It was announced today the current chair of PYC moneybags Alan Tribe, (owner of 34% of the company) will step down from the board and Peter Coleman will be independent chair. Mr Coleman formerly had 10 years as CEO at Woodside. 

By way of background, in September of this year Alan Tribe must have woke one morning with an early onset case of faecal incontinence and went and forced Rohan Hockings resignation and took over himself as MD as well as retaining his chairmanship.  Having old moneybags as MD, even for a short time was like asking the stewardess to fly the airplane and it only lasted a week and Rohan Hockings was back.

On the 13/10/25 Rohan hosted a webinar in an attempt to settle everyone down, where he explained he was now back as MD, all differences had been resolved and the progress of the PYC science had not suffered at all as a results of the antics of the previous weeks. In a roundabout way Rohan made known Alan Tribe wanted to pull back on at least two of the drugs being developed in order to save cash.  Rohan was his usual effusive and diplomatic self, saying: “the company has outgrown its board” (meaning: “I still think Alan is a prize f%#kwit but we have agreed to tolerate each other for now”). 

 PYC had $150m of cash as at 30/6/25 and is spending somewhere between $15m - $20m per quarter.   Rohan indicated he is fully committed for the next 24 months. By then all four drug development programs will have human readouts. Rohan at the above briefing expressed frustration the technical milestones PYC had achieved were not reflected in the share price and was considering a NASDQ listing to improve the share price.  Maybe, but this did not seem to work for Telix.  PYC has a current market cap of around $750m and there have been $290m of capital raises since 2018.

  The four drugs being developed for the following conditions and their status as at 27/10/25 are:

1. Polycystic Kidney Disease (PKD) ▪ Progression into Part B of the Single Ascending Dose (SAD) study in PKD patients.  Presentation of the safety data from Part A of the SAD study at the Australian and New Zealand Society of Nephrology conference.
2. Lead blinding eye disease (RP113) ▪ Progression into an Open Label Extension (OLE) of the Multiple Ascending Dose (MAD) study in RP11 patients and  preparation for a Type D meeting with the US Food and Drug Administration (FDA) to align on a registrational trial design.
3. Second blinding eye disease (ADOA5) ▪ Presentation of data from the SAD study at the Neuro Ophthalmology Society of Australia conference and progression into a global MAD study directed towards establishment.
4. Neurodevelopmental Disorder - Phelan McDermid Syndrome (yes same condition as NEU is going after and excellent recent analysis by MikeBrissy on NEU) Generation of Non-Human Primate (NHP) data to complement the outcomes previously generated in patient-derived models and confirm progression into formal Investigational New Drug (IND) enabling studies10 and  Presentation of the pre-clinical data pack supporting this drug candidate at the Oligonucleotide Therapeutic Society meeting.

From the same 27/10/25 ASX notice: “PYC is now preparing for upcoming human safety and efficacy read-outs across all four programs with data expected in:  CY25 for the RP11 program; CY26 for the PKD and ADOA programs; and CY27 for the PMS program.”  

PKD is the one with potentially the largest return, the condition affecting around 600,000 in the US. PYC appear to have enough cash to get them to well into CY27.

Wilsons has a PYC holding, and earlier this month Firetrail went substantial -  not that these two are noted biotech investors greats.

By way of a potential upside, PYC competitor in PKD targeting microRNA drug development Regulus were acquired by Novartis in June this year for US$800m and a further US$900m assuming FDA approval. This was done based on a 1b trial and Rohan Hockings claims he can get 10 times as much drug into the kidney of PKD sufferers as has Regulus. Big numbers, big dreams.