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 [50][51] - 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 R&D and G&A costs [51][52] - The company has maintained a self-funding model, allowing it to avoid shareholder dilution and providing operational runway well into 2028 [17][50] Business Line Data and Key Metrics Changes - The company is focusing on three core founded entities: Seaport Therapeutics, Gallup Oncology, and Solea Therapeutics, which are expected to deliver significant financial upside and new treatments for patients [11][12] - Seaport Therapeutics has raised over $325 million from top-tier life science investors, maintaining a 35.1% equity interest in the company [22][23] - Gallup Oncology's lead program, LYT200, has received multiple FDA designations, including Fast Track and Orphan Drug Designation for AML, indicating strong clinical progress [44] Market Data and Key Metrics Changes - The company is looking to strengthen its engagement with UK capital markets through a renewed focus on its LSE listing, aiming to deliver value for its UK shareholder base [7][8] - The potential market opportunity for new treatments in idiopathic pulmonary fibrosis (IPF) is significant, with combined peak sales of existing medications reaching over $5 billion annually [30] 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 [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the clinical data for dupafenidone, which has shown unprecedented efficacy in treating IPF, and is preparing for a Phase III trial initiation in 2026 [39][41] - The company is actively seeking external funding for its spun-out entities to reduce R&D costs on its balance sheet and extend its cash runway [59][60] Other Important Information - The company has a healthy balance sheet with just under $320 million in cash, allowing it to fund operations without external capital for several years [17][50] - Management has indicated that they are continually reviewing new opportunities for innovation and potential assets for development [73] Q&A Session Summary Question: Can you provide insight into the operating costs for the first half of 2025? - The majority of the R&D spend is attributed to Solea and Gallup, with expectations for further reductions in R&D overhead as these entities spin out [56][57] Question: What is the timeline for partnering discussions regarding Solea? - The company is confident in the trial design for dupafenidone and is actively working on financing packages while awaiting FDA engagement [61][63] Question: What are the key variables for the FDA regarding the Phase III trial design for LYT100? - The briefing book for the Phase III trial design has been submitted to the FDA, with a meeting expected in September to discuss the trial design [70][71] Question: Is there potential for business development to expand the pipeline? - The company is continually looking at new opportunities for innovation and has several assets under internal review [73] Question: What is the focus of partnering discussions for Gallup Oncology? - Current partnering discussions are primarily focused on liquid tumors, particularly AML, but the company remains open to all discussions [81]