RTW Biotech Opportunities Ltd USD · LSE:RTW
RTW Biotech Opportunities Ltd USD — RTW Biotech Opportunities — H1 2025 Earnings Presentation
31 slides from RTW Biotech Opportunities Ltd USD's earnings presentation, Sep 11, 2025
Slide 1: Interim Results 30 June 2025
apes rtw Opportunities Interim Results 30 June 2025
Slide 2: Why biotech? Why RTW Bio? Why now?
Why biotech? Why RTW Bio? Why now? Innovation-driven growth Top performer Attractive valuations At the forefront of scientific advancement, Versus benchmarks and AIC peers in NAV Half of US biotechs trade below cash creating new treatments and new markets TR over three- and five-year time periods Ac
Slide 3: Investment Manager - RTW Investments
Investment Manager —- RTW Investments RTW’s flagship fund has generated +21% net annualised performance LEADING LIFE SCIENCES INVESTOR * Founded in 2009, now with $7bn AuM * 83 employees globally across New York, London, and Shanghai * Deep, research-led investing with proprietary data-driven edge +
Slide 4: Interim Results
Interim Results © Six months to 30 June 2025 se rtw strf@y private and confidential. © Copyright 2026 RTMBvestments, LP e *
Slide 5: NAV TR since IPO and performance over time periods
NAV TR since IPO (re-indexed to 100) Performance over discrete and rolling time periods R2000 Nasdaq NAVps AIC Sector3 Biotech1 Biotech2 1Y (12.9%) (10.7%) (7.0%) (5.6%) 3Y 35.9% (3.0%) 12.8% 15.1% 5Y 27.2% (31.3%) (1.6%) 3.6% ITD4 63.4% (4.8%) 25.2% 8.8% CAGR5 8.8% (-0.8%) 3.9% 1.5% 2025 YTD (6.0%)
Slide 6: NAV performance over H1 2025
NAV performance over H1 2025 Longer term outperformance versus indices and sector peers NAV per Ordinary Share movement for the six months to 830 June 2025 $1.81 ($0.05) $0.01 $0.00 ($0.04) Five new private positions added One IPO One reverse takeover Public Royalties I For the six-month period to 3
Slide 7: Top contributors and detractors
Company Therapeutic Area Type Commentary Impact Top contributors Cardiometabolic Public Positive clinical trial data for lead asset and potential sale rumour +3.8% Oncology Public FDA approval for key drug ZUSDURITM +1.5% Cardiometabolic Private Positive China Phase 2 data and commencement of US Pha
Slide 8: Private investments over H1 2025
Private investments over H1 2025 Updated private asset valuations that have been independently verified SUMMARY OF H1 2025 38 Number of private investments and royalties 42 Number of revaluations -6.4% Average valuation change 4 weeks Average time since last third-party valuation 14 months Average t
Slide 9: Market Backdrop
Market Backdrop © Primed for a re-rating se rtw strf@y private and confidential. © Copyright 2026 RTMBvestments, LP e *
Slide 10: 45% of biotechs have market caps less than cash
45% of biotechs have market caps less than the cash on their balance sheets1 Unprecedented fifth consecutive year of underperformance2 Key ratios have rarely looked cheaper1 Valuations off the lows but still depressed2 Feb-21 $174 Jun-25 $83 Oct-23 $64 Strictly private and confidential. © Copyright
Slide 11: Pharma loss of exclusivity revenues by year
Pharma “loss of exclusivity” revenues by year ($bn) $90 $3 Otezla Takhzyro $80 $3 Lynparza $2 $3 Tepezza $3 Dolutegravir $3 Imbruvica $6 Vyndaqel Calquence $3 Trodelvy $70 $2 Evenity $5 $3 Reblozyl $3 Vendexta Rybelsus $7 $4 Tecentriq $11 Hemlibra $5 $60 $4 Padcev $5 Kesimpta $8 $6 Prevnar $50 $12 $
Slide 12: Pharma Capacity (Cash & Debt)
Pharma Capacity (Cash & Debt $bn)1 $140 $120 $117 Post $11B Catalent $101 $100 $95 $85 $80 $80 $70 $60 $56 $52 $51 $42 $41 $41 $38 $37 $40 $35 $20 $10 $9 $- Strictly private and confidential. © Copyright 2025 RTW Investments, LP
Slide 13: Largest M&A Deals by Year
Largest M&A Deals by Year2 Year Acquiree Deal Value 2025 $14.6B 2024 $4.9B 2023 $43.0B 2022 $27.8B 2021 $11.7B 2020 $39.0B 2019 $74.0B 2018 $62.0B “Without any significant [losses of exclusivity] this decade, we have the “We still have a lot to do on business “Our commitment to innovating…remains 20
Slide 14: Strictly private and confidential. © Copyright 2025 RTW Investments, LP
Strictly private and confidential. © Copyright 2025 RTW Investments, LP
Slide 15: U.S. Politics, China, AI
U.S. POLITICS CHINA AI RTW view: RTW view: RTW view: Low risk to RTW Bio portfolio Expands global access to innovation Enables smarter development decisions • Tariff risk resolved given onshoring • Chinese biotechs are now key global players, • Historically used to crunch complex biological commitme
Slide 16: RTW Bio Portfolio
RTW Bio Portfolio © Near-term catalysts se rtw strf@y private and confidential. © Copyright 2026 RTMBvestments, LP e *
Slide 17: Selected public, private and royalties exposure
• • • • • • • • • SELECTED PUBLIC EXPOSURE SELECTED PRIVATE EXPOSURE SELECTED ROYALTIES EXPOSURE
Slide 18: A diversified portfolio of innovative biotech and medtech investments
A diversified portfolio of innovative biotech and medtech investments Subsector Exposure Portfolio Breakdown! Market Cap Exposure 9 2% 3% 6 “ol sN NS e ; 70% 58% 32% ry 98% 41% = Medtech = Therapeutics =Public = Private Royalties mLarge>$5bn # Mid $1bn-$5bn = Small <$tbn Modality (Delivery Method) T
Slide 19: Top ten portfolio positions as of June 2025
Top ten portfolio positions as of 30 June 2025 We expect a material portion of our portfolio to reach clinical and financial inflection points in the near term Holding Description Type Therapeutic Area Stage Selected Catalyst Impact | % of NAV RTW-incubated biotech company committed to bringing inno
Slide 20: Portfolio by therapeutic theme
CARDIOMETABOLIC I&I ONCOLOGY NEUROPSYCH RARE DISEASE MEDTECH OBESITY BISPECIFIC DEVICES ADC HC SERVICES MASH CELL THERAPY
Slide 21: Obesity is a key focus for RTW Bio's private portfolio
Obesity is a key focus for RTW Bio's private portfolio Roughly half of private exposure comprises Corxel and Kailera, which are developing next-gen obesity treatments GLOBAL PHENOMENON DRIVING AN ENORMOUS MARKET WITH ROOM FOR COMPETITION 1in8 $150 billion p/a peak sales Delivery mechanism people liv
Slide 22: Development stage spectrum
Laboratory Early Stage Clinical Late Stage Clinical Commercial Drug Discovery Pre-Clinical Phase 1 Phase 2 Phase 3 / Pivotal Approval
Slide 23: Private holdings continue to progress through clinical stages
Private holdings continue to progress through clinical stages Top private positions are expected to reach material clinical inflection points in the next twelve months NAV Obesity (Cx!) @OCORXEL 94% CXT1 US Phase 2 trial readout expected H1-26 KAI-9531 FDA, response expected 03-25 kailera 5.0% Diabe
Slide 24: Private investments by vintage
Private investments by vintage Valuations are validated by liquidity events, with remaining portfolio conservatively marked MOIC by Vintage @ Liquidity Events @No Liquidity Event @Full Exits @ 18x @1.4x Hold Period to DEN EGS Liquidity Event! “ey Investments by Vintage B Liquidity Event HINo Liquidi
Slide 25: Royalties: company, status, type
• Company Status Type • Royalty on sales of Lumryz, a treatment for Deployed narcolepsy • Royalty on sales of Jelmyto and Zusduri, • Deployed treatments for urological cancers • Royalty on US sales of Anaphylm, an oral Committed treatment for severe allergic reactions • • Subject to FDA approval, ro
Slide 26: Data providers and commercial launch prediction
However today IF you have the right resources and team, you can predict with more accuracy Historically hard to predict how commercial launches will go DATA PROVIDERS Product Performance Against Market 2.0 Today ~20 vendors, Expectations at Launch Year (Overall) but in the future, likely 100s of new
Slide 27: Outlook
Outlook O Building positive momentum se rtw strf@y private and confidential. © Copyright 2026 RTMBvestments, LP e *
Slide 28: Building positive momentum
+63% NAVps growth since IPO Near-term inflection points Portfolio of attractive M&A targets Beating the Russell 2000 Biotech Index (-5%), Merck’s acquisition of Verona validates the A number of clinical and commercial Nasdaq Biotech Index (+25%), and thesis of big pharma acquiring innovative catalys
Slide 29: Important Disclosures
Important Disclosures ‘This document has been prepared by RTW Investments, LP ("ATW") solely for informational purposes regarding RTW Biotech Opportunities Ltd (the "Company”). For UK regulatory purposes, this document is an advertisement and not a prospectus for the purposesof the European Prospect
Slide 30: Important Disclosures
Important Disclosures Investors should not consider the Track Record information (particularly the past retunns) 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 Company will not make the same
Slide 31: For further information on RTW Bio, please visit
For further information on RTW Bio, please visit: Our London-based team can be contacted at: Oliver Kenyon +44 (0)20 7959 6362 | Woody Stileman +44 (O)7717 417 711 | Krisha McCune - Investor Relations +1 (646) 593 7998 | Regular instalments of the RTW Podcast are available on: ; and Amazon Music You
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