REG - Syncona Limited - Half-year Report
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RNS Number : 3312H Syncona Limited 13 November 2025
13 November 2025
Syncona Limited
Interim Results for the six months ended 30 September 2025
Mature portfolio well-positioned to deliver value as market conditions in
biotech improve
Refined set of proposals, announced in October strategy update, seek to
maximise value for shareholders and create a sustainable long-term structure
for all key stakeholders
Syncona is funded to deliver eight key value inflection points with five
expected in CY2026
Syncona Ltd, ("Syncona" or the "Company"), a leading life science investor,
today announces its Interim Results for the six months ended 30 September
2025.
Financial Performance
· Net assets of £1,020.9 million (31 March 2025: £1,053.1 million),
167.9p 1 (#_ftn1) per share (31 March 2025: 170.9p per share), a NAV per
share return of (1.7)%(( 2 (#_ftn2) ))
· Life Science Portfolio valued at £750.2 million 3 (#_ftn3) (31
March 2025: £765.4 million) a return of (1.7)%(( 4 (#_ftn4) ))(, 5 (#_ftn5)
)
· Performance driven by £15.9 million write-down in CRT Pioneer Fund:
o CRT Pioneer Fund is a legacy holding in a private, oncology-focused
investment fund which reported a write-off in one of its programmes during the
period
o It is a non-core holding in the Life Science Portfolio, which is not
managed by Syncona Investment Management (SIML) 6 (#_ftn6)
o Positive financial performance across the remainder of the Life Science
Portfolio
· Capital pool(( 7 (#_ftn7) )) of £270.7 million at 30 September 2025
(31 March 2025: £287.7 million); £17.2 million deployed into Life Science
Portfolio in the six months (£90.0 million deployed in the six months ended
30 September 2024)
Maturing portfolio with 76.8% of the NAV of the Life Science Portfolio, in
commercial, late-stage clinical and clinical-stage companies
· Continued clinical progress across the portfolio:
o Four capital access milestones achieved, including:
o Beacon published Phase II Interim 6-month data from the DAWN trial in
X-linked retinitis pigmentosa (XLRP)
o Resolution initiated its Phase I/II clinical trial for RTX001 in end-stage
liver disease
o Post-period end Beacon published longer-term positive data from two Phase
II trials, SKYLINE and DAWN, at 36 months and 9 months, respectively
· Positive strategic, operational and financial execution:
o Quell achieved its second significant research milestone in its alliance
with AstraZeneca
o Mosaic in-licensed two clinical-stage oncology programmes, accelerating
the company's development pathway and appointed a new Chief Executive, Thomas
Fuchs
o OMass entered into an Exclusive Collaboration and License Agreement with
Genentech to develop and commercialise therapies for Inflammatory Bowel
Disease
o Yellowstone announced the appointment of Jim MacDonald as its Chief
Executive Officer
Market conditions improving across the biotech sector
· Public market conditions are improving for biotech companies in
line with cost of, and access to, capital with the XBI up 25% year to date 8
(#_ftn8) , trading at levels not seen since 2021
· There has been a significant period of restructuring,
consolidation and rationalisation across the sector which appears largely
complete
· SIML expects market conditions to start to improve across the
private markets
· M&A activity has continued, focused on late-stage assets
aligning with SIML's late stage focus and reflecting pharma's continued need
to replenish pipelines in light of upcoming patent cliffs
Syncona is funded to deliver eight key value inflection points over the next
three years with five expected in CY2026
The portfolio now has eight key value inflection points expected (vs 10 key
value inflection points previously reported) over the next three years with
the potential to drive significant NAV growth through M&A and liquidity
events but are not without risk. Syncona is funded to deliver on these key
value inflection points.
· Three key value inflection points expected from commercial, and
late-stage and clinical-stage companies in 2026 (Autolus Beacon and iOnctura)
· With two other key value inflection points from clinical stage
companies in 2026 (Resolution and Quell)
· Anaveon's upcoming milestones have been updated to include two
capital access milestones, data from its phase I/II study in ANV600 and an
Investigational New Drug filing in ANV200, a promising new programme. The
effect of this is to remove a key value inflection point
o Anaveon continues to progress its phase I/II programme (ANV600), supported
by encouraging clinical data and recent commercial activity in the space
o This activity also supports the expansion of its planned phase II study to
include more patients and Anaveon will be seeking external capital to fund
this enlarged study
· Quell is now reporting one data read-out on its phase I/II
LIBERATE trial in liver transplantation, having previously been expecting to
publish an interim read-out from the study
Set of refined proposals, announced in October, following extensive
shareholder consultation, which seek to maximise value for shareholders and to
create a sustainable longer-term structure
· Proposal to maximise value for shareholders with an initial focus
on the return of £250 million of net proceeds to shareholders from sales of
mature private portfolio companies in a timely manner
· The portfolio will continue to be proactively managed, and
portfolio companies will only be sold when it is in the best interests of
shareholders
· The SIML team will continue to make small selective investments
to underpin Syncona's future growth with a prudent and sustainable approach.
The amount to be invested will be capped at 5% of the last reported NAV at the
time the Investment Policy is approved (5% of NAV at 30 September: £51.1
million)
· After £250 million has been returned to shareholders, the SIML
team will continue to build out Syncona's portfolio to 20-25 companies
· The SIML team is seeking to establish a new private fund,
independent from Syncona, to diversify its funding sources
· Syncona will make a further announcement on the proposals set out
above once it has completed the ongoing shareholder consultation on the new
long-term incentive arrangements for the SIML team, and shortly thereafter
will convene a General Meeting
Board changes
· Further to the strategy update in October, the Company now
announces changes to the Board
· Rob Hutchinson to step down from the Board following the General
Meeting to approve the new investment objective and policy after serving as an
Independent Non-executive Director for over eight years
· As part of the Board's succession planning, John Roche will
become Chair of the Audit Committee with immediate effect
· Cristina Csimma to step down from the Board on 31 January 2026
after serving as an Independent Non-executive Director for four years
· The Board still intends in due course to appoint a new director
with investment company expertise and experience, whilst retaining five
directors in total
Melanie Gee, Chair of Syncona Limited, said: "The Board is pleased with SIML's
active management of our portfolio companies during the period and the
emerging signs of improvement in biotech markets. Significant progress has
also been made during the period in formulating proposals for a new investment
objective and policy. I would like to thank all those shareholders who have
contributed. We are starting a consultation on the incentive arrangements for
SIML to support the new policy and, once this is complete, we will be sending
out a circular to convene a General Meeting.
As we announce changes to the Board, I would like to thank Rob and Cristina
for their expert support and significant contribution to the Company. I am
grateful they will continue on the Board in the coming months to enable the
smooth transition of responsibilities."
Chris Hollowood, CEO of Syncona Investment Management Limited, commented: "The
first half of the year has been a period of significant progress across the
portfolio. The SIML team has continued to drive forward a maturing portfolio,
which now has a 76.8% weighting towards commercial, late-stage and clinical
stage companies and is well positioned to deliver NAV growth over the medium
term.
As we look forward, we are more optimistic on our outlook for the biotech
sector than we have been for some time. The public markets are showing signs
of recovery, and we expect this to now flow through to the private markets.
M&A from pharma is continuing, particularly for late-stage assets,
aligning with our strategy of building and scaling companies to late-stage
development.
We are resolutely focused on maximising value for our shareholders across the
portfolio and in particular the delivery of the eight key value inflection
points, five of which are in 2026. We believe delivery of these key value
inflection points will underpin significant NAV growth and the liquidity that
will provide the £250 million capital return in the new proposed Investment
Policy. Alongside this, the opportunity to raise a private fund will diversify
our funding sources. We look forward to keeping our shareholders updated on
progress in the coming months."
Life sciences portfolio valuations 9 (#_ftn9)
31 Mar 2025 Net investment in the period Valuation FX movement 30 Sep 2025 % of Group NAV Valuation Fully diluted owner-ship stake 13 (#_ftn13) Focus area
change Basis(( 10 (#_ftn10) )),(( 11 (#_ftn11) )),(( 12 (#_ftn12) ))
(£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 therapy
Late-stage clinical
Spur 182.2 2.7 184.9 18.1% Cost 79.1% Gene therapy
Beacon 117.5 6.6 6.1 (4.6) 125.6 12.3% PRI 43.9% Gene therapy
Clinical
Quell 85.4 (3.3) 82.1 8.0% PRI 33.7% Cell therapy
Resolution 55.5 3.0 0.4 58.9 5.8% Cost 81.2% Cell therapy
Anaveon 35.6 2.3 37.9 3.7% PRI 36.9% Biologics
iOnctura 25.1 1.1 26.2 2.6% PRI 21.9% Small molecules
Mosaic 25.5 25.5 2.5% Cost 59.2% Small molecules
Pre-clinical
Purespring 51.2 2.5 (0.3) 53.4 5.2% PRI 46.3% Gene therapy
OMass 49.7 49.7 4.9% PRI 28.9% Small molecules
Kesmalea 20.0 20.0 2.0% Cost 59.7% Small molecules
Yellowstone 16.5 16.5 1.6% Cost 60.9% Biologics
Forcefield 10.6 2.2 0.1 12.9 1.3% PRI 73.7% Biologics
Slingshot 5.6 2.8 8.4 0.8% Cost 100.0% Accelerator
Portfolio milestone payments
Neogene milestone payment 6.1 (6.0) (0.1) 0.0 0.0% - Cell therapy
Clade milestone payment 0.8 (0.1) 0.7 0.1% DCF Cell therapy
Syncona investments
CRT Pioneer Fund 27.3 (1.5) (15.9) 9.9 1.0% Adj Third Party 64.1% Oncology
Achilles 13.1 (12.0) (0.8) (0.3) 0.0 0.0% - 22.7% Cell therapy
Biomodal 2.7 (0.3) (0.2) 2.2 0.2% PRI 3.0% Epigenetics
Century 14 (#_ftn14) 0.4 0.1 0.5 0.1% Quoted 1.3% Cell therapy
Total Life Science Portfolio 765.4 (2.4) (6.7) (6.1) 750.2 73.5%
Capital pool 287.7 (21.4) 6.7 (2.3) 270.7 26.5%
TOTAL 1,053.1 1,020.9 100.0%
Forward-looking statements - this announcement contains certain
forward-looking statements with respect to the portfolio of investments of
Syncona Limited. These statements and forecasts involve risk and uncertainty
because they relate to events and depend upon circumstances that may or may
not occur in the future. There are a number of factors that could cause actual
results or developments to differ materially from those expressed or implied
by these forward-looking statements. In particular, many companies in the
Syncona Limited portfolio are conducting scientific research and clinical
trials where the outcome is inherently uncertain and there is significant risk
of negative results or adverse events arising. In addition, many companies in
the Syncona Limited portfolio have yet to commercialise a product and their
ability to do so may be affected by operational, commercial and other risks.
Syncona Limited seeks to achieve returns over the long term. Investors should
seek to ensure they understand the risks and opportunities of an investment in
Syncona Limited, including the information in our published documentation,
before investing.
Enquiries
Syncona Ltd
Annabel Clark
Tel: +44 (0) 20 3981 7912
FTI Consulting
Ben Atwell / Tim Stamper
Tel: +44 (0) 20 3727 1000
Syncona Investment Management Limited review
Business review
During the first half of FY2025/6, Syncona has continued to make progress. The
SIML team has worked closely with the portfolio companies supporting their
continued progress to late-stage clinical development, where we believe
significant value can be accessed. The Company also announced a refined set of
strategic proposals that have been guided by shareholder feedback.
Robust financial performance with continued clinical progress across a
maturing portfolio
Syncona ended the half with net assets of £1,020.9 million (167.9p per
share), delivering a NAV per share return of (1.7)%. This decline in NAV per
share was primarily driven by a write down in CRT Pioneer Fund. CRT Pioneer
Fund is a legacy holding in a third-party private, oncology-focused investment
fund and reported a write-off in one of its programmes during the period.
Elsewhere across the Strategic Life Science Portfolio, we have seen positive
financial performance.
The portfolio continues to progress towards late-stage with 76.8% of the NAV
of the Life Science Portfolio in commercial, late-stage and clinical stage
companies, with a number of portfolio companies reporting positive clinical,
strategic and financial execution in the six months. Notably, Beacon published
Phase II Interim 6-month data from the DAWN trial in XLRP, which was followed
by longer-term data from DAWN and the Phase II SKYLINE trial post-period end.
iOnctura continues to execute on its clinical plans with five studies running
in parallel to explore the full potential of its lead asset, Roginolisib.
Resolution initiated its Phase I/II clinical trial for RTX001 in end stage
liver disease.
Market conditions across the biotech sector starting to improve
The last four years have been a volatile period for the biotech sector with
challenging market conditions prolonged by regulatory and policy headwinds in
2025 delaying a recovery. There has been a significant period of
restructuring, consolidation and rationalisation. Public market conditions are
now improving, and we are beginning to see signs that the cost of capital is
declining. The XBI is up 25% year to date and is trading at its highest levels
since 2021. The SIML team expect to see conditions start to improve across the
private market over the next 12 months.
Biotech remains the source of innovation for pharmaceutical companies. M&A
activity has continued, focusing on late-stage assets, aligning with SIML's
late-stage focus. M&A deal value for biotech companies in 2025
year-to-date has already surpassed the 2024 total, and the pace and
significance of activity reflect pharma's continued need to replenish its
pipeline, in light of upcoming patent cliffs, through acquiring innovative
biotech companies. We expect both M&A and in-licensing activity to
continue with pharma facing a patent cliff of over $350bn by 2030 with over
$1tn in deal capacity.
Portfolio poised to deliver five key value inflection points in CY2026
Against an improving market backdrop, the portfolio is well-positioned to
deliver five key value inflection points in CY2026 and a further three in
CY2027 and CY2028. Two of Syncona's late-stage and clinical stage portfolio
companies, Beacon and iOnctura have key clinical data read-outs in 2026.
Beacon's clinical data read-out is from its pivotal study and will demonstrate
whether its gene therapy for the treatment of the blinding condition XLRP has
continued to show improvements in visual sensitivity for patients. Beacon's
key competitor has announced that its phase III trial did not meet its primary
endpoint, which puts Beacon in a strong position to lead the field, if the
clinical data it publishes is positive. iOnctura's clinical data read-out in
its Phase IIb uveal melanoma programme is seeking to confirm the promising
clinical effects observed in earlier clinical studies, and if positive will
underpin a Phase III pivotal trial in uveal melanoma, a rare and aggressive
type of eye cancer with limited treatment options.
Capital deployment and capital pool management
Our capital allocation is aligned with our late-stage and clinical-stage focus
and we continue to take a rigorous and disciplined approach, focused on the
delivery of key value inflection points. We deployed £17.2 million during the
period with 55.8% invested in late-stage and clinical-stage assets.
The capital pool of £270.7 million is primarily held in cash, treasury bills
and a number of low volatility, highly liquid, multi-asset and credit funds or
mandates, managed by Kempen and M&G with portfolio mandates to deliver a
core CPI (consumer price index) return over the mid-term. At the period end,
£113.9 million was held in cash and cash equivalents, with £157.0 million
held in multi-asset funds and credit funds. The remainder of the capital pool
is invested in mature cash generative private equity funds. To provide Syncona
with a natural hedge against short-term US dollar cash flows, 24.0% of our
capital pool is held in US dollars and the 3.9% weakening of the US dollar
versus Sterling over the period resulted in an unrealised foreign exchange
loss of £2.3 million at the period end. The overall return across our capital
pool during the period was 1.5%.
£m % of Gross capital pool(31) % of nav
CASH 113.9 40.9% 11.2%
credit funds 80.5 28.9% 7.9%
Multi-asset funds 76.5 27.4% 7.5%
private equity funds 7.9 2.8% 0.8%
Refined set of strategic proposals to maximise value for shareholders
Following extensive consultation with shareholders, the Board is proposing
that the Company focus on a return of £250 million of net proceeds to
shareholders from any sales of mature private portfolio companies. During this
period, the portfolio will be proactively managed, and portfolio companies
will only be sold when it is in the best interests of shareholders. SIML will
continue to make small selective new investments into pre-clinical companies
to provide a pipeline of assets and underpinning the Company's future growth
with a prudent and sustainable approach. This will enable the team to remain
active market participants and to help avoid any undue negative impact on the
value of the portfolio companies through impaired realisations and unduly
dilutive syndications. The amount to be invested will be capped at 5% of the
last reported NAV at the time the investment policy is approved. After £250
million has been returned to shareholders, SIML will continue to build out
Syncona's portfolio to 20-25 companies. The SIML team is also seeking to
establish a new private fund, independent from Syncona, to diversify its
funding sources.
To reflect these proposals, alongside a new Capital Allocation Policy, the
Company is proposing a new investment objective and policy to achieve superior
long-term capital appreciation by selectively investing in growth
opportunities in the life sciences sector, with an initial focus on realising
maximum value from its mature portfolio assets in a timely manner.
Aligning SIML's interests with the proposed new investment objective and
policy
The period for making awards to SIML employees under the existing long-term
incentive plan (LTIP) is coming to an end and the scheme is closed to further
issuances. In order to align SIML with the proposed new investment policy, the
Company has designed new long-term incentive arrangements based on the
realised value of the Company's portfolio assets in excess of the Company's
NAV as at 30 September 2025. It is the Board's intention to ensure that the
new long-term incentive arrangements appropriately incentivise the SIML team
to achieve realisations in the interests of shareholders in line with the
proposed investment objective and policy while maintaining a cap on SIML's
total incentives across the existing LTIP and the new long-term incentive
arrangements. The Board is starting to consult with shareholders on the
implementation of the new long-term incentive arrangements.
Changes to the composition of the Board
In light of the proposed investment objective and policy and following the
departure of one non-executive Director earlier in the year, the Board intends
to further reduce the overall number of non-executive Directors on the Board
from seven to five, which will in due course include a new director with
investment company expertise and experience.
As part of this transition, Rob Hutchinson will step down after the General
Meeting to approve the Company's new investment objective and policy after
serving eight years on the Board, and Cristina Csimma will step down on 31
January 2026 after serving four years. In line with Board succession planning,
John Roche will succeed Rob as Chair of the Audit Committee with immediate
effect. We would like to thank Rob and Cristina for their significant
contributions to the Board.
Timing for General Meeting
Syncona will make a further announcement on the proposals set out above once
it has completed the shareholder consultation on the new long-term incentive
arrangements for the SIML team, and shortly thereafter will convene a General
Meeting at which the change of investment objective and policy, and the new
long-term incentive arrangements will be put to shareholder vote.
Summary
In recent years, we recognise that there has been NAV and share price
underperformance against a prolonged bear market. The Board and SIML have been
working to address this. Guided by shareholder feedback, the Board has
proposed a new investment objective and policy to maximise value for
shareholders, initially focusing on the return of £250 million of proceeds,
before returning to building out the portfolio to 20-25 companies. The SIML
team has proactively managed the portfolio, weighting it towards late-stage
clinical and clinical-stage companies and there are expected to be five key
value inflection points in CY2026 with the potential to deliver significant
NAV growth through M&A or liquidity events. We are optimistic on our
outlook for the biotech market, the public markets are showing signs of
recovery, and we expect this to read through to the private markets with
M&A from pharma continuing, particularly for late-stage assets. As we look
forward, we are resolutely focused on maximising value for shareholders across
the portfolio and returning to delivering long-term growth. We believe there
is significant potential to leverage our model and diversify our capital
sources to optimise risk adjusted returns for shareholders.
Life science portfolio review
Our life science portfolio was valued at £750.2 million at 30 September 2025
(31 March 2025: £765.4 million), delivering a (1.7)% return in the period. It
comprises our strategic portfolio companies, potential milestone payments, and
investments which are non-core and provide optionality to deliver returns for
our shareholders.
Our strategic portfolio consists of the 14 core life science portfolio
companies where Syncona has significant shareholdings and plays an active role
in the company's development. These companies are diversified across modality
and therapeutic area with one commercial-stage company, two late-stage
clinical and five clinical stage companies.
Our NAV Growth Framework
We are continuing to report against our NAV Growth Framework, to give
shareholders more clarity on which milestones and what stage of the
development cycle we anticipate our companies will be able to access capital
and drive significant NAV growth in the current market environment. Our
portfolio companies are mapped against the categories below.
1. Companies where delivery against milestones has the potential to enable
access to capital:
· Operational build
o Clearly defined strategy and business plan
o Leading management team established
· Emerging efficacy data
o Clinical strategy defined
o Initial efficacy data from Phase I/II trials in patients
2. Companies where delivery against milestones has the potential to
deliver NAV uplifts:
· Definitive data
o Significant clinical data shows path to marketed product
o Moving to pivotal trial and building out commercial infrastructure
· On the market
o Commercialising product
o Revenue streams
Strategic portfolio company milestones
Specific portfolio company capital access milestones and key value inflection
points (which are set out below) are not without risk and their impact will be
affected by various factors including the market environment at the time of
their delivery.
Strategic life science portfolio company Next expected capital access milestones SIML team view of potential key value inflection points
On the market
Autolus H2 CY2025 CY2026 (delayed from CY2025)
- Phase II initiation of SLE programme - Further commercial traction following US launch of AUCATZYL®
(obe-cel)
Moving towards being on the market
Beacon H2 CY2026
- Data readout from its Phase II/III pivotal VISTA trial in XLRP
Spur H1 CY2026 H1 CY2028
- Initiation of Phase III trial in Gaucher disease - Completion of the pivotal stage of its Phase III trial in
Gaucher disease
CY2026
- Initiation of Phase I/II trial in Parkinson's disease
Moving towards publishing definitive data
iOnctura H2 CY2026
- Data readout from its Phase II trial in uveal melanoma
Resolution H2 CY2026
- Interim data readout from its Phase I/II trial in end-stage
liver disease
Moving towards publishing emerging efficacy data
Quell Q1 CY2026 CY2026
- Completion of first stage of Phase I/II trial in liver - Data readout for the Phase I/II trial in liver transplantation
transplantation (removed a key value inflection point covering an interim data read out)
H1 CY2026 (new)
- CTA approval for CHILL study in rheumatologic autoimmune
diseases
Anaveon CY2026
- Data readout from its Phase I/II trial of ANV600
CY2026
- IND filing for its Phase I/II trial in ANV200
Purespring H2 CY2025 H1 CY2027
- Initiation of Phase I/II trial in complement-mediated kidney - Complement biomarker clinical data
disease
OMass CY2026 (delayed from H2 CY2025) CY2027 (delayed from H1 CY2026)
- Initiation of Phase I trial of its MC2 programme - Data from Phase I trial of MC2 programme
Mosaic H2 CY2026 (delayed from H1 CY2026)
- Initiation of first clinical study for lead drug combination
H1 CY2027 (delayed from H2 CY2026)
- Initiation of clinical study for second drug combination
Yellowstone CY2026 (new)
- Candidate selection for lead programme
Commercial - 3.4% of NAV
Autolus (3.4% of NAV, 9.6% shareholding) - On the market
SIML team view
In November 2024, Autolus Therapeutics (Autolus) received FDA approval for its
lead CAR-T cell therapy, AUCATZYL(®) (obe-cel), and has since made
encouraging progress with its commercial launch in the US. AUCATZYL(®) has
the potential to be a best-in-class therapy for patients with relapsed or
refractory B-cell precursor acute lymphoblastic leukaemia (r/r B-ALL),
supported by its very positive tolerability profile compared to current CD19
CAR T-cell therapies. It is encouraging to see that 60 treatment centres are
now fully activated (as of 12 November 2025) and that third quarter net
product revenue was $21.2 million. We look forward to seeing further progress
with their commercial launch, which we continue to view as a key value
inflection point for the company.
· Company focus: Autolus is developing, commercialising and
delivering next generation programmed T-cell therapies for the treatment of
cancer and autoimmunity with a clinical pipeline targeting haematological
malignancies, solid tumours and autoimmune diseases.
· Financing stage: Cash and cash equivalents at 30 September 2025
totalled $367.4 million. Autolus estimates that, with its current cash, cash
equivalents and marketable securities, it is well capitalised to drive the
launch and commercialisation of obe-cel in r/r adult ALL, as well as to obtain
data in the lupus nephritis pivotal trial and multiple sclerosis Phase I
trial.
· Lead programme: Autolus received marketing approval from the FDA
for AUCATZYL(®) in November 2024 and subsequently commenced commercial launch
in the US. In December 2024, the National Comprehensive Cancer Network(®)
added AUCATZYL(®) to its Clinical Practice Guidelines in Oncology for the
treatment of adult patients with r/r B-ALL. In April 2025, Autolus received
conditional marketing authorisation from the Medicines and Healthcare Products
Regulatory Agency (MHRA) with the European Commission (EC) granting
conditional marketing approval in July 2025. Autolus continues to work with
the UK National Institute for Health and Care Excellence (NICE) and the NHS
towards a pathway for patient access to AUCATZYL(®) in the UK. Autolus has
presented updated data on obe-cel in adult ALL at various conferences during
the year, further building on previously published data highlighting its
tolerability and long-term response.
· Commercialisation progress: In preparation for the broader
commercialisation of AUCATZYL(®), Autolus delivered significant operational
milestones to enable the company to launch the product at a scale that can
serve the expected global demand. Global production capacity will be served by
Autolus' specialist 70,000 sq. foot advanced manufacturing facility (the
Nucleus), the UK's first purpose-built CAR T-cell manufacturing unit. The
first commercial launch in the US is progressing on track, with 60 centres
fully activated as of 12 November 2025 and coverage secured for greater than
90% of total US medical lives.
· Pipeline programmes: In April 2025, Autolus reported preliminary
data from the Phase I CARLYSLE dose confirmation study of obe-cel in
refractory Systemic Lupus Erythematosus (SLE) patients, which supported the
progression of obe-cel into a planned Phase II trial in lupus nephritis, a
kidney disease caused by SLE. The first patient in this trial is expected to
be dosed by end of CY2025. Data with longer term follow-up from CARLYSLE was
reported at the American College of Rheumatology conference in October 2025,
and additional data is expected at the American Society of Hematology Annual
Meeting in December 2025. Autolus is also planning to initiate a Phase I study
in AL Amyloidosis with AUTO8 (targeting CD19 and BCMA) by the end of CY2025.
· Key value inflection point: Further commercial traction following
US launch of AUCATZYL® (obe-cel) in r/r adult ALL expected in CY2026.
Late-stage clinical companies - 30.4% of NAV
Beacon (12.3% of NAV, 43.9% shareholding) - Moving towards being on the market
SIML team view
Beacon Therapeutics (Beacon) has generated a strong set of data from its Phase
I/II HORIZON and Phase II SKYLINE trials supporting the therapeutic benefit
and safety profile of laru-zova (formerly AGTC-501) in the treatment of the
blinding condition X-linked retinitis pigmentosa (XLRP). This includes
positive data from SKYLINE which underlines the durability profile of the
therapy and supports our thesis that laru-zova could be a potentially
life-changing treatment for patients suffering from XLRP. The company
continues to show strong momentum as it progresses through the clinic,
reinforced by the initiation of its pivotal VISTA trial, which completed
enrolment in July 2025, as well as positive interim 9+ month results from the
Phase II open-label DAWN trial. The competitive landscape has also evolved in
Beacon's favour, with J&J's XLRP programme failing to meet its primary
endpoint in its Phase III LUMEOS trial.
· Company focus: Beacon is an ophthalmic AAV-based gene therapy
company founded to save and restore the vision of patients with a range of
prevalent and rare retinal diseases that result in blindness.
· Financing stage: Beacon raised $170 million (£134 million) in a
Series B funding in July 2024. Forbion led the round and, alongside Syncona,
the financing was supported by existing investors Oxford Science Enterprises
and the University of Oxford, and new investors TCGX and Advent Life Sciences.
· Lead programme: During the period, Beacon announced the
completion of enrolment in its Phase II/III pivotal VISTA study for laru-zova
in XLRP. Beacon plans to use the data generated from the VISTA trial, in
combination with data from the Phase I/II HORIZON, Phase II SKYLINE, and Phase
II expansion DAWN trials, to support its regulatory strategies in the EU and
US. In September 2025, Beacon also released further data from two clinical
trials:
o Interim 9+ month results from Phase II DAWN trial: Data continued to show
early improvements in low luminance visual acuity (LLVA) and early and
sustained improvements in mean sensitivity in study eyes, as observed by
microperimetry, representing enhanced visual function in participants
evaluated at month 9 or beyond.
o 36-month Phase II SKYLINE trial data: Participants who received the high
dose of laru-zova showed durable improvements in retinal sensitivity through
month 36, as observed by microperimetry. There was a greater response rate in
the high-dose study eyes compared to the low- dose group or untreated fellow
eye.
· Pipeline programmes: Beacon's second retinal disease programme is
targeting dry age-related macular degeneration, a leading cause of
irreversible vision loss in people over 60.
· People update: Beacon announced the appointment of Dr. Daniel
Chung as Chief Medical Officer. Prior to joining Beacon, Dr. Chung served as
Chief Medical Officer at SparingVision, a clinical-stage genomic medicine
company. Previously, Dr. Chung served as Ophthalmology Therapeutic Area Leader
at Spark Therapeutics, where he played an instrumental role in the development
of Luxturna(®), the first gene therapy approved by the FDA and EMA for use in
a blinding genetic disease.
· Key value inflection point: Data readout from its Phase II/III
pivotal VISTA trial in XLRP expected in H2 CY2026.
Spur (18.1% of NAV, 79.1% shareholding) - Moving towards being on the market
SIML team view
Spur Therapeutics (Spur) continues to make strong clinical progress and
Syncona has been encouraged by the data published from its lead Gaucher
disease programme (FLT201). This includes the data published at the European
Society of Gene and Cell Therapy (ESGCT) 32(nd) Annual Congress, demonstrating
a favourable efficacy and safety profile for FLT201. This data further
de-risks Spur's technology and supports the advancement of the company's
pre-clinical pipeline into more prevalent disorders, including Parkinson's
disease. We believe FLT201 can be a first- and best-in-class gene therapy for
Gaucher disease patients, with potential to deliver significant value for
Syncona shareholders. Spur is now preparing to advance FLT201 into a Phase III
trial.
· Company focus: Developing transformative gene therapies for
patients suffering from chronic debilitating diseases.
· Financing stage: No additional financing to support the
development of the company's pipeline was provided in the period
· Lead programme: The company presented updated data from its Phase
I/II study in Gaucher disease at the ESGCT 32(nd) Annual congress in October
2025. The data provided longer term follow up from four patients who were
taken off enzyme replacement therapy (ERT) or substrate reduction therapy
(SRT) and remained off those therapies for between 19 and 23 months following
a single infusion of FLT201, as of the data cutoff date of 25 August 2025. The
data further showed rapid, robust and sustained reductions in lyso-Gb1, a
measure of whole-body substrate build up and a validated biomarker of
treatment response in Gaucher disease, along with a favourable safety profile.
The company is on track to initiate its Phase III trial in Gaucher disease
during H1 CY2026, with Spur gaining FDA alignment on the design of a
single-arm study to support potential accelerated approval of FLT201.
· Pipeline programmes: In June, the company presented updated
pre-clinical data at the 2025 GBA1 meeting from its GBA1 Parkinson's disease
research programme, demonstrating that its engineered enzyme SPR301
significantly reduces the accumulation of α-Synuclein, a protein that plays
an important role in the development and progression of Parkinson's disease,
more effectively than the naturally occurring protein.
· Key value inflection point: Completion of the pivotal stage of
its Phase III trial in Gaucher disease expected in H1 CY2028.
Clinical-stage companies - 22.6% of NAV
Quell (8.0% of NAV, 33.7% shareholding) - Moving towards publishing emerging
efficacy data
SIML team view
Quell Therapeutics (Quell) continues to make progress across its T regulatory
(Treg) cell therapy platform. Its clinical-stage QEL-001 programme is
underway in a Phase I/II liver transplantation trial, the QEL-005 programme
for rheumatologic autoimmune diseases has completed CTA-enabling studies, and
the partnership with AstraZeneca has continued to progress with a candidate
selected for the inflammatory bowel disease programme.
· Company focus: Developing engineered T-regulatory (Treg) cell
therapies to treat a range of conditions such as solid organ transplant
rejection, autoimmune and inflammatory diseases.
· Financing stage: Raised $156 million in a syndicated Series B
financing in November 2021.
· Clinical update: During the period, Quell presented translational
data at the International Society for Cell & Gene Therapy conference and
EASL Congress, both in May 2025. At EASL, the data presented showed enhanced
engraftment of QEL-001 CAR-Tregs after ATG conditioning. QEL-001 is dosing
patients in its efficacy cohort of the LIBERATE Phase I/II trial.
· Pipeline programmes: In October 2025, Quell presented
non-clinical data at the ACR Convergence annual meeting demonstrating the
broad mechanism of action of QEL-005 to control complex autoimmune diseases.
QEL-005 will enter the clinic in the CHILL study in H1 2026.
· Partner programmes: In June 2025, AstraZeneca selected a
candidate to progress from the inflammatory bowel disease Treg cell therapy
collaboration programme, triggering a $10 million milestone payment to Quell.
This is the second significant research milestone in its alliance with
AstraZeneca.
· People update: Quell announced the formation of its Scientific
Advisory Board, comprising: Sir Robert Lechler (Chair), Prof. Elmar Jaeckel,
Prof. Bruce Levine, Prof. Megan Levings, Prof. Peter Merkel and Dr.
Dhavalkumar Patel.
· Key value inflection points:
o Data readout for the Phase I/II trial in liver transplantation expected in
CY2026
Anaveon (3.7% of NAV, 36.9% shareholding) - Moving towards publishing emerging
efficacy data
SIML team view
Anaveon has been progressing a PD-1 targeted IL-2 receptor agonist, ANV600,
where it has generated positive data and has seen recently seen validating
commercial activity in the space. This activity supports the expansion of its
planned phase II study to include more patients and therefore the study will
be subject to the company accessing further external capital. In parallel the
company has also published positive pre-clinical data for ANV200 and is
progressing this promising programme to an IND filing.
· Company focus: Clinical development of a PD-1 targeted IL-2
receptor agonist, a type of protein that could enhance a patient's immune
system to respond therapeutically to cancer. The company has also announced a
PD-1 targeted IL-21 bispecific compound and an anti-PD-1 depleting antibody,
both currently in pre-clinical stages.
· Financing stage: Raised CHF 110 million (£90 million) in a
syndicated Series B financing in 2021
· Clinical update: In July 2024, Anaveon enrolled its first patient
into its Phase I/II trial of ANV600. The company presented a trial in progress
poster at the American Society for Clinical Oncology Conference in June 2025,
providing further details on the study and an update on recruitment. The trial
is ongoing, with further updates expected in CY2026.
· Pipeline programmes: In October 2025, Anaveon presented
pre-clinical data at the ACR Convergence annual meeting on ANV200's novel,
Fc-enhanced anti-PD-1 agonistic antibody, engineered to drive robust and
comprehensive depletion of PD-1-expressing pathogenic T cells which may
achieve deeper clinical responses in autoimmune diseases
Resolution (5.8% of NAV, 81.2% shareholding) - Moving towards publishing
definitive data
SIML team view
Resolution remains the global leader in macrophage cell therapy, having
established the value of this modality through publication of the MATCH II
academic clinical data showing efficacy in patients with end-stage liver
disease. Resolution has entered the clinic and is focused on trial execution
and demonstrating the impact that its engineered macrophage cell therapy
RTX001 can have on a severely ill patient group with end-stage liver disease.
· Company focus: Resolution is pioneering regenerative macrophage
therapy in inflammatory and fibrotic diseases.
· Financing stage: In October 2024, Syncona committed £63.5
million in Series B financing to Resolution to support the early clinical
development of its lead programme RTX001, and deliver data from the programme.
SIML continues to explore the possibility of syndicating some of its Series B
commitment.
· Clinical update: In September 2025, Resolution announced dosing
of the first patient in its EMERALD study, a Phase I/II clinical trial of
RTX001 in end-stage liver disease, with further enrolment ongoing. The
complete three-year MATCH II data was presented at the American Association of
the Study of Liver Disease (AASLD) in November 2024, demonstrating excellent
safety and efficacy of non-engineered macrophage cell therapy in patients with
advanced cirrhosis, with further details presented at AASLD in November 2025.
· People update: In September 2025, Resolution announced the
appointment of Lucy Singah as Chief Financial Officer (CFO) and Daniel Kennedy
as Chief Business Officer (CBO). Lucy was previously CFO at Echopoint Medical
and has over 20 years of corporate and strategic finance experience, across
both UK and US start-ups and global companies. Dan previously served as Vice
President, Business Development at Immunocore, and led business development
and alliance management at Achillion Pharmaceuticals, prior to its acquisition
by Alexion Pharmaceuticals.
· Key value inflection point: Interim data readout from its Phase
I/II trial in end-stage liver disease expected in H2 2026.
iOnctura (2.6% of NAV, 21.9% shareholding) - Moving towards publishing
definitive data
SIML team view
iOnctura is driving its lead candidate roginolisib towards late-stage
development and we believe it can deliver high patient impact across a broad
range of indications. Since adding this clinical-stage opportunity to
Syncona's portfolio in 2023, the SIML team has worked closely alongside
iOnctura's management team to review its pipeline and explore the breadth of
roginolisib's utility, whilst prioritising indications that can deliver the
most value over the nearest timeframe. We are pleased with the progress made
in uveal melanoma and to see the expansion of the roginolisib opportunity,
with Phase II trials initiated in non-small cell lung cancer (NSCLC) and
myelofibrosis in addition to uveal melanoma. SIML believes roginolisib has the
potential to modulate an important biological pathway in cancer with a
side-effect profile that will allow it to benefit many patients.
· Company focus: Developing selective cancer therapeutics against
targets that play critical roles in multiple tumour survival pathways.
· Financing stage: Syncona led a €86 million (£68.4 million)
Series B financing of iOnctura in March 2024 as part of a leading syndicate
including existing investors Merck Ventures, Inkef Capital, Schroders Capital,
VI Partners and the 3B Future Health Fund, as well as new investor the
European Innovation Council and XGEN Venture.
· Lead programme: iOnctura's lead programme, roginolisib, is a
first-in-class allosteric modulator of PI3K delta (PI3Kδ), which has
potential application across a variety of solid tumour and haematological
cancers. The company expanded its clinical trial programme for roginolisib to
non-small cell lung cancer via a supply agreement with GSK. The company has
commenced its randomised Phase II trials in uveal melanoma and NSCLC. Sites
are screening patients for a Phase II trial in myelofibrosis.
· Pipeline programmes: The company has a number of clinical and
pre-clinical pipeline programmes in broader oncology indications.
· People update: Steven Sciuto joins as Chief Financial Officer
(CFO) bringing a wealth of experience in scaling finance functions as well as
in private and public financings. Michelle Tsai PharmD, with deep expertise in
portfolio strategy and lifecycle planning, joined as Chief Operating Officer
(COO)
· Key value inflection point: Data readout from its Phase II trial
in uveal melanoma expected in H2 CY2026.
Mosaic (2.5% of NAV, 59.2% shareholding) - Moving towards publishing emerging
efficacy data
SIML team view
Using proprietary computational methods and models, Mosaic Therapeutics
(Mosaic) discovers and develops novel therapeutic combinations for the
targeted treatment of cancer. Mosaic's deal with Astex to in-license assets
having extensive clinical exposure as monotherapies has significantly
de-risked and accelerated the company's development path. Mosaic now expects
to start the first clinical study of its lead drug combination in CY2026.
· Company focus: Oncology therapeutics company using advanced
computational methods and next-generation cancer models to discover and
develop novel targeted combination medicines.
· Financing stage: £22.5 million Series A announced in April 2023,
led by Syncona alongside Cambridge Innovation Capital, with the financing
extended by a further £5.7 million in August 2024.
· Platform capabilities: Mosaic's technology platform uses
proprietary disease models and machine learning to enable the identification
of novel biological intervention to drive responses in cancer. The company
will then leverage these insights to build a pipeline of programmes.
· Pipeline update: In April 2025, the company in-licensed two
clinically experienced targeted small molecules from Astex to enable a
pipeline of biomarker defined combination programmes identified through its
platform. The two small molecule assets are an ERK1/2 inhibitor that has
completed a Phase II clinical study and an MDM2 antagonist that has completed
a Phase I clinical study. Each will be clinically developed by Mosaic in a
significant patient setting uniquely identified by Mosaic's platform. Each of
the two licensed compounds has been studied in more than 100 patients and
demonstrated differentiated safety profiles within their target class and
single agent activity as monotherapies, enabling use in combination therapies.
· People update: Post period end, the company appointed Thomas
Fuchs as CEO. Thomas has over 25 years' experience in leadership positions
across early drug development, commercialisation and life cycle management,
serving in senior oncology biopharma leadership roles in both oncology-focused
biotech and big pharma.
Pre-clinical companies - 15.8% of NAV
Purespring (5.2% of NAV, 46.3% shareholding) - Moving towards publishing
emerging efficacy data
· Company focus: Precision nephrology company, developing targeted,
first-in-class locally delivered genetic therapies for the treatment of
chronic renal diseases with significant unmet medical need.
· Financing stage: Purespring Therapeutics (Purespring) raised £80
million in an oversubscribed Series B financing in September 2024, with
Syncona committing £19.9 million alongside a leading syndicate led by
Sofinnova Partners, in collaboration with Gilde Healthcare, Forbion, and
British Patient Capital. Proceeds are advancing Purespring's pipeline of
disease modifying gene therapies into the clinic and support the expected
initiation of a Phase I/II clinical trial in H2 CY2025 for its lead programme
PS-002, initially targeting IgA nephropathy (IgAN), a chronic kidney disease
principally affecting young adults
· Development update: In April 2025, Purespring was granted orphan
drug designation for its lead programme PS-002 for the treatment of patients
with primary IgAN and received FDA IND clearance and UK CTA approval for its
Phase I/II clinical trial in IgAN in the period.
· Key value inflection point: Complement biomarker clinical data
expected in H1 CY2027.
OMass (4.9% of NAV, 28.9% shareholding) - Moving towards publishing emerging
efficacy data
· Company focus: Developing small molecule drugs to treat endocrine
and immunological conditions.
· Financing stage: OMass Therapeutics (OMass) raised £75.5 million
in a Series B financing in April 2022, with an additional £10 million
investment from British Patient Capital announced in May 2023.
· Development update: OMass selected the candidate molecule for its
lead MC2 programme, a G protein-coupled receptor (GPCR) for the
adrenocorticotrophic hormone (ACTH). This will support the development of the
programme in diseases of adrenocorticotropic hormone (ACTH) excess, including
Congenital Adrenal Hyperplasia (CAH) and ACTH-dependent Cushing's Syndrome.
The company now expects to initiate it Phase I trial in its MC2 programme in
CY 2026.
· Partner programmes: In September 2025, OMass announced an
exclusive collaboration and license agreement with Genentech, focused on
therapeutics for Inflammatory Bowel Disease. Through this agreement, OMass has
received a $20 million upfront payment, with potential for more than $400
million in milestone payments, as well as tiered royalties on net sales.
· People update: OMass appointed Carol Schafer as Non-executive
Director. Carol has 25+ years of experience in investment banking, equity
capital markets, corporate finance and business development in the healthcare
sector. She currently serves on the Board of Directors for Insmed, Immunome,
Kura Oncology and Repare Therapeutics.
· Key value inflection point: Data from Phase I trial of MC2
programme expected in CY2027.
Kesmalea (2.0% of NAV, 59.7% shareholding) - Moving towards completing
operational build
· Company focus: An opportunity to create a new generation of small
molecule oral drugs addressing diseases through modulating protein
homeostasis.
· Financing stage: Kesmalea Therapeutics (Kesmalea) raised £20.0
million in a Series A financing led by Syncona in 2022 alongside Oxford
Science Enterprises. An additional £5.0 million was raised in 2023 with
Syncona committing £4.0 million.
· Development update: The company progressed development of its
platform SELFTAC technology and discovery programmes, focusing on the central
nervous system.
· People update: The Kesmalea team has been built out and continues
to execute on its research plan under the lead of Robert Johnson as CEO.
Yellowstone (1.6% of NAV, 60.9% shareholding) - Moving towards publishing
emerging efficacy data
· Company focus: Pioneering soluble bispecific T-cell receptor
(TCR)-based therapies to unlock a new class of cancer therapeutics, with a
focus on frequently expressed peptide antigens presented by HLA class II.
· Financing stage: Syncona committed £16.5 million to Yellowstone
Biosciences (Yellowstone) in a Series A financing in 2024.
· Development update: The company has progressed its research plan,
with the next key milestone being target nomination.
· People update: Yellowstone has appointed Jim MacDonald as CEO.
Jim most recently served as Venture Partner at Altitude Life Science Ventures.
Previously, he was Co-Founder and Executive Vice President & General
Counsel at Sana Biotechnology, and earlier Senior Vice President and Chief
Intellectual Property Officer at Juno Therapeutics.
Forcefield (1.3% of NAV, 73.7% shareholding) - Moving towards publishing
emerging efficacy data
· Company focus: Pioneering best-in-class therapeutics aiming to
protect cardiomyocytes (heart cells) to revolutionise the treatment of heart
attacks.
· Financing stage: Syncona committed to a Series A financing in
March 2024. Syncona's total commitment in the Series A is £20.0 million, with
Forcefield Therapeutics (Forcefield) attracting a further £10.0 million
Series A commitment from Roche Venture Fund.
Slingshot (0.8% of NAV, 100.0% shareholding) - Moving towards completing
operational build
· Company focus: Slingshot Therapeutics (Slingshot), the Syncona
Accelerator is focused on accumulating and accelerating a pipeline of
exceptional academic science towards clinical development.
· Financing stage: Syncona has provided Slingshot with an initial
commitment of £12.5 million, which will be used to support the development of
its first programme, Apini, as well as Slingshot's operational build and
platform development. In June, Northern Gritstone committed to invest £1.8
million into Apini, becoming the programme's first co-investor. The Slingshot
team continue to identify additional programmes to join the accelerator.
· People update: Ed Savory joined Slingshot as Head of Chemistry in
the period. Ed has more than 22 years' experience advancing drug development
programmes in the industry across VC-funded start-ups and mid-sized UK,
European and US-based biotech companies. Post period end, the company also
announced the appointment of John Isaac as Chief Scientific Officer (CSO) and
Bobby Soni as Chief Business Officer (CBO).
Syncona investments and milestone payments - 1.3% of NAV
Syncona has £13.3 million of value in investments and milestone payments,
which are non-core and provide optionality to deliver returns for its
shareholders. The assets held within the Company's investments are Century,
CRT Pioneer Fund, and Biomodal (formerly Cambridge Epigenetix), alongside the
discounted value of potential milestone payments following the sale of Clade.
Syncona received £6.1 million in the period from the successful delivery of
three Neogene milestones. In addition, following the voluntary liquidation of
Achilles, Syncona received a return of capital of £12.0 million for its
shareholding in the company.
Syncona Investment Management Limited, 14 November 2025
Milestones delivered in the half:
Portfolio company Capital access milestone
Autolus Therapeutics Initial data from Phase I trial in SLE
Beacon Therapeutics Six-month data readout from the
Phase II DAWN trial in XLRP
Spur Therapeutics Initial safety readout in higher dose cohort from its Phase I/II trial in
adrenomyeloneuropathy (AMN)
Resolution Therapeutics Initiation of Phase I/II trial in end-stage liver disease
Our track record since 2012
Since 2012, Syncona has deployed £1.4 billion in its life science portfolio,
generating an IRR of 13.1% and 1.3x multiple of cost across the whole
portfolio. Over the same period, Syncona has realised £1,014.8 million from
the portfolio, with £960.7 million generated from five exits delivering an
aggregate IRR of 73.6% and a 4.0x multiple of cost.
Chris Hollowood, CEO of Syncona Investment Management Limited
Principal risks and uncertainties
The principal risks and uncertainties facing the Company for the second half
of the financial year are substantially the same as those disclosed in the
Report and Accounts for the year ended 31 March 2025:
https://www.synconaltd.com/media/a4cf0xvc/syn-ar25-web.pdf
(https://www.synconaltd.com/media/a4cf0xvc/syn-ar25-web.pdf)
Portfolio company risks:
- Scientific theses fail
- Clinical development doesn't deliver a commercially viable
product
- Portfolio concentration risk to platform technology
- Concentration risk and binary outcomes
Access to Capital:
- Not having capital to invest
- Private/public markets don't value or fund our companies when we
wish to access them
- Capital pool losses or illiquidity
People risks:
- Reliance on small Syncona team
- Systems and controls failures
- Unable to build high-quality team/team culture
- Unable to execute business plans
Macroeconomic environment:
- Macroeconomic environment has a negative impact on sentiment for
portfolio companies and Syncona business model
Going Concern
The Condensed Consolidated Financial Statements are prepared on a going
concern basis as the Directors' consider that the Group has adequate financial
resources to continue its operation, including existing commitments to its
investments and planned additional capital expenditure for 12 months following
the approval of the Condensed Consolidated Financial Statements.
The scope of the going concern assessment acknowledges proposals have been put
to shareholders to potentially change the Company's Investment Objective and
Policy which seek to maximise value for shareholders and to create a
longer-term structure for all key stakeholders (refer to the Business Review
for further details). The potential adoption of these proposals does not
change the Directors' view that the Company has adequate resources to continue
in operational existence and meet all liabilities as they fall due for a
period of at least 12 months, whilst continuing to invest in existing and new
investments.
Related Parties
There have been no material changes to the nature of related party
transactions as described in the Annual Report and Audited Financial
statements for the year ended 31 March 2025. Refer to Note 11 for information
on related party transactions.
Statement of Directors' Responsibilities
The Directors confirm that to the best of their knowledge:
a) the condensed set of interim financial statements have been prepared in
accordance with IAS 34 'Interim Financial Reporting', as adopted by the
European Union;
b) the interim management report includes a fair review of the information
required by DTR 4.2.7R (indication of important events and their impact during
the first six months and description of principal risks and uncertainties for
the remaining six months of the year); and
c) the interim management report includes a fair review of the information
required by DTR 4.2.8R (disclosure of related parties' transactions and
changes therein).
The Directors of Syncona Limited are:
Melanie Gee, Chair
Julie Cherrington, Non-Executive Director
Cristina Csimma, Non-Executive Director
Rob Hutchinson, Non-Executive Director
Kemal Malik, Non-Executive Director
Gian Piero Reverberi, Non-Executive Director
John Roche, Non-Executive Director
INDEPENDENT REVIEW REPORT TO SYNCONA LIMITED
Conclusion
We have been engaged by the Company to review the condensed consolidated set
of financial statements in the half-yearly financial report for the six months
ended 30 September 2025 which comprises the Condensed Consolidated Statement
of Comprehensive Income, the Condensed Consolidated Statement of Financial
Position, the Condensed Consolidated Statement of Changes in Net Assets
Attributable to Holders of Ordinary Shares, the Condensed Consolidated
Statement of Cash Flows and the related notes 1 to 14.
Based on our review, nothing has come to our attention that causes us to
believe that the condensed consolidated set of financial statements in the
half-yearly financial report for the six months ended 30 September 2025 is not
prepared, in all material respects, in accordance with European Union adopted
International Accounting Standard 34 and the Disclosure Guidance and
Transparency Rules of the United Kingdom's Financial Conduct Authority.
Basis for Conclusion
We conducted our review in accordance with International Standard on Review
Engagements (UK) 2410 "Review of Interim Financial Information Performed by
the Independent Auditor of the Entity" issued by the Financial Reporting
Council for use in the United Kingdom (ISRE (UK) 2410). A review of interim
financial information consists of making inquiries, primarily of persons
responsible for financial and accounting matters, and applying analytical and
other review procedures. A review is substantially less in scope than an audit
conducted in accordance with International Standards on Auditing (UK) and
consequently does not enable us to obtain assurance that we would become aware
of all significant matters that might be identified in an audit. Accordingly,
we do not express an audit opinion.
As disclosed in note 2, the annual financial statements of the Group are
prepared in accordance with the International Financial Reporting Standards
(IFRSs) as adopted by the European Union. The condensed set of financial
statements included in this half-yearly financial report has been prepared in
accordance with the European Union adopted International Accounting Standard
34, "Interim Financial Reporting".
Conclusion Relating to Going Concern
Based on our review procedures, which are less extensive than those performed
in an audit as described in the Basis for Conclusion section of this report,
nothing has come to our attention to suggest that the directors have
inappropriately adopted the going concern basis of accounting or that the
directors have identified material uncertainties relating to going concern
that are not appropriately disclosed.
This Conclusion is based on the review procedures performed in accordance with
ISRE (UK) 2410; however future events or conditions may cause the entity to
cease to continue as a going concern.
Responsibilities of the directors
The directors are responsible for preparing the half-yearly financial report
in accordance with the Disclosure Guidance and Transparency Rules of the
United Kingdom's Financial Conduct Authority.
In preparing the half-yearly financial report, the directors are responsible
for assessing the Group's ability to continue as a going concern, disclosing
as applicable, matters related to going concern and using the going concern
basis of accounting unless the directors either intend to liquidate the Group
or to cease operations, or have no realistic alternative but to do so.
Auditor's Responsibilities for the review of the financial information
In reviewing the half-yearly financial report, we are responsible for
expressing to the Company a conclusion on the condensed consolidated set of
financial statements in the half-yearly financial report. Our Conclusion,
including our Conclusion Relating to Going Concern, are based on procedures
that are less extensive than audit procedures, as described in the Basis for
Conclusion paragraph of this report.
Use of our report
This report is made solely to the Company in accordance with ISRE (UK) 2410.
Our work has been undertaken so that we might state to the Company those
matters we are required to state to it in an independent review report and for
no other purpose. To the fullest extent permitted by law, we do not accept or
assume responsibility to anyone other than the Company, for our review work,
for this report, or for the conclusions we have formed.
Deloitte LLP
Recognised Auditor
St Peter Port, Guernsey
12 November 2025
UNAUDITED GROUP PORTFOLIO STATEMENT
As at 30 September 2025
Fair value % of Fair value % of
£'000 Group NAV £'000 Group NAV
30 September 30 September 31 March 31 March
2025 2025 2025 2025
Life science portfolio
Life science companies
Spur 184,874 18.1 182,208 17.3
Beacon 125,573 12.3 117,537 11.2
Quell 82,093 8.0 85,442 8.1
Resolution 58,920 5.8 55,543 5.3
Purespring 53,444 5.2 51,182 4.9
OMass 49,712 4.9 49,712 4.7
Anaveon 37,942 3.7 35,569 3.4
Autolus 34,941 3.4 34,582 3.3
iOnctura 26,182 2.6 25,121 2.4
Mosaic 25,533 2.5 25,533 2.4
Kesmalea 20,000 2.0 20,000 1.9
Yellowstone 16,500 1.6 16,500 1.6
Forcefield 12,853 1.3 10,608 1.0
Companies of less than 1% of the NAV 11,055 1.0 21,794 2.0
Total life science companies((1)) 739,622 72.4 731,331 69.5
CRT Pioneer Fund 9,853 1.0 27,294 2.6
Milestone payments 748 0.1 6,769 0.6
Total life science portfolio((2)) 750,223 73.5 765,394 72.7
Capital pool investments
Credit investment funds 80,511 7.9 78,457 7.5
Multi asset funds 76,509 7.5 73,940 7.0
Legacy funds 7,866 0.8 11,373 1.2
UK and US treasury bills - - 55,651 5.3
Total capital pool investments((3)) 164,886 16.2 219,421 21.0
Other net assets
Cash and cash equivalents((4)) 120,084 11.8 81,622 7.8
Charitable donations (1,824) (0.2) (4,002) (0.4)
Other assets and liabilities (12,425) (1.3) (9,355) (1.1)
Total other net assets 105,835 10.3 68,265 6.3
Total capital pool 270,721 26.5 287,686 27.3
Total NAV of the Group 1,020,944 100.0 1,053,080 100.0
((1)) Value of life science companies reflects the full economic interest
attributable to the Company. Includes value attributable to equity, debt and
other economic interests such as deferred consideration and royalty rights.
((2)) The life science portfolio of £750,223,389 (31 March 2025:
£765,393,936) consists of life science investments totalling £739,622,459
(31 March 2025: £731,330,517), milestone payments of £747,910 (31 March
2025: £6,768,995) held by Syncona Holdings Limited and CRT Pioneer Fund of
£9,853,020 (31 March 2025: £27,294,423) held by Syncona Investments LP
Incorporated.
((3)) The capital pool investments of £164,886,422 (31 March 2025:
£219,421,126) are held by Syncona Investments LP Incorporated.
((4) ) Cash and cash equivalents amounting to £212,649 (31 March 2025:
£1,113,276) is held by Syncona Limited. The remaining £119,871,816
(31 March 2025: £80,508,807) is held by its subsidiaries other than
portfolio companies ("Syncona Group Companies"). Cash held by Syncona Group
Companies other than Syncona GP Limited is not shown in Syncona Limited's
Consolidated Statement of Financial Position since it is included within
financial assets at fair value through profit or loss.
Assets held by the Group are held primarily through Syncona Holdings Limited
and Syncona Investments LP Incorporated. See note 1 for a description of these
entities.
The totals in the above table may differ slightly to the audited financial
statements due to rounding differences.
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the period ended 30 September 2025
Notes Revenue Capital Unaudited Unaudited
six months to six months to
30 September 30 September
2025 2024
£'000 £'000 £'000 £'000
Investment income
Other income 5 17,649 - 17,649 33,047
Total investment income 17,649 - 17,649 33,047
Net losses on financial assets at fair value through profit or loss 5 - (27,676) (27,676) (97,335)
Total losses - (27,676) (27,676) (97,335)
Expenses
Charitable donations 6 1,824 - 1,824 2,035
General expenses 13,618 - 13,618 8,726
Total expenses 15,442 - 15,442 10,761
Loss for the period 2,207 (27,676) (25,469) (75,049)
Loss for the period after tax 2,207 (27,676) (25,469) (75,049)
Loss per Ordinary Share 9 0.37p (4.55)p (4.18)p (11.61)p
Loss per Diluted Share 9 0.37p (4.55)p (4.18)p (11.61)p
The total columns of this statement represent the Group's Condensed
Consolidated Statement of Comprehensive Income, prepared in accordance with
International Financial Reporting Standards ("IFRS") as adopted by the
European Union.
The profit/(loss) for the period is equivalent to the "total comprehensive
income" as defined by International Accounting Standards ("IAS") 1
"Presentation of Financial Statements". There is no other comprehensive income
as defined by IFRS.
For the period ended 30 September 2025, the Company reported capital loss
after tax in the amount of £27,676,000 (period ended 30 September 2024:
£97,335,000).
All the items in the above statement derive from continuing operations.
The accompanying notes are an integral part of the Condensed Consolidated
Financial Statements.
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 30 September 2025
Notes Unaudited Audited
30 September 31 March
2025 2025
£'000 £'000
ASSETS
Non-current assets
Financial assets at fair value through profit or loss 7 1,027,619 1,054,953
Current assets
Cash and cash equivalents 213 1,113
Trade and other receivables 6,880 8,809
Total assets 1,034,712 1,064,875
LIABILITIES AND EQUITY
Non-current liability
Share based payments provision 8 5,067 5,136
Current liabilities
Share based payments provision 8 92 396
Accrued expense and payables 8,609 6,263
Total liabilities 13,768 11,795
EQUITY
Share capital 9 767,999 767,999
Capital reserves 9 229,119 256,795
Revenue reserves 9 93,890 91,572
Treasury shares 9 (70,064) (63,286)
Total equity 1,020,944 1,053,080
Total liabilities and equity 1,034,712 1,064,875
Total net assets attributable to holders of Ordinary Shares 1,020,944 1,053,080
Number of Ordinary Shares in issue 9 607,858,236 615,645,995
Net assets attributable to holders of Ordinary Shares 9 £1.68 £1.71
(per share)
Diluted NAV (per share) 9 £1.68 £1.71
The unaudited Condensed Consolidated Financial Statements were approved on 12
November 2025.
The accompanying notes are an integral part of the Condensed Consolidated
Financial Statements.
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO
HOLDERS OF ORDINARY SHARES
For the period ended 30 September 2025
Share Capital reserves Revenue reserves Treasury shares Total
capital
£'000 £'000 £'000 £'000 £'000
As at 31 March 2024 (audited) 767,999 444,774 46,328 (20,223) 1,238,878
Total comprehensive loss for the period - (97,335) 22,286 - (75,049)
Acquisition of treasury shares - - - (19,463) (19,463)
Transactions with shareholders:
Share based payments - - 196 - 196
As at 30 September 2024 (unaudited) 767,999 347,439 68,810 (39,686) 1,144,562
Share Capital reserves Revenue reserves Treasury shares Total
capital
£'000 £'000 £'000 £'000 £'000
As at 31 March 2025 (audited) 767,999 256,795 91,572 (63,286) 1,053,080
Total comprehensive loss for the period - (27,676) 2,207 - (25,469)
Acquisition of treasury shares - - - (6,778) (6,778)
Transactions with shareholders:
Share based payments - - 111 - 111
As at 30 September 2025 (unaudited) 767,999 229,119 93,890 (70,064) 1,020,944
The accompanying notes are an integral part of the Condensed Consolidated
Financial Statements.
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
For the period ended 30 September 2025
Notes Unaudited Unaudited
six months to six months to
30 September 30 September
2025 2024
£'000 £'000
Cash flows from operating activities
Loss for the period (25,469) (75,049)
Adjusted for:
Losses on financial assets at fair value through profit or loss 5 27,676 97,335
Non-cash movement in share based payment provision (604) (925)
Operating cash flows before movements in working capital 1,603 21,361
Decrease in trade and other receivables 1,929 2,111
Increase/(decrease) in accrued expense and payables 2,346 (3,709)
Net cash generated from operating activities 5,878 19,763
Cash flows from financing activities
Acquisition of treasury shares 9 (6,778) (19,463)
Net cash used in financing activities (6,778) (19,463)
Net (decrease)/increase in cash and cash equivalents (900) 300
Cash and cash equivalents at the beginning of the period 1,113 261
Cash and cash equivalents at the end of the period 213 561
Cash held by the Company and Syncona Group Companies is disclosed in the Group
Portfolio Statement.
The accompanying notes are an integral part of the Condensed Consolidated
Financial Statements.
CONDENSED NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
For the period ended 30 September 2025
1. GENERAL INFORMATION
Syncona Limited (the "Company") is incorporated in Guernsey as a registered
closed-ended investment company. The Company's Ordinary Shares were listed on
the premium segment of the London Stock Exchange ("LSE") on 26 October 2012
when it commenced its business.
The Company makes its life science investments through Syncona Holdings
Limited (the "Holding Company"), a subsidiary of the Company. The Company
maintains its capital pool through Syncona Investments LP Incorporated (the
"Partnership") in which the Company is the sole limited partner. The general
partner of the Partnership is Syncona GP Limited (the "General Partner"), a
wholly-owned subsidiary of the Company. Syncona Limited and Syncona GP Limited
are collectively referred to as the "Group".
Syncona Investment Management Limited ("SIML"), a subsidiary, was appointed as
the Company's Alternative Investment Fund Manager ("Investment Manager").
The investment objective and policy is set out in the Directors' Report within
the Annual Report and Accounts for the year ended 31 March 2025.
2. ACCOUNTING POLICIES
The accounting policies applied in these interim accounts are the same as
those applied by the Group in its Annual Report and Accounts for the year
ended 31 March 2025 and shall form the basis of the 2026 Annual Report and
Accounts. No new standards that have become effective in the period have had a
material effect on the Group's financial statements.
Information reported to the Board (the Chief Operating Decision Maker
("CODM")) for the purpose of allocating resources and monitoring performance
of the Group's overall strategy to create, build and scale around exceptional
science, consists of financial information reported at the Group level. The
capital pool is fundamental to the delivery of the Group's strategy and
performance and is reviewed by the CODM only to the extent this enables the
allocation of those resources to support the Group's investment in life
science companies. There are no reconciling items between the results
contained within this information and amounts reported in the Condensed
Consolidated Financial Statements. IFRS requires operating segments to be
identified on the basis of the internal financial reports that are provided to
the CODM, and as such the Directors present the results of the Group as a
single operating segment.
Statement of compliance
The Condensed Consolidated Financial Statements have been prepared in
accordance with IAS 34 "Interim Financial Reporting" as adopted by the
European Union, and should be read in conjunction with the Annual Report and
Accounts for the year ended 31 March 2025, which have been prepared in
accordance with IFRS as adopted by the European Union, and are in compliance
with The Companies (Guernsey) Law, 2008.
The annual financial statements of the Group will also be prepared in
accordance with IFRS as adopted by the European Union. The financial
information in these interim accounts was approved by the Board and authorised
for issue on 12 November 2025. The financial information is unaudited but has
been subject to a review by the Group's independent auditor.
Basis of preparation
The Condensed Consolidated Financial Statements have been prepared under the
historical cost basis, except for investments and share based payment
provision held at fair value through profit or loss, which have been measured
at fair value.
Going concern
The Condensed Consolidated Financial Statements are prepared on a going
concern basis as the Directors consider that the Group has adequate financial
resources to continue its operation, including existing commitments to its
investments and planned additional capital expenditure for 12 months following
the approval of the Condensed Consolidated Financial Statements.
The scope of the going concern assessment acknowledges proposals have been put
to shareholders to potentially change the Company's Investment Objective and
Policy which seek to maximise value for shareholders and to create a
longer-term structure for all key stakeholders (refer to the Business review
for further details). The potential adoption of these proposals does not
change the Directors' view that the Group has adequate resources to continue
in operational existence and meet all liabilities as they fall due for a
period of at least 12 months, whilst continuing to invest in existing and new
investments.
Basis of consolidation
The Group's Condensed Consolidated Financial Statements consist of the
financial statements of the Company and the General Partner.
The results of the General Partner during the period are consolidated in the
Condensed Consolidated Statement of Comprehensive Income from the effective
date of incorporation and are consolidated in full. The financial statements
of the General Partner are prepared in accordance with United Kingdom (UK)
Accounting Standards under Financial Reporting Standard 101 "Reduced
Disclosure Framework". Where necessary, adjustments are made to the financial
statements of the General Partner to bring the accounting policies used in
line with those used by the Group. During the periods and year ended
30 September 2025, 30 September 2024 and 31 March 2025, no such adjustments
have been made. All intra-group transactions, balances and expenses are
eliminated on consolidation.
Entities that meet the definition of an investment entity under IFRS 10
"Consolidated Financial Statements" are held at fair value through profit or
loss in accordance with IFRS 9 "Financial Instruments". The Company, the
Partnership and the Holding Company meet the definition of investment
entities. The General Partner does not meet the definition of an investment
entity due to providing investment management related services to the Group,
and is therefore consolidated.
3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY
The preparation of the interim results requires the Directors to make
judgements, estimates and assumptions that affect the application of
accounting policies and the reported amounts of assets, liabilities, income
and expenses at the reporting date. However, uncertainties about these
assumptions and estimates, in particular relating to underlying investments of
private equity investments and life science investments could result in
outcomes that require a material adjustment to the carrying value of the
assets or liabilities in future periods.
In preparing these interim results, the significant judgements made by the
Directors in applying the Group's accounting policies and the key sources of
estimation uncertainty were the same as those applied to the Annual Report and
Accounts for the year ended 31 March 2025.
The key critical accounting judgement is the basis for determining the fair
value of life science investments. Further information can be found in note 3
of the Annual Report and Accounts.
The key sources of estimation uncertainty are the valuation of the Holding
Company's investments in privately held life science companies, the
Partnership's private equity investments and investment in the CRT Pioneer
Fund.The unquoted investments within the life science portfolio are very
illiquid. Many of the companies are early stage investments and privately
owned. Accordingly, a market value can be difficult to determine. The primary
inputs used by the Company to determine the fair value of investments in
privately held life science companies are the cost of the capital invested and
price of recent investment ("PRI"), adjusted to reflect the achievement or
otherwise of milestones or other factors. The accounting policy for all
investments is described in note 2 of the Annual Report and Accounts for the
year ended 31 March 2025 and the fair value of all investments is described in
note 12.
In determining a suitable range to sensitise the fair value of the unlisted
life science portfolio, the Directors note the achievement or not of value
enhancing milestones as being a key source of estimation uncertainty. Such
activities and resulting data emanating from the life science companies can be
the key trigger for fair value changes and typically involve financing events
which crystallise value at those points in time. The range of +/-10% (30
September 2024: +/-10%, 31 March 2025: +/-10%) identified by the Directors
reflects their estimate of the range of reasonably possible valuations over
the next financial year, taking into account the position of the portfolio as
a whole. Key technical milestones considered by the Directors that typically
trigger value enhancement (or deterioration if not achieved) include the
generation of substantial clinical data.
The Company has assessed the impact of the current macroeconomic environment
on the private life science companies and does not consider that any
revaluations are required as a direct result.
4. INVESTMENT IN SUBSIDIARIES AND ASSOCIATES
The Company meets the definition of an investment entity in accordance with
IFRS 10. Therefore, with the exception of the General Partner, the Company
does not consolidate its subsidiaries and indirect associates, but rather
recognises them as financial assets at fair value through profit or loss.
Direct interests in subsidiaries
Unaudited Audited
30 September 31 March
Principal place 2025 2025
Subsidiary of business Principal activity % interest((1)) % interest((1))
Syncona GP Limited Guernsey General Partner 100% 100%
Syncona Holdings Limited Guernsey Portfolio management 100% 100%
Syncona Investments LP Incorporated Guernsey Portfolio management 100% 100%
((1)) Based on undiluted issued share capital and excluding the Management
Equity Shares ("MES") issued by Syncona Holdings Limited (see note 8).
There are no significant restrictions on the ability of subsidiaries to
transfer funds to the Company.
Indirect interests in subsidiaries and associates
Unaudited Audited
30 September 31 March
Principal place 2025 2025
Indirect subsidiaries of business Immediate parent Principal activity % interest((1)) % interest((1))
Syncona Discovery Limited UK Syncona Investments LP Inc Portfolio management 100% 100%
Syncona Portfolio Limited Guernsey Syncona Holdings Limited Portfolio management 100% 100%
Syncona IP Holdco Limited UK Syncona Portfolio Limited Portfolio management 100% 100%
Syncona IP Holdco (2) Limited UK Syncona Portfolio Limited Portfolio management 100% 100%
Syncona IP Holdco (3) Limited UK Syncona Portfolio Limited Portfolio management 100% 100%
Syncona IP Holdco (4) Limited UK Syncona Portfolio Limited Portfolio management 100% 100%
Syncona Investment Management Limited UK Syncona Holdings Limited Portfolio management 100% 100%
SIML Switzerland AG Switzerland SIML Portfolio management 100% 100%
Slingshot Therapeutics Holdings Limited UK Syncona Portfolio Limited Drug Discovery 100% 100%
Spur Therapeutics Limited UK Syncona Portfolio Limited Gene therapy 98% 98%
Resolution Therapeutics Limited UK Syncona Portfolio Limited Cell therapy 86% 93%
Forcefield Therapeutics Limited UK Syncona Portfolio Limited Biologics 85% 85%
Mosaic Therapeutics Limited UK Syncona Portfolio Limited Small molecule 67% 76%
Yellowstone Bio Sciences UK Syncona Portfolio Limited Biologics 72% 72%
Kesmalea Therapeutics Limited UK Syncona Portfolio Limited Small molecule 61% 61%
Beacon Therapeutics Holdings Limited UK Syncona Portfolio Limited Gene therapy 54% 59%
Purespring Therapeutics Limited UK Syncona Portfolio Limited Gene therapy 53% 59%
Unaudited Audited
30 September 31 March
Principal place 2025 2025
Indirect associates of business Immediate parent Principal activity % interest((1)) % interest((1))
Anaveon AG Switzerland Syncona Portfolio Limited Biologics 43% 43%
OMass Therapeutics Limited UK Syncona Portfolio Limited Small molecule 32% 33%
Quell Therapeutics Limited UK Syncona Portfolio Limited Cell therapy 33% 36%
Achilles Therapeutics plc UK Syncona Portfolio Limited In voluntary liquidation 26% 26%
iOnctura B.V. Netherlands Syncona Portfolio Limited Small molecule 25% 25%
Azeria Therapeutics Limited UK Syncona Portfolio Limited Liquidated 0% 34%
( )
((1)) Based on undiluted issued share capital and excluding the Management
Equity Shares ("MES") issued by Syncona Holdings Limited (see note 8).
5. NET LOSSES ON FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS
The net losses on financial assets at fair value through profit or loss arise
from the Group's holdings in the Holding Company and Partnership.
Notes Unaudited Unaudited
six months to six months to
30 September 30 September
2025 2024
£'000 £'000
Net losses from:
The Holding Company 5.a (699) (75,765)
The Partnership 5.b (26,977) (21,570)
Total (27,676) (97,335)
5.A MOVEMENTS IN THE HOLDING COMPANY:
Unaudited Unaudited
six months to six months to
30 September 30 September
2025 2024
£'000 £'000
Expenses (53) (50)
Movement in unrealised losses on life science investments at fair value (646) (75,715)
through profit or loss
Net losses on financial assets at fair value through profit or loss (699) (75,765)
5.B MOVEMENTS IN THE PARTNERSHIP:
Unaudited Unaudited
six months to six months to
30 September 30 September
2025 2024
£'000 £'000
Investment income 57 41
Rebates and donations (15) (29)
Expenses (86) (98)
Realised gains on financial assets at fair value through profit or loss 2,309 19,575
Movement in unrealised losses on financial assets at fair value through profit (13,447) (14,280)
or loss
Gains on foreign currency 1,854 6,268
(Losses)/gains on financial assets at fair value through profit or loss (9,328) 11,477
Distributions* (17,649) (33,047)
Net losses on financial assets at fair value through profit or loss (26,977) (21,570)
* Distributions from the Partnership represents the other income for Syncona
Limited
6. CHARITABLE DONATIONS
For the period ended 30 September 2025, the Group has agreed to make a
charitable donation to The Syncona Foundation of 0.35% of the total NAV of the
Group calculated on a monthly basis (30 September 2024: 0.35%, 31 March 2025:
0.35%). The donation is made by the General Partner.
During the period, charitable donations expense amounted to £1,824,147 (30
September 2024: £2,034,904) of which £1,824,147 (31 March 2025: £4,002,355)
remained payable as at 30 September 2025.
7. FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS
Notes Unaudited Audited
30 September 31 March
2025 2025
£'000 £'000
The Holding Company 7.a 788,728 789,084
The Partnership 7.b 238,891 265,869
Total 1,027,619 1,054,953
The Holding Company and the Partnership are the only two investments held
directly by the Group and as such the reconciliation of movement in
investments has been presented separately for each below.
7.A THE NET ASSETS OF THE HOLDING COMPANY
Unaudited Audited
30 September 31 March
2025 2025
£'000 £'000
Cost of the Holding Company's investment at the start of the period/year 494,810 494,810
Purchases during the period/year - -
Cost of the Holding Company's investments at the end of the period/year 494,810 494,810
Net unrealised gains on investments at the end of the period/year 298,778 299,082
Fair value of the Holding Company's investments at the end of the period/year 793,588 793,892
Other net current liabilities (4,860) (4,808)
Financial assets at fair value through profit or loss at the end of the 788,728 789,084
period/year
7.B THE NET ASSETS OF THE PARTNERSHIP
Unaudited Audited
30 September 31 March
2025 2025
£'000 £'000
Cost of the Partnership's investments at the start of the period/year 230,003 378,647
Purchases during the period/year - 253,992
Sales during the period/year (53,546) (387,965)
Return of capital (3,413) (14,671)
Cost of the Partnership's investments at the end of the period/year 173,044 230,003
Net unrealised gains on investments at the end of the period/year 5,488 18,935
Fair value of the Partnership's investments at the end of the period/year 178,532 248,938
Cash and cash equivalents 109,846 70,074
Other net current liabilities (49,487) (53,143)
Financial assets at fair value through profit or loss at the end of the 238,891 265,869
period/year
8. SHARE BASED PAYMENTS PROVISION
Share based payments are associated with awards of MES in the Holding Company,
relevant details of which are set out in note 2 of the Annual Report and
Accounts for the year ended 31 March 2025.
The total cost recognised within general expenses in the Condensed
Consolidated Statement of Comprehensive Income is shown below:
Unaudited Unaudited
six months to six months to
30 September 30 September
2025 2024
£'000 £'000
Charge related to revaluation of the liability for cash settled share awards (4) 395
Total (4) 395
Amounts recognised in the Condensed Consolidated Statement of Financial
Position, representing the carrying amount of liabilities arising from share
based payments transactions are shown below:
Unaudited Audited
30 September 31 March
2025 2025
£'000 £'000
Share based payments provision - current 92 396
Share based payments provision - non-current 5,067 5,136
Total 5,159 5,532
When a participant elects to realise vested MES by sale of the MES to the
Company, half of the proceeds (net of anticipated taxes) will be settled in
shares of the Company, with the balance settled in cash.
The fair value of MES has been established using an externally developed
model, which is consistent with that used as at 31 March 2025. Key inputs
described in note 2 of the Annual Report and Accounts have been determined
based on internally generated data as at 30 September 2025. Vesting is subject
only to the condition that employees must remain in employment at the vesting
date. Each MES is entitled to share equally in value attributable to the
Holding Company above the applicable base line value at the date of award
provided that the applicable hurdle value of 15% or 30% growth in the value of
the Holding Company above the base line value at the date of award has been
achieved.
No awards were made in the period ended 30 September 2025 (30 September 2024:
£1,277,401).
The number of MES outstanding are shown below:
Unaudited Audited
30 September 31 March
2025 2025
Outstanding at the start of the period/year 42,947,398 40,194,059
Issued - 6,082,864
Realised (869,120) (1,316,074)
Lapsed (418,349) (2,013,451)
Outstanding at the end of the period/year 41,659,929 42,947,398
Weighted average remaining contractual life of outstanding MES, years 0.67 0.96
Vested MES at the end of the period/year 35,050,973 33,213,081
Realisable MES at the end of the period/year 8,831,749 8,994,985
As at 30 September 2025, if all MES were realised, the number of shares issued
in the Company as a result would increase by 145,757 (31 March 2025: 558,354).
The undiluted per share value of net assets attributable to holders of
Ordinary Shares would change from £1.68 to £1.68 if these shares were issued
(31 March 2025: £1.71 to £1.71).
9. SHARE CAPITAL
9.A AUTHORISED SHARE CAPITAL
The Company is authorised to issue an unlimited number of shares, which may or
may not have a par value. The Company is a closed-ended investment company
with an unlimited life.
As the Company's shares have no par value, the share price consists solely of
share premium and the amounts received for issued shares are recorded in the
share capital in accordance with The Companies (Guernsey) Law, 2008.
Unaudited Unaudited
30 September 30 September
2025 2024
£'000 £'000
Authorised Share Capital
Balance at the start of the period 767,999 767,999
Balance at the end of the period 767,999 767,999
Unaudited Unaudited
30 September 30 September
2025 2024
Shares Shares
Outstanding Ordinary Share Capital
Balance at the start of the period 615,645,995 655,335,586
Share based payment shares issued during the period - 407,966
Treasury shares purchased by the Company (7,787,759) (16,677,558)
Balance at the end of the period 607,858,236 639,065,994
No cash consideration is paid in relation to the issue of share based payment
shares.
During the period, 7,787,759 shares (30 September 2024: 16,677,558) were
purchased by the Company for total consideration of £6,778,002 (30 September
2024: £19,462,921).
At 30 September 2025 a total of 64,356,396 (31 March 2025: 56,568,637)
Ordinary shares amounting to £70,064,358 (31 March 2025: £63,286,356) has
been entered into treasury resulting in the total Ordinary Shares available
for trade on an open market at 30 September 2025 being 607,858,236 (31 March
2025: 615,645,995).
The Company has issued one Deferred Share to The Syncona Foundation for £1.
9.B CAPITAL AND REVENUE RESERVES
Gains and losses recorded on the realisation of investments, realised exchange
differences, unrealised gains and losses recorded on the revaluation of
investments held at the period end and unrealised exchange differences of a
capital nature are transferred to capital reserves. Income and expenses of a
revenue nature are transferred to revenue reserves.
9.C LOSS PER SHARE
The calculations for the loss per share attributable to the Ordinary Shares of
the Company excluding Ordinary Shares purchased by the Company and held as
treasury shares are based on the following data:
Unaudited Unaudited
six months to six months to
30 September 30 September
2025 2024
Loss for the purposes of loss per share £(25,469,000) £(75,049,000)
Basic weighted average number of shares 609,521,207 646,607,190
Basic revenue earnings per share 0.37p 3.45p
Basic capital loss per share (4.55)p (15.06)p
Basic loss per share (4.18)p (11.61)p
Diluted weighted average number of shares 609,666,964 647,147,795
Diluted revenue earnings per shares 0.37p 3.45p
Diluted capital loss per share (4.55)p (15.06)p
Diluted loss per share (4.18)p (11.61)p
9.D NAV PER SHARE
Unaudited Audited
30 September 31 March
2025 2025
Net assets for the purposes of NAV per share £1,020,944,130 £1,053,079,495
Ordinary Shares available to trade 607,858,236 615,645,995
NAV per share 167.96p 171.05p
Diluted number of shares 608,003,993 616,204,349
Diluted NAV per share 167.92p 170.90p
10. DISTRIBUTION TO SHAREHOLDERS
The Company may pay a dividend at the discretion of the Directors.
During the period ended 30 September 2025, the Company did not declare or pay
a dividend (30 September 2024: £nil).
11. RELATED PARTY TRANSACTIONS
The Group has various related parties: life science investments held by the
Holding Company, the Investment Manager, the Company's Directors and The
Syncona Foundation.
Life science investments
The Group makes equity investments in some life science investments where it
retains control. The Group has taken advantage of the investment entity
exception as permitted by IFRS 10 and has not consolidated these investments,
but does consider them to be related parties.
During the period, the total amount invested in life science investments which
the Group controls was £17,103,423 (30 September 2024: £75,932,267).
The Group makes other equity investments where it does not have control but
may have significant influence through its ability to participate in the
financial and operating policies of these companies, therefore the Group
considers them to be related parties.
During the period, the total amount invested in life science investments in
which the Group has significant influence was £nil (30 September 2024:
£14,000,000).
Commitments of milestone payments to the life science investments are
disclosed in note 13.
During the period, SIML charged the life science investments a total of
£107,500 (30 September 2024: £86,322) in relation to Directors' fees.
Investment Manager
SIML, an indirectly held subsidiary of the Company, is the Investment Manager
of the Group.
For the period ended 30 September 2025, SIML was entitled to receive
reimbursement of reasonably incurred expenses as it relates to its investment
management activities.
Unaudited Unaudited
six months to six months to
30 September 30 September
2025 2024
£'000 £'000
Amounts paid to SIML 7,067 7,528
Amounts owed to SIML in respect of management fees totalled £1,269,736
(31 March 2025: £1,079,267).
During the period, SIML received fees from the Group portfolio companies of
£960,799 (30 September 2024: £654,646).
Company Directors
At the period end, the Company had seven (30 September 2024: seven) Directors,
all of whom served in a non-executive capacity. John Roche also serves as a
Director of the General Partner. Virginia Holmes served as the Senior
Independent Director until her resignation on 5 August 2025. On 5 August 2025,
Kemal Malik was appointed as the Senior Independent Director.
Directors' remuneration for the periods and year ended, excluding expenses
incurred, and outstanding Directors' remuneration as at the end of the period
and year, are set out below.
Unaudited Unaudited Audited
six months to six months to year to
30 September 30 September 31 March
2025 2024 2025
£'000 £'000 £'000
Directors' remuneration for the period/year 273 255 536
Payable at end of the period/year - - -
The Syncona Foundation
Charitable donations are made by the Company to The Syncona Foundation. The
Syncona Foundation was incorporated in England and Wales on 17 May 2012 as a
private company limited by guarantee, with exclusively charitable purposes and
holds the Deferred Share in the Company. The donation accrued to The Syncona
Foundation during the period ended 30 September 2025 was £1,824,147 (30
September 2024: £2,034,904).
Other Related Parties
As at 30 September 2025, the Company has a receivable from the Partnership,
the Holding Company and Syncona Portfolio Limited amounting to £83,263 (31
March 2025: £10,352), £4,766,938 (31 March 2025: £4,720,843) and £83,263
(31 March 2025: £10,352), respectively.
12. FAIR VALUE MEASUREMENT
IFRS 13 "Fair Value Measurement" requires the Group to establish a fair value
hierarchy that prioritises the inputs to valuation techniques used to measure
fair value. The hierarchy gives the highest priority to unadjusted quoted
prices in active markets for identical assets or liabilities (Level 1
measurements) and the lowest priority to unobservable inputs (Level 3
measurements). The three levels of the fair value hierarchy under IFRS 13 are
set as follows:
· Level 1 Quoted prices (unadjusted) in active markets for
identical assets or liabilities;
· Level 2 Inputs other than quoted prices included within Level 1
that are observable for the asset or liability either directly (that is, as
prices) or indirectly (that is, derived from prices) or other market
corroborated inputs; and
· Level 3 Inputs for the asset or liability that are not based on
observable market data (that is, unobservable inputs).
The level in the fair value hierarchy within which the fair value measurement
is categorised in its entirety is determined on the basis of the lowest level
input that is significant to the fair value measurement. For this purpose, the
significance of an input is assessed against the fair value measurement in its
entirety. If a fair value measurement uses observable inputs that require
significant adjustment based on unobservable inputs, that measurement is a
Level 3 measurement. Assessing the significance of a particular input to the
fair value measurement requires judgement, considering factors specific to the
asset or liability.
The determination of what constitutes "observable" requires significant
judgement by the Group. The Group considers observable data to be market data
that is readily available, regularly distributed or updated, reliable and
verifiable, and provided by independent sources that are actively involved in
the relevant market.
The following table presents the Group's financial assets and liabilities by
level within the valuation hierarchy as at 30 September 2025 and 31 March
2025:
30 September 2025 Level 1 Level 2 Level 3 Total
Assets (unaudited) £'000 £'000 £'000 £'000
Financial assets at fair value through profit or loss:
The Holding Company - - 788,728 788,728
The Partnership - - 238,891 238,891
Total financial assets at fair value through profit or loss - - 1,027,619 1,027,619
31 March 2025 Level 1 Level 2 Level 3 Total
Assets (audited) £'000 £'000 £'000 £'000
Financial assets at fair value through profit or loss:
The Holding Company - - 789,084 789,084
The Partnership - - 265,869 265,869
Total financial assets at fair value through profit or loss - - 1,054,953 1,054,953
The investments in the Holding Company and the Partnership are classified as
Level 3 investments due to the use of the unadjusted NAV of the subsidiaries
as a proxy for fair value. The subsidiaries hold some investments valued using
techniques with significant unobservable inputs as outlined in the sections
that follow. There were no transfers between fair value levels during the
period (31 March 2025: Nil).
The underlying assets and liabilities of the Holding Company and Partnership
are shown below.
The following table presents the Holding Company's financial assets and
liabilities by level within the valuation hierarchy as at 30 September 2025
and 31 March 2025:
Asset type Level 30 September 2025 31 March 2025 Valuation technique Significant unobservable inputs Impact on
£'000 £'000 valuation
£'000
Listed investment 1 35,390 34,584 Publicly available share bid price as at statement of financial position date n/a n/a
SIML 3 5,243 6,400 Net assets of SIML Carrying value of assets and liabilities determined in accordance with +/- £262
generally accepted accounting principles, without adjustment. A sensitivity of
5% (31 March 2025: 5%) of the NAV of SIML is applied.
Milestone payments 3 748 6,769 Discounted cash flow The main unobservable inputs consist of the assigned probability of milestone PoS: +/-£37
success and the discount rate used.
Discount rate: £3
A sensitivity of 5ppts (31 March 2025: 5ppts) of the respective inputs is
applied.
Deferred consideration 3 20,953 15,422 Discounted cash flow The main unobservable inputs consist of the assigned probability of milestone PoS: +/
success and the discount rate used.
-£1,488
A sensitivity of 5ppts (31 March
Discount rate: £558
2025: 5ppts) of the respective inputs is applied.
Calibrated price of recent investment (PRI)((1)) 3 683,279 681,326 Calibrated PRI The main unobservable input is the quantification of the progress investments +/- £68,328
make against internal financing and/or corporate milestones where appropriate.
A reasonable shift in the fair value of the investment would be +/-10% (31
March
2025: +/-10%).
Cash((2)) n/a 13 17 Amortised cost((4)) n/a n/a
Other net assets((3)) n/a 43,102 44,566 Amortised cost((4)) n/a n/a
Total net financial assets held at fair value through profit or loss 788,728 789,084
((1)) Valuation made by reference to price of recent funding round
unadjusted following adequate consideration of current facts and
circumstances.
((2)) Cash and other net assets held within the Holding Company are
primarily measured at amortised cost which is equivalent to their fair value.
((3)) Other net assets primarily consists of a receivable due from the
Partnership totalling £48,137,000. (31 March 2025: £49,700,000)
((4) ) Amortised cost is considered equivalent to fair value.
The following table presents the movements in Level 3 investments of the
Holding Company for the period ended 30 September 2025:
Life science Milestone SIML Unaudited Unaudited
investments payments six months to six months to
and deferred 30 September 30 September
consideration 2025 2024
£'000 £'000 £'000 £'000 £'000
Opening balance 681,326 22,191 6,400 709,917 577,615
Purchases 17,097 - - 17,097 90,610
Sales (12,040) (6,104) - (18,144) (9,408)
Gains/(losses) on financial assets at fair value through profit or loss (3,104) 5,614 (1,157) 1,353 12,376
Closing balance 683,279 21,701 5,243 710,223 671,193
The net unrealised gain for the period included in the Condensed Consolidated
Statement of Comprehensive Income in respect of Level 3 investments of the
Holding Company held at the period end amounted to £1,353,000 (30 September
2024: £12,376,000).
The following table presents the Partnership's financial assets and
liabilities by level within the valuation hierarchy as at 30 September 2025
and 31 March 2025:
Level Unaudited Audited Valuation technique Significant unobservable inputs Impact on
30 September 31 March valuation
2025 2025 £'000
£'000 £'000
UK and US treasury bills 1 - 55,651 Publicly available price as at statement of financial position date n/a n/a
Capital pool investment fund - Credit funds 2 80,511 78,457 Valuation produced by fund administrator. Inputs into fund components are from n/a n/a
observable inputs
Capital pool investment fund - Multi asset funds 3 76,509 73,940 Valuation produced by fund administrator The main unobservable input include the assessment of the performance of the +/- £3,825
underlying assets by the fund administrator. A fair reasonable shift in the
Fair Value of the instruments would be +/-5% (31 March 2025: +/-5%)
Legacy funds - 3 7,867 11,373 Valuation produced by fund administrator The main unobservable input include the assessment of the performance of the +/- £787
underlying fund by the fund administrator. A reasonable possible shift in the
Long-term unlisted investments fair value of the instruments would be +/-10% (31 March 2025: +/-19%).
CRT Pioneer Fund 3 9,853 27,294 Valuation produced by fund administrator and adjusted by Management Unobservable inputs include the fund manager's assessment of the performance +/-£1,379
of the underlying investments and adjustments made to this assessment to
generate the deemed fair value. A reasonable possible shift in the fair value
of the instruments would be +/-14% (31 March 2025: +/-25%).
Cash((1)) n/a 16,863 10,871 Amortised cost((4)) n/a n/a
Cash equivalents - money market funds((2)) n/a 96,779 61,444 Amortised cost equivalent to publicly available price as at statement of n/a n/a
financial position date
Other net liabilities((3)) n/a (49,491) (53,161) Amortised cost((4)) n/a n/a
Total net financial assets held at fair value through profit or loss 238,891 265,869
( )
((1)) Cash and other net liabilities held within the Partnership are
primarily measured at amortised cost which is equivalent to their fair value.
((2)) Money Market Funds are deemed as cash equivalents and valued at
amortised cost, being equivalent to their fair value.
((3)) Other net liabilities primarily consists of a payable due to Syncona
Portfolio Limited totalling £48,137,000 (31 March 2025: £49,700,000)
((4)) Amortised cost is considered equivalent to fair value.
During the period ended 30 September 2025, there were no movements from Level
1 to Level 2 (30 September 2024: nil) or between other levels in the fair
value hierarchy.
Assets classified as Level 2 investments are underlying funds fair-valued
using the latest available NAV of each fund as reported by each fund's
administrator, which are redeemable by the Group subject to necessary notice
being given. Included within the Level 2 investments above are investments
where the redemption notice period is greater than 90 days. Such investments
have been classified as Level 2 because their value is based on observable
inputs.
Assets classified as Level 3 long-term unlisted investments are underlying
Limited Partnerships which are not traded or available for redemption. The
fair value of these assets is derived from quarterly statements provided by
each fund's administrator.
The following table presents the movements in Level 3 investments of the
Partnership for the six months to 30 September 2025 and the six months to 30
September 2024:
Investment in Capital pool Unaudited Unaudited
Subsidiary investment six months to six months to
30 September 30 September
2025 2024
£'000 £'000 £'000 £'000
Opening balance 29,517 85,313 114,830 142,331
Return of capital - (3,413) (3,413) (8,530)
Unrealised (losses)/gains on financial assets at fair value (15,871) 2,476 (13,395) (130)
Closing balance 13,646 84,376 98,022 133,671
The net unrealised loss for the period included in the Condensed Consolidated
Statement of Comprehensive Income in respect of Level 3 investments of the
Partnership held at the period end amounted to £13,395,000 (30 September
2024: £130,000 (unrealised loss)).
13. COMMITMENTS AND CONTINGENCIES
The Group had the following commitments as at 30 September 2025 and 31 March
2025:
Unaudited Audited
30 September 31 March
2025 2025
£'000 £'000
Life science portfolio
Milestone payments to life science companies ((1)) 60,100 79,281
CRT Pioneer Fund 1,381 1,448
Capital pool investment 853 1,007
Total 62,334 81,736
((1)) Milestone payments to life science companies consist of financial
commitments undertaken before or at the reporting date, that are contingent
upon the achievement of the agreed investment milestones. When the agreed
investment milestones are not achieved, the decision to make partial or full
payments remains at the discretion of the Group.
There were no contingent liabilities as at 30 September 2025 (31 March 2025:
Nil). The commitments are expected to fall due in the next 36-month period.
14. SUBSEQUENT EVENTS
These Condensed Consolidated Financial Statements were approved for issuance
by the Directors on 12 November 2025. Subsequent events have been evaluated
until 12 November 2025.
ALTERNATIVE PERFORMANCE MEASURES
The Board and the Investment Manager assess the Company's performance using a
variety of measures that are not defined under IFRS and are therefore classed
as Alternative Performance Measures ("APMs"). These include certain financial
and operational highlights and key financials. The definition of each of these
APMs is shown below.
These APMs are used to present a clearer picture of how the Company has
performed over the period and are all financial measures of historical
performance. APMs should be read in conjunction with the condensed
consolidated statement of comprehensive income, condensed consolidated
statement of financial position, condensed consolidated statement of changes
in net assets and condensed consolidated statement of cash flows, which are
presented in the condensed consolidated financial statements. The APMs that
the Company uses may not be directly comparable with those used by other
companies.
The annual ongoing charges ratio has not been disclosed due to the annual
nature of the metric.
CAPITAL DEPLOYED
Gross capital invested in life science companies in the period. With reference
to the life science portfolio valuation table this is calculated as follows:
September September
2025 2024
A Net investment in the period £(2.4)m £75.0m
B Proceeds from sales £18.0m £14.1m
C Net distributions from CRT Pioneer Fund £1.6m £0.9m
Total Capital deployed (A+B+C) £17.2m £90.0m
LIFE SCIENCE PORTFOLIO RETURN
Valuation movement of the life science portfolio expressed as a percentage of
opening portfolio value. Gross life science portfolio return for September
2025 (1.7) per cent; September 2024 (8.8) per cent. This is calculated as
follows:
September September
2025 2024
A Opening life science portfolio £765.4m £786.1m
Net investment in the period £(2.4)m £75.0m
B Valuation movement £(12.8)m £(69.2)m
Closing life science portfolio £750.2m £791.9m
Life science portfolio return (B/A) (1.7)% (8.8)%
CAPITAL POOL RETURN
Valuation movement of the gross capital pool expressed as a percentage of
opening gross capital pool value. Gross Capital Pool return for September 2025
is 1.5 per cent; September 2024 1.0 per cent. This is calculated by dividing
the valuation movement of the gross capital pool investments (B) by the gross
capital pool at the beginning of the period (A). Any small differences in
calculation may be due to rounding of inputs. This is calculated as follows:
September September
2025 2024
Opening Capital Pool £287.7m £452.8m
Add back net liabilities not included in Gross Capital Pool £13.4m £26.7m
Less SIML cash £(6.4)m £(5.8)m
A Opening Gross Capital Pool £294.7m £473.7m
Life science net investments and ongoing costs £(20.4)m £(126.2)m
B Valuation movement £4.5m £4.6m
Closing Gross Capital Pool £278.8m £352.1m
Capital pool return (B/A) 1.5% 1.0%
September September
2025 2024
Closing Gross Capital Pool £278.8m £352.1m
Add back SIML cash £6.2m £6.0m
Less net liabilities not included in Gross Capital Pool £(14.3)m £(5.4)m
Total Capital Pool £270.7m £352.7m
CAPITAL POOL
See Glossary for the definition.
September March
2025 2025
A Cash and cash equivalents £113.9m £81.6m
B Other assets and liabilities £(8.1)m £(13.4)m
C Net Cash and cash equivalents (A+B) £105.8m £68.2m
D UK and US treasury bills £0.0m £55.7m
E Credit investment funds £80.5m £78.5m
F Multi-asset funds £76.5m £73.9m
G Legacy funds £7.9m £11.4m
Total Capital Pool (C+D+E+F+G) £270.7m £287.7m
NAV PER SHARE
NAV attributable to one ordinary share in issue on a fully diluted basis. NAV
per share is calculated by dividing net assets by the number of shares in
issue adjusted for dilution by the potential share based payment share issues.
NAV takes account of dividends payable on the ex-dividend date. This is
calculated as follows:
September March
2025 2025
A NAV for the purposes of NAV per share £1,020,944,130 £1,053,079,495
B Ordinary shares available to trade (note 9) 607,858,236 615,645,995
C Dilutive shares 145,757 558,354
D Fully diluted number of shares (B+C) 608,003,993 616,204,349
NAV per share (A/D) 167.9p 170.9p
NAV PER SHARE RETURN
NAV per share return is a measure of how the NAV per share has performed over
a period, considering both capital returns and dividends paid to shareholders.
NAV per share return is calculated as the increase in NAV between the
beginning and end of the period, plus any dividends paid to shareholders in
the period/year. This is calculated as follows:
September September
2025 2024
A Opening NAV per fully diluted share (note 9): 170.9p 188.74p
B Closing NAV per fully diluted share (note 9): 167.9p 178.9p
C Movement (B-A) (3.0)p (9.8)p
D Dividend paid in the period (note 10): 0.0p 0.0p
E Total movement (C+D) (3.0)p (9.8)p
NAV per share return (E/A) (1.7)% (5.2)%
GLOSSARY
AAV Adeno-associated virus - a non-enveloped virus that can be engineered to
deliver DNA to target cells.
Amyloidosis A rare disease that occurs when a protein called amyloid builds up in organs.
ALL Acute lymphoblastic leukaemia - a cancer of the bone marrow and blood in which
the body makes abnormal white blood cells.
Biologic A substance that is made from a living organism or its products and is used in
the prevention, diagnosis, or treatment of disease.
BLA Biologics License Application.
CAR T-cell therapy Chimeric antigen receptor T-cell therapy - a type of immunotherapy which
reprogrammes a patient's own immune cells to fight cancer.
Capital deployed/deployment "See Alternative Performance Measures"
Capital pool Capital pool investments plus cash less other net liabilities.
Capital pool investments The underlying investments consist of cash and cash equivalents, including
short-term (1, 3, and 6 month) UK and US treasury bills, and a number of
credit, multi-asset and legacy fixed term funds.
Capital pool investments return "See Alternative Performance Measures"
Cell therapy A therapy which introduces new, healthy cells into a patient's body, to
replace those which are diseased or missing.
Clinical stage Screened and enrolled first patient into a clinical trial.
Company Syncona Limited.
CRT Pioneer Fund The Cancer Research Technologies Pioneer Fund LP. The CRT Pioneer Fund is
managed by Sixth Element Capital and invests in oncology focused assets.
Gaucher disease A genetic disorder in which a fatty substance called glucosylceramide
accumulates in macrophages in certain organs due to the lack of functional
GCase enzyme.
Gene therapy A therapy which seeks to modify or manipulate the expression of a gene in
order to treat or cure disease.
General Partner Syncona GP Limited.
Gross Capital Pool Capital pool investments plus cash held by the Group excluding cash held by
the Investment Manager.
Group Syncona Limited and Syncona GP Limited are collectively referred to as the
"Group".
Holding Company Syncona Holdings Limited.
Investment Manager Syncona Investment Management Limited.
IRR Internal Rate of Return.
Late-stage/late-stage clinical Has advanced past Phase II clinical trials.
Life science portfolio The underlying investments in this segment are those whose activities focus on
actively developing products to deliver transformational treatments to
patients.
Life science portfolio return "See Alternative Performance Measures"
Management The management team of Syncona Investment Management Limited.
Net asset value, net assets or NAV Net asset value ("NAV") is a measure of the value of the Company, being its
assets - principally investments made in other companies and cash and cash
equivalents held - minus any liabilities.
NAV Growth Framework A tool to provide shareholders with more clarity on which milestones and what
stage of the development cycle companies will be able to access capital and
drive significant NAV growth.
NAV per share "See Alternative Performance Measures"
NAV per share return "See Alternative Performance Measures"
On the market A category within our NAV Growth Framework. Companies in this category are
commercialising products or have revenue streams.
Operational build A category within our NAV Growth Framework. Companies in this category have a
clearly defined strategy and business plan or a leading management team
established.
Ordinary Shares available to trade Ordinary Shares, with voting rights attached, that are freely tradable on the
open market.
Partnership Syncona Investments LP Incorporated.
Pre-clinical Not yet entered clinical trials.
Return A Simple Rate of Return is the method used for return calculations.
Share Buyback A mechanism for a company to purchase its own shares from existing
shareholders, often to return cash and reduce the number of shares
outstanding.
SIML Syncona Investment Management Limited.
SLE Systemic lupus erythematosus - a long-term autoimmune condition that causes
joint pain, skin rashes and tiredness.
Small molecule An organic compound with low molecular weight, often designed to interact with
specific biological targets for therapeutic effect.
Strategic portfolio Portfolio of core life science companies where Syncona has significant
shareholdings.
Syncona Group Companies The Company and its subsidiaries other than those companies within the life
science portfolio.
T cell A type of lymphocyte white blood cell, which forms part of the immune system
and develops from stem cells in the bone marrow.
The Syncona Foundation The Foundation distributes funds to a range of charities, principally those
involved in the areas of life science and healthcare.
Valuation Policy The Group's investments in life science companies are, in the case of quoted
companies, valued based on bid prices in an active market as at the reporting
date.
In the case of the Group's investments in unlisted companies, the fair value
is determined in accordance with the International Private Equity and Venture
Capital ("IPEV") Valuation Guidelines. These may include the use of recent
arm's length transactions (Price of Recent Investment or PRI), Discounted Cash
Flow ("DCF") analysis and earnings multiples as valuation techniques. Wherever
possible, the Group uses valuation techniques which make maximum use of
market-based inputs.
X-linked Retinitis Pigmentosa A blinding condition.
1 (#_ftnref1) Fully diluted, please refer to note 9 in the financial
statements. Alternative performance measure, please refer to glossary
2 (#_ftnref2) Alternative performance measure, please refer to glossary
3 (#_ftnref3) See footnote 2
4 (#_ftnref4) See footnote 2
5 (#_ftnref5) Life science portfolio return is reported net of capital
invested
6 (#_ftnref6) Syncona Investment Management, Syncona's wholly-owned
Investment Manager
7 (#_ftnref7) See footnote 2
8 (#_ftnref8) As at 11 November 2025
9 (#_ftnref9) Portfolio valuations reflect Syncona's total interest in a
company or investment
10 (#_ftnref10) Primary input to fair value of equity holding
11 (#_ftnref11) The basis of valuation is stated to be "Cost", this means
the primary input to fair value is capital invested (cost) which is then
calibrated in accordance with our Valuation Policy
12 (#_ftnref12) The basis of valuation is stated to be "PRI", this means the
primary input to fair value is price of recent investment which is then
calibrated in accordance with our Valuation Policy
13 (#_ftnref13) Percentage holding reflects Syncona's ownership stake at the
point full current commitments are invested
14 (#_ftnref14) Syncona received shares in Century as part of the agreement
to acquire Clade
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