weighted average exercise prices for options forfeited during the year ended December 31, 2024, were as follows:


Forfeited during the year ended December 31, 2024	Number of options	Weighted-average exercise price $
Entrega	5,000	0.02






Seaport	29,018	0.97

Schedule of Weighted Average Exercise Prices for Options Exercisable

The weighted average exercise prices for options exercisable as of December 31, 2024, were as follows:

Exercisable at December 31, 2024

Number of Options

Weighted-average exercise price

Exercise Price Range
$

Entrega

334,500

1.96

0.02-2.36

Material Accounting Policies - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Accounting Policies 1 [Abstract]
Short-term investments	$ 86,666	$ 136,062
Lease, term of contract	10 years

Subsidiary Preferred Shares - Schedule of Subsidiary Preferred Shares, Minimum Liquidation Preference (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Minimum liquidation preference [Line Items]
Total minimum liquidation preference	$ 8,621	$ 8,621

Taxation - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Taxation - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Taxation [Line Items]
Percentage vote and value of subsidiaries included in the Group consolidated federal tax return	80.00%	80.00%	80.00%
Percentage vote and value of subsidiaries in the Group consolidated state tax return	50.00%	50.00%	50.00%
Deferred tax assets (liabilities), net, not recognized	$ 75,746	$ 88,058
Federal - current
Taxation [Line Items]
Unused federal orphan drug tax credits	$ 0	$ 930

Share-based Payments - Narrative (Details) $ in Thousands	1 Months Ended		12 Months Ended
Share-based Payments - Narrative (Details) $ in Thousands	Jun. 30, 2023	Jun. 30, 2015	Dec. 31, 2024 USD ($) pence simulation shares	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Share-based Payments Table [Line Items]
Share-based payment arrangements, percentage of common shares outstanding	0.10	0.10
Share-based awards expiration period			5 years
Number of common shares redeemable from each RSU (in shares) \| shares			1
Award settlement, price per share \| pence			1
Number of simulations \| simulation			100,000
Expense (income) in respect of RSU liability award			$ 909	$ 402	$ 1,131
Current liabilities from share based payment transactions			1,875	(1,281)
Liability for share-based awards			1,861	3,501
Liabilities from share based payment transactions, performance and market conditions met			$ 1,875	$ 1,281
Minimum
Share-based Payments Table [Line Items]
Share-based compensation arrangement by share-based payment award, award vesting period			1 year
Maximum
Share-based Payments Table [Line Items]
Share-based compensation arrangement by share-based payment award, award vesting period			3 years

Investments in Associates (Tables)

12 Months Ended

Dec. 31, 2024

Investment in Associates [Abstract]

Schedule of Investments in Associates

The following is the activity in respect of investments in notes from associates during the period. The fair value of the notes from associates of $17,731 and $4,600 as of December 31, 2024 and 2023, respectively, is determined using unobservable Level 3 inputs. See Note 19. Financial Instruments for additional information.


Investment in notes from associates			$
Balance as of January 1, 2023			16,501
Investment In Gelesis Notes			10,729
Investment in Vedanta convertible debt			5,000
Changes in the fair value of the notes			(27,630)
Balance as of December 31, 2023 and January 1, 2024			4,600


Changes in the fair value of the notes			13,131
Balance as of December 31, 2024			17,731

Schedule of Financial Information of Gelesis

The following table provides summarized financial information for Seaport, the Group’s material associate for the year ended December 31, 2024. The information disclosed reflects the amounts presented in the financial statements of Seaport and not the Group’s share of those amounts. The amounts have been amended to reflect adjustments made by the Group when using the equity method, including fair value adjustments and modifications for differences in accounting policies.


	As of December 31, 2024
Summarized statement of financial position	$
Current assets	310,151
Non-current assets	5,632
Current liabilities	(11,149)
Non-current liabilities	(460,996)
Equity awards issued to third parties	(2,042)
Net assets / (liabilities)	(158,405)

Reconciliation to carrying amounts:
Opening net assets/(liabilities)	(156,414)
Profit/(loss) for the period	(1,991)
Other comprehensive income / (loss)	—
Dividends paid	—
Closing net assets / (liabilities)	(158,405)

Group's share in %	13.1	%
Group's share of net assets (net deficit)	(20,764)
Unrecognized goodwill and intangibles	23,162



Carrying amount of Investment in associates	2,397
	2024
Statement of comprehensive income/(loss)
Revenue	—
Profit /(loss) from continuing operations (100%)	(1,991)
Profit /(loss) for the year	(1,991)
Other comprehensive income / (loss)	—
Total comprehensive income/ (loss)	(1,991)
Dividends received from associate	—
Group's share in gain (net losses)	(262)

The following table summarizes the activities related to the investment in associates balance for the years ended December 31, 2024 and 2023.


Investment in Associates			$
Balance as of January 1, 2023			9,147
Share in net loss of associates			(6,055)

Share in other comprehensive loss of associates			92
Balance as of December 31, 2023 and January 1, 2024			3,185
Investment in Seaport - deconsolidation			2,461
Gain on dilution of interest in associate			199
Share in gain/(loss) of associates			(8,754)
Share of losses recorded against long-term Interests (LTIs)			5,307
Balance as of December 31, 2024			2,397

Taxation - Schedule of Reconciliation of Effective Tax Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Taxation [Abstract]
State taxes, net of federal effect	$ 1,026	$ (3,974)	$ (8,043)
State taxes, net of federal effect	4.32%	11.01%	8.67%
Tax credits	$ (2,517)	$ (9,167)	$ (6,876)
Tax credits	(10.59%)	25.39%	7.41%
Stock-based compensation	$ 2,123	$ 589	$ 788
Stock-based compensation	8.93%	(1.63%)	(0.85%)
Finance income/(costs) – fair value accounting	$ 1,640	$ (556)	$ (28,783)
Finance income/(costs) – fair value accounting	6.90%	1.54%	31.02%
Loss with respect to associate for which no deferred tax asset is recognized	$ 210	$ 249	$ 1,413
Loss with respect to associate for which no deferred tax asset is recognized	0.88%	(0.69%)	(1.52%)
Revaluation of deferred due to rate change	$ (3,419)	$ 0	$ (8,856)
Revaluation of deferred due to rate change	(14.38%)	0.00%	9.54%
Nondeductible compensation	$ 1,534	$ 872	$ 300
Nondeductible compensation	6.45%	(2.42%)	(0.32%)
Recognition of deferred tax assets and tax benefits not previously recognized	$ (12,396)	$ (433)	$ (184)
Recognition of deferred tax assets and tax benefits not previously recognized	(52.14%)	1.20%	0.20%
Deconsolidation of subsidiary	$ 3,863	$ (17,506)	$ (3,572)
Deconsolidation of subsidiary	16.25%	48.49%	3.85%
Cancellation of Debt Income	0.0415	0	0
Worthless stock deduction	$ (833)	$ (17,281)	$ 0
Worthless stock deduction	(3.50%)	47.87%	0.00%

Subsidiary Preferred Shares - Schedule of Changes in the Value of Subsidiary Preferred Shares (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Changes in the value of subsidiary preferred shares [Roll Forward]
Beginning balance	$ 169	$ 27,339
Increase/(decrease) in value of preferred shares measured at fair value	8,108	(2,617)	$ 502
Deconsolidation of subsidiary - (Vedanta)	(76,208)	(24,554)
Ending balance	$ 169	$ 169	$ 27,339

Subsidiary Preferred Shares - Narrative (Details) - USD ($) $ in Thousands	Oct. 31, 2024	Apr. 30, 2024
Subsidiary Preferred Shares [Line Items]
Proceeds from investors	$ 211,600	$ 68,100
Proceeds from group	$ 14,400	$ 32,000

Cover	12 Months Ended
Cover	Dec. 31, 2024 shares
Document and Entity Information [Line Items]
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Document Shell Company Report	false
Entity File Number	001-39670
Entity Registrant Name	PURETECH HEALTH PLC
Entity Incorporation, State or Country Code	X0
Entity Address, Address Line One	6 Tide Street
Entity Address, Address Line Two	Suite 400
Entity Address, City or Town	Boston
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02210
Entity Address, Country	US
Title of 12(b) Security	Ordinary shares, par value £0.01 per share*
Trading Symbol	PRTC
Security Exchange Name	NASDAQ
Entity Common stock	239,421,312
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Document Accounting Standard	International Financial Reporting Standards
Entity Shell Company	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Entity Central Index Key	0001782999
Amendment Flag	false
No Trading Symbol Flag	true
Business Contact
Document and Entity Information [Line Items]
Entity Address, Address Line One	6 Tide Street
Entity Address, Address Line Two	Suite 400
Entity Address, City or Town	Boston
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02210
Entity Address, Country	US
Contact Personnel Name	Bharatt Chowrira
City Area Code	617
Local Phone Number	482-2333

Subsidiary Notes Payable - Narrative - Loans (Details)	Oct. 31, 2010
Subsidiary Notes Payable - Loans [Line Items]
Interest rate, repayment period	12.00%
Borrowings, Interest Period, Interest Rate	5.00%

Material Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2024

Accounting Policies 1 [Abstract]

Schedule of Estimated Useful Life of Assets

Depreciation is calculated using the straight-line method over the estimated useful life of the related asset:


Laboratory and manufacturing equipment			2-8 years
Furniture and fixtures			7 years
Computer equipment and software			1-5 years
Leasehold improvements			5-10 years, or the remaining term of the lease, if shorter

Taxation - Schedule of Deferred Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Deferred Tax Assets and Liabilities [Line Items]
Deferred tax assets (liabilities), net, not recognized	$ 75,746	$ 88,058

Finance Income/(Costs), net - Schedule of Finance Income (Cost) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Finance income
Interest income from financial assets	$ 22,669	$ 16,012	$ 5,799
Finance costs
Contractual interest expense on notes payable	(684)	(1,422)	(212)
Gain on forgiveness of debt	273	0	0
Gain/(loss) on foreign currency exchange	(25)	(94)	14
Gain/(loss) from changes in fair value of warrant liability	0	33	6,740
Gain/(loss) from changes in fair value of preferred shares	(8,108)	2,617	130,825
Gain/(loss) from changes in fair value of convertible debt	0	0	(502)
Total finance costs - non cash interest expense related to sale of future royalties	$ (8,058)	$ (10,159)	$ 0

Financial Instruments - Schedule of Fair Value Measurement and Classification (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Financial Instruments - Fair value Measurement and Classification [Line Items]
Short-term investments	$ 86,666	$ 136,062

Non-Controlling Interest - Narrative (Details)	12 Months Ended
Non-Controlling Interest - Narrative (Details)	Dec. 31, 2024 shares
Non-Controlling Interests [Line Items]
Number of other equity instruments granted in share-based payment arrangement, fully vested	2,455,555

Equity - Total Equity (Details) - shares	6 Months Ended	12 Months Ended
Equity - Total Equity (Details) - shares	Jun. 30, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Equity - Acquired Share capital PureTech LLC [Line Items]
Purchase of treasury stock (in shares)	17,614,428	18,506,177	17,614,428	10,595,347

Label

Element

Value

Gain (Loss) Recognized On Dilution Of Ownership Interest In Associate

ptv_GainLossRecognizedOnDilutionOfOwnershipInterestInAssociate

$ 199,000

Gain (Loss) Recognized On Dilution Of Ownership Interest In Associate

ptv_GainLossRecognizedOnDilutionOfOwnershipInterestInAssociate

Gain (Loss) Recognized On Dilution Of Ownership Interest In Associate

ptv_GainLossRecognizedOnDilutionOfOwnershipInterestInAssociate

28,220,000

Gain (Loss) Recognized On Dilution Of Ownership Interest In Associate

ptv_GainLossRecognizedOnDilutionOfOwnershipInterestInAssociate

199,000

Gain (Loss) Recognized On Dilution Of Ownership Interest In Associate

ptv_GainLossRecognizedOnDilutionOfOwnershipInterestInAssociate

28,255,000

Current Liabilities, Royalty Liabilities

ptv_CurrentLiabilitiesRoyaltyLiabilities

6,435,000

Current Liabilities, Royalty Liabilities

ptv_CurrentLiabilitiesRoyaltyLiabilities

Increase decrease through settlement of restricted stock units