Earnings release
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05 February 2026 Syncona Limited ("Syncona" or "the Company") Third Quarter Update Positive NAV performance with the SIML team actively managing our portfolio companies tomaximise value Syncona Ltd, a leading life science investor, today issues its quarterly update covering theperiod 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 Beaconattracting external capital which further enables the delivery of its pivotal study, bringing apotentially ground-breaking medicine closer to patients. The SIML team has been activelyengaged with the portfolio companies to maximise value. Looking ahead, we are encouraged by the recent recovery in the biotech sector in publicmarkets, with the Beacon financing suggesting this is now starting to flow into the privatemarkets. Against this improving market backdrop, the portfolio is well-positioned to potentiallydeliver on multiple key value inflection points. These have the potential to underpin significantNAV growth supporting the return of a minimum of £250 million to shareholders, as set out inSyncona's proposed new Investment Objective and Policy." Melanie Gee, Chair of Syncona Limited, said: "My Board colleagues and I are very grateful toour shareholders for their constructive engagement with our strategic process. We look forwardto sharing more details of these proposals in the coming days and to holding the shareholdermeeting in early March. More broadly, we are pleased with the SIML team's active managementof 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, respectivelyo 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 itspipeline of oncology indicationso Resolution published new clinical data supporting the hypothesis that Regenerative Macrophage Therapy (RMT) has anti-inflammatory and anti-fibrotic effects in cirrhosiso 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 bothcompanies opening clinical sites · Financial progress with Beacon attracting validating external capital
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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; disciplinedand 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 Policyo £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 developingtherapeutics 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 thiscalendar year The portfolio has eight key value inflection points expected over the next three years with thepotential to drive significant NAV growth through M&A and liquidity, and other events, but theseare 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 theCHILL 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 CY2027o 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 commercialopportunityo 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 CY2026o 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 programmewith 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 Arrangementsfor 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 updateon the portfolio and broader market outlook Life Science Portfolio valuations[3] 30 Sep 2025 Net investment in the period Valuation change FX movement 31 Dec 2025 % of Group NAV Valuation Basis[4], [5],[6] Fully diluted owner- ship stake[7] Focus area (£m) (£m) (£m) (£m) (£m) (%) Strategic portfolio
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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] 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 areset out below) are not without risk and their impact will be affected by various factors includingthe market environment at the time of their delivery. Strategic life science portfoliocompany Next expected capitalaccess milestones SIML team view ofpotential key valueinflection points On the market Autolus CY2026- Further commercial traction following USlaunch of AUCATZYL®(obe-cel)
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Moving towards being on the market Beacon H2 CY2026- Data readout from its pivotal VISTA trial inXLRP Spur CY2026- Initiation of Phase I/II trial in Parkinson'sdisease H1 CY2028- Completion of the pivotal stage of itsPhase III trial inGaucher disease Moving towards publishing definitive data iOnctura H2 CY2026- Data readout from its Phase II trial in uvealmelanoma Resolution H2 CY2026- Interim data readout from its Phase I/II trialin end-stage liverdisease Moving towards publishing emerging efficacy data Quell H1 CY2026- CTA approval for Phase I/II CHILLstudy inrheumatologicautoimmunediseases CY2027(updated)- Data from its Phase I/II CHILL study inrheumatologicautoimmune diseases Anaveon CY2026- Data readout from its Phase I/II trial ofANV600 CY2026- IND filing for its Phase I/II trial inANV200 Purespring H1 CY2027- Complement biomarker clinical data OMass CY2026- Initiation of Phase I trial of its MC2programme CY2027- Data from Phase I trial of MC2 programme Mosaic H2 CY2026- Initiation of first clinical study for leaddrug combination H1 CY2027- Initiation of clinical study for second drugcombination Yellowstone CY2026- Candidate selection for lead programme Enquiries Syncona Ltd Annabel ClarkTel: +44 (0) 20 3981 7940
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FTI Consulting Ben Atwell / Natalie Garland-Collins / Tim StamperTel: +44 (0) 20 3727 1000 Forward-looking statements - this announcement contains certain forward-looking statementswith respect to the portfolio of investments of Syncona Limited. These statements and forecastsinvolve risk and uncertainty because they relate to events and depend upon circumstances thatmay or may not occur in the future. There are a number of factors that could cause actualresults or developments to differ materially from those expressed or implied by these forward-looking statements. In particular, many companies in the Syncona Limited portfolio areconducting scientific research and clinical trials where the outcome is inherently uncertain andthere is significant risk of negative results or adverse events arising. In addition, manycompanies in the Syncona Limited portfolio have yet to commercialise a product and their abilityto 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 ensurethey understand the risks and opportunities of an investment in Syncona Limited, including theinformation 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