PureTech Health is a Boston-based biotherapeutics company that discovers, develops, and commercializes novel medicines. PureTech uses a "hub-and-spoke" R&D model: the company identifies drug candidates with validated efficacy but meaningful limitations, applies proprietary science to improve them, de-risks programs through early clinical trials, and then spins programs out into independent entities that raise external capital while PureTech retains equity stakes, royalties, and milestone rights. This model is capital-efficient by design — PureTech deploys modest capital into early-stage programs, then shifts R&D costs off its balance sheet once programs are de-risked, while retaining meaningful upside. PureTech's two wholly-owned clinical programs are deupirfenidone (LYT-100), a deuterium-modified version of an existing IPF drug being developed for idiopathic pulmonary fibrosis, and LYT-200, a monoclonal antibody targeting galectin-9 being developed for relapsed/refractory AML and head and neck cancer. PureTech's flagship founded entity, Karuna Therapeutics, was acquired by BMS for nearly $15B; PureTech retains a 2% royalty on Cobenfy sales above $2B and up to ~$400M in milestone payments. Seaport Therapeutics, another founded entity focused on neuropsychiatric disorders, has raised over $325M and was valued at $733M at its Series B. PureTech makes money through equity appreciation in founded entities, royalties, and milestone payments tied to regulatory and commercial milestones.