Syncona (SYNC) Q1 2025 TU earnings summary

Executive summary

• Portfolio companies advanced clinical strategies, with six now in clinical stage out of 13 holdings.

• Significant external capital attracted, including Beacon and Forcefield financings.

• Portfolio rebalanced to focus on clinical-stage assets, supporting future growth.

Financial highlights

• Net assets at £1,160.4m (down from £1,238.9m at 31 March 2024), NAV per share at 179.4p, a (4.9)% return.

• Life science portfolio valued at £739.0m, a return of (8.3)% compared to previous quarter.

• Capital pool at £421.4m, with £23.3m deployed into the portfolio and £11.0m into share buybacks.

• 9.6m shares repurchased at an average 38.1% discount to NAV, accreting 0.94p to NAV per share.

Outlook and guidance

• Capital deployment for FY ending 31 March 2025 expected at £150–200m, excluding buybacks.

• Ten capital access milestones targeted by end of CY2026, with eight by end of CY2025.

• Eight key value inflection points expected by end of CY2026, including two before end of CY2024.