Ann: Quarterly Activities and Appendix 4C Cash Flow Report, page-23

thanks mate, much appreciated. I think/hope we’re seeing continued top 20 holder creep, maybe inching further to low the 60 percentile despite the sp falls.

Sourced some notes from a local scientific talk PYC (Sue/Rohan) gave this week in Perth:

1) they have 9 programs now underway - aligns with the patent ramp up - in addition to eye, there’s CNS, kidney - they sound very busy/got a lot on their plate/going for the fences but with given resources (remain under capitalized vs US peers)

2) VP-001 GLP to commence, IND filing now expected to be Q4

3) much said is what we already know; remains a journey to educate about PYC’s delivery edge vs traditional approaches, and the background story of how PYC came to be, and to down-hype competitive approaches - i.e.
- gene editing limited to specific non pan-mutated small use cases - does not seem to pose a threat
- AAV approaches has issues as per Hottod posts

4) their local team has grown strongly but niche skills/talent/availability in US required in order to go all the way - they took a Q on competition - they recognize it is there, some in stealth, but PYC remains confident to go all the way

5) eligible for orphan drug application(s) and they will be made (not sure on timing)

6) interestingly, there was Q about PYC oncology capabilities/intent, there exist an interest/internal team skill set - not a target at this moment given limited resources

7) a real patient focused really surprised me: they have designed the leads and the delivery modality for the best interest of the patient - Sue has brought 3 drugs to market and worked with patience advocacy groups to ensure that the drug delivered will be well understood/received - twice annual injections to the eye may seem harsh to us laypeople but medically it is something that is actually very minimally invasive and quite special/remarkable for a precision medicine of this type/caliber to reach specific cells - to down/up regulate (only one other competitor doing the same delivery approach - STOKE?)

It seems the fundamental picture of PYC hasn’t changed (but the share price is affected by war/inflation/interest rates) and are shareholder geared/focused to conservative in their deployment of capital to capitalize on the unique time and place in which opportunities exist for a company in Perth to achieve something amazing.

PYC Stealth mode seems activated though - they seem set on achieving breakthrough milestones/pre-clinical data

sorry if there’s any errors/grammatical mistakes above, blind typing this on the phone