Earnings release
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06 August 2026 Syncona Limited ( " Syncona " or " the Company " ) First Quarter Update SIML team working closely with portfolio companies to deliver upcoming key value inflection points Syncona Ltd , a leading life science investor , today issues its quarterly update covering the period from 31 March 2026 to 30 June 2026 . Chris Hollowood , Chief Executive of Syncona Investment Management Limited , said : " It has been a quarter of meaningful progress across the portfolio , including the first patient dosed in Spur's Phase III pivotal trial . We have been pleased to see continued M & A activity and improving financing conditions across the public biotech markets and later - stage private markets , creating a favourable backdrop for our portfolio . With four key value inflection points expected by the end of CY2026 , the portfolio is well positioned to deliver significant upside , which could enable the return of £ 250 million of proceeds to shareholders in due course . We remain focused on unlocking value by guiding our companies to late - stage development . " Financial performance ; capital deployment focused on late - stage and clinical - stage companies • Net assets of £ 1,038.1 million , 170.6p per share ( 31 March 2026 : £ 1,037.7 million , 170.6p per share ) ; a NAV per share return of 0.0 % in the quarter Life Science Portfolio valued at £ 866.7 million ( 31 March 2026 : £ 839.4 million ) , a return of 0.5 % in the quarter Capital pool of £ 171.4 million at 30 June 2026 ( 31 March 2026 : £ 198.3 million ) ; £ 24.9 million deployed in the quarter о 100 % of capital invested into late - stage clinical and clinical - stage companies with £ 24.9 million deployed into Spur Therapeutics ( Spur ) and Resolution Therapeutics ( Resolution ) Portfolio companies demonstrating continued progress ahead of upcoming key value inflection points • 86.4 % of the Life Science Portfolio in commercial , late - stage and clinical - stage companies ; late - stage clinical is where the SIML team believes significant value can be accessed Continued positive clinical progress across the portfolio including : - - Spur , a gene therapy company , dosed the first patient in GALILEO - 3 , its Phase III pivotal clinical trial evaluating avigbagene parvec ( FLT201 ) , an investigational gene therapy for Gaucher disease type 1 This follows the recent publication of data from its Phase I / II trial which highlighted encouraging improvements in skeletal disease , a major and persistent cause of morbidity in Gaucher patients Resolution has noted the publication of positive four - year follow - up data from the University of Edinburgh's MATCH trial of Regenerative Macrophage Therapy in patients with liver cirrhosis ; data from this trial further validates and reinforces the SIML team's investment thesis in Resolution
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• Operational progress with leadership team appointments and changes to support continued strategic progress and delivery: - Spur announced that CEO , Michael Parini , transitioned to Chair of its Board of Directors and C hief Scientific Officer, Henning Stennicke, PhD , assumed the role of Chief Operating Officer , bringing deep industry knowledge to his responsibility for operational leadership, whilst Michael will continue to guide the company strategy and provide counsel on ongoing business development priorities - Chris Hollowood, who was Chair of Spur, will remain on the Board as a Director, bringing a wealth of expertise in the gene therapy space and important continuit y, whilst Dr. Samantha Roberts, Executive Partner at SIML and ex CEO of NICE, will join the Spur Board as a Director - Anaveon strengthened its leadership team with the appointments of Eric Zanelli as Chief Scientific Officer and Jill Jene as Chief Business Officer to accelerate Anaveon’s clinical development and pipeline expansion - Post period end, Mosaic Therapeutics (Mosaic) has appointed Dr. Allison Jeynes as Chair of its Board; Allison brings three decades of drug development and Board and executive leadership experience to guide the company’s next phase of growth Four key value inflection points expected in CY2026 with a further four key value inflection points expected before the end of CY2028 • A key value inflection point (KVIP) is a material de -risking event for a portfolio company that has the potential to drive significant NAV growth for Syncona, for example by increasing the possibility of a realisation event, such as M&A activity • Syncona is funded to deliver all KVIPs across its portfolio, which have the potential to drive significant NAV growth through M&A and liquidity events • Four KVIPs expected by the end of CY2026, including: o Data readout from Beacon Therapeutics’ Phase II/III pivotal trial in XLRP, which, if positive, will underpin a Biologics License Application (BLA) filing o Phase IIb data from iOnctura’s lead candidate in metastatic uveal melanoma o Further commercial traction following US launch of AUCATZYL® (obe -cel) for Autolus o Interim data readout from Resolution’s Phase I/II trial in end-stage liver disease • Four capital access milestones expected by the end of CY2026 o Mosaic now plans to initiate its first clinical study for its lead drug combination in CY2027 (previously H2 CY2026) reflecting its new strategic focus Life Science Portfolio valuations1 31 Mar 2026 Net investm ent in the period Valuatio n change FX moveme nt 30 June 2026 % of Group NAV Valuatio n Basis2,3,4 Fully diluted owner- ship stake5 Focus area (£m) (£m) (£m) (£m) (£m) (%) 1 Portfolio valuations reflect Syncona’s total interest in a company or investment 2 Primary input to fair value of equity holding 3 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 4 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 5 Percentage holding reflects Syncona's ownership stake at the point full current commitments are invested
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Strategic portfolio companies On the market Autolus 30.1 4.8 (0.1) 34.8 3.4% Quoted 9.3% Cell therapy Late-stage clinical Spur 207.5 7.4 1.2 (0.6) 215.5 20.8% Cost 86.5% Gene therapy Beacon 183.1 0.7 (0.4) 183.4 17.7% PRI 38.4% Gene therapy Clinical Quell 83.4 (0.2) 83.2 8.0% PRI 33.7% Cell therapy Resolution 71.5 17.5 89.0 8.6% Cost 82.8% Cell therapy Purespring 53.4 53.4 5.1% PRI 37.8% Gene therapy Anaveon 38.4 (0.5) 37.9 3.7% PRI 37.2% Biologics iOnctura 26.2 (0.4) 25.8 2.5% PRI 22.5% Small molecule s Mosaic 25.5 25.5 2.5% Cost 58.4% Small molecule s Pre-clinical OMass 49.7 49.7 4.8% PRI 28.9% Small molecule s Yellowstone 16.5 16.5 1.6% Cost 60.9% Biologics Forcefield 13.0 13.0 1.3% PRI 73.7% Biologics Slingshot 12.0 12.0 1.2% Cost 100.0% Accelerat or Kesmalea 9.2 9.2 0.9% Cost 59.7% Small molecule s Re-Aim 4.5 4.5 0.4% Cost 37.8% Biologics Portfolio milestone payments Clade milestone payment 0.8 0.8 0.1% DCF Cell therapy Syncona investment s CRT Pioneer Fund 10.2 10.2 1.0% Adj Third Party 64.1% Oncology Biomodal 2.3 2.3 0.2% PRI 3.0% Epigeneti cs
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Century6 2.1 (1.9) (0.2) 0.0 0.0% Quoted Cell therapy Total Life Science Portfolio 839.4 23.0 6.5 (2.2) 866.7 83.5% Capital pool 198.3 (29.7) 2.9 (0.1) 171.4 16.5% TOTAL 1,037. 7 1,038.1 100.0% 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. Life science portfolio company Next expected capital access milestones SIML team view of potential key value inflection points On the market Autolus H2 CY2026 • 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 CY2028 • 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 CY2027 • Data from its Phase I/II CHILL study in rheumatologic autoimmune diseases Anaveon CY2026 6 Syncona received shares in Century as part of the agreement to acquire Clade Therapeutics
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• 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 • Initiation of Phase I trial of its MC2 programme CY2027 • Data from Phase I trial of MC2 programme Mosaic CY2027 • Initiation of first clinical study for lead drug combination (updated) 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 About Syncona Syncona is a leading life science invest or focused on transforming patient outcomes by translating frontier science into therapeutic reality. Our investment manager, Syncona Investment Management Limited (SIML), actively manages a maturing portfolio of leading life science companies, which are diversified across development stage, modality and therapeutic area. Syncona is focused on delivering strong risk-adjusted returns to shareholders by building and scaling its portfolio companies to late-stage development, where significant value can be realised. SIML does this by working in close partnership with world -class academic founders and experienced management teams to develop treatments with the potential for transformational patient impact. For more information, please visit www.synconaltd.com. 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 compani es in the Syncona Limited portfolio are conducting scientific research and clinical trials where the outcome is inherently
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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.