Syncona (SYNC) H1 2026 earnings summary

Executive summary

• Net assets at £1,020.9m as of 30 September 2025, with a NAV per share return of (1.7)% year-to-date, mainly due to a legacy fund write-down, while the core life science portfolio saw positive performance and increased clinical maturity.

• Portfolio consists of 14 companies, 76.8% in clinical or commercial stage, with eight currently at these stages and two more expected to enter the clinic in the next year.

• Five key value inflection points are expected in 2026, with eight across the portfolio over the next three years.

• Strategic review completed, with proposals published, shareholder input incorporated, and a focus on returning £250m to shareholders from mature private company sales.

• Plans include launching a new private fund and expanding the portfolio to 20-25 companies.

Financial highlights

• Life Science Portfolio valued at £750.2m, with a (1.7)% return for the period, mainly due to a £15.9m write-down in CRT Pioneer Fund.

• £17.2m deployed during the year, with 56% allocated to late and clinical stage assets.

• Capital pool at 30 September stood at £270.7m, with 42% in cash and money market funds, and 24% in USD as a hedge.

• £6.8m used for share buybacks, repurchasing 7.8m shares at a 49.8% average discount, resulting in 1.2p accretion per share.

• Net loss after tax for the period: £25.5m.

Outlook and guidance

• Portfolio is well-financed to deliver five key value inflection points in 2026, with three from commercial/late-stage companies and two from clinical-stage companies.

• Market conditions in biotech are improving, with public and private markets expected to benefit from increased M&A and capital access.

• Strategic focus on returning £250m to shareholders and prudent new investments capped at 5% of NAV.

• Continued focus on clinical execution and advancing companies to capital access milestones.