RTW Biotech Opportunities Ltd USD · LSE:RTW
RTW Biotech Opportunities Ltd USD — RTW Biotech Opportunities — FY2025 Earnings Presentation
34 slides from RTW Biotech Opportunities Ltd USD's earnings presentation, Dec 31, 2025
Slide 1: Annual Results 31 December 2025
Annual Results Strictly private and confidential. © Copyright 2025 RTW Investments, LP 31 December 2025
Slide 2: Investment Manager – RTW Investments
Investment Manager – RTW Investments RTW’s flagship fund has generated +23% annualised net 1 performance since inception in 2009 LEADING LIFE SCIENCES INVESTOR A BROAD, GLOBAL TEAM KEY FIRM LEADERSHIP RTW INVESTMENTS, LP ROD WONG, MD 80 people Founder, CIO and Portfolio Manager • Founded in 2009, no
Slide 3: RTW Bio's long-term track record of outperformance
RTW Bio’s long -term track record of outperformance The benchmark-beating peer in the AIC Biotechnology & Life Sciences sector NAV TR since IPO (re-indexed to 100) Performance over discrete and rolling time periods R2000 Nasdaq NAVps AIC Sector3 250 Biotech1 Biotech2 1Y 35.7% 44.6% 33.4% 18.4% 136.0
Slide 4: Annual Results: 2025 Performance and Portfolio
Annual Results to 31 December 2025 Market Backdrop What’s Next? 2025 Performance and Portfolio Outlook 4 Strictly private and confidential. © Copyright 2025 RTW Investments, LP
Slide 5: NAV performance over 2025
NAV performance over 2025 Public investments were the material driver of returns over the year NAV per Ordinary Share movement for the year to 31 December 2025 Highlights • NAV per share +35.7%, ahead of the Nasdaq Biotech Index (NBI, +33.4%) and behind the Russell 2000 Biotech Index (R2K, +44.6%) $
Slide 6: Top contributors and detractors over 2025
Top contributors and detractors over 2025 Over 2025, our batting average was 86% TOP CONTRIBUTORS TOP DETRACTORS Company Focus Driver Impact Company Focus Driver Impact M&A Clinical Rare Disease +9.5% Rare Disease (3.9%) Acquired by Novartis Pivotal trial halt Clinical Clinical Rare Disease +5.1% Ra
Slide 7: Private investments over 2025
Private investments over 2025 Updated private asset valuations that have been independently verified SUMMARY OF 2025 DRIVERS OF VALUATION CHANGES CASH RUNWAY 43 27 months 26 months Number of private investments and royalties 17% average average 40% 59 44% 40% Number of revaluations 55% -0.3% 33% 17%
Slide 8: RTW Bio's private exposure is the engine of long-term value creation
RTW Bio’s private exposure is the engine of -term long value creation Investments initially (or currently) held privately have added materially to overall returns Cumulative gross returns since IPO (reindexed to 100) Rolling gross returns 200 100% 79% 180 80% 79% 160 60% 53% 45% 140 40% 35% 32% 28%
Slide 9: Annual Results: Market Backdrop
Annual Results to 31 December 2025 Market Backdrop What’s Next? 2025 Performance and Portfolio Outlook 9 Strictly private and confidential. © Copyright 2025 RTW Investments, LP
Slide 10: 2025 was defined by policy and regulatory volatility
2025 was defined by policy and regulatory volatility S&P Biotech Index (XBI, rebased to 100) Policy 140 November 11, 2025: M&A (Top 5 deals) Pazdur appointed at Clinical / Regulatory CDER September 30, 2025: 130 Pfizer MFN agreement August 4, 2025: Vinay Prasad December 2, 2025: 120 January 13, 2025
Slide 11: Political volatility was largely resolved into year-end
Political volatility was largely resolved into-end year Tariff and drug pricing risks in the rear-view mirror…FDA leadership instability the remaining key policy uncertainty KEY POLITICAL RISKS IN 20251 NO IMPACT ON RUN-RATE OF FDA APPROVALS2 • Big pharma committed >$300bn to reshore Average = 56 p/
Slide 12: Biotech is back…but remains under-owned
Biotech is back…but remains under -owned 2025 marked the first year of outperformance vs S&P 500 since 2020 and the return of positive fund flows Positive outperformance after an unprecedented four years of underperformance1 After a rocky start, the XBI ended the year up vs S&P 5001 S&P 500 Biotech
Slide 13: IPO market remained closed while follow-ons recovered into year end
IPO market remained closed while follow -ons recovered into year end Worst year in a decade for IPO volumes and follow-ons declined year-on-year Biotech funding by type ($B) 1 IPO FO PIPEs 80 70 60 15.8 50 Deal Value ($B) 9.3 40 15.8 18.3 8.9 33.8 6.3 30 21.1 3.8 8.8 8.9 20 19.6 22.1 28.1 5.3 19.8 2
Slide 14: 2025 was the second-biggest year for biotech M&A since 2020
2025 was the second -biggest year for biotech M&A since 2020… Deal value was nearly three times that of 2024 as large pharma seeks to reload pipelines Total M&A transaction value by year ($B) 1 300 250 200 Deal Value ($B) 150 186 Average 100 43 $85B 1 132 126 50 100 113 69 84 66 44 30 45 0 2016 2017
Slide 15: …with a record number of $1B+ deals
…with a record number of $1B+ deals 2025 had the largest number of $1B+ deals in the last decade Number of $1B+ M&A deals 1 Largest M&A Deals by Year2 40 35 Year Acquiree Deal Value 2025 $14.6B 2024 $4.9B 30 2023 $43.0B 2022 $27.8B Deal Count (#) 20 2021 $11.7B 2020 $39.0B 2019 $74.0B 10 2018 $62.0B
Slide 16: Big pharma patent cliffs are a key driver of M&A
Big pharma “patent cliffs” are a key driver of M&A $180B in revenues will be lost by big pharma by 2030; smallcap biotech M&A is a key mitigating action they are taking Pharma “loss of exclusivity” revenues by year ($bn) $90 Total LOE revenues to 2030 $3 Otezla Takhzyro $80 = $180 billion $3 Lynparz
Slide 17: Annual Results: What's Next?
Annual Results to 31 December 2025 Market Backdrop What’s Next? 2025 Performance and Portfolio Outlook 17 Strictly private and confidential. © Copyright 2025 RTW Investments, LP
Slide 18: Biotech is growing up
Biotech is growing up Over the last three decades, biotechs have matured…and today’s cohort are the pharma companies of the future Small biotechs of 30 years ago have evolved into big businesses… …and today’s biotechs will drive the next wave 1995 2025 2015 2025 2035? $15.8B $176.3B $8.0B $52.5B Mar
Slide 19: Improved growth should attract generalist investors
Improved growth should attract generalist investors The biotech sector is entering a high revenue growth cycle SALES AND NET INCOME FROM BIOTECHS ARE EXPECTED TO RAPIDLY ACCELERATE Total revenues ($bn) Total net income ($bn) 120 350 $308bn $102bn 300 100 257 250 80 69 214 200 189 60 Relatively flat
Slide 20: Mega trends in drug discovery and development
Mega trends in drug discovery and development RTW is on top of China’s biotech emergence China’s Growing Share of Global Drug Research1 RTW HAS DEEP, HANDS-ON CHINA EXPERIENCE3… Annual share of innovative drugs entering development, by country ESTABLISHED 2024 ESTABLISHED 2025 ESTABLISHED 2019 COMPA
Slide 21: Annual Results: Outlook
Annual Results to 31 December 2025 Market Backdrop What’s Next? 2025 Performance and Portfolio Outlook 21 Strictly private and confidential. © Copyright 2025 RTW Investments, LP
Slide 22: A full life cycle portfolio has multiple return levers and horizons
A full life cycle portfolio has multiple, differentiated return levers and horizon Public 71% of NAV Private 24% of NAV Royalties 2% of NAV Typical range 30-60% of NAV Typical range 20-40% of NAV Typical range 5-15% of NAV • Retaining positions post -IPO is key to • 5–20 mostly mid -to -late -stage
Slide 23: A diversified portfolio of innovative biotech and medtech investments
A diversified portfolio of innovative biotechmedtech and investments Subsector Exposure Portfolio Breakdown¹ Market Cap Exposure 4% 2% 15% 71% 40% 24% 45% 96% Medtech Therapeutics Public Private Royalties Large >$5bn Mid $1bn-$5bn Small <$1bn Modality (Delivery Method) Therapeutic Focus Development
Slide 24: Top ten portfolio positions as of 31 December 2025
Top ten portfolio positions as of 31 December 2025 We expect a material portion of our portfolio to reach clinical and financial inflection points in the near term Therapeutic Holding Description Type Stage Selected Catalyst Impact % of NAV Area Developing medicines for people living with rare neuro
Slide 25: Key therapeutic areas in RTW Bio's portfolio
Key therapeutic areas in RTW Bio’s portfolio Cardiovascular & Immunology & Neuropsych Oncology Rare Disease Medtech Metabolic Inflammation As of 31 December 2025. Examples of portfolio companies from various therapeutic areas, representative of exposure. These examples are provided for illustrative
Slide 26: PTC Therapeutics: key upcoming catalysts and approved medicines
PTC Therapeutics is a commercial- stage biotechnology company focused on developing treatments for rare diseases in children and adults. KEY UPCOMING THESIS CATALYSTS APPROVED MEDICINES • Sephience (treatment for • Sephience could be a PKU) quarterly sales $2B worldwide product for PTCT • PIVOT-HD l
Slide 27: Kailera: largest private financings of 2025
LARGEST PRIVATE FINANCINGS OF 20251 OCTOBER 2024 $400M Series A financing Company Size TA Kailera is developing clinical-stage injectable and oral therapies for the treatment of obesity and related $600M Metabolic conditions. Cardio- $411M metabolic KAI-9531 Potential best-in-class injectable GLP-1/
Slide 28: Private investments by vintage
Private investments by vintage Valuations are validated by liquidity events, with remaining portfolio conservatively marked Summary: Vintages 2019 -2025 4.4x Number of Investments 73 Average MOIC 2 1.7x MOIC by Vintage Average IRR 16.2% Liquidity Events Average Hold Period to No Liquidity Event 2.4x
Slide 29: Royalty-based financing for commercial-stage life sciences companies
Royalty-based financing for commercial-stage life sciences companies Company / Product 2025 Update Fund Level Update • Avadel announced it would be acquired by Alkermes • Contractual put right executed; anticipated exit at full cap of ~20% 2.5x in 1Q26 Estimated net fund Deployed • Jelmyto continued
Slide 30: Annual Results: Outlook
Annual Results to 31 December 2025 Market Backdrop What’s Next? 2025 Performance and Portfolio Outlook 30 Strictly private and confidential. © Copyright 2025 RTW Investments, LP
Slide 31: Positive outlook for RTW Bio in 2026
Positive outlook for RTW Bio in 2026 Top performing sector peer well -positioned to deliver material value to shareholders Standout NAV performance Material discount narrowing FTSE 250 inclusion Compounded at 14.5% p/a since IPO, ahead Discount to NAV almost halved from Raising profile, enhancing li
Slide 32: Important Disclosures
Important Disclosures This document has been prepared by RTW Investments, LP (“RTW”) solely for informational purposes regarding RTW Biotech Opport unities Ltd (the “Company”). For UK regulatory purposes, this document is an advertisement and not a prospectus for the purposes of the European Prospec
Slide 33: Important Disclosures
Important Disclosures Investors should not consider the Track Record information (particularly the past returns) contained in this Presentation to be indicative of the Company’s future performance. Past performance is not a reliable indicator of future results and the Compan y will not make the same
Slide 34: For further information on RTW Bio
For further information on RTW Bio, please visit: www.rtwbio.com Our London -based team can be contacted at: biotechopportunities@rtwfunds.com Oliver Kenyon +44 (0)20 7959 6362 | ok@rtwfunds.com Krisha McCune – Investor Relations +1 (646) 593 7998 | km@rtwfunds.com Regular instalments of the RTW Pod
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