PureTech Health builds companies from the ground up instead of just investing in existing ones, developing programs internally and then choosing whether to keep them inside PureTech, spin them out as independent Founded Entities, or partner or sell them—while still holding onto equity, royalties, or milestone payments from each one. This approach, built around strict go/no-go testing and a focus on brain, immune, and gut science, has let PureTech fund new programs and return money to shareholders without needing outside capital for more than six years.