Good day, ladies and gentlemen, and welcome to Syncona full year results 2025/2026. At this time, all participants are in a listen-only mode. Following the presentation, we will conduct a Q&A session. If you wish to ask a question, we ask that you please use the raise hand function at the bottom of your screen. Participants can also submit questions through the webcast page using the Ask a Question button. Instructions will also follow at the time of the Q&A. I would like to remind all participants that this call is being recorded. I will now hand over to Chris Hollowood, Chief Executive Officer, to start the presentation. Welcome to Syncona's full year 2026 results. I am joined by my colleagues, Rolf and Kate, who will walk you through the portfolio and financial results. First, I would like to focus on the highlights and the market backdrop. NAV per share was roughly flat for the year. The life science portfolio was marginally positive, driven by strong performance in Beacon, offset by partial write-downs at Kesmalea and a legacy investment, the CRT Pioneer Fund. We remain well-capitalized with GBP 198 million available to drive the late-stage portfolio to full value and liquidity. That portfolio has never been more mature, with 86% at clinical commercial stage, and it continues to perform well, hitting operational clinical milestones as well as attracting third-party capital and strategic interest. The coming financial year is an exciting one, bringing five Key Value Inflection Points. Much of the year has been focused on our strategic process. We were very pleased to receive 90% shareholder support for our proposals and now have a clear mandate and greater capacity to deliver value. Initially, we are focused on driving the portfolio to value and generation of a minimum of GBP 250 million of realizations that can be returned to shareholders. The value generation from these realizations will be a very important driver of addressing the discount to NAV. The Syncona team is resolutely focused on its delivery and is pleased to have an incentive scheme that aligns with it. Once this is completed, we are excited about the future of our industry and the further returns we can generate for shareholders by developing high-impact medicines through building and investing in category-leading biotechs. One of the fundamentals of the Syncona model is that pharmaceutical companies rely on external innovation to provide late-stage, high-impact medicines to fill their pipelines. This has never been truer. Large pharmaceutical companies will lose GBP 350 billion of revenue by 2030. This can only be replenished with a large reliance on M&A, and this is exactly what we are seeing with 2026 on track to be the greatest ever year for M&A below GBP 15 billion per M&A, the zone of our model. To pick one out, Terns is a small molecule for a blood cancer not in phase III, but the best-in-class profile that was bought by Merck for GBP 6 billion. An interesting comparator to iOnctura and Mosaic in our portfolio. Also the chair of Terns to the chair of Beacon to provide some color of the quality of board leadership we have in our late-stage portfolio. What is more, there are new players executing M&A. The biotech companies of yesterday now represent substantial companies in their own right, increasing the overall number of counterparties and increasing the number of deals getting done significantly, not just the aggregate value. Absolutely in line with our model, this M&A remains focused on the late-stage. Recognition by pharma that they are not the best place for innovation, that only late-stage deals will have real impact, and only late-stage deals become accretive for them in the near term. This sits in tandem with the public markets where M&A fuels investor appetite. Biotech public markets are up over 70% in the last 12 months. IPOs are back, and the generalists are participating in them. As public markets get fully priced, investors go searching for better value, which builds its price into the private markets. This always happens with a lag, but we are starting to see investment pick up in the private markets, albeit focused on those later-stage assets still. Licensing activity also remains active with large-cap biopharma continuing to secure differentiated assets and a still selective venture environment providing another route to yield value in the portfolio. All roads, M&A, licensing, and capital markets align with a significant portfolio rebalancing we have executed over the last three years. Here to walk you through the details of that portfolio is Rolf. Thank you, Chris. We are excited about the strong progress across the portfolio. Over the past two years, we have pushed the portfolio towards later-stage assets. We focused on financing our companies to data with significant leverage from external capital, and we have acted across the portfolio to build exceptional leadership teams that are able to execute on our ambitions. Over 80% of the portfolio is now in the clinic and on the market, and with a large proportion of our late-stage clinical companies tracking to delivering data that will confirm the clinical and commercial relevance of our most advanced programs in the next two years. As Chris explained earlier, that is the zone where pharma is actively engaged in the market to acquire companies and products to fill its significant revenue gap. We made significant progress across the portfolio. To give you a couple of highlights, Beacon raised an oversubscribed $75 million Series C that finances the company through to registration. This high-profile financing further raised awareness of Beacon amongst investors and strategics. Since we led iOnctura's $85 million Series B financing, the Syncona team has worked closely with the company to identify broad applications for its lead asset, roginolisib, with the initiation and execution of clinical trials across a number of solids and hematological cancers in the last year. We initiated 10 new clinical trials across the portfolio, including a pivotal trial for Spur's lead program for the treatment of Gaucher's disease. Other trials include studies by Purespring in IgA nephropathy and iOnctura in myelofibrosis. In addition, we delivered three significant milestones in research, licensing, and collaboration, including strong progress in Quell's collaboration with AZ, Mosaic's deal to in-license two clinical-stage assets, and Almac's collaboration with Genentech. Finally, we delivered nine capital access milestones, including six-month data from Beacon's phase II DAWN trial, the initiation of Spur's pivotal study, and the initiation of Resolution's phase I/II study in end-stage liver disease. We are really excited about the prospects of this portfolio, and we believe it's well-positioned to deliver value. With the work we've done in the past several years, we laid the foundation to now maximize the value of this portfolio for our shareholders, as well as return the GBP 250 million we committed to those shareholders that want to see short-term liquidity. A mature and diversified portfolio can deliver value through third-party financings, IPOs, M&A, which is our primary but not exclusive source of liquidity, milestones, and royalties. We have consistently pursued an investment thesis that is guided by the observation that realizations in our sector are, A, driven by data and, B, best pursued by companies that have optionality. That's why you will see us continue to build and scale our businesses while we engage with potential acquirers. Our key value inflection points, or KVIPs, track material de-risking events for our portfolio companies. In practice, that means an important milestone that substantially changes the risk and, as a consequence, the value outlook of an investment. We set these milestones to drive the similar organization and our portfolio company leadership to focus relentlessly on the delivery of critical milestones towards value creation and potential liquidity for our shareholders. For this presentation, I will focus on highlighting some of the near-term KVIPs. We are reporting eight KVIPs across the portfolio, with five expected this year, including Beacon's phase III data in XLRP, if positive, will underpin a BLA filing in the U.S. iOnctura's phase II data in uveal melanoma, if positive, will underpin a phase III registration trial. We also expect Resolution and Quell data in calendar year 2026. Resolution's data, if positive, will build on data from academic MATCH trials, demonstrating proof of concept for its leads program in end-stage liver disease. The Quell data, if positive, will validate the therapeutic potential of engineered T-reg cell therapy in refractory rheumatoid arthritis. None of these companies will exist if it wasn't for the collaboration with the Syncona team. All of these companies are category leaders and develop unique new drugs that will have a profound impact for patients, if approved. As you can see from the gray boxes in these slides, we own a substantial share in each of them, so that success also means that there will be substantial returns for shareholders. With that, I will hand over to Kate. Thank you, Rolf. Good morning, everyone. Over the next two slides, I will talk through how we have managed and will continue to manage our capital allocation under our new investment policy and our new capital allocation policy, with a clear focus on shareholder outcomes. Under these policies, deployment is focused on clinical and late-stage assets and companies with Key Value Inflection Points. In practice, this means investing to advance our companies to late-stage and clinical-stage, maximizing value and returns while building and scaling them to compete globally. This focused allocation is intended to move our companies towards exits. This provides the liquidity required to return a minimum of GBP 250 million to shareholders. It is also really important that we protect the value of our portfolio companies in third-party financings, supporting NAV growth and driving future upside. Alongside this, we will also continue to make selective small investments in new companies to build the foundation to drive growth once the GBP 250 million has been returned. What have we done in the year? Of the GBP 81 million that has been deployed during the year, 84% of that went into late-stage and clinical assets, concentrating capital on maximizing value and moving us closer towards returning a minimum of GBP 250 million. We've also continued to take a prudent approach to investing in new investments, with GBP 8.1 million deployed into two early-stage opportunities, RIME and ALTx, with the latter being deployed through our accelerator company, Slingshot. Since the year-end, we have deployed a further GBP 25 million, and that has been into late-stage and clinical assets, being Spur and Resolution. I'll now hand over to Chris to conclude the presentation. Just as we completed rebalancing of the portfolio, we built a better balanced team, have a greater set of investment leaders to drive our increasing late-stage portfolio, and augment them with a set of executive partners that can add value across the full spectrum of drug development. We're delighted to have welcomed Sam this year, previously CEO of NICE, who brings great leadership skill alongside a domain knowledge of therapeutic value and access. We're also delighted to announce today that Paul Sekhri has joined us to bring his extensive business development M&A skills to bear across the portfolio, providing greater access to strategic deals and M&A. To give you a flavor of his capability, he was recently chair of Longboard, which he sold for over $2.5 billion. Beyond the delivery of the late-stage portfolio, we see an exciting future that the U.K. is at the center of. Advancements in gene editing, genomics, and AI allow us to conduct research in ways unimaginable even five years ago. These tools are best applied in an environment of high innovation and embedded clinical data sets and translational capability. The U.K.'s unique in its alignment of this, and Syncona is unique in its ability to access and build companies from it. We intend to prosecute it with a capital structure that optimizes returns for our shareholders. Our pursuit of a private fund allows us to access different pools of capital and provide leverage to longer duration aspects of our model, improving the cadence of returns in Syncona, improving capital access for the portfolio, and reducing financing risk of that portfolio as well. First and foremost, we're driving to that GBP 250 million return. First, by delivering our eight stated Key Value Inflection Points, more generally driving the portfolio to late stage, and all through our tailored hands-on approach in partnering with our portfolio companies that is road-tested in delivering a significant value through M&A. Shareholders should feel confident in the delivery of value to them. The fundamentals of our sector remain strong, underpinned by a robust M&A backdrop. Our portfolio is increasingly late stage and increasingly in the strike zone of M&A. We are fully funded to deliver our KVIPs, the most likely levers to drive that M&A. Our team has never been more experienced and has now added skill sets that align with late-stage profile of our portfolio, driving value and strategic interest. It is that that underpins future NAV progression and the delivery of GBP 250 million. We thank our shareholders for their strong endorsement of our strategy that now provides a period of focused execution. We are now very happy to take questions. Now begin the Q&A session. If you wish to ask a question, please use the raise hand function at the bottom of your screen. Participants can also submit questions through the webcast page using the Ask a Question button. We will pause a moment to assemble the queue. Our first question comes from Simon Baker from Rothschild & Co. Please unmute your line and ask your question. Our next question comes from Miles Dixon from Peel Hunt. Please unmute your line and ask your question. Good morning. Hopefully, you can hear me. Yes, we can, Miles. Morning. Brilliant. Good morning. If I could start with the valuations, please. As impressive as the 86% of the life science portfolio being in later stage clinical or commercial, I previously estimated that 90%, 95% of the value in your portfolio consists of investments held at cash or mark-to-market or tested third-party valuation rounds, particularly in arguably the worst bear market for biopharma that we've seen in a generation. Is that something that you still recognize, that 90%-95%? Given that very conservative valuation, what stands out to me is quite a small change in the net valuation on the group, excepting Beacon aside on that Series C. Is it fair to suggest then that the NAV doesn't really reflect the changing sentiment towards biopharma? Thank you. Thanks, Miles. At a headline, yes. I haven't done the calculation you've done to say that it's 90%-95%, but I think about 18 months ago, we did put out a slide that showed that our NAV was heavily underpinned by third-party pricing or mark-to-market in the bear market, and it's only improved on that basis since then. XBI, which as you know is the index we like to track for how the biotech market's doing, has only gone up since then. Those NAV marks are historical marks and don't reflect the clinical progress made within the portfolio until those companies either get to M&A or get to a future financing round. Yes, I think there is a lot of latent value in the portfolio. I think the portfolio is significantly undervalued at this level of discount, and I think it represents a great opportunity. Great stuff. Thank you, Chris. Can I just follow up on Slingshot as well, please? Can you update us on what opportunity is in there? Kate, I thought I heard you mention Rio and Autolus. Does the cap that you've placed on yourself for the, I believe it was 8.1 or, sorry, two sets of GBP 15 million. Does that limit the funding that can go down that, what I think is a very important strategic asset in the U.K. for developing spin-outs? Thank you. Thanks, Miles. We've obviously started Slingshot a couple of years ago now. We see it as a key strategic capability for Syncona and a big part of our future in the ever-changing environment in U.K. biotech. It's a key enabler and a key differentiator relative to how other people start companies. The GBP 15 million cap we have per year is a sensibly tailored amount that allows us to maintain that capacity at Slingshot and make sure we're not impairing a key strategic asset whilst being prudent through this time where we're aiming to return the GBP 250 million. I think it's a measured amount. Got it. Thank you. The companies that are in or underneath the Slingshot portfolio at the moment, can you give us a flavor for how many and what they might be? We got three at the minute. Two are in the autoimmune inflammatory space. That's a company called Apini Therapeutics. The more recent company, RIME Therapeutics, that we've announced, ALTx Therapeutics is in oncology. These are companies that, again, come out of the ecosystems or directly from the top universities in this country, very much on thesis for Syncona. Great. Thank you, Chris. Just one more, if I may, before I get back in the queue. I know that we've all talked at length about the progress of Mansion House and Pension Capital. Is there any progress, whether it be public or private, the public or private fund at obviously Syncona or Syncona, that people are seeing that as a mature portfolio and a way for them to deploy capital behind venture? Look, I am encouraged by the Mansion House activity. I think the wheels are turning slowly, but I do think they're turning. With respect to us, there's two opportunities to get exposure to Syncona. One is directly through the listed vehicle. I think that represents a great opportunity to those people. Also, we've now got the private fund initiative, which we really launched in earnest in April. That private fund, if we can raise capital into it, I think really increases the balance sheet efficiency and lowers the financing risk of the portfolio for Syncona Limited. It sits synergistically with it to drive returns. Our shareholders should be pleased whether money comes in directly into Syncona itself or into that private fund, because I think all those roads still lead to our share price. Great. Thank you. Thank you. Our next question is from Simon Baker from Rothschild & Co. Please unmute your line and ask your question. Thank you very much. Apologies for the slight IT issue earlier. Two, if I may please. Firstly, on Quell. Beyond the rheumatoid arthritis indication, Quell have also talked about Sjögren's and vasculitis. I'm just wondering about the amenability of that approach to SLE and multiple sclerosis, which is where we've seen a lot of activity in this space. Related to that, there's a question of scalability of autologous cell therapy. In order to achieve the big time, is this really a case of waiting for the allogeneic program, or do you see a large volume opportunity with QEL-005? Then secondly, a more general question. Given the weakness in the biotech market, which does appear to be improving at the moment, I just wanted to get your sense of your relative preference now for exit via M&A or IPO in the current climate, and how you see that going forward. Thanks so much. Okay. Well, morning, Simon. Let's start with Quell. Quell has obviously brought its pipeline program for RA forward very rapidly, actually. Really impressive execution by the company. There's really good predicate data out there that suggests this has a high chance of working. There's a California company called Sonoma that published data in that particular disease setting there, hard-to-treat RA, that showed some level of efficacy, but there's a technical flaw in how they did it that means they can't actually take that program forward, whereas Quell can. It validates but opens the market up for Quell. Also Quell in its liver transplant patient has shown that its cells traffic where you want them to traffic, and are still residing in the liver over a year later. It shows the technical performance of our platform. The overall market opportunity for that program will be limited by the manufacturing capacity because those markets are so big. If it works, it will be as much as you can make, you can sell. That's not a problem. If you look at Cellectis, which was recently bought over in the U.S., that was bought I think for $8 billion, I'm thinking off the top of my head. That just shows that although that's an autologous product, you can get to very, very sizable markets and very, very high value. Quell is addressing markets bigger than our Cellectis is addressing. We're not concerned by that as a route. In terms of your specific other indications, I think SLE, if I know my biology, is probably tractable, probably on the list. MS, I need to have a look at. This program works by, sorry for those that aren't technical on the call, you get these tertiary lymph nodes that build up in the inflammatory tissue, that's the anchor point for Quell's cells. They traffic into there and are effectively directed to where the inflammation is. Whether that's the case in MS biology, I'd need to check. Great. Thank you. On the M&A IPO front, we've never taken IPO as an exit per se. It's a financing event that allows you to build a very big biotech. I think where the markets are right now, both in two aspects, one in terms of where the public markets are assigning value, but also the depth of capital available in private markets for late-stage assets means that whilst we still will use IPOs, our businesses will be much more mature before they are listed. That gives you confidence in the risk profile, given the greater de-risking that's been done, but also in the execution of the public markets because management teams would have had the air cover of the private markets to execute for a longer period and be much more attuned to that. You'll still see IPOs as part of the strategy, but you'll see it at a later stage. Because it's at a later stage, you're much closer to that M&A zone. If you can finance into that M&A zone in a private market, that is a more capital efficient way to do it and will drive a greater return for us. Those two play sort of interchangeably with themselves. The overall health of the financing market, you're right to note, has improved, certainly for late stage, and we hope that'll filter down to those early-stage companies over the course of this year. Great. Thank you very much. Thank you. There are no further raised hands. I will now hand over to the Syncona IR team to read out written questions submitted via the Spark Live webcasting page. Thank you. Okay. We've had one question here, which is, "Please could you outline if there is any difference in the XLRP phase III VISTA trial design?" This is the trial design that Beacon has in its phase III versus that of the J&J product, which didn't meet its primary endpoint. If you recall, we have one competitor in this phase. The J&J product, the phase III primary endpoint was a maze test, and this effectively records the speed at which a patient can travel through a maze, the number of mistakes they make, the number of times they bump into things at varying light levels. Our view had always been that is an inappropriate endpoint for this disease. These patients are severely impaired in their sight. Until the very late stage of the disease, they have a pinprick of central vision, and they can navigate through a maze quite well. We didn't think that a maze test would be able to discern between the treatment effect of the therapy, and whether you've been treated or not. We always had that view, and we always knew that a much better endpoint was what's known as low luminance visual acuity. The way to think about that, everybody's been to the opticians, and they've all read an eye chart. It's like reading an eye chart in low light. That does work in these patients because the first thing they lose is their night vision. That low light condition really does impair their sight further, and you get very high discernment now on the eye chart. We knew that from other data sets that are out there. We also knew, although FDA, so the U.S. regulator, had not accepted it as an endpoint for any prior therapy, it was on record saying it would if someone wanted to put it forward. That was our key insight, to set the Beacon study up using that endpoint where we knew we'd get a much higher result, and we also knew that the maze test was a flawed test for this disease. It's interesting to note that the endpoint J&J now all talk about, and now MeiraGTx, because it's gone back to MeiraGTx, post the readout is low luminance visual acuity, because guess which endpoint their product responded best on? Low luminance visual acuity. What I'd also note is there are many reasons to believe that our product is a superior product. Not only do we have the correct primary, we'll have a much higher response against that primary as well. We feel very confident in the position of Beacon. There's no more questions online, and we don't have any more over the email. I think that is the end, and thank you everybody. Thank you for joining today's call. You may now disconnect.