Half Year 2025 Syncona Ltd Earnings Call Transcript
Key Points
- Syncona Ltd (LSE:SYNC) has successfully rebalanced its portfolio towards late-stage clinical companies, which are hitting key value inflection points.
- The company has attracted significant third-party capital for its portfolio companies, evidencing the quality and potential of its investments.
- Autolus, a portfolio company, received approval for its novel CAR T-cell therapy, marking a significant achievement in the biotech sector.
- Syncona Ltd (LSE:SYNC) has committed an additional GBP15 million to a share buyback, demonstrating confidence in its portfolio and future prospects.
- The company has largely completed building its team, including the appointment of Ken Galbraith as Chair of SIML, enhancing its leadership strength.
- Net Asset Value (NAV) per share decreased by 5.2% in the half-year, primarily due to underperformance in quoted holdings.
- The life science portfolio value declined by 8.8% during the period, reflecting challenges in the biotech market.
- Autolus' share price declined by 43% over the period, highlighting the volatility in biotech stocks.
- The company faced capital-intensive challenges and delays in manufacturing cell therapies, impacting returns.
- Despite improvements, the financing markets remain challenging, affecting capital access for biotech companies.
Good morning, everyone, and welcome to Syncona's half-year results. At the full year, I took you through the significant work we had done -- the significant work we had done undertaken to rebalance the portfolio, expand the team, and embed a new operating model, not just to return Syncona to growth, but to return it to sustainable growth.
We recognize that we've been through a period of NAV underperformance driven by the need to refocus the business in the face of the most prolonged bear market in a generation. And we thank our shareholders for their continued support through this period. NAV per share in the half is down 5.2%, with performance predominantly impacted by quoted holdings. And I'll touch on this in more detail on the next slide.
Portfolio substantially rebalanced towards late stage and is executing well, hitting key value inflection points such as Beacon's 24-month data in blindness and Spurs Phase 1/2 data in Gaucher disease, which was just a couple of weeks ago. Additionally, post-period end, Autolus received
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