Syncona Ltd GBP · LSE:SYNC
Syncona Ltd GBP — Syncona — Investor Presentation (March 2023)
43 slides from Syncona Ltd GBP's investor presentation, March 2023
Slide 1: Corporate presentation
Corporate presentation March 2023 synconaltd.com Image Freeline labs, Stevenage
Slide 2: Cautionary statement
Cautionary statement This presentation has been prepared and published solely for informational purposes. Nothing contained in this presentation is intended to constitute an offer, invitation or inducement to engage in an investment activity. In this statement, "presentation" means this document tog
Slide 3: A long-term vision: 10 years of Syncona
A long-term vision:10 years of Syncona Co-founded in 2012 with the Wellcome Trust, our purpose is to invest to extend and enhance human life Building global Our track record Patient impact Current financials leaders Syncona portfolio IRR since 2012; Patients benefitting 1.5x multiple on 21 companies
Slide 4: Performance in FY2022/3
Performance in FY2022/3 Financial performance has been impacted by share prices of listed holdings against a challenging market backdrop for biotech - Financing environment in public and private markets remains challenging with a continued absence of Market context generalist investors in the sector
Slide 5: Building on our success
Building on our success Leveraging our successes and applying the lessons learnt from last 10 years to drive the business forward over the next decade Continuing to improve execution as companies mature The Syncona model Attracting world class − Core team skill is to identify science leadership team
Slide 6: The opportunity in the next 10 years
The opportunity in the next 10 years
Slide 7: Well positioned to capture strong market opportunity
Well positioned to capture strong market opportunity Syncona believes the out return in life science is weighted towards late development and product approval Leveraging a world-class scientific research base - Syncona is located within the richest Global transaction volume by expected years to mark
Slide 8: Scaling the business to continue to deliver strong returns
Scaling the business to continue to deliver strong returns Growing NAV by increasing the size of the life science portfolio reduces cash Key impact for shareholders metrics − Historically, we have added 1-2 new companies p.a to the portfolio − To grow NAV, we believe we need to add 3 new companies p
Slide 9: Embedding a differentiated model
Embedding a differentiated model An expert team, with the skill set, track record and strategic capital base to build a sustainable, diverse, high-quality portfolio Scale Scale ambitiously, maintain Build significant ownership positions through the clinic; option to fund to Leverage expertise and ma
Slide 10: Evolving and leveraging the investment team
Evolving and leveraging the investment team Team behind the investment process delivering 3 new deals p.a. Reviewed the company’s organisational Investment Committee structure to enable the business to scale Chair CEO - Chris Hollowood has stepped up into the Chair CEO role of CEO, leading delivery
Slide 11: Our financing strategy
Our financing strategy Providing our shareholders with exposure to a set of high-growth companies, both private and public POC* Optionality Fully Syndicated Companies syndicated early in their lifecycle by bringing in Most likely further significant external capital where required to fully exploit t
Slide 12: Scaling Syncona to £5bn
Scaling Syncona to £5bn We are updating our 10 year targets with increased ambition £5bn 3 New companies 20-25 Portfolio of leading 3-5 Companies to product approval where Syncona Net Assets created p.a life science companies has a majority shareholding 12
Slide 13: Market context
Market context
Slide 14: The promise of precision medicine
The promise of precision medicine Enables faster development, smaller, more capital efficient clinical trials and targeted commercial roll-out 30-60% A traditional drug may only be 30- 60% effective1 ‒ Traditional drug development can lead to ineffective drug development; it assumes all patients res
Slide 15: An exciting investment landscape
An exciting investment landscape Creating commercial concepts around ground-breaking science has always been a point of differentiation for Syncona - Over the last 10 years, we have been an early mover in a significant technology disruption (cell and gene therapy) - The technology disruption meant t
Slide 16: Current biotech landscape
Current biotech landscape Market conditions improving for clinical assets $m Average Enterprise Value of a Biotech listed on US exchanges by stage of development - Market is responding to $1,000 good data again – it is all $900 about a great product $800 - Valuations have recovered $700 in companies
Slide 17: Portfolio and the capital pool
Portfolio and the capital pool
Slide 18: A differentiated portfolio of leading life science companies
A differentiated portfolio of leading life science companies Diversified across modality and therapeutic area Cell therapy Gene therapy Biologics − Focused on key cell types and T-cell biology − Operating in key tissue compartments backed by − T-cell immunotherapy - selective IL-2 agonist, wide back
Slide 19: Portfolio diversified with a number of late stage assets
Portfolio diversified with a number of late stage assets Five clinical stage companies in the portfolio - Syncona portfolio diversified across Pre-clinical Phase I/II Phase III/Pivotal BLA pre-clinical and clinical stage - Addition of AGTC to the portfolio 2023 means we have five clinical stage comp
Slide 20: Managing our capital pool and cost base
Managing our capital pool and cost base Continue to balance liquidity and access to capital pool to ensure we are able to fund our life science portfolio Disciplined and rigorous financial approach - Primary focus is on liquidity, continue to hold 12-24 months of liquidity in cash - and treasuries;
Slide 21: Summary
Summary
Slide 22: Scaling for the next phase of growth
Scaling for the next phase of growth Rolling ten year targets Our vision for 2032 Leveraging our strategic capital base Our track record and institutional capability as we enter our next phase of growth - Focused on optimising returns for shareholders by growing our portfolio whilst retaining a mini
Slide 23: Appendix 1 – Syncona team
Appendix 1 – Syncona team
Slide 24: An expert multi-disciplinary investment team
An expert multi-disciplinary investment team Our unique skill set Scientific Commercial Company creation Investment Martin Murphy 1,2 Chris Hollowood 1 Co-founder and Chair, SIML PhD CEO, SIML PhD Investment 92% 170 Committee of investment Years of team with PhDs experience in life science 22 years’
Slide 25: Investment team supported by experts in life sciences and company building
Investment team supported by experts in life sciences and company building Markus John - Joined in July 2021 Leveraging the strength of clinical and operational experts - Former Global Medical Affairs Franchise Head at Roche Scientific Commercial Regulatory Business strategy Lisa Bright - Joined in
Slide 26: Appendix 2 – Portfolio
Appendix 2 – Portfolio
Slide 27: Portfolio company outlook
Portfolio company outlook Upcoming milestones across the portfolio Company Status of pipelines Next steps Five ongoing clinical trials - Progress pivotal study obe-cel / adult ALL, with full data expected in H1 CY2023 Lead Fabry programme in Phase I/II trial - Initial safety and efficacy data from t
Slide 28: Portfolio company valuations and FX movement 31 Dec 2022
Clinical Pre-clinical Drug discovery Portfolio company Fully diluted 30 Sep 2022 value £m Net invested/returned in Valuation FX movement 31 Dec 2022 value Valuation basis % of ownership %3 (fair value) the period £m change £m (fair value) (fair value)1,2 NAV 37.9% 65.8 - - (0.9) 64.9 PRI 5.0% 17.9%
Slide 29: Anaveon: harnessing the power of IL-2 for patients with solid tumours
Clinical stage Anaveon: harnessing the power of IL-2 for Initial investment 2019 patients with solid tumours Cost £39.9m Financing stage Series B Specialising in the development of treatments NSCLC patient, who continues ANV419 treatment, shows sustained and deepening response with for diseases with
Slide 30: Autolus Therapeutics: building a fully integrated CAR-T cell therapy company
Clinical stage Autolus Therapeutics: building a fully integrated Initial investment 2014 CAR-T cell therapy company Cost £147.0m Financing stage NASDAQ Lead clinical programme: Obe-cel, a standalone, potentially best-in-class CD19 CAR T cell therapy candidate - Lead product candidate, obe-cel, Obe-c
Slide 31: AGTC
Clinical stage AGTC Initial investment 2022 Opportunity to apply Syncona’s differentiated Cost £40.8m strategy to a late-stage asset and drive value Financing stage Series A for shareholders A clinical-stage gene therapy business in an area Syncona’s ideal characteristics for a scientific asset wher
Slide 32: Freeline Therapeutics: developing transformative gene therapies
Clinical stage Freeline Therapeutics: developing transformative gene therapies for inherited systemic debilitating diseases Initial investment Cost 2015 £183.1m Potential to treat a wide range of chronic diseases Financing stage NASDAQ Fabry disease Gaucher disease - Clinical stage company, with two
Slide 33: Achilles Therapeutics: developing novel cancer immunotherapies
Clinical stage Achilles Therapeutics: developing novel cancer immunotherapies targeting clonal neoantigens Initial investment Cost 2016 £60.7m Focus on the treatment of solid tumors with precision T cell therapy by targeting Financing stage NASDAQ multiple clonal neoantigens that are present on all
Slide 34: SwanBio: focus on gene therapy for spinal cord related disorders
Expect to dose first patient in 1H2023 SwanBio: focus on gene therapy for spinal cord related disorders Initial investment 2018 Cost £99.2m A gene therapy company developing leading-edge medicines to potentially deliver Financing stage Series B dramatic clinical efficacy for the treatment of genetic
Slide 35: Quell Therapeutics: developing engineered T-regulatory cell therapies
Expect to dose first patient in 1H2023 Quell Therapeutics: developing engineered T-regulatory cell therapies Initial investment 2019 Cost £61.4m On track to be the first company to potentially present transformative data in Financing stage Series B the engineered Treg-field in the liver transplant s
Slide 36: Purespring: one of the first gene therapy companies focused on the kidney
Pre-clinical stage Purespring: one of the first gene therapy companies focused on the kidney globally Initial investment Cost 2020 £35.1m Seeking to advance gene therapies for the treatment of chronic renal diseases Financing stage Series A that are currently poorly addressed with existing treatment
Slide 37: Clade Therapeutics: developing next-generation off-the-shelf cell therapies
Pre-clinical stage Clade Therapeutics: developing the next- Initial investment 2021 generation off-the-shelf cell therapies Cost £23.2m Financing stage Series A Advancing cell therapy beyond haematological malignancies to solid tumours and enabling access to a greater number of patients - Delivery o
Slide 38: Resolution Therapeutics: macrophage cell therapy company in inflammatory diseases
Pre-clinical stage Resolution Therapeutics: macrophage cell therapy company in inflammatory diseases Initial investment Cost 2018 £23.0m Encouraging clinical data already obtained in lead Financing stage Series A indication with earlier generation programme 1 Extract monocytes1 3 Administer enhanced
Slide 39: OMass: a platform built to unlock inadequately drugged targets
Drug discovery OMass: a platform built to unlock highly validated but inadequately drugged targets Initial investment Cost 2018 £35.4m With a focus on immunological and rare Financing stage Series B diseases - Historically, small molecule drug discovery Today, researchers are forced to make trade-of
Slide 40: Kesmalea Therapeutics
Drug discovery Kesmalea Therapeutics Small molecule drug discovery platform Initial investment 2022 focused on protein homeostasis Cost £4.0m Synthesis Financing stage Series A Production of protein An opportunity to create a new generation of Degradation oral drugs addressing diseases through Remov
Slide 41: Appendix 3 – Sustainability
Appendix 3 – Sustainability
Slide 42: Continuing to show a strong commitment to ESG
Continuing to show a strong commitment to ESG − £4.2m donated to charity in FY2021/2, ongoing commitment to donate 0.35% of NAV per year - d Our social − 19 portfolio company clinical trial sites across the UK impact − 1200+ people employed by Syncona and its portfolio − Total addressable market of
Slide 43: The Syncona Foundation
The Syncona Foundation Supporting excellent charities that are meeting pressing needs within society, particularly those that are related to healthcare systems Focused on cancer, neuro-degenerative diseases, £40.6m Syncona donations to charity gene therapy. Alongside other health and society since 2