Slide 1: Translating frontier science into therapeutic reality
CAPITAL MARKETS DAY 2026 Translating frontier science into therapeutic reality
Slide 2: Cautionary statement
Cautionary statement This presentation has been prepared and published solely for informational purposes. Nothing Any target return of Syncona Limited referred to in this presentation is based on performance projections contained in this presentation is intended to constitute an offer, invitation or
Slide 3: The opportunity: connecting frontier science to late-stage high-impact assets
The opportunity A generational opportunity Syncona – Societal demand remains for new medicines – £1bn of net assets with a portfolio of 15 – Pharma facing a patent cliff of over $350bn companies and £218m of capital by 20301 and has >$1.5tn in deal capacity2 P OTE N TI A L TO – Maturing portfolio ba
Slide 4: Today's agenda
Today’s Chris Hollowood CEO, SIML Roel Bulthuis Managing Partner & Head of Portfolio companies’ spotlight agenda... A strategy and model to Investments, SIML A generational Lance Baldo deliver shareholder value opportunity Beacon Therapeutics Michael Parini Spur Therapeutics C atherine Pickering iOn
Slide 5: Let's get started
Panel: M&A Environment Panel: driving frontier science to clinical success Discussion on the UK life science ecosystem Let’s get Ken Galbraith Ed Hodgkin Elisa Petris started SIML SIML SIML Kaivan Khavandi Ros Deegan Sam Roberts GSK OMass Therapeutics Executive Partner, SIML and former CEO of James
Slide 6: Our investment thesis
=4 SYNCONA INVESTMENT MANAGEMENT Our investment thesis
Slide 7: The opportunity
The opportunity TO T R ANSL AT E FR ONTI ER SC I E NC E TO BU I LD L EVE R AGING TO DELIVER THE UK’S OUTS IZED IN TO T H ER AP E UT I C A M BI TI OU S WO RL D-CL A S S REALI T Y FO R BI OTEC H L IFE S CIE NCE RE TURNS AT PAT I ENTS C OM PA N I E S LATE-STAGE ECO SYSTE M
Slide 8: Focused delivery
=4 SYNCONA INVESTMENT MANAGEMENT Focused delivery
Slide 9: Protecting and driving value in challenging markets
Protecting and driving value in challenging markets Transitioning to a late-stage portfolio as markets improve XBI SYNCONA NAV SYNCONA SHARE PRICE 120 100 80 60 40 20 0 2021 2022 2023 2024 2025 2026 Rebased to 100. Month end data: 31 January 2021 – 31 January 2026.
Slide 10: Protecting and driving value in challenging markets
Protecting and driving value in challenging markets Transitioning to a late-stage portfolio as markets improve – Focused capital allocation on late-stage assets Capital allocation – £15m p.a. allocated to new investments over the next two years – Worked with portfolio company management Proactive ma
Slide 11: Focused delivery across the portfolio
Focused delivery across the portfolio Enabling the Near-term focus 8 key value Focused on Continuing to return of on delivering inflection points driving companies apply a hands-on £250M 8 key value can deliver to late-stage, model to support inflection points significant NAV ensuring companies to a
Slide 12: Delivering outsized returns
Delivering outsized returns
Slide 13: High-impact medicines deliver significant value
High-impact medicines deliver significant value FRONTIER SCI E N CE I S THE M O ST I M P ORTANT $223BN Bio p h ar m a M&A in 2025 1 I N G R E D I E NT 1. Source: S&P CapitalIQ and DealForma; Stifel Biopharma Outlook January 2026.
Slide 14: A world-class research base
UK has leading institutions with track record of innovation Poised to lead in healthcare and deliver impact 41% OF UK RESEAR CH IS CLA SSED A S WORLD LEADING 1 4 OF THE TOP 10 GLOBAL UNIVERSITIES FOR LIFE SCIENCES 2 11.5% SHARE OF GLOBAL MEDICAL SCIENCE CITATIONS, BEHIND A world-class research base
Slide 15: Founded by the premium charitable funder of high innovation
Founded by the premium charitable funder of high innovation Deliver Deliver outsized patient returns impact
Slide 16: Connecting frontier science with high-impact products
Connecting frontier science with high-impact products F R O NTIE R SCI ENCE HIGH-IMPACT PR ODUCT
Slide 17: An ambition to do things differently
An ambition to do things differently AMBITION INSIGHT TEAM THE CAPABILITY TO LAUNCH COMPANIES ON THE AMBITIOUS GR OWTH TR A JECTORY REQUIRED TO SUCCEED
Slide 18: An ambition to do things differently
An ambition to do things differently A MBI TI ON INSIGHT TEAM COMBINING SCIENTIFIC INSIGHT, VISION, STR ATEGY, EXECUTION AND BR AVERY
Slide 19: An ambition to do things differently
An ambition to do things differently A MBI TI ON INSIGHT TEAM A TEAM OF EXPERTS WORKING WITH WORLD-CLA SS LEADERS
Slide 20: A hands-on model
SYNCONA INVESTMENT MANAGEMENT A hands-on model
Slide 21: Our model enabling proactive portfolio management
Our model enabling proactive portfolio management CREATE BUILD SCALE
Slide 22: We have created globally leading companies based on exceptional science
We have created globally leading companies based on exceptional science CREATE BUILD SCALE
Slide 23: A hands-on approach to building companies for global scale
A hands-on approach to building companies for global scale CREATE BUILD SCALE
Slide 24: Scaling companies to late-stage value
Scaling companies to late-stage value CREATE BUILD SCALE
Slide 25: Evolved financing environment enables optimal delivery of returns
Evolved financing environment enables optimal delivery of returns The funding ecosystem for ~£250M early-stage science has strengthened 2012 UK BIOTECH FUNDING 1 Reducing the financing risk for our portfolio companies ~£2.5BN 2020 UK B IOT EC H F UN D IN G 2 More dynamic and strategic in our capital
Slide 26: Syncona in numbers
=4 SYNCONA INVESTMENT MANAGEMENT Syncona in numbers
Slide 27: A track record of significant value creation from exits
EX I TS A track record of significant value creation from exits G EN ER ATED ~£ 1 BN OF P R OC EED S SY N C ONA HA S GENER ATED SIGNIF ICAN T FI N A N CI A L R E TU R N S ACR OS S I TS P O RT FO L IO AT AN AGGREG ATE IRR OF 54% AND A 2.9X COST 1 PHA SE I / II PH A S E I I I / PI VOTA L BLA2 L AUN CH
Slide 28: A track record of significant value creation from exits
EX I TS A track record of significant value creation from exits G EN ER ATED ~£ 1 BN OF P R OC EED S SY N C ONA HA S GENER ATED SIGNIF ICAN T FI N A N CI A L R E TU R N S ACR OS S I TS P O RT FO L IO AT AN AGGREG ATE IRR OF 54% AND A 2.9X COST 1 PHA SE I / II PH A S E I I I / PI VOTA L BLA2 L AUN CH
Slide 29: Potential first and best-in-class product
otential first and P best-in-class product Strong execution Financing strategy ignificant risk-adjusted S returns £256M OF P R OC EED S 4 .5 X C OST
Slide 30: Building companies with impact
Building companies with impact SY N C ONA HA S GENER ATED SIGNIF ICAN T PATI EN T I MPACT ACR O S S I TS P O RTFO LI O BUILDIN G GLOBAL LE AD E R S C L I N I CA L PR O G R E S S PATIEN T IM PACT 26 Sync ona po rtfoli o co m p a n ies sinc e 2 012 founda ti o n 5 La te - s t ag e cl i ni cal an d com
Slide 31: A few years ago I was very unwell and now I'm able to live a full life
“A few years ago I was very unwell and now I’m able to live a full life. I was able to go back to work. I also met Chloe and now we’re engaged.” CHRIS WILLIAMS Source: https://www.bbc.co.uk/news/articles/c62r56zzzq4o
Slide 32: A platform that gets stronger with every company we build
A platform that gets stronger with every company we build
Slide 33: Ecosystem, financing, network, insights
ECOSYSTEM FINANCING Every investment in the Every financing we have foundation of the UK executed has broadened ecosystem is one that our network and allows our future increased our future portfolio to be built capital access quicker and more ambitiously than before NETWORK INSIGHTS Every pharma col
Slide 34: The portfolio is strongly positioned...
ECOSYSTEM FINANCING Every investment in the Every financing we have foundation of the UK executed has broadened ecosystem is one that our network and allows our future increased our future portfolio to be built capital access quicker and more ambitiously than before THE P ORTFOLIO IS STR ONGLY POSIT
Slide 35: ...to deliver returns to shareholders in the medium term
...TO D ELIVER RE TURNS TO SHAR EHOLDERS IN THE MEDIUM TERM
Slide 36: A generational opportunity
A generational R OE L BULT HUI S Managing Partner and Head of Investments, SIML opportunity
Slide 37: Driving to late-stage clinical development in improving market conditions
Driving to late-stage clinical development in improving market conditions DI F F E R EN T I AT E D M AR K E T MATURING STR AT EGY O PPO RT U N I TY PORTFOLIO
Slide 38: Hands-on approach to driving progress across the portfolio
Hands-on approach to driving progress across the portfolio SINCE 31 MARCH 2021 1 £1.8BN 5 31 52 R AISED ACR OSS PHARMA CLINICAL 2 39 SENIOR APPR OVED PARTNERSHIPS/ NEW CLINICAL CLINICAL DATA THE PORTFOLIO TRIALS LEADERSHIP PR ODUCT COLLABORATIONS/ STAGE DEALS READ OUTS ACR OSS 21 COMMENCED APPOINTME
Slide 39: A large unmet clinical need
A large unmet clinical need UK US The global burden of disease is increasing, with severe unmet medical needs in many major indications 11.1% OF GDP SPENDING 17.2% OF GDP SPENDING ON HEALTHCARE 1 ON HEALTHCARE 1 G LO BAL DISEA SE BURD EN F R OM NON- CO MMU N I CA B LE D I S E A S E S WIT H SYN CON A
Slide 40: The rise of novel biology and modalities
The rise of novel biology & modalities MARKET SHARE O F F IR ST- IN - C L A S S Better understanding of causal biology and novel modalities P R O D UCTS M O R E is fuelling growth of first-in-class products T H A N D O UB L E D 23% 1990 47% 2024 U S SALES BY DRUG MODALIT Y, 1 990- 2030 ( $B I LLI ON
Slide 41: Improved market conditions support delivery of strategy
Improved market conditions support delivery of strategy Significant capital is available and returning to strong levels in both private and public capital markets EQ U I T Y R A ISED AND PRIVAT E D EBT R AI S ED I N THE B I OP HA R MA S ECTO R , 2013 – 2 0 2 6 (E ST IM AT E D, $ B IL L IO N S , WO R
Slide 42: Pharma pipeline has a heavy reliance on biotech innovation to refill revenues
Pharma pipeline has a heavy reliance on biotech innovation to refill revenues Significant increase in recent M&A activity M &A VOLUM E IN T H E BIOPH ARMA SECTOR , 2 0 1 6 – 2025 ($ BILLIONS, WOR LDWIDE) LA R G E P H A R M A WI LL SEE >$ 3 5 0 BN LOSS SEC ON D OF R EV EN U E BY H I G H EST $3 2 8 BN
Slide 43: Where outsized returns are achievable
Where out- 2015 – 2025 BIOPHARMA 15 sized returns ACQUISITIONS: Karuna Intra-Cellular Medivation are achievable 13 MyoKardia Kite ~$1BN Avidity Vifor Acceleron Biohaven Bioverativ Array 11 –$15BN Prometheus ImmunoGen Verona Metsera The Medicines Company OFFER VALUE5 Cidara Blueprint O F F E R VA LU
Slide 44: Syncona's maturing portfolio
Syncona’s maturing portfolio
Slide 45: A maturing and diversified portfolio...
A maturing and diversified portfolio... 8 5 % OF LIFE S CIENCE PORTFOLIO VALU E . . . D I VER S I FI E D ACR OS S THE R A P E UT IC A R E A . . . … A N D M O DA L IT Y I N COM MER CIAL, LATE-STAGE CLINICA L A N D CLINICA L-STAGE COMPANIES... COMMERCIAL O N CO LO GY CEL L THER APY 5% 19% 3 M E TAB O
Slide 46: ...that has been rebalanced towards later stage
...that has been rebalanced towards later stage Syncona is funded to deliver on key value inflection points across the portfolio Key value inflection point (KVIP) BE ST I DE A S PRE- C LI NI CA L C LI NI CA L L AT E-STAGE BLA C O M M E R C IAL N E XT E XP ECT E D K V IP C L IN ICAL ON THE MARKET Aut
Slide 47: KVIPs have the potential to deliver significant NAV growth
KVIPs have the potential to deliver significant NAV growth Supporting the return of a minimum of £250 million to shareholders from private company exits ON THE M AR KE T MOV I N G TOWA R D S B E I N G O N THE MA R K E T MOVING TOWARDS DEFINITIVE DATA KVIP 2026 KVIP 2026 KVIP 2028 KVIP 2026 Further c
Slide 48: KVIPs have the potential to deliver significant NAV growth (cont'd)
KVIPs have the potential to deliver significant NAV growth (cont’d) Supporting the return of a minimum of £250 million to shareholders from private company exits MOVING TOWARDS DEFINITIVE DATA MOV I N G TOWA R D S E MER G I N G EFFI CACY DATA KVIP 2026 KVIP 2027 KVIP 2027 KVIP 2027 Interim data read
Slide 49: A diversified portfolio offers differentiated return levers
A diversified portfolio offers differentiated return levers M ER G ERS F I N A N CI N G S/ COLLABORATIONS/ M IL E STO N E S & ACQUISIT IONS IP O PARTNERSHIPS A N D R OYA LT IE S – Strategy centred – Key tool to drive – Non-dilutive equity – Provides risk- on achieving M&A value – Extends cash mitiga
Slide 50: Well positioned to deliver shareholder value
Well positioned to deliver shareholder value – Fundamentals of – Focused on delivery – Fully funded to – Focused on the sector remain of mature portfolio deliver a rich set returning a strong and the with 85% at of KVIPs across minimum of £250m outlook for commercial, late- the portfolio with to sha
Slide 51: The time is now
=4 SYNCONA INVESTMENT MANAGEMENT The time is now
Slide 52: The next wave of innovation
The next wave of innovation GENE EDITING (C R I S P R ) GEN O M I C S A I A N D MAC H I N E LEARNING
Slide 53: Acute Myeloid Leukaemia is a particularly severe blood cancer
Acute Myeloid Leukaemia (AML) is a particularly severe blood cancer Stem cell transplant, with lifelong toxicity, is the only curative therapy >40K Patients (EU, UK and US)1 ~33% Average % potentially eligible for stem cell transplant2 Transplants recognised <1% of transplanted Prof. Paresh Vyas, MD
Slide 54: Well positioned for the future
Well positioned for the future WE A RE FO C U SE D ON M AX I M I SI N G VALU E AN D RE T URNI NG £250M TO SHARE HOLDE RS Funding and driving the Disciplined capital Raising an independent delivery of KVIPs across allocation to new private fund, which a maturing portfolio opportunities will improve c
Slide 55: The time is now
The time is now A LE AD I N G LI F E SCI E N CE I N V E ST ME NT P LAT FORM SIML: C O M B I N I N G A UN I Q U E A CLI N I CAL-STAG E PORT FOLI O I MP R OV I NG MARK E T CONDI T I ONS & TEA M & H A N DS - O N PO I SE D TO D E LI V E R ST R ONG SECTOR FUNDAME NTALS COMPA N Y- B UI L DI N G M O D E L