Syncona Ltd GBP · LSE:SYNC
Syncona Ltd GBP — Syncona — FY2023 Earnings Presentation
48 slides from Syncona Ltd GBP's earnings presentation, June 2023
Slide 1: Full Year Results to 31 March 2023
Synconaltd.com for growth Full Year Results to 31 March 2023 June 2023
Slide 2: Cautionary statement
Syncona Full Year results to 31 March 2023 Cautionary statement This presentation has been prepared and published solely for informational purposes. The presentation may contain “forward-looking statements” regarding the belief or current Nothing contained in this presentation is intended to constit
Slide 3: Executive summary
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Slide 4: Overview of the year
Overview of the year Significant strategic progress against challenging market backdrop Our strategy is designed to leverage this Key highlights Significant progress delivering strategy and growth targets – expanded team opportunity and evolved operational model Four new companies added to the portf
Slide 5: Strategy
74 SYNCONA Strategy
Slide 6: Positioned to deliver value over the long-term
Positioned to deliver value over the long-term Syncona believes the out return in life science can be accessed at late stage development Global transaction volume by expected years to market; Number of Our strategy is designed to leverage this global biopharma deals greater than $1bn from 2005 to 20
Slide 7: Focus on building and scaling companies to late-stage development
Focus on building and scaling companies to late-stage development Market conditions are improving for late-stage clinical assets, where Syncona believes significant value can be accessed Average Enterprise Value of a Biotech listed on US exchanges by stage of development1 Our core principle of drivi
Slide 8: Focus on capital discipline across the portfolio
Focus on capital discipline across the portfolio 8
Slide 9: Continuing to focus capital allocation on clinical opportunities
Continuing to focus capital allocation on clinical opportunities Capital discipline and financing from range of expert sources SwanBio strategic update Across the portfolio, capital focused on Portfolio continuing to attract pharma clinical assets interest and strategic investors Strategic decision
Slide 10: Strategic company creation
Strategic company creation Diversifying financial risk and maximising company ambition at the start; enabling portfolio consolidation where synergies exist Leverage strategic co-investors to provide broader financial scale and diversify risk Total £20.0m Series A; Oxford Science Focusing capital all
Slide 11: Portfolio well diversified with multiple opportunities
Portfolio well diversified with multiple opportunities Syncona Late clinical Portfolio focused on delivery of key milestones investment point Clinical Pre-clinical Best ideas Pre-clinical Clinical Late clinical BLA Value Significant shift in clinical stage of £110m portfolio FY2021/2 £232m 42% of va
Slide 12: Portfolio
74 SYNCONA Portfolio
Slide 13: Increasingly diversified portfolio with near-term value drivers
Increasingly diversified portfolio with near-term value drivers Delivery against key milestones across the late clinical and clinical portfolio Future milestones 10 clinical updates expected in this financial Obe-cel follow Dosing of year up data XLRP first patient Confirmation Further data File BLA
Slide 14: Preparing for the commercial launch of obe-cel
Preparing for the commercial launch of obe-cel Syncona has guided portfolio company from inception to potential commercialisation, a longstanding goal which has the potential to drive value Lead product candidate Clinical and operational progress Future milestones FOUNDED Obe-cel, potentially best-i
Slide 15: Beacon Therapeutics
Beacon Therapeutics Creating a leading ophthalmic gene therapy company Transaction Leveraging multi disciplinary expertise across the team Members of Launch Team working closely with AGTC to drive operational efficiencies World-class management team established with significant expertise in Clinical
Slide 16: Rich opportunity set in early-stage portfolio
Rich opportunity set in early-stage portfolio Creating commercial concepts around ground-breaking science Precision medicine continues to power pipeline with focus on modalities enabling access to validated targets Macrophage cell Gene therapies for the Next generation induced therapies to repair tr
Slide 17: Performance and Capital
74 SYNCONA Performance and Capital
Slide 18: Financial performance
Financial performance Life science portfolio performance delivered (14.3)% return Deployed £177.2m in the year in line with guidance across new and existing portfolio companies £m Uplifts from Syncona life science portfolio and positive movements in foreign exchange Risk adjusted discounted valuatio
Slide 19: Funding our portfolio and new opportunities
Funding our portfolio and new opportunities Capital pool remains a differentiator in a challenging market environment £394.3m raised by the portfolio with £176.9m committed by Syncona Raised $163.9 $56.0m Series B financing £22.5m Series A financing $28.0m £6.5m CLN £83.0m invested into late stage a
Slide 20: Capital pool enables late-stage strategy and value creation opportunity
Capital pool enables late-stage strategy and value creation opportunity Managed with a focus on liquidity and capital preservation Near term capital requirements held in cash and treasuries In response to the inflationary environment, longer duration capital 4 1 1 allocated to a number of low volati
Slide 21: Improving balance sheet efficiency
Improving balance sheet efficiency Maintaining three years of financing runway, with Capital Return Policy to take into account future realisations Shareholder returns will continue Reinvested in to be predominantly driven by long-term the portfolio capital appreciation Aim to grow our life science
Slide 22: People
74 SYNCONA People
Slide 23: Evolved and expanded senior investment team
Evolved and expanded senior investment team Reviewed organisational structure to enable business to scale Martin Murphy1,2 Chris Hollowood1 Chair CEO PhD PhD New structure for team embedded during the year with Chris Hollowood taking up the role of CEO of 22 years’ experience 21 years’ experience SI
Slide 24: Embedding a new model
Embedding a new model Improving pace and establishment of new portfolio companies and leveraging a highly expert team throughout the clinical pathway Portfolio Syncona Executive and Syncona Launch Team companies Portfolio Advisory Group in action Providing expert insight during the investment proces
Slide 25: Summary
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Slide 26: Scaling our net assets
Scaling our net assets Delivery against our ambitious growth plans against a challenging market backdrop 3 new companies p.a. Increase the pace of company creation Four new companies added to the portfolio in the year 3 new companies a year One late-stage company, AGTC, combined with new Syncona com
Slide 27: Appendix - Team
Appendix 1 - Team 27
Slide 28: Senior investment team
Senior investment team Martin Murphy1,2 Chris Hollowood1 Chair CEO PhD PhD 22 years’ experience 21 years’ experience Responsible for sourcing, leading and delivering new deals for Syncona, as well Roel Bulthuis Edward Hodgkin1,2 Managing Partner, Managing Partner as working closely alongside portfol
Slide 29: Leadership team incorporates experience from across the business
Leadership team incorporates experience from across the business Chris Hollowood Roel Bulthuis Rolf Soderstrom Edward Hodgkin CEO Managing Partner, CFO Managing Partner Head of M&A Biotech investing Investments x Balance sheet Executive leadership management Company Board leadership Deal generation
Slide 30: Appendix - Portfolio
Appendix 2 - Portfolio 30
Slide 31: Clinical portfolio company outlook
Clinical portfolio company outlook Company Status of pipelines Next steps Five ongoing clinical trials Progress pivotal study obe-cel / adult ALL, with further long-term follow up data in H2 CY2023 and a BLA filing with the FDA expected in H2 CY2023 Announce further data from obe-cel in r/r B-NHL an
Slide 32: Portfolio company valuations
Late-clinical Clinical Pre-clinical Portfolio company Fully diluted 31 Mar 2022 value £m Net invested/returned in the Valuation change FX movement 31 Mar 2023 value Valuation basis % of NAV ownership %3 (fair value) period £m £m (fair value) (fair value)1,2 65.3 - 60.0 - - 60.0 PRI 4.8% 17.9 62.0 23
Slide 33: Beacon Therapeutics
Late clinical stage Initial investment 2022 Beacon Therapeutics Value £60.0m Financing stage Series A Leading ophthalmic gene therapy company Syncona’s ideal characteristics for a scientific asset launched Lead AGTC-501 therapy targets X-Linked Defined patient segments / target market ✓ Retinitis Pi
Slide 34: Autolus Therapeutics
Late clinical stage Autolus Therapeutics: building a fully integrated CAR-T cell Initial investment Value 2014 £50.0m therapy company Financing stage NASDAQ Lead clinical programme: Obe-cel, a standalone, potentially best-in-class CD19 CAR T cell therapy candidate Obe-cel Key data*** Lead product ca
Slide 35: Quell Therapeutics
Clinical stage Quell Therapeutics: developing engineered T-regulatory cell therapies On track to be the first company to potentially present transformative data in Initial investment 2019 the engineered Treg-field in the liver transplant setting Value £86.7m Financing stage Series B “Master modulato
Slide 36: Anaveon: harnessing the power of IL-2 for patients with solid tumours
Clinical stage Anaveon: harnessing the power of IL-2 for patients with solid tumours NSCLC patient, who continues ANV419 treatment, Initial investment 2019 Specialising in the development of treatments showed sustained and deepening response with 56% Value £64.2m for diseases with immune system dysf
Slide 37: SwanBio
Clinical stage SwanBio: focus on gene therapy for a devastating neurological disease A gene therapy company with lead programme focused on AMN, a devastating disease with Initial investment 2018 no current treatments Value £58.2m Financing stage Series B Gene therapy has the potential to be transfor
Slide 38: Freeline Therapeutics
Clinical stage Freeline Therapeutics: developing transformative gene therapies for inherited systemic debilitating diseases Initial investment 2015 Value £14.1m Potential to treat a wide range of chronic diseases Financing stage NASDAQ Gaucher disease Clinical stage company; lead programme Inherited
Slide 39: Achilles Therapeutics
Clinical stage Achilles Therapeutics: developing novel cancer immunotherapies targeting clonal neoantigens Initial investment 2016 Value £8.6m Focus on the treatment of solid tumours with precision T cell therapy by targeting multiple Financing stage NASDAQ clonal neoantigens that are present on all
Slide 40: OMass: a platform built to unlock highly validated but inadequately drugged targets
Pre-clinical stage OMass: a platform built to unlock highly validated but Initial investment Value 2018 £43.7m inadequately drugged targets Financing stage Series B With a focus on immunological and rare diseases Today, researchers are forced to make trade-offs: Historically, small molecule drug dis
Slide 41: Purespring: gene therapy company focused on the kidney
Pre-clinical stage Purespring: one of the first gene therapy companies focused on the kidney globally Initial investment 2020 Seeking to advance gene therapies for the treatment of chronic renal diseases Value £35.1m that are currently poorly addressed with existing treatments Financing stage Series
Slide 42: Clade Therapeutics
Pre-clinical stage Clade Therapeutics: developing the next-generation off-the-shelf cell therapies Initial investment 2021 Value £24.3m Advancing cell therapy beyond haematological malignancies to solid tumours and Financing stage Series A enabling access to a greater number of patients Delivery of
Slide 43: Resolution Therapeutics
Pre-clinical stage Resolution Therapeutics: macrophage cell therapy company Initial investment Value 2018 £23.0m in inflammatory diseases Financing stage Series A Encouraging clinical data already obtained in lead indication with earlier generation programme 1 Extract monocytes1 from 3 Administer en
Slide 44: Mosaic Therapeutics
Pre-clinical stage Initial investment 2023 Mosaic Therapeutics Value £7.3m Financing stage Series A Leveraging the unprecedented insights of the genomic revolution to develop targeted therapies for cancer Oncology therapeutics company with a highly specialised drug discovery platform Syncona led a £
Slide 45: Kesmalea Therapeutics
Pre-clinical stage Initial investment 2022 Kesmalea Therapeutics Synthesis Value £4.0m Financing stage Series A Small molecule drug discovery platform focused on Production of protein protein homeostasis Degradation Removal of protein An opportunity to create a new generation of oral drugs addressin
Slide 46: Appendix - Sustainability
Appendix 3 - Sustainability 46
Slide 47: Continuing to show a strong commitment to ESG
Continuing to show a strong commitment to ESG £4.6m donated to charity in FY2022/3, ongoing commitment to donate 0.35% of NAV per year - d Our social 17 portfolio company clinical trial sites across the UK1 impact 1200+ people employed by Syncona and its portfolio Autolus’ lead therapy, obe-cel, mee
Slide 48: The Syncona Foundation
Appendix March 2023 The Syncona Foundation Supporting excellent charities that are meeting pressing needs within society, particularly those that are related to healthcare systems £45m Syncona donations to charity since Focused on the prevention, treatment, cure and 20121 ultimately eradication of c