Syncona Ltd GBP · LSE:SYNC
Syncona Ltd GBP — Syncona — H1 FY2026 Earnings Presentation
37 slides from Syncona Ltd GBP's earnings presentation, November 2025
Slide 1: Syncona Interim Results
Synconaltd.com Syncona Interim Results Six months ended 30 September 2025 November 2025
Slide 2: Cautionary statement
Cautionary statement This presentation has been prepared and published solely for informational purposes. Nothing expressed or implied from the forward-looking statements. contained in this presentation is intended to constitute an offer, invitation or inducement to engage in an investment activity.
Slide 3: Highlights
Highlights Mature portfolio well-positioned to deliver shareholder value as market conditions in biotech improve Financial performance Maturing portfolio of 14 companies Strategy update making strong clinical progress NAV of £1.0bn, 167.9p per share, a return of 76.8% of Life Science Portfolio is in
Slide 4: Improving market conditions
Improving market conditions 4
Slide 5: Market conditions improving across the biotech sector
Market conditions improving across the biotech sector Sector is showing signs of positive momentum $ XBI Index1 200 Sector has undergone a significant period of restructuring, consolidation and Pandemic rationalisation 180 peak – $174 Biotech markets have been depressed for approaching five years 16
Slide 6: Underlying Healthcare sector fundamentals remain strong
Underlying Healthcare sector fundamentals remain strong M&A is a constant driving force in the industry 2015 – 2025 Biopharma Acquisitions: ~$1bn – $15bn Offer Value5 15 Intra-Cellular 14 Karuna Medivation MyoKardia 12 Kite Pharma facing upcoming patent cliff Avidity Acceleron Array Biohaven Vifor B
Slide 7: Life science portfolio
74 SYNCONA @D) e o 2 og oe wW O JI OQ
Slide 8: A well-diversified portfolio weighted towards clinical-stage assets
A well-diversified portfolio weighted towards clinical-stage assets Portfolio maturing, well positioned to deliver value over the medium term KVIP Delivery against milestones Best ideas Pre-clinical Clinical Late-stage BLA Commercial KVIP clinical Four capital access milestones On the market CY2026
Slide 9: 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 2028 Lead programme (roginolisib – first-in-class asset) Lead programme (FLT201 – first-in-class asset) Lead programme (AGTC-501 – first-in-class asset) Uveal melanoma is the most comm
Slide 10: Capital deployment
74 SYNCONA Capital deployment
Slide 11: Capital deployment weighted towards late stage and clinical stage assets
Capital deployment weighted towards late stage and clinical stage assets Continue to apply a rigorous approach to capital allocation £17.2m deployed1 into the life science portfolio in the period 56% into late-stage and clinical-stage assets £6.8m deployed into share buybacks 7.8m shares repurchased
Slide 12: Strategy update
74 SYNCONA Strategy update
Slide 13: Strategy update
Strategy update Following extensive shareholder consultation set of refined proposals which seek to maximise value for shareholders and to create a sustainable longer-term structure Proposal to return Proposed changes to £250m to shareholders Investment and Capital Raising a private fund Governance
Slide 14: Summary and outlook
74 SYNCONA Summary and outlook
Slide 15: 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 significant NAV growth CY2026 CY2027 CY2028 Further commercial traction following On the Autolus’ US launch of AUCATZYL® (obe-cel) in CY2026 market Data readout from Phase II/III pivotal VISTA trial in
Slide 16: Summary and outlook
Summary and outlook Portfolio well positioned to deliver value in the medium term Portfolio maturing and increasingly later stage 76.8% of Life Science Portfolio value is in eight clinical and Strategy update commercial stage companies Significant clinical, operational and strategic progress across
Slide 17: Q&A
Q&A 17
Slide 18: Appendix – Syncona team and track record
Appendix 1 – Syncona team and track record
Slide 19: An experienced team to deliver quality at scale
An experienced team to deliver quality at scale Senior team of corporate leaders and experienced investment team to deliver the Fund’s investment strategy Leadership Team Chris Hollowood Roel Bulthuis Kate Butler Edward Hodgkin Marc Perkins Harriet Gower John Tsai Annabel Clark CEO Managing CFO Mana
Slide 20: Leading executive partner team established to support scaling the model
Leading executive partner team established to support scaling the model Provides leadership and insight across the portfolio for all strategic issues, as well as delivering executive functions to early-stage portfolio A platform to scale… New opportunities John Tsai Richard Wooster Kenneth Galbraith
Slide 21: A track record of significant value creation from exits
A track record of significant value creation from exits £1.4 billion invested to date, generating an IRR of 13.1%, 1.3x invested capital1 Full exits generated £961m of proceeds, at an aggregate Pre-clinical Phase I/II Phase III/Pivotal BLA3 Launch IRR of 73.6% and a 4.0x cost2 Blue Earth First inves
Slide 22: Appendix – Portfolio
Appendix 2 – Portfolio
Slide 23: Portfolio valuation table, 30 September 2025
Fully diluted Net investment in Valuation 30 September % of Group Valuation 31 March 2025 FX movement ownership Focus area the period change 20251 NAV Basis 2, 3, 4 stake5 (£m) (£m) (£m) (£m) (£m) (%) (%) Strategic portfolio companies On the market Autolus 34.6 - 1.2 (0.9) 34.9 3.4 Quoted 9.6 Cell t
Slide 24: Autolus Therapeutics
Commercial Autolus Therapeutics Initial investment Value 2014 £34.9m 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 25: Spur Therapeutics
Late-stage clinical Spur Therapeutics Initial investment 2015 Value £184.9m 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 Marke
Slide 26: Beacon Therapeutics
Late-stage clinical Beacon Therapeutics Initial investment 2022 Value £125.6m 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 27: Quell Therapeutics
Clinical stage Quell Therapeutics Initial investment Value 2019 £82.1m 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 28: Resolution Therapeutics
Clinical stage Resolution Therapeutics Initial investment Value 2018 £58.9m Seeking to extend the impact of cell therapy into inflammatory and fibrotic diseases Financing stage Series B Stage of lead programme Phase I/II Investment thesis Targeting an area of high unmet need Market opportunity Resol
Slide 29: Anaveon
Clinical stage Anaveon Initial investment Value 2019 £37.9m 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 30: iOnctura
Clinical stage iOnctura Initial investment Value 2024 £26.2m Clinical-stage precision oncology company combating neglected and hard-to-treat Financing stage Series B cancers Stage of lead programme Phase II Investment thesis Targeting an area of high unmet need Market opportunity iOnctura represente
Slide 31: Mosaic Therapeutics
Clinical stage Mosaic Therapeutics Initial investment Value 2022 £25.5m Building the world leader in targeted oncology combinations Financing stage Series A Investment thesis Targeting an area of high unmet need Market opportunity Combinations are needed to increase response Large patient subgroups
Slide 32: Purespring Therapeutics
Pre-clinical stage Purespring Therapeutics Initial investment Value 2020 £53.4m 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 Proprietary platform to e
Slide 33: 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 endocrine and immunological conditions Investment thesis Targeting an area of high unmet need Market oppor
Slide 34: 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 35: 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 36: Forcefield Therapeutics
Pre-clinical stage Forcefield Therapeutics Initial investment 2022 Value £12.9m 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 37: Slingshot Therapeutics
Pre-clinical stage Slingshot Therapeutics Initial investment Value 2024 £8.4m 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