RTW Biotech Opportunities Ltd USD · LSE:RTW

RTW Biotech Opportunities Ltd USD — RTW Biotech Opportunities — H1 2026 Earnings Presentation

28 slides from RTW Biotech Opportunities Ltd USD's earnings presentation, September 2026

  1. Slide 1: RTW Biotech Opportunities Interim Results to 30 June 2026

    RTW Biotech Opportunities Interim Results to 30 June 2026 Strictly private and confidential. © Copyright 2025 RTW Investments, LP

  2. Slide 2: Investment Manager – RTW Investments

    Investment Manager – RTW Investments RTW’s flagship fund has generated +23% net annualised performance since inception1in 2009 LEADING LIFE SCIENCES INVESTOR A BROAD, GLOBAL TEAM KEY FIRM LEADERSHIP RTW INVESTMENTS, LP ROD WONG, MD 92 people Founder, CIO and Portfolio Manager • Founded in 2009, now

  3. 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 & Healthcare sector NAV TR since IPO (re-indexed to 100) Performance over discrete and rolling time periods R2000 Nasdaq NAVps AIC Sector3 300 Biotech1 Biotech2 6M 16.5% 28.2% 15.4% 0.5% 275 175%

  4. Slide 4: Interim Results to 30 June 2026

    Interim Results to 30 June 2026 Market Backdrop Portfolio What’s Next? 4 Strictly private and confidential. © Copyright 2026 RTW Investments, LP

  5. Slide 5: Performance over H1 2026

    Performance over H1 2026 NAV per Ordinary Share returned +16.5% over the period, driven by the public portfolio NAV per Ordinary Share movement for the six months to 30 June 2026 $0.02 $0.01 $0.00 $0.54 $2.86 ($0.16) $2.45 NAVps (31 Dec) Public Private Royalties Buybacks Expenses NAVps (30 Jun) As a

  6. Slide 6: Top contributors and detractors over H1 2026

    Top contributors and detractors over H1 2026 TOP CONTRIBUTORS TOP DETRACTORS Company Focus Driver Impact Company Focus Driver Impact IPO Clinical + Commercial Metabolic 139% step-up from +3.8% Rare Disease Reprioritising pipeline and (1.6%) carrying value reducing headcount Inflammation & Clinical C

  7. Slide 7: Major portfolio events in H1 2026

    Major portfolio events in H1 2026 RTW Bio has benefited from an acceleration in M&A and-opening the re of biotech capital markets +68% +44% +1.3x Average M&A premium Average day one IPO performance Average private MOIC to liquidity event M&A IPOs & CAPITAL MARKETS Penumbra $14.5bn Aktis Oncology $31

  8. Slide 8: Private investment performance over H1 2026

    Private investment performance over H1 2026 Updated private asset valuations that have been independently verified SUMMARY OF H1 2026 DRIVERS OF VALUATION CHANGES CASH RUNWAY +0.8% 16 months 26 months Performance over H1 2026 average average 28% 57% Mark -ups 16% 21% 38 40% Number of private investm

  9. Slide 9: Interim Results to 30 June 2026 – Market Backdrop

    Interim Results to 30 June 2026 Market Backdrop Portfolio What’s Next? 9 Strictly private and confidential. © Copyright 2026 RTW Investments, LP

  10. Slide 10: Biotech is back, valuations are normalising…but sector remains under-owned

    Biotech is back, valuations are normalising…but sector remains -owned under Biotech outperformance of S&P 500 continues in 2026, but still large numbers of cheap stocks Positive outperformance after an unprecedented four years of underperformance1 Valuations off the lows but still undemanding XBI Re

  11. Slide 11: A more stable FDA takes shape

    A more stable FDA takes shape Pace of first-half novel drug approvals accelerates despite FDA staff turnover Executive Order + CNPVs for psychedelics First -Half Novel Drug Approvals Three Commissioner’s National Priority Vouchers issued 30 under a new Executive Order, ac celerating approval timelin

  12. Slide 12: IPO market returned meaningfully

    IPO market returned meaningfully And secondary capital markets continue to be strong 2026 YTD Biotech IPO Performance1 Biotech Funding by Secondary Deal Type ($B)1,2 700% PIPEs FO/RDs 2026 annualised 60 623.2% 600% 50 500% 15.8 400% 40 15.8 18.3 300% Deal Value ($B) Consecutive 30 record -breaking 2

  13. Slide 13: M&A remains a core theme…

    M&A remains a core theme… 2026 deal value is already nearing FY 2025, a big M&A year, as large pharma seeks to reload pipelines Total M&A Transaction Value by year ($B) Largest M&A Deals by Year2 Year Acquiree Deal Value 2026 YTD $10.9B 2025 $14.6B 2026 annualised 2024 $4.9B 2023 $43.0B 186 2022 $27

  14. Slide 14: …with Lilly leading Pharma's buying spree

    …with Lilly leading Pharma’s buying spree Obesity franchise cash flows are also fueling elevated M&A 10 9 Top 10 Buyers - M&A by Global BioPharma, LTM # of deals announced to 30 June 8 6 4 4 3 3 3 2 2 2 2 2 2 0 “We continue to be very open to “We always ask the first question, “Looking for deals mor

  15. Slide 15: 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

  16. Slide 16: Interim Results to 30 June 2026 – Portfolio

    Interim Results to 30 June 2026 Market Backdrop Portfolio What’s Next? 16 Strictly private and confidential. © Copyright 2026 RTW Investments, LP

  17. Slide 17: Full life cycle exposure, diversified by therapeutic area and clinical stage

    Full life cycle exposure, diversified by therapeutic area and clinical stage Geographic Exposure Portfolio Breakdown¹ Market Cap Exposure 2% 12% 13% 18% 67% 86% 42% 20% 46% US/CAN UK/EUR Rest of world Public Private Royalties Large >$5bn Mid $1bn-$5bn Small <$1bn Modality Therapeutic Area Developmen

  18. Slide 18: Top ten portfolio positions as of 30 June 2026

    Top ten portfolio positions as of 30 June 2026 We expect a material portion of our portfolio to reach clinical and financial inflection points in the near term Therapeutic Selected Holding Description Lead Asset and Focus % of NAV Public / Private Clinical Stage Impact Area Catalyst Crestostimogene

  19. Slide 19: Private investments by vintage

    Private investments by vintage Valuations are validated by liquidity events, with remaining portfolio conservatively marked Summary Vintages: 2019 – 2026 YTD Number of Investments 76 Average MOIC 2 1.6x 4.3x Average IRR 16.2% MOIC by Vintage Average Hold Period to Liquidity Event 19 mo Liquidity Eve

  20. Slide 20: RTW has a strong royalty transaction track record

    RTW has a strong royalty transaction track record Full royalty fund investment performance (Q126) 1 30% gross IRR / 22% net IRR Case study: Avadel / Lumryz royalty (exited)² INVESTMENT $30M VALUE CREATION EXIT $77M August 2023 Total Proceeds 3.75% on future WW sales of Lumryz Commercial Ramp & De -R

  21. Slide 21: Interim Results to 30 June 2026 – What's Next?

    Interim Results to 30 June 2026 Market Backdrop Portfolio What’s Next? 21 Strictly private and confidential. © Copyright 2026 RTW Investments, LP

  22. Slide 22: Majority of biotechs will become revenue-generating over next 18 months

    Majority ofbiotechswill become revenue -generating over next 18 months 50 – 60% RECENT LAUNCHES ARE OUTPERFORMING of all FDA approvals of novel drugs come from small and mid-cap biotech¹ +151% FDA Approvals² Average revenue beat vs. pre -launch consensus for biotechs with first - time launches 2023

  23. Slide 23: RTW New Ventures team is actively deploying into new company creations

    RTW New Ventures team is actively deploying into new company creations COMPANY DISCOVERY PRECLINICAL PHASE 1 PHASE 2 PHASE 3 LATEST FINANCING AREA OF FOCUS LAD APPROVED Danon Disease PIVOTAL Gene Therapy PKD PUBLIC (Cardiovascular / PKP2 -ACM Rare Disease) FOUNDED 2015 BAG3 -DCM Obesity (oral) Strok

  24. Slide 24: AI's reshaping of healthcare creates a multi-stage investment opportunity

    AI’s reshaping of healthcare creates a multi -stage investment opportunity In therapeutics 1: In healthcare services and medtech 1: ✓ AI can compress early drug discovery with target identification and molecule design and optimization ✓ AI adoption is already tangible and translating to ✓ Accelerati

  25. Slide 25: Why invest in RTW Biotech Opportunities?

    Why invest in RTW Biotech Opportunities? Top performing sector, at a discount, entering the most commercially productive period in biotech's history Golden age of innovation Market rewarding the best science Valuations lagging fundamentals >80% XBI constituents forecast to turn New modalities are so

  26. Slide 26: 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

  27. Slide 27: 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

  28. Slide 28: For further information on RTW Bio, please visit

    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

RTW Biotech Opportunities — H1 2026 Earnings Presentation on 6ix