Syncona (SYNC) Q3 2025 TU earnings summary

Executive summary

• Net assets at £1,124.4 million as of 31 December 2024, with NAV per share return of 0.3% for the quarter.

• Life science portfolio valued at £779.6 million, down 0.7% in the quarter, mainly due to Autolus share price decline.

• Over nine months, NAV per share declined 4.9%, with the life science portfolio returning -9.5%.

• Portfolio rebalanced towards later-stage companies, with three key value inflection points delivered in the quarter.

• Board and management remain confident in long-term risk-adjusted returns despite share price discount to NAV.

Financial highlights

• Partial realisation of Autolus generated £6.6 million in the quarter, total realised proceeds now £16.3 million; Syncona retains 9.9% stake.

• Capital pool stood at £344.8 million at quarter end.

• £90.0 million deployed into the life science portfolio in the nine months to 31 December 2024; below or at lower end of £150–200 million guidance for the year.

• £310.6 million raised across seven financings YTD, including £175.5 million from external investors.

• £13.7 million of shares repurchased in the quarter at an average 41% discount to NAV, accreting 1.49p to NAV per share.

Outlook and guidance

• Two key value inflection points expected by end of CY2025, with five more by end of CY2027.

• Nine capital access milestones expected by end of CY2026, with seven by end of CY2025.

• Portfolio is funded to deliver all key value inflection points.

• Capital deployment for the year expected at or below lower end of guidance.