Syncona Ltd GBP · LSE:SYNC
Syncona Ltd GBP — Syncona — Q3 FY2024/25 Earnings Presentation
45 slides from Syncona Ltd GBP's earnings presentation, February 2025
Slide 1: Synconaltd.com February 2025
Synconaltd.com February 2025
Slide 2: Cautionary statement
Cautionary statement This presentation has been prepared and published solely for informational purposes. Nothing industry in which it operates to differ materially from any future results, performance, contained in this presentation is intended to constitute an offer, invitation or inducement to ac
Slide 3: Overview of FY2024/25
Overview of FY2024/25 Rebalanced portfolio and strong execution provides a platform for growth Performance impacted by share price of Autolus NAV of £1.12bn, 179.4p per share, a return of 0.3% in the third quarter and (4.9)% in the financial year to date Life science portfolio return of (0.7)% in th
Slide 4: Market environment
74 SYNCONA Market environment
Slide 5: Biotech markets are recovering
Biotech markets are recovering Three convergent forces are providing us with a steady path out of a challenging market Inflation rates across EU/UK/US (2014-2024)2 11.00% 9.00% A healthier biotech sector 7.00% Now coming to the end of a significant period of restructuring and consolidation, which 5.
Slide 6: A rebalanced and maturing portfolio
A rebalanced and maturing portfolio 6
Slide 7: Our NAV Growth Framework
Our NAV Growth Framework Significant value can be accessed at late-stage clinical development Key exits1 Operational Clearly defined strategy and business plan 1.1x build Leading management team established £15m proceeds (2023) Emerging Clinical strategy defined efficacy data \v Initial efficacy dat
Slide 8: We have rebalanced to a more mature portfolio
We have rebalanced to a more mature portfolio We have a strategic portfolio of 14 companies at different stages of the clinical development pathway Companies with key value inflection points Portfolio rebalanced towards later-stage companies with increased diversification 7% Commercial (1 company) C
Slide 9: Driving value through the delivery of KVIPs
Driving value through the delivery of KVIPs Material de-risking events with the potential to drive significant NAV growth Illustrative value appreciation through delivery of KVIPs Key value inflection points are material de- risking events for a portfolio company that Intrinsic Value* BLA1 Net Asset
Slide 10: Potential from our most mature private portfolio companies
Potential from our most mature private portfolio companies Beacon, Spur and iOnctura to deliver KVIPs by the end of 2027 Lead programme (roginolisib – first-in-class asset) Lead programme (FLT201 – first-in-class asset) Lead programme (AGTC-501 – first-in-class Uveal melanoma is the most common form
Slide 11: Peer groups for most mature private companies
Peer groups for most mature private companies Beacon, Spur and iOnctura expected to publish key value inflection points by end of CY2027 x average median US$m US$m US$m 6,000 6,000 6,000 5,000 5,000 5,000 4,000 4,000 4,000 3,000 3,000 3,000 2,000 2,000 2,000 1,000 1,000 1,000 0 0 0 Company Company C
Slide 12: Diversified and maturing portfolio
Diversified and maturing portfolio 14 strategic portfolio companies at different stages of development New company in the period KVIP = Key value inflection point Best ideas Pre-clinical Clinical Late-stage BLA clinical Companies on the Portfolio increasingly weighted towards clinical and KVIP in CY
Slide 13: Slingshot - The Syncona Accelerator
Slingshot - The Syncona Accelerator A capital efficient way to invest in the next frontier of innovation Accelerating exceptional academic science towards clinical development with £12.5m The Slingshot model commitment Programmes are identified from world-leading academic Slingshot will accumulate a
Slide 14: Rigorous approach to capital allocation
Rigorous approach to capital allocation 14
Slide 15: Capital pool central to delivery of strategy
Capital pool central to delivery of strategy We are funded to the delivery of all of our expected key value inflection points £90m deployed into the life science portfolio in the financial year; capital pool of £344.8m 63% of capital pool committed to our existing portfolio 14% and operational costs
Slide 16: Capital commitments weighted to clinical assets
Capital commitments weighted to clinical assets and assets approaching clinical entry Continue to apply a rigorous approach to capital allocation Six financings closed, with five commitments from Syncona £63.5m committed to Resolution Series B financing £33.5m committed to Beacon in £134m Series B f
Slide 17: Attracting external investment to the portfolio
Attracting external investment to the portfolio NAV is robust following recent syndicated financings £m £1,200 £193m £1.12bn Portfolio is now substantially refinanced £1,000 £170m £21m 80.9% of NAV £310.6m of capital raised by portfolio companies in the £800 year to date, with £175.5m raised from ex
Slide 18: A strong platform for growth
A strong platform for growth 18
Slide 19: A number of expected key value inflection points
A number of expected key value inflection points Key de-risking events with the potential to drive CY2025 CY2026 CY2027 significant NAV growth Commercial traction following Autolus’ US launch of obe-cel in On the CY2025, following FDA regulatory market approval Data readout from Beacon’s pivotal VIS
Slide 20: Summary and outlook
10-year targets Summary and outlook Creating or adding Focused on delivering our strategy and driving NAV growth for our shareholders Later stage and diversified portfolio continues to execute well and has attracted significant external capital based on exceptional science Continue to focus capital
Slide 21: Appendix 1 – Team
Appendix 1 – Team
Slide 22: Our platform
Our 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 CEO Managing Managing Partner Jonikas Partner Partner Partner Company launch Broader investme
Slide 23: Leadership team comprises experience from across the business
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 Executive Investments Balance sheet leadership Biotech investi
Slide 24: Strong senior investment team
Strong senior investment team Responsible for leading Chris Hollowood1 CEO Roel Bulthuis2 Managing Partner, Edward Hodgkin2 Managing Partner the investment team PhD Head of PhD and building the next Investments MSc, MBA generation of Syncona companies 22 years’ experience 24 years’ experience 33 yea
Slide 25: Appendix 2 – Performance and track record
Appendix 2 – Performance and track record
Slide 26: A track record of significant value creation from exits
A track record of significant value creation from exits £1.3 billion invested to date, generating an IRR of 16.4%, 1.3x invested capital1 Exits generated £955m of proceeds, at an aggregate IRR Full exits of 73.6% and a 3.9x cost2 Pre-clinical Phase I/II Phase III/Pivotal BLA3 Launch Blue Earth First
Slide 27: Building companies with impact
Building companies with impact Syncona has generated significant impact across its portfolio since being founded in 2012 Building global leaders Our track record Clinical progress Patient impact IRR since 2012; Late-stage clinical Syncona portfolio Patients diagnosed by 1.3x multiple on companies ac
Slide 28: Appendix 3 - Portfolio
Appendix 3 - Portfolio
Slide 29: Portfolio company fully diluted ownership and valuation
Commercial Late-stage clinical Clinical Pre-clinical Fully diluted 30 Sep 2024 value £m Net invested/returned in Valuation 31 Dec 2024 value Valuation basis Portfolio company ownership %4 (fair value) the period £m change £m FX movement £m £m (fair value) (fair value)1,2,3 % of NAV 9.9% 83.4 (6.6) (
Slide 30: Autolus Therapeutics
Commercial Autolus Therapeutics Initial investment Value 2014 £54.1m 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 31: Beacon Therapeutics
Late-stage clinical Beacon Therapeutics Initial investment Value 2022 £121.2m 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: Spur Therapeutics
Clinical stage Spur Therapeutics Initial investment Value 2015 £158.3m 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 Market opp
Slide 33: Quell Therapeutics
Clinical stage Quell Therapeutics Initial investment Value 2019 £85.5m 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 34: Anaveon
Clinical stage Anaveon Initial investment Value 2019 £35.8m 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: iOnctura
Clinical stage iOnctura Initial investment Value 2024 £24.8m Innovative small molecule company developing transformative cancer therapies Financing stage Series B Stage of lead programme Phase Ib Investment thesis Targeting an area of high unmet need Market opportunity iOnctura represented an opport
Slide 36: Resolution Therapeutics
Pre-clinical stage Resolution Therapeutics Initial investment Value 2018 £63.6m Seeking to extend the impact of cell therapy into chronic inflammatory liver disease Financing stage Series B Investment thesis Targeting an area of high unmet need Market opportunity Resolution is focused on the treatme
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 Developing a proprietary
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 immunological and rare diseases Investment thesis Targeting an area of high unmet need Market opportunity
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: Mosaic Therapeutics
Pre-clinical stage Mosaic Therapeutics Initial investment Value 2022 £15.0m Leveraging the unprecedented insights of the genomic revolution to develop Financing stage Series A targeted therapies for cancer Investment thesis Targeting an area of high unmet need Market opportunity Tumour agnostic drug
Slide 42: 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 43: 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
Slide 44: Appendix 4 – Additional information
Appendix 4 – Additional information
Slide 45: Further information - Peer groups for most mature private companies
Further information - Peer groups for most mature private companies (slide 11) Company Constituents of trading peer group Constituents of M&A peer group Revolution Medicines, Nuvalent, IDEAYA Biosciences, Nurix Therapeutics, Recursion, Relay Therapeutics, AnHeart Therapeutics, Kinnate Biopharma, The