Financial Data and Key Metrics Changes - The company ended the half year with cash, cash equivalents, and short-term investments of just under $320 million, compared to over $366 million at the end of 2024, indicating a decrease in cash reserves [54][19] - Operating expenses for the first half of 2025 were just under $50 million, down from $66.7 million in the same period last year, reflecting a reduction in costs as a result of the spin-out of Seaport [55][56] Business Line Data and Key Metrics Changes - The company is focusing on three core founded entities: Seaport Therapeutics, Gallup Oncology, and Silea Therapeutics, which are expected to deliver significant financial upside and new treatments for patients [12][13] - Seaport Therapeutics has raised over $325 million since its founding in April 2024, indicating strong investor interest and validation of its business model [25][24] Market Data and Key Metrics Changes - The company has a healthy balance sheet with operational runway extending well into 2028, allowing it to avoid dilution of shareholders [19] - The potential value from Cabenci, a drug developed internally, is projected to be around $300 million over time based on third-party analyst forecasts [18][20] Company Strategy and Development Direction - The company is prioritizing three strategic pillars: developing new treatments for patients, strengthening engagement with UK capital markets, and maintaining a disciplined capital allocation approach [6][8] - The hub and spoke model allows the company to allocate modest capital to early-stage assets and discontinue those that do not show promise, while investing significantly in areas with high potential [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the clinical progress of their lead program, dupafenadone, and its potential to address high unmet medical needs [5][6] - The company is actively seeking external funding for its founded entities to reduce R&D costs on its balance sheet, which will enhance cash runway and shareholder value [62][63] Other Important Information - The company is committed to maintaining its primary listing in London due to its attractiveness for portfolio businesses and the support from UK shareholders [87][89] - Management is open to exploring various financing structures for its founded entities, including equity contributions from external parties [80][81] Q&A Session Summary Question: What proportion of the operating costs is attributed to Solaya and Gallup? - The majority of R&D spend is attributed to Solaya and Gallup, with expectations for further reductions in R&D overhead as these entities spin out [60][61] Question: What are the key variables for FDA discussions regarding phase three trial design for LYT100? - The briefing book for the Phase 3 trial design has been submitted to the FDA, with a meeting expected in September to discuss trial design questions [72][73] Question: When should investors expect disclosure of pipeline activities beyond LYT100 and LYT200? - The company is continually reviewing new opportunities for innovation and will disclose promising assets when they are ready [75][76] Question: Is there a preference for the format of partnering for Solaya? - The company typically expects equity contributions from external parties as the default method for funding, but is open to other capital structures [79][80] Question: Is interest in partnering discussions focused more on liquid or solid tumors for Gallup? - Current partnering discussions are primarily focused on liquid tumors, particularly AML, but the company remains open to all discussions [82][83]