Syncona Ltd GBP · LSE:SYNC
Syncona Ltd GBP — Syncona — FY2025 Earnings Presentation
42 slides from Syncona Ltd GBP's earnings presentation, June 2025
Slide 1: 12 months ended 31 March 2025
Synconaltd.com 12 months ended 31 March 2025 June 2025
Slide 2: Cautionary statement
Cautionary statement This presentation has been prepared and published solely for informational purposes. Nothing expressed or implied from the forward-looking statements. contained in this presentation is intended to constitute an offer, invitation or inducement to engage in an investment activity.
Slide 3: Overview
Overview Financial performance impacted by challenging markets; strong portfolio execution and strategic update Financial performance impacted by Maturing portfolio of 14 companies Comprehensive review of options to maximise value public market volatility making significant progress for a diverse sh
Slide 4: Strategy update
=4 SYNCONA Strategy update
Slide 5: Strategy update
Strategy update The Board has been reviewing options to maximise shareholder value; these have progressed materially, with a number of anticipated future steps but definitive terms not yet agreed Proposed Changes to Potential Acceleration of Alternative Opportunities Investment and Capital Cash Retu
Slide 6: Market environment
=4 SYNCONA Market environment
Slide 7: Markets remain challenging for biotech
Markets remain challenging for biotech XBI is still >50% below its peak in 2021, but biotech market coming to the end of a significant period of restructuring, consolidation and rationalisation $ Pandemic XBI Index1 200 180 peak - $174 Rising inflation prompted central banks to increase interest rat
Slide 8: Other dynamics are delaying recovery
Other dynamics are delaying recovery Biopharma facing several regulatory and policy headwinds in the US, with majority priced in amidst bearish sentiment FDA staffing and Pharmaceutical NIH1 cuts policy shifts tariffs Pricing reform Reduced federal research Large disruptions at the Renewed or expand
Slide 9: Fundamentals for the biotech sector are strong
Fundamentals for the biotech sector are strong Inflation and interest rates have been trending in the right direction, providing a tailwind for the sector US$bn Biopharma Total Deal Value 1 Pick up in M&A with market focused mainly on late-stage assets 200 Total M&A deal value rebounded in Q1 2025 t
Slide 10: Life science portfolio
=4 SYNCONA Life science portfolio
Slide 11: Performance impacted by challenging market and financing conditions
Performance impacted by challenging market and financing conditions Net assets of £1.05bn, 170.9p per share – a return of (9.5)% Life science portfolio valued at £765.4m – a return of (17.0)% Life science NAV bridge1 £17.8m in valuation uplifts from financings of Beacon £m and Forcefield 1000 135.3
Slide 12: A well diversified portfolio weighted towards clinical-stage assets
A well diversified portfolio weighted towards clinical-stage assets Portfolio maturing, well positioned to deliver value over the medium term Best ideas Pre-clinical Clinical Late-stage BLA Commercial KVIP 79% of strategic portfolio is clinical clinical, late-stage clinical or On the market CY2025 (
Slide 13: Building a world leader in targeted oncology combinations
Building a world leader in targeted oncology combinations Syncona drives transformational transaction, accelerating path to potential approval Adopting a new approach to target and drug discovery to identify novel biomarker-stratified medicines Combinations are needed to increase response rates and
Slide 14: Capital deployment and allocation
Capital deployment and allocation 14
Slide 15: Capital deployment weighted to later stage companies
Capital deployment weighted to later stage companies 69% of capital deployed into portfolio has been to clinical or late-stage clinical companies £135.3m deployed into the life science portfolio in the year Below guidance driven by disciplined capital allocation and success in raising external capit
Slide 16: We are funded to deliver current KVIPs over the next three years
We are funded to deliver current KVIPs over the next three years Disciplined capital allocation with focus on funding companies to drive KVIPs As at 31 March 2025 19% Capital pool of £287.7m c.80% of capital pool allocated to commitments and underwriting current KVIPs Capital Remaining capital alloc
Slide 17: Summary and outlook
=4 SYNCONA Summary and outlook
Slide 18: Leveraging the UK's world class science
Leveraging the UK’s world class science Strong risk-adjusted returns in life science weighted towards late-stage development; SIML's create, build, scale model is operationally intensive and is centred on enabling our shareholders to access this value Founded in 2012 with a model focused on creating
Slide 19: Driving value through the delivery of KVIPs
Driving value through the delivery of KVIPs Portfolio has a rich set a key value inflections points that are expected to be delivered over the next three years, each with the potential to drive significant NAV growth through M&A and liquidity events Illustrative value appreciation through delivery o
Slide 20: Beacon Therapeutics
Beacon Therapeutics Clinical data demonstrates improvements in visual sensitivity sustained for 36 months Positive data in an improving Targeting an area of high unmet need, with no competitive environment current treatment options XLRP is a severe, aggressive, inherited retinal Six-month Phase II D
Slide 21: Summary and outlook
Summary and outlook Portfolio well positioned to deliver value in the medium term Portfolio maturing and increasingly later stage 78.5% of strategic portfolio value is in eight clinical and commercial Strategy update stage companies Expect a further two companies to enter the clinic in next 12 Propo
Slide 22: Appendix – Syncona team and track record
Appendix 1 – Syncona team and track record
Slide 23: SIML platform
SIML platform Our organisational operating model supports the delivery of our strategy Senior investment team A platform for… New opportunities Chris Hollowood Roel Bulthuis Ed Hodgkin Elisa Petris Magdalena Jonikas CEO Managing Partner Managing Partner Partner Partner Company launch Broader investm
Slide 24: SIML leadership team comprises experience from across the business
SIML leadership team comprises experience from across the business Responsible for the Chris Hollowood Roel Bulthuis Kate Butler Edward Hodgkin operational delivery CEO Managing Partner, Head of CFO Managing Partner of Syncona’s strategic M&A Investments Balance sheet Executive priorities Biotech in
Slide 25: A track record of significant value creation from exits
A track record of significant value creation from exits £1.4 billion invested to date, generating an IRR of 14.5%, 1.3x invested capital1 Full exits generated £955m of proceeds, at an aggregate Pre-clinical Phase I/II Phase III/Pivotal BLA3 Launch IRR of 73.6% and a 3.9x cost2 Blue Earth First inves
Slide 26: Appendix – Portfolio
Appendix 2 – Portfolio
Slide 27: Portfolio making strong clinical, operational and strategic progress
Portfolio making strong clinical, operational and strategic progress 10 capital access milestones, and three key value inflection points in the year Beacon – data from both DAWN and SKYLINE Phase II trials (KVIPs) 3 KVIPs delivered Spur – data from its Phase I/II trial in Gaucher disease (KVIP) Seve
Slide 28: Portfolio valuation table
Fully diluted Net investment in Valuation % of Group Valuation 31 March 2024 FX movement 31 March 20251 ownership Focus area the period change NAV Basis 2, 3, 4 stake5 (£m) (£m) (£m) (£m) (£m) (%) Strategic portfolio companies On the market Autolus 169.5 (16.3) (116.2) (2.4) 34.6 3.3Quoted 9.9Cell t
Slide 29: Autolus Therapeutics
Commercial Autolus Therapeutics Initial investment Value 2014 £34.6m Leading cell therapy company with lead programme in adult ALL granted approval by the Financing stage NASDAQ US FDA Stage of lead programme Approved Investment thesis and company update Targeting an area of high unmet need Market o
Slide 30: Spur Therapeutics
Late-stage clinical Spur Therapeutics Initial investment 2015 Value £182.2m Developing transformative gene therapies for patients suffering from chronic Financing stage Taken private debilitating diseases Stage of lead programme Phase I/II Investment thesis Targeting an area of high unmet need Marke
Slide 31: Beacon Therapeutics
Late-stage clinical Beacon Therapeutics Initial investment Value 2022 £117.5m Progressing its pivotal study in X-linked retinitis pigmentosa Financing stage Series B Stage of lead programme Phase II/III Investment thesis Targeting an area of high unmet need Market opportunity Beacon has a highly att
Slide 32: Quell Therapeutics
Clinical stage Quell Therapeutics Initial investment Value 2019 £85.4m On track to be the first company to deliver engineered Tregs in the liver transplant Financing stage Series B setting Stage of lead programme Phase I/II Investment thesis Targeting an area of high unmet need Market opportunity Po
Slide 33: Resolution Therapeutics
Clinical stage Resolution Therapeutics Initial investment 2018 Value £55.5m Seeking to extend the impact of cell therapy into inflammatory and fibrotic diseases Financing stage Series B Stage of lead programme Phase I/II Investment thesis Targeting an area of high unmet need Market opportunity Resol
Slide 34: Anaveon
Clinical stage Anaveon Initial investment Value 2019 £35.6m Harnessing the power of IL-2 for patients with solid tumours Financing stage Series B Stage of lead programme Phase I/II Investment thesis Targeting an area of high unmet need Market opportunity Developing a selective IL-2 receptor agonist,
Slide 35: Mosaic Therapeutics
Clinical stage Mosaic Therapeutics Initial investment Value 2022 £25.5m Building the world leader in targeted oncology combinations Financing stage Series A Investment thesis Targeting an area of high unmet need Market opportunity Combinations are needed to increase response Large patient subgroups
Slide 36: iOnctura
Clinical stage iOnctura Initial investment Value 2024 £25.1m Clinical-stage precision oncology company combating neglected and hard-to-treat Financing stage Series B cancers Stage of lead programme Phase II Investment thesis Targeting an area of high unmet need Market opportunity iOnctura represente
Slide 37: Purespring Therapeutics
Pre-clinical stage Purespring Therapeutics Initial investment Value 2020 £51.2m First company to treat kidney diseases by directly targeting the podocyte with AAV Financing stage Series B gene therapy Investment thesis Targeting an area of high unmet need Market opportunity Proprietary platform to e
Slide 38: OMass Therapeutics
Pre-clinical stage OMass Therapeutics Initial investment Value 2018 £49.7m A platform built to unlock highly validated but inadequately drugged targets, with a Financing stage Series B focus on endocrine and immunological conditions Investment thesis Targeting an area of high unmet need Market oppor
Slide 39: Kesmalea Therapeutics
Pre-clinical stage Kesmalea Therapeutics Initial investment Value 2022 £20.0m Opportunity to create a new generation of oral drugs addressing diseases through Financing stage Series A modulating protein homeostasis Investment thesis Targeting an area of high unmet need Market opportunity Small molec
Slide 40: Yellowstone Biosciences
Pre-clinical stage Yellowstone Biosciences Initial investment Value 2024 £16.5m Pioneering soluble bispecific T-cell receptor (TCR)-based therapies to unlock a new Financing stage Series A class of cancer therapeutics Investment thesis Targeting an area of high unmet need Market opportunity Developi
Slide 41: Forcefield Therapeutics
Pre-clinical stage Forcefield Therapeutics Initial investment Value 2022 £10.6m Pioneering therapeutics to retain heart function Financing stage Series A Unmet need in heart disease Forcefield Therapeutics Heart disease is the leading cause of death worldwide Pioneer of best-in-class therapeutics to
Slide 42: Slingshot Therapeutics
Pre-clinical stage Slingshot Therapeutics Initial investment Value 2024 £5.6m Bridging the gap from academia to drug development Slingshot model Investment thesis Successful programmes are identified from A compelling and capital efficient way to gain exposure to the returns available from world-lea