REG - Syncona Limited - Third Quarter Update
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RNS Number : 7634R Syncona Limited 05 February 2026
05 February 2026
Syncona Limited
("Syncona" or "the Company")
Third Quarter Update
Positive NAV performance with the SIML team actively managing our portfolio
companies to maximise value
Syncona Ltd, a leading life science investor, today issues its quarterly
update covering the period from 01 October to 31 December 2025.
Chris Hollowood, Chief Executive of Syncona Investment Management Limited,
said: "We are pleased to have delivered positive NAV performance this quarter
with Beacon attracting external capital which further enables the delivery of
its pivotal study, bringing a potentially ground-breaking medicine closer to
patients. The SIML team has been actively engaged with the portfolio companies
to maximise value.
Looking ahead, we are encouraged by the recent recovery in the biotech sector
in public markets, with the Beacon financing suggesting this is now starting
to flow into the private markets. Against this improving market backdrop, the
portfolio is well-positioned to potentially deliver on multiple key value
inflection points. These have the potential to underpin significant NAV growth
supporting the return of a minimum of £250 million to shareholders, as set
out in Syncona's proposed new Investment Objective and Policy."
Melanie Gee, Chair of Syncona Limited, said: "My Board colleagues and I are
very grateful to our shareholders for their constructive engagement with our
strategic process. We look forward to sharing more details of these proposals
in the coming days and to holding the shareholder meeting in early March. More
broadly, we are pleased with the SIML team's active management of our
strategic portfolio companies during the period."
Positive financial performance supported by improving market conditions
· Net assets of £1,058.2 million, 173.9p per share (30 September 2025:
£1,020.9 million, 167.9p per share); a NAV per share return of 3.6% in the
quarter
· Life Science Portfolio valued at £840.1 million (30 September 2025:
£750.2 million), a return of 5.0% in the quarter:
o Driven by 20% valuation uplift of Beacon Therapeutics (Beacon), following
its Series C financing 1 and Autolus' share price appreciation
· Over the nine months to 31 December 2025, NAV per share has returned
1.8% with the Life Science Portfolio generating a return of 3.3%
· Capital pool of £218.1 million at 31 December 2025 (30 September
2025: £270.7 million); £52.6 million deployed in the quarter
Strategic portfolio demonstrating clinical and financial progress
· 85% of the Life Science Portfolio in commercial, late stage and
clinical stage companies
· Continued positive clinical progress across the portfolio including:
o Beacon published longer-term positive data from two Phase II trials,
SKYLINE and DAWN, at 36 months and 9 months, respectively
o iOnctura completed patient enrolment in two Phase II clinical studies
(uveal melanoma and non-small cell lung cancer) and has delivered other key
milestones across its pipeline of oncology indications
o Resolution published new clinical data supporting the hypothesis that
Regenerative Macrophage Therapy (RMT) has anti-inflammatory and anti-fibrotic
effects in cirrhosis
o Spur is initiating its phase III clinical programme in Gaucher Disease and
Purespring Therapeutics is initiating its phase I/II programme for IgA
nephropathy with both companies opening clinical sites
· Financial progress with Beacon attracting validating external capital
o Beacon raised $75 million in an oversubscribed Series C financing led by
Goldman Sachs Alternatives, where Syncona committed $24.5 million alongside
existing investors
Capital deployment focused on late-stage clinical companies and Resolution;
disciplined and selective new investments
· 85% of capital invested into late-stage clinical companies and
Resolution including £10.3 million in Beacon's Series C financing 2
· Selective new investments with a prudent approach consistent with
proposed new Capital Allocation Policy
o £4.5 million invested in a new opportunity in the immunology space, NewCo
o Slingshot Therapeutics, Syncona's accelerator, has launched ALTX
Therapeutics (ALTx), deploying £3.6 million. ALTx is a new spin out from the
Francis Crick Institute developing therapeutics to treat cancers that make use
of the Alternative Lengthening of Telomeres (ALT) pathway
Eight key value inflection points over the next three years with four expected
this calendar year
The portfolio has eight key value inflection points expected over the next
three years with the potential to drive significant NAV growth through M&A
and liquidity, and other events, but these are not without risk. Syncona is
funded to deliver on these key value inflection points.
· Four key value inflection points expected from commercial, and
late-stage and clinical-stage companies in CY2026 (Autolus, Beacon, iOnctura
and Resolution)
· Quell's key value inflection point has changed and is delayed until
CY2027 reflecting a recent strategic decision taken at the company:
o Quell has taken the decision to prioritise its QEL-005 programme for
rheumatologic autoimmune (RA) diseases, which it expects to enter the clinic
this year, initiating the CHILL Study with patient cohorts in RA and Systemic
Sclerosis (SSc)
o Quell will pause its Phase I/II LIBERATE study, QEL-001, in liver
transplantation in order to allocate capital to drive forward the QEL-005
programme in RA/SSc, publishing clinical data in CY2027
o The study, alongside competitor data, has provided the company with key
insights that de-risk the QEL-005 programme, which could access a potentially
larger commercial opportunity
o The key value inflection point for Quell has been updated to reflect work
on this new programme with timing now CY2027 relative to the previous timing
of CY2026
o Whilst we seek to avoid delays, the SIML team is encouraged by the
technical progress in the field and supports management's decision to allocate
capital to the programme with the best risk adjusted return
Circular publication
· Next week, the Company will publish a circular and notice of general
meeting to approve its new Investment Policy and provide details of the new
Long-Term Incentive Arrangements for SIML
· General Meeting to approve the proposals to take place in early March
2026
Capital Markets Day
· Syncona will be holding a Capital Markets Day on 19 March 2026 at
which members of the SIML team, portfolio company management and market
participants will provide an update on the portfolio and broader market
outlook
Life Science Portfolio valuations(( 3 ))
30 Sep 2025 Net investment in the period Valuation FX movement 31 Dec 2025 % of Group NAV Valuation Fully diluted owner-ship stake 7 Focus area
change Basis(( 4 )),(( 5 )),(( 6 ))
(£m) (£m) (£m) (£m) (£m) (%)
Strategic portfolio companies
On the market
Autolus 34.9 7.8 (0.1) 42.6 4.0% Quoted 9.6% Cell therapy
Late-stage clinical
Spur 184.9 11.0 0.1 196.0 18.5% Cost 86.5% Gene therapy
Beacon 125.6 21.5 30.0 (0.8) 176.3 16.7% PRI 38.4% Gene therapy
Clinical
Quell 82.1 (0.2) 81.9 7.8% PRI 33.7% Cell therapy
Resolution 58.9 12.0 0.4 71.3 6.7% Cost 81.2% Cell therapy
Purespring 53.4 53.4 5.0% PRI 46.3% Gene therapy
Anaveon 37.9 0.1 38.0 3.6% PRI 36.9% Biologics
iOnctura 26.2 26.2 2.5% PRI 21.9% Small molecules
Mosaic 25.5 25.5 2.4% Cost 59.2% Small molecules
Pre-clinical
OMass 49.7 49.7 4.7% PRI 28.9% Small molecules
Kesmalea 20.0 20.0 1.9% Cost 61.3% Small molecules
Yellowstone 16.5 16.5 1.6% Cost 60.9% Biologics
Forcefield 12.9 12.9 1.2% PRI 73.7% Biologics
Slingshot 8.4 3.6 12.0 1.1% Cost 100.0% Accelerator
NewCo 0.0 4.5 4.5 0.4% Cost 37.8% Biologics
Portfolio milestone payments
Clade milestone payment 0.7 0.1 0.8 0.1% DCF Cell therapy
Syncona investments
CRT Pioneer Fund 9.9 (0.5) 9.4 0.9% Adj Third Party 64.1% Oncology
Biomodal 2.2 2.2 0.2% PRI 3.0% Epigenetics
Century 8 (#_ftn8) 0.5 0.5 (0.1) 0.9 0.1% Quoted 1.1% Cell therapy
Total Life Science Portfolio 750.2 52.1 38.9 (1.1) 840.1 79.4%
Capital pool 270.7 (56.4) 3.1 0.7 218.1 20.6%
TOTAL 1,020.9 1,058.2 100.0%
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 CY2026
- Further commercial traction following US launch of AUCATZYL®
(obe-cel)
Moving towards being on the market
Beacon H2 CY2026
- Data readout from its pivotal VISTA trial in XLRP
Spur CY2026 H1 CY2028
- Initiation of Phase I/II trial in Parkinson's disease - Completion of the pivotal stage of its Phase III trial in Gaucher
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 H1 CY2026 CY2027(updated)
- CTA approval for Phase I/II CHILL study in rheumatologic - Data from its Phase I/II CHILL study in rheumatologic autoimmune
autoimmune diseases 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 H1 CY2027
- Complement biomarker clinical data
OMass CY2026 CY2027
- Initiation of Phase I trial of its MC2 programme - Data from Phase I trial of MC2 programme
Mosaic H2 CY2026
- Initiation of first clinical study for lead drug combination
H1 CY2027
- Initiation of clinical study for second drug combination
Yellowstone CY2026
- Candidate selection for lead programme
Enquiries
Syncona Ltd
Annabel Clark
Tel: +44 (0) 20 3981 7940
FTI Consulting
Ben Atwell / Natalie Garland-Collins / Tim Stamper
Tel: +44 (0) 20 3727 1000
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.
1 When adjusted for investment of £21.5 million since 30 September 2025
and immaterial FX movements
2 In addition to the £11.2 million invested as part of tranche two of
Beacon's Series B financing.
3 Portfolio valuations reflect Syncona's total interest in a company or
investment
4 Primary input to fair value of equity holding
5 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
6 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
7 Percentage holding reflects Syncona's ownership stake at the point full
current commitments are invested
8 Syncona received shares in Century as part of the agreement to acquire
Clade Therapeutics
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