Slide 1: Syncona Ltd Full Year Results
Syncona Ltd Full Year Results June 2026
Slide 2: Cautionary statement
Cautionary statement This presentation has been prepared and published solely for informational purposes. Nothing In making this presentation available, neither Syncona Investment Management Limited (“SIML”) contained in this presentation is intended to constitute an offer, invitation or inducement
Slide 3: Highlights in the year
=4 SYNCONA INVESTMENT MANAGEMENT Highlights in the year
Slide 4: Highlights in the year
Highlights in the year A year of significant strategic progress with near-term focus on returning £250m from maturing portfolio Highlights in the year A year of significant strategic progress with near-term focus on returning £250m from maturing portfolio FINANCIAL PERFORMANCE STRONG CLINICAL & OP
Slide 5: Improving market conditions
tions Improving market conditions
Slide 6: Pharma pipeline has a heavy reliance on biotech innovation to refill revenues
Pharma pipeline has a heavy reliance on biotech innovation to refill revenues Large pharma will see >$350bn loss of revenue by 2030 because of patent expiry1 2026 Run-Rate Public and private biotech and pharma M&A transactions with $100mm+ transaction value since 2017 ($ in billions) Deal Volume / D
Slide 7: Biotech M&A focused on late-stage development
Biotech M&A focused on late-stage development Maturing portfolio is well positioned to benefit from supportive backdrop SHARE OF BIOPHARMA M&A BY TARGET COMPANY STAGE AT ACQUISITION¹,² 100% 90% Approved 80% – M&A focus on Phase II, Phase III, and approved- Phase III stage companies 70% 60% – Reflect
Slide 8: Public market conditions are improving
Public market conditions are improving Late-stage assets most highly rated ─ Biotech market conditions are recovering with biotech public markets performing robustly ─ XBI up 64% in last 12 months ─ Listed biotech companies with Phase III assets have gained substantially versus 2021 Average Enterpri
Slide 9: Early signs of improvement in private market conditions
Early signs of improvement in private market conditions Cautiously optimistic about improved private market financing conditions in the year ahead QUARTERLY BIOPHARMA VENTURE INVESTMENT VS. ANNUAL VENTURE DEAL COUNT¹ 780 $50B Venture funding also remains focused on later stage companies $40B $9.7B 5
Slide 10: An actively managed and maturing portfolio
maturing portfolio An actively managed and maturing portfolio
Slide 11: A well-diversified portfolio weighted towards clinical-stage assets
A well-diversified portfolio weighted towards clinical-stage assets… 86% of the life science portfolio in commercial and clinical stage assets BEST IDEAS P R E - CLI N I CA L CLI N I CA L LA T E - STAGE BLA COMMERCIAL CLI N I CA L ON THE MARKET Autolus Therapeutics MOVING TOWARDS BEING ON THE MARKET
Slide 12: That has made strong clinical and operational progress
.. that has made strong clinical and operational progress HIGHLIGHTS FROM FY 2025/26 VALUE: VALUATION BASIS: VALUE: VALUATION BASIS: VALUE: VALUATION BASIS: VALUE: VALUATION BASIS: VALUE: VALUATION BASIS: Quoted Cost PRI PRI Cost £30M £208M £183M £83M £72M VALUE: VALUATION BASIS: VALUE: VALUATION BA
Slide 13: ... and offers differentiated return levers
... and offers differentiated return levers MERGERS FINANCINGS/ COLLABORATIONS/ MILESTONES & ACQUISITIONS IPO PARTNERSHIPS AND ROYALTIES – Strategy centred – Key tool to drive – Non-dilutive equity – Provides risk- on achieving M&A value mitigated high- – Extends cash from pharma, – The portfolio ha
Slide 14: Potential for significant NAV growth
NAV growth Potential for significant NAV growth
Slide 15: KVIPs have the potential to deliver significant NAV growth
KVIPs have the potential to deliver significant NAV growth Supporting the timely return of a minimum of £250 million to shareholders from private company exits Eight KVIPs across the portfolio, four expected in CY 2026, including: ─ Beacon Phase III data in XLRP, if positive will underpin a BLA fili
Slide 16: KVIPs have the potential to deliver significant NAV growth (cont'd)
KVIPs have the potential to deliver significant NAV growth (cont’d) Supporting the timely return of a minimum of £250 million to shareholders from private company exits Resolution expected in CY2026 and Quell expected in CY 2027 ─ Resolution data, if positive, will build on data from academic MATCH
Slide 17: Capital allocation driving shareholder outcomes
ation driving shareholder outcomes Capital allocation driving shareholder outcomes
Slide 18: Capital allocation focused on driving shareholder outcomes
Capital allocation focused on driving shareholder outcomes Aligned with new Investment Policy and initial focus of returning a minimum of £250m to shareholders – Continuing to actively manage portfolio – Protecting portfolio company value in third- Realising companies where SIML believes the best ma
Slide 19: Capital deployment weighted towards late stage and clinical stage assets
Capital deployment weighted towards late stage and clinical stage assets Syncona is funded to deliver on all KVIPs Capital pool of £198m as at 31 March 2026 – £81m deployed into life science portfolio – 83.7% of gross capital deployed towards clinical or late- stage assets £81m DEPLOYED INTO LIFE SC
Slide 20: SIML platform strengthened
ned SIML platform strengthened
Slide 21: SIML platform strengthened
SIML platform strengthened Senior investment team and expanded Executive Partner group focused on delivering value from a maturing portfolio Sam Roberts and Paul Sekhri joined as Executive Partners to enhance the team's perspective on the late-stage value proposition – Sam is the former CEO of NICE,
Slide 22: The next wave of innovation
The next wave of innovation ─ Multiple breakthroughs in GENE EDITING scientific understanding are (CRISPR) converging with unprecedented advances in gene editing, genomics and AI ─ UK is at the centre of this because the new world thrives on data and innovation ─ SIML has the expertise to drive this
Slide 23: Raising a private fund focused on leveraging world-class UK research
Raising a private fund focused on leveraging world-class UK research Should improve capital access across the portfolio and further enhance UK life science ecosystem Raising a private fund focused on leveraging world-class UK research Should improve capital access across the portfolio and further en
Slide 24: Summary
=4 SYNCONA INVESTMENT MANAGEMENT Summary
Slide 25: Focused delivery across the portfolio
Focused delivery across the portfolio Near-term focus 8 key value Focused on driving Continuing to on delivering inflection points companies to late- apply a hands-on 8 key value can deliver stage, ensuring model to support inflection points significant NAV companies are built companies to across th
Slide 26: Well positioned to deliver shareholder value
Well positioned to deliver shareholder value – Fundamentals of – Focused on delivery – Fully funded to – SIML platform – Focused on the sector of mature portfolio deliver a rich set strengthen to returning a remain strong with 86% at of KVIPs across enhance the team's minimum of £250m and the outloo